Joe Moris
Broker/Owner
License # 00715369
Coastal Country Real Estatev 315 S. Coast Hwy 101
Encinitas, Ca 92024
(760) 500-6755
info@coastalcountry.net

Residential Real Estate

Real Estate Tips

Coastal Country Real Estate & Mortgage

Buying or Selling a home can be a confusing and intimidating adventure. Unfortunately, too many people embark on this task without the correct information and preparation. In this case, such people often find that even when they make it through the process of buying a home, selling a home or securing a loan, they made mistakes along the way and end up a bad position. However, with a small amount of effort put forth on the front end, you can enter the home buying, selling, or financing process confident that you will get just what you need.

With over 35 years of experience, Coastal Country Real Estate provides many services to assist you in your residential property needs.

Here are a few Tips for Successful Home Buying, Selling and Financing.

Be Prepared for the Journey

Whether you're trying to secure a purchase or a refinance real estate loan, you must follow a rather strict timeline. Depending on your level of preparedness, the process can be either smooth or rough. Before proceeding through the home loan process, start by taking the time to understand the system and make educated decisions.

Get Pre-approved

A loan prequalification or pre-approval is vital to the loan process, since it allows you to obtain an estimate of your borrowing power. We highly suggest that you not skip this fast, easy, free step. With a written pre-approval (including a certificate guaranteeing you a mortgage to a specified amount), you won't waste time looking at homes you can't afford. Rather, you can focus your time and energy shopping for YOUR ideal home.

Know Your Finances

Determine how much you can afford to spend. While you may qualify for one amount, it might be too high for your actual budget. Set a monthly dollar amount that you feel comfortable committing to. Don't forget to figure in additional costs, such as insurance and taxes, interest, and principle.

Check your Credit Report

While any lender can quickly run your credit report, you should acquire a copy first. Then, you'll know exactly what is on the report and can address any dubious or inaccurate items. Be sure to clear up any financial problems that you can.

Shop Around

Look for the best loan costs, house prices and value, considering topics, such as:

  • Appraisal costs
  • Broker fees
  • Credit report fees
  • Interest rates
  • Loan term application fees
  • Prepayment penalties
Apply for a Loan

Gather all the documents required to verify your loan application:

  • Job tenure
  • Employment stability
  • Income
  • Assets
  • Liabilities.

Additionally, be prepared to supply your lender with financial documents, such as paycheck stubs, bank account statements, and tax returns. Check with your lender or broker for more information.

Secure Your Rate

Interest rates change daily. Locking your rate in writing guarantees you a certain rate and terms for a specified period of time. Lock in as many costs as you can. Push for setting the lock at the time of application, not at approval.

Close the Loan Process!

Depending on local loan process requirements, this step can be performed in person or by using a 3rd party escrow service. If everything proceeds smoothly and according to your established agreement, you'll sign many papers, exchange much money, and walking away a new home owner!