First Time Home Buyer

San Diego MortgageSan Diego Mortgage | Buying Real Estate for the 1st Time

The stereotype for a First Time Home Buyers is Poor Credit, small down-payment, and a lower purchase price.  However, many First Time Buyers in San Diego are looking at homes in the $300,000-$400,000 range!  Of course, that’s about the median size for a Mortgage in San Diego.

There are plenty of things You need to be careful about when buying Your first home:
#1 – Don’t bite off more than You can chew.
Unfortunately, too many first time buyers buy a home for the maximum amount they can qualify for payment-wise… This is a tremendous error. Make sure Your mortgage payment doesn’t scare You.  If it does, that’s a bad sign.  Especially if it’s a 30 year loan!

#2 – This won’t be Your LAST home.
I’ve never met anyone who bought their first home and lived in it for the rest of their life.  Most likely, at some point, You will be upgrading, downgrading or moving on in one fashion or the other.  Don’t make a financial plan based around being in the home forever.

#3 – Do You have options?
What if You need to move for some reason out of Your control?  Keep a close eye on the rental market before You buy any property.  How does Your mortgage payment compare with what people are paying to rent the same/similar houses in Your neighborhood.  This is a good litmus test to see if You’re getting a good deal too.  It’s always nice to know You could rent property for approximately what Your mortgage payment costs.

#4 – What is Your Mortgage Strategy?
Are You going to get a 30 year fixed mortgage even though You know there’s no chance You’ll be in this home in 30 years?  Knowledge is useless without application!  Use the products available to save Yourself as much money as possible.  If You have a 5 year out-look, then look at other San Diego Mortgage products that give You the most financial advantage based on that knowledge.

#5 – Be Patient. Be Patient. Be Patient!
Do not write an offer on any of the first 10 properties You see.  You will wish You hadn’t, trust me.  To learn the Market, You have to look at dozens of properties.  A typical Realtor would HATE me for saying this, but it’s True.  The deals will JUMP out once You have seen enough of the available inventory.  A great deal will never have to be discussed or rationalized.  A Great Deal will SMACK You in the face!  Once You have found the Home You want, be ready for the process to take several months… Especially if it’s a Short Sale.  6 months total for buying a San Diego Short Sale is common, so be ready for that and stay the course.  Flip flopping around will only make the process more stressful and distract You from the big picture.

#6 – Selecting the right Realtor in San Diego is HUGE.  You’ll want to work with someone who specializes in First Time buyers.  These are Agents that understand how First Time buyers work and have accepted a lot of the quirks that come along with it, where other Agents might falter.  I can help You find the right Agent, no problem.

If You need help with this, email me below.  I am not a Loan Officer, just a Radio Host, but I know more about Mortgages in San Diego than almost anyone You will find and I will shoot You straight.

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