With the new year underway, many that have been putting serious consideration into buying Lake Nacimiento real estate are wondering what the best way is to go about finagling the lowest mortgage rate possible. Not only will a low mortgage rate make buying one of the many homes on Lake Nacimiento, or within the Oak Shores or Heritage Ranch communities, a more achievable purchase, but will also reflect well on your credit report. As an experienced Lake Nacimiento real estate agent, the following are suggestions I give to all of my clients when perusing home loans:
–Pay Attention to Your Consumer Profile. Lending institutions approve loans and borrow money based on how much of a risk you pose to them. They will be looking at employment history, consistency of payments on other outstanding loans and the number of loans you’ve taken out (just to name a few!). Your credit score, debt-to-income ratio and the property profile itself will all play a role in their deciding if to lend, and how much interest to charge accordingly.
–Market Conditions Make a Difference. The economy goes hand-in-hand with the mortgage industry, and changes on a daily basis. A rule of thumb to remember is that the better the unemployment data released by the economy is, the more likely it is that rates will maintain or steadily rise.
–The Type of Mortgage Loan You’re Seeking Makes a Difference. Mortgage rates are intricately involved with the specific type of loan that you’re seeking out. It’s always a good idea to have a solid down payment or, if that’s not possible, focus on improving your credit score and consumer profile in the meantime. However, by teaming up with a professional Lake Nacimiento real estate agent, we can explain to you the various types of mortgage loans and what might work best for your unique needs.
With so many beautiful homes on Lake Nacimiento, it’s no small wonder that many people are flocking to the area! As always, you can contact me directly to discuss buying and selling in 2014. I look forward to working with you soon!
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.