If you’d like to buy a Lake Nacimiento home this spring or summer, let me share some mortgage tips with you that not everyone knows or has heard about. As a Lake Nacimiento real estate agent, I help buyers and sellers accomplish their real estate goals in the Central Coast region!
Many buyers need a mortgage loan in order to purchase, but many don’t know the industry ‘secrets’ that could save them tons of money over the long run. Here are some tips while shopping for a mortgage:
1. Shop around. Unless you need to buy quickly, don’t just head to your nearest bank and accept whatever mortgage option they offer. Look outside of mainstream banks as well, such as independent mortgage brokers, credit unions, online banks and nonprofit organizations.
2. Research down payment assistance programs. Every state and region has down payment assistance programs available, especially for first-time homebuyers. Do some research to find out if you qualify. Some offer grants for thousands of dollars for down payment or closing costs.
3. Avoid private mortgage insurance if possible. If you put less than 20 percent down on a home purchase, you’ll usually have to pay PMI, private mortgage insurance, on top of your monthly mortgage payments. But there are ways around this, as NPR lays out in their mortgage article. See what they suggest!
4. Get preapproved before your home search. By doing so, real estate agents and home sellers will take you more seriously, and you’ll know exactly what you can afford. That way, you’ll search for a Lake Nacimiento home in your budget and not end up making offers on homes with mortgage payments that you may regret in the future.
5. Consider a 15-year mortgage loan. These loans cost more each month than the typical 30-year fixed loan, but if you can afford to pay more per month, these loans also tend to build up equity much faster. Adjustable-rate loans are another option, but they can be risky. Be sure to weigh all options.
For more tips and information on each of these, check out this NPR article. The best thing you can do as a homebuyer is to shop around and ask lots of questions when you do, so you feel confident with the mortgage loan you end up with. Also remember that you don’t have to purchase a home for as much as you qualify for. Do what will work best with your financial situation!
If looking for recommendations on local mortgage professionals, give us a call. If you have questions about the home-buying process, our Oak Shores Realty team is here for you! We can answer all of your questions about buying and about the local market, so you feel secure in your choices.
This spring is a great time to buy in the Lake Nacimiento real estate market! It’s a busy market and we’ve got lots of great listings for you to look at. Give us a call today!
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.