If you are gearing up to buy a Central Coast home soon, do you know what the first step is that you should take? As a Central Coast real estate agent, I recommend that you get pre-approved for a mortgage loan! There are a couple reasons for this, which I will explain.
First off, in a competitive market, Central Coast home sellers are much more willing to work with you as a buyer if you are already pre-approved. If you fall in love with a house and make an offer, let’s say one or a few other buyers put an offer on the same house. The seller will most likely choose to go with a buyer who is already pre-approved, because they know the buyer can definitely afford the house, and the process will go faster and smoother for the seller.
Secondly, by getting pre-approved for a mortgage loan first, you know exactly what you can afford in the Central Coast real estate market. It’s heartbreaking to see a buyer fall in love with a home, to only find out after the fact that they cannot afford that home. To save you from wasted hours of home searching, and heartache, it’s recommended that you first get pre-approved, so you search within your budget.
As a Central Coast real estate agent, I can point you in the direction of a trusted mortgage lender in the Central Coast area! So really, contacting me should be your first step, so that I can help you with pre-approval and with starting your home search.
If you are fearing the mortgage approval process, don’t. Most buyers tend to overestimate down payment requirements. For example, this KCM Crew article shows that 64.2 percent of recent buyers put less than 20 percent down, and 43.8 percent put less than 10 percent down! There are lots of first-time buyer down payment assistance programs worth looking into.
Buyers also overestimate credit score requirements. While higher is better, this doesn’t mean you’ll get denied a mortgage if your score isn’t 780 or above. Truth is, 54.1 percent of approved mortgages had a credit score of 600 to 749. Don’t make assumptions, go in and find out what you qualify for!
If you have questions about the home-buying process, would like recommendations for mortgage lenders in the Central Coast region, or would like to begin your home search, contact me! As a Central Coast real estate agent, I am here and ready to help you every step of the way. Don’t hesitate to call!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
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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.