As the clock approaches midnight on December 31, you may be formulating your New Year’s resolutions for 2020. Is buying a North County home on that list? If it is, then there are other things you’ll want to put on that list as well to get you ready for your big purchase. Here are five New Year’s resolutions for those who want to buy a North County San Diego home in 2020.
Figure out what you’re looking for
There are so many choices when you’re looking for a North County home to buy. What neighborhood best suits your needs? What kind of home fits your lifestyle? Start by making a list of what you need and want in a home. Then begin looking online at the homes that are currently on the market. Spend some time researching communities and what they offer so you can tailor your search. Once you’re ready to begin seeing homes in person, you’ll have a much better idea of what you want.
Check your credit report
The status of your credit report is key when buying a home. The better your credit history is, the better terms you’ll get on a mortgage. What many homebuyers don’t realize, though, is that your credit report can contain errors. Those errors can impact your ability to qualify for a loan. You should order a copy of your credit report several months before you begin your home search in earnest. This gives you time to correct any errors that you may find. It also gives you time to improve your score before applying for a mortgage.
It goes without saying – the more money you have to buy a home, the better. Remember, depending on what type of loan you get, you will need up to 20 percent of the purchase price to use as a down payment. If you haven’t already started saving money, now is the time. It’s also time to limit big purchases, especially if you plan to buy them with credit. Put yourself on a financial diet so you have as much money available as possible for your home purchase.
Start collecting your financial information
Buying a home is a process that includes lots of paperwork. Start gathering all the financial documents you will need now and get them organized. This includes your tax returns, income statements, credit card information, and bank statements. Keep everything together so you’re ready to supply them when necessary.
Get pre-approved for a mortgage
Finally, once you’re ready to begin looking, it’s time to get pre-approved for a mortgage. This lets you know how much money you can afford to spend when you’re looking at homes. And when the time comes to make an offer, your pre-approval signals to the seller that you are a serious buyer. North County San Diego real estate markets can be competitive. If you don’t have a mortgage pre-approval, you’ll likely lose out to other buyers who do.
Contact the Clark & Gilman Team
Buying a home can be an exhilarating – and terrifying – process. When it’s time to buy a home, work with a professional who has expert knowledge in your market. When you work with the Cristine Clark & Jamie Gilman Team, you’ll have the peace of mind knowing that our agents bring with them decades of experience. Contact us today at 760-758-1211 or [email protected]. We look forward to speaking with you about all your real estate needs. Happy New Year!