Is 2019 the year that you’ll finally make your dreams of homeownership come true? Buying a North County San Diego property is a great investment, and you couldn’t pick a better place to call home. But if you’re a first-time homebuyer, then you may be a little intimidated by the real estate process. Here are some of the basics you need to know if you are buying your first North County home.
Know what you can afford
No doubt you’ve been daydreaming about buying a home for quite some time. Although it’s common to have pie-in-the-sky ideas about buying your first home, you do need to base your decisions in reality. The first thing you need to do is determine how much house you can afford. Nothing is more stressful than worrying about how you’ll make your home payments every month, so it’s important that you know your budget and stick to it. Check out this online calculator from Realtor.com that can help you determine how much house you can afford based on the information you supply.
Know what you want
When you begin your home search, you’ll discover that each home on the market offers a different set of amenities. If you don’t want to become overwhelmed by the process of searching for a home, then you should get clear about what you want. Make a list of ten things you must have in a home. This could include the number of bedrooms or the school district you want to live in. If you’re buying a home with other people, then you should compile this list together. Then determine which items are the most important and which ones you can be flexible with. It’s unlikely that you’ll find a home that fits all your criteria and is in your price range, so you’ll save yourself some headaches if you figure out where you can make compromises. Use this worksheet to get you started.
Know your credit score
One of the major factors that will influence your ability to qualify for a mortgage is your credit history and your credit score. You should obtain copies of your credit report several months in advance of when you plan to be searching for a home. If your credit score is lower than you would like, start working on improving it. Pay off existing debt if possible and don’t open any new lines of credit. You should also examine your credit report for any errors so that you have time to have them removed before you begin shopping for a mortgage.
Get pre-approved for a mortgage
Finally, if you’re serious about buying a home, it’s essential that you get pre-approved for a mortgage. By getting pre-approved, you’re signaling to the seller that you’re ready to move forward with your offer. If you don’t get pre-approved, it’s unlikely your offer will be accepted if there are multiple offers.
Contact the Cristine Clark & Jamie Gilman Team
If you’re ready to buy a North County San Diego home, then you should have an expert on your side. The Cristine Clark & Jamie Gilman Team can help you navigate the home-buying journey. Give us a call at 760-758-1211 or email at [email protected] Our agents are standing by to answer all your questions.