The North County San Diego housing market is hot, and experts predict that it will remain that way in 2021. Now is a great time to start thinking about buying a home in the coming year. You can still score record-low interest rates, which will make your new home more affordable. If you’re gearing up for a home purchase next year, then these are the steps you need to take to make sure you’re ready to jump in.
Order your credit report
First things first – you need to get a copy of your credit report before you begin the home buying process. Lenders will want to examine your financial history when you apply for a home loan. Unfortunately, some consumers discover too late that there are errors on their reports. You can avoid this costly mistake by reviewing your report for errors. If you find any, then there are steps you can take to have them removed. And if your credit score isn’t as high as you’d like it to be, you have time to improve it. Remember – the higher your score, the better deal you will get on your mortgage.
Get your down payment together
If you haven’t started saving for your down payment, then now is the time. Conventional loans require at least 20 percent of the purchase price paid as a down payment at the time of closing. That can be a hefty sum! Fortunately, you aren’t out of the game if you don’t have that much saved. Government-backed loans allow you to make a much smaller down payment. Some even require no down payment. However, you must meet all the requirements in order to apply. Find out whether or not you may qualify for an FHA loan, a VA loan, or a USDA loan.
Determine your budget
Before you really begin looking at homes you need to know what your budget is. It’s easy to get sidetracked by looking at homes that you can’t really afford. Instead, use an online calculator to find out what price range you should zero in on. This will make your home search easier and save you the heartache of getting attached to a home that is out of reach.
Know what you want
There are so many kinds of homes available in North County, so it’s important to know what you’re looking for. How many bedrooms do you need? Are you looking for a home office space? Is there a particular neighborhood you’re interested in? Write down everything you must have as well as a few things you’d like to have. That way you can narrow your search to properties that fit the bill.
Get pre-approved for a mortgage
We won’t lie – the market can be very competitive for buyers right now. There are fewer sellers than there are buyers, so you will be competing against other buyers for the same home. A seller will not take your offer seriously if you aren’t pre-approved for a mortgage.
Work with the Clark & Gilman Team
There’s nothing more reassuring than working with a professional when you’re buying a North County San Diego home! Contact the experts at the Cristine Clark & Jamie Gilman Team at 760-758-1211 or [email protected] today. We’d love to help you find the North County home of your dreams!