Attention First Time Home Buyers!
Purchasing your first home can be one of the most exciting and frightening things you can do. To live the American dream and become a homeowner, especially on the Central Coast shows that you are doing well. Not only will you obtain the pride of ownership, you will also, in time, gain appreciation on the value of your home. Believe me this is almost always the case in a buyers market, such as now. Los Osos has been leading in value on the real estate market on the Central Coast. Where else can you find a 3 bedroom, 2 bath home with approx 1300 sq ft. for $349,000?
This is definitely a great time to buy, and before you do so, make sure to consider the following issues:
Pay Off Bad Debt- It is very common for first-time home buyers to compile any extra income into a savings for a down payment. A down payment can be very helpful for the right buyer, but if there is outstanding credit card debt, student loans or car loans on you credit report, saving for a down payment may be more harmful than paying off your debt. Most credit cards have a higher interest rate than what your mortgage rate would be. Also paying off credit cards lowers your debt to income ratio. Most lenders won't lend to someone with 40% or more debt to income ratio.
How Much Can You Afford- As a rule of thumb, your annual mortgage payment, taxes and home owner's insurance shouldn't exceed 28% of your gross income. It is also extremely important to have some extra cash for home repairs and emergencies. Closing costs which are usually 3-5% of the value of the home need to be considered, but they are becoming more and more negotiable with the sellers, who may contribute to the costs.
What Type of Loan?- Mortgage brokers are masters of creative financing. There are so many options for loans, that 100% financing is more common than not. I would be happy to refer you to a lender who could meet your needs.
I hope that this information has been helpful and please contact me with any of your questions or concerns.
In the Real Estate business, nothing makes me happier than putting someone in their first home!
posted by Leon @ 3:41 PM
5 Comments:
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How much home can you afford? Shopping for a home but not sure how much you can spend? Here's how to figure out your price range. costa rica land for sale If you're like many first-time homebuyers, chances are you've been spending your weekends driving around visiting open houses and new model homes. This is a great way to get a feel for what you want. property in costa rica The problem is that what you want isn't always what you should get.
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Leon - This is a good way to get up to date information about real estate values without actually talking to you. I would encourage you to continue to post values of the Morro Bay/Los Osos properties as they compare to other nearby properties. It would also be helpful to know what the foreclosure rate is over there.
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You have just listed a condo at 2023 Lost Oak in Los Osos yet you have taken and used photos from another unit that is in escrow(you represented the buyer) for your listing. You did not get permission from the title holder and again this is not the unit in your listing. Please use photos only of your listing unless you are actually now listing 2030 Robles Perdido unit A. Licky
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