If you’ve been considering buying a home in Oak Shores or the surrounding areas on Lake Nacimiento; you may be wondering if now is a good time to buy. Whether it’s a vacation home or permanent residence, buying a Lake Nacimiento home will prove to be a savvy investment as well as something to be enjoyed for years to come!
We’ve seen that, along with the national housing market, the Lake Nacimiento Real Estate market is finding a steady pace. Interest rates remain low and there are many beautiful homes available on Lake Nacimiento; which makes now a great time to buy a home.
If you do plan on buying a home on Lake Nacimiento in Oak Shores or the surrounding area you’ll want to know that there has been a change in mortgage guidelines for 2011. In hopes of bringing the market to full recovery, lenders have tightened the reins on qualifying for a mortgage loan. These four tips should be helpful as you begin to get things in order to buy a home on Lake Nacimiento.
1. Know your borrowing limit– If you’re not sure how much you want to borrow, a good rule of thumb is to look at the Federal Housing Administration requirements. FHA will limit mortgage payments at 31% of gross monthly income before taxes for most buyers. This can help ensure that you’re not getting in too far over your head. If we’ve learned anything over the past few years, it’s to play it safe in the housing market.
2. Have the right credit score– Credit scores are moving to the forefront of being approved for a Lake Nacimiento home loan. Most lenders are expecting a credit score of 600+ even for FHA loans. A good credit score will not only help you qualify for a home loan, but can lower your interest rate, which can save you thousands of dollars in the long run.
3. Shop around– The interest rate is important, but there are other costs to consider such as discount points and even the type of mortgage loan. When shopping for best rates, compare various combinations of discount points and loan types. Your Lake Nacimiento Real Estate agent can help you decide on the best option.
4. Consider a No-Closing-Cost Loan– If you have positive equity, but are lower on cash up front, you do have an option to choose a no-closing cost loan. This simply means that you’ll have a slightly higher rate, but the closing costs will be pain over time instead of up front.
If you have any questions about these tips or would like to know more about the current Lake Nacimiento Real Estate market; please let me know! I have been a Lake Nacimiento Real Estate agent for years and have been successful with helping many of the current Lake Nacimiento residents find their place in Oak Shores and the surrounding area. Please feel free to contact me anytime to get started!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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