If you’d like to buy a Central California home while mortgage rates are low, good news! Housing affordability improved in SLO County in the first quarter of this year. While 24 percent of homebuyers could afford a median-priced home in the first quarter of last year, 30 percent of buyers can afford one this year.

This is great news! Of course, there are still steps you can take to improve your chances of qualifying for a loan while rates are low. To help you properly prepare for the home-buying process in Central California, as your Central California real estate agent, I’d like to share some tips with you:

• Check your credit score and credit report. These are two separate things! Check your credit score to see if your credit needs some work before applying for a mortgage loan. You can usually qualify for a loan with a score above 700, but above 760 is ideal. Check your credit report for errors. They are more common than you think! If you find any, dispute them and work on getting them off your record.
• Save for a down payment. Anywhere that you can cut costs in your life, do it. The more you can save for a down payment, the better loan you can get and the less you’ll pay each month. This could mean getting a roommate to share your current rent or mortgage costs with, or moving in with family or friends for a few months. It could mean getting an extra job, or cutting back on costly activities.
• Apply for a mortgage loan. Once you are satisfied with your credit score, credit report and down payment savings, meet with numerous mortgage lenders until you find one that you are comfortable and confident working with. Home sellers prefer to work with buyers who are prequalified and preapproved. Plus, by doing so, you’ll know exactly how much you can afford.
• Find a real estate agent. Buying a Central California home might be the biggest investment you ever make. Don’t do it alone and chance the possibility of missing an important step or overpaying! As a SLO County real estate agent, I can fill you in on what homes are selling for in the area, I can find homes that meet your needs and budget, and I can help you negotiate on a price.

With home prices and mortgage rates on the rise, it’s important that SLO County homebuyers act fast and not wait! Home affordability will decrease as mortgage rates increase, so take advantage of the conditions right now and contact me, your Central California real estate agent. I’d love to help you out!

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.