Thursday, December 19, 2013

Getting Ready to Buy a Home: San Diego Real Estate

This Week's Real Estate Article Is Written by TLG's Dream Team Member Teresa Schumacher with Luxe Real Estate.

Getting Ready to Buy a Home in San Diego
One of the benefits of being a Millennial Real Estate Agent is my obtained knowledge and experience of what Wikipedia calls the Subprime Mortgage Crisis. A sequence of actions characterized by a rise in subprime mortgage delinquencies and foreclosures that sparked the start of the recession in 2008.

As a result of entering the industry a few years prior to the downfall, I learned priceless lessons that I now want to share and encourage with others as they begin or revamp their process of home ownership. This article was written to help you gauge your readiness, commitment and responsibility to own a home in San Diego!

In my opinion the housing market won't be in full recovery until my colleagues and those that lost hundreds of thousands of dollars to the Real Estate industry give in to home ownership once again. The time has come to recoup, re-educate and get back to the fundamentals of preparation and longevity in real estate investing.

A Little Lesson From Donald Trump: Experience is Priceless

"You need experience; there are things that experience will teach you that you can't learn in any other way. Never underestimate the value of getting your hands dirty. With experience comes priceless lessons that will position you for success."
-Donald Trump

Ask Yourself These Questions to Gauge if You Are Financially Ready To Buy a Home

Is My Credit in Good Shape?

Part of getting approved for a home loan is the lender evaluating your credit rating and ability to repay the loan. A great free resource for credit and credit repair that I have used for years can be found HERE: Credit Info Center The Free DIY Guide to Credit and Debt. (I have no affiliation with this site, simply a resource and tool.)

Can I Afford to Make Monthly Mortgage Payments?

A home is the largest purchase most of us will ever make. Its important to calculate what your payment will be and how much you can afford. 

Simple Mortgage Calculator

Mortgage Calculator

Have I Saved Enough For A Down Payment?

In the past it was typical to put 20% down on a purchase, however, today with good credit much less of a down payment is required. Donald Trump said it best in his book, "Think Like a Billionaire", your down payment is the investment in yourself.

For a better understanding of loan products and down payment requirements our Luxe Lifestyle Partner, Harry Dennis with Watermark Home Loans is more than happy to help. Contact him HERE to walk you through the Pre-Approval process of your home loan.

Tips on how to avoid the mistakes that left so many home owners upside down and facing foreclosure. 

  • Purchase A Home You Can Afford on One Income. 
  • Put 20% Down
  • Prepare for Upfront and Ongoing Costs
  • Get Traditional Financing on a 15 or 30 year fixed rate mortgage
  • Have Good Credit Scores
  • Start Small to Fit Your Budget, You Can Always Move Up

Are you ready to buy a home in San Diego? 

Hire Luxe|RE to help you find your dream home. Request an Appointment.

Other Sites Teresa has Authored: 

Team SchuCo
Luxe|RE Blog 

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