Purchase A San Diego Home & Qualify for Home Loan<

Prequalify for a Home Loan in San Diego
To be preapproved for a home loan, you’ll need these items:

• Proof of payment source that will be used for closing costs and down payment
• Work and financial history
• Proof of current monthly expenses

Once you have these, we will assess your qualifications to determine the size of home loan you are qualified for. It is important to note that your FICO credit score is also considered. Bankruptcy, late payments, judgments, or any other negative credit marks will affect the amount you are approved for. Any accounts in collections will need to be satisfied before you are approved for a loan. /p>

After pre-approval for a loan you are ready to find your next home. San Diego Mortgage & Realty will walk you through the entire home buying process. Once you take ownership of your own home you can start taking advantage of these benefits:

• You will be able to build equity in your by making payments that would normally go to rent. You own more and more of your home with each payment. Equity can be borrowed against.  It is a great way to provide yourself with a future nest egg
• You can deduct your mortgage interest every year. You cannot deduct rent
• Your mortgage will not go up. When you purchase a San Diego home, it provides you with fixed payments and a locked interest rate that doesn’t change.

10 things you need to know when you purchase a San Diego home and qualify for a home loan

1. Don’t buy if you can’t stay

If you do not plan on staying in your home for more than a couple years then owning is probably the solution, at least not yet. With the costs of processing a home sale, you may end up losing money.

2. Good credit is first.

If you need a mortgage to buy a house, your credit history will be reviewed. Before you start the home buying process, check your credit report. Make sure all debts are current or satisfied.

3. Keep to your budget.

Generally you can afford a home that costs about two-and-one-half times your annual salary. But, it is critical to use a mortgage calculator to see what you can afford.

4. Don’t give up if you don’t have the down.

Many of the public and private lenders offer low-interest mortgages that require a small down payment.

5. Good schools is a good sign.

This advice applies even if you don’t have school-age children. Strong school districts boost property values.

6. Let a pro do it.

Although you can use many online resources, new buyers are better off using a professional agent. Exclusive buyer agents will help you immensely during the bidding process.

7. Choose carefully.

When deciding on a mortgage, you generally have the option of paying additional points in exchange for a lower interest rate. If you stay in the house for a long time this is usually a better deal. The lower interest rate will save you more in the long run.

8. Get pre-approved.

Get pre-approved for a home loan in San Diego. It will you save the time wasted in looking at homes you can’t buy.  You will be better positioned for making offers. Not to be confused with pre-qualification, which is a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

9. Don’t just start bidding.

The opening bid should be based on trends of similar homes in the neighborhood. Consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that’s about eight to 10 percent lower than what the seller is asking.

10. Hire an inspector.

Your lender will require a home appraisal anyway.  That’s the bank’s way of determining whether the house is worth the price you’ve agreed to pay. You should hire an inspector preferably with engineering experience. Their job will be to point out the problems that cost down the road.

Be sure to call San Diego Mortgage & Realty when you are ready to purchase a San Diego home: (858) 487-2208.