6 Things Homebuyers Should Avoid Once They Are Preapproved For A Mortgage

By Barbara Mooers

You have done the hard part in the home-buying process and chosen a lender and a real estate agent to work with. You have also gone out and found the home of your dreams! Best of all, your team has done a great job of negotiating the best deal for you.

Now, as a buyer, all you have to do is sit back and wait for your loan to close … right?

Wrong!!

Getting a home loan these days is a very interactive process. I am always amazed by how many clients I work with who come to me unaware of all the pitfalls they face during the loan process. To help avoid any surprises while waiting for final approval, I provide my clients with a short list of do's and don'ts to follow.

Let's start with the do's ...

1. Do keep the process moving by responding to your loan officers' requests for documentation as soon as possible.
2. Do make decisions as soon as is reasonably possible.
3. Do convey questions or concerns you
4. Do continue to make all of your rent or mortgage payments on time.
5. Do stay current on all other existing accounts.
6. Do continue to work your normal work schedule with no unplanned time off.
7. Do continue to use your credit as normal.
8. Do be prepared to explain any large deposits in your bank accounts.
9. Do enjoy purchasing your home but remain objective throughout the process to help make decisions that are best for you.

After you have been preapproved for your mortgage you will want to refrain from the following...

1. Do not make any major purchases (car, boat, jewelry, furniture, appliances, etc.).
2. Do not apply for any new credit (even if it says you are preapproved or xxx days same as cash).
3. Do not pay off charges or collections (unless directed by your loan officer to do so).
4. Do not make any changes to your credit profile.
5. Do not change bank accounts.
6. Do not make unusual deposits into your bank accounts or move money around from one account to another.

Follow these simple rules and you will help to make your loan closing as smooth and hassle-free as possible! Good luck!

Looking for Oceanside Homes For Sale?  Then look no further than our website dedicated to Oceanside Real Estate.  See the home picture links or link below for particular homes for sale in Oceanside.  When you get to our site you can find more information about schools and business’s surrounding the Oceanside community.  You can also find Oceanside bank owned homes and short sales at our site.  If you have any questions regarding the current Oceanside, California Real Estate market or any questions on individual Oceanside homes, then please call, email or submit a request for information, and I will get right back to you.  I would love to assist you in your search for Oceanside real estate.  We are your Oceanside Realtors for all homes in Oceanside, California. 

TO VIEW HOMES FOR SALE IN OCEANSIDE CLICK ON THE LINK BELOW.
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How To Save Money Moving Into Your New Oceanside Condo

Moving to a new Oceanside condo can be very stressful, and unexpected moving costs can make it worse.  It’s hard to budget for the unknown.  But, with a little planning, you can have the extra cash on hand for those surprise expenses.

Start finding moving supplies well in advance of your moving date.  Waiting until the last minute may find you frantically searching and ultimately paying more than you needed to.

Save Money On Boxes 

Moving boxes from a retail store or moving company can cost a few dollars per box.  By the time you have packed your whole [city] condo, you could be out hundreds of dollars.  Instead, try these money saving ideas:

Look on your local Craig list for low-cost or free moving boxes.  Most people will let you have them for free just for getting them out of their way.

E-bay is another good place to look for cheap moving boxes.  Remember to factor in shipping costs before making a purchase.

If you can’t find any boxes online, you can check with your local grocery store.  They are always unpacking shipments and usually have an assortment of boxes that you can pick from.  

Save On Packing  

It’s convenient to hire a moving company to pack your belongings.  But, the added expense of using their boxes, packing supplies and labor can really add up.  You may find that the costliness will motivate you to do the packing yourself.

Don’t spend a lot of money on packaging materials.  Newspaper is great for cushioning breakables, like dishes and wine glasses.  You can even use your clothing, bedding and towels to wrap delicate items.  And socks can fill up extra spaces in boxes just as well as styrofoam.

Save On A Moving Van 

Before you pay a lot of money to rent a moving van, check with your family and friends.  A trailer or a long-bed truck is good for moving most everything.  Offer to pay them for the gas.  It will still be cheaper than renting a U-Haul. 

By following these suggestions, you can save yourself big bucks moving to your new Oceanside condo.

Are you ready to make your move to a new Oceanside condo?

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I can help you find the perfect location, amenities and get it at the best price.  Call me today at 619-822-5772.

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Common Details Buyers Overlook When Viewing a Home

When you are looking at a potential North County San Diego home to buy, it is important to pay close attention to the details. You want to make certain that you are making the right choice when buying a home. Many home buyers get so caught up in the excitement of purchasing a home that they will often miss many important details. This can be a costly mistake if discovered after the sale of the home is finalized. If you are buying a North County San Diego home, make sure that you don’t miss any of these commonly overlooked details: 

Do the Appliances Work? 

Take the time to test the major appliances in the home to make sure that they are functioning properly. This is often overlooked in a home inspection. It is a good idea to ask your home inspector to run every appliance through its full cycle to make sure that there are no problems. 

What Are the Neighbors Like? 

Although many home buyers will do their research regarding the neighborhood they want to live in, they forget to find out about who their neighbors are.  This may backfire later on once the homebuyer has moved in. Perhaps your quiet neighborhood is disturbed by the sounds of partying late into the night, or your neighbor will let their free-range cats destroy your garden. Take a tour of the areas surrounding the North County San Diego home you want to purchase at different times of the day. Introduce yourself to your neighbors and take the time to ask about your neighborhood and community. They may be able to provide valuable insight into the people that will live around you as well as other important details of your new North County San Diego neighborhood.  

How Many Outlets Does the House Have? 

When you do a walkthrough of a house, you probably don’t notice the number of electrical outlets in each room. However, this is important because many older homes will have fewer outlets and these days the average family has many more electronics. If your home doesn’t have enough outlets for your television, computer and other gadgets, an electrician will need to come and add more – costing you a lot of money. 

Are There Are Water Spots?  

It’s easy to miss water spots, because they will often blend in with the color of the walls or ceiling. However, these spots will indicate that there has been a leak that has not been properly repaired. This will lead to many more problems if left unresolved including more leaks and possibly mold. When you are looking at your potential home, always inspect carefully for water spots in kitchens, bathrooms, attics and any crawl space the home may have.

These are just a few of the common details that home buyers will overlook when they are looking at a potential North County San Diego home to buy.

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For more information and tips about buying a North County San Diego home, contact me at 760-440-8522 or email me at Jazmin@TamayoRealty.com. 

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A Short Sale And Its Effect On Your Ability To Buy Another North County Home

The last few years have been financially difficult for millions of homeowners, with job losses and decline in home values devastating families all over the US. As a result, a great number of homes have gone through short sales, which has had a detrimental effect on consumers' credit ratings.

If you've considered or experienced a short sale, one of the biggest concerns you may have is how it will impact your ability to purchase another property in the future. Here are five key variables on how a short sale can impact your next home purchase.

Duration Of Delinquency Plays A Big Role 

Short sale transactions take a long time to complete, depending on the state that you live in and the bank's policies. During this process, homeowners in a short sale may have trouble continuing to make monthly mortgage payments. The duration of delinquency can have a major negative impact on your credit score, even before the final short sale is reported.

Deficiency Judgments May Have Long-Lasting Effects 

A short sale usually with comes a large debt that is left unpaid that banks look to settle. In the case of short sale, this debt is the difference between the amount owed and the amount for which the home is sold.

When you're on the hook to come up with this difference, a deficiency judgment is filed through the courts and is attached to your credit rating as a negative debt outstanding. This can have a lasting effect on your credit rating, and can hinder your chances of buying a home in the future.

Lower Credit Scores Often Mean Higher Interest Rates 

The poorer your credit rating, the more likely you are to be charged a higher interest rate when borrowing money. With the large cost of a home purchase, a high interest rate over a long amortization period can prove to be extremely costly, which many home owners may find difficult, if not impossible, to pay for.

Larger Down Payments May Be Necessary 

Many banks and credit unions have specific guidelines that require you to put more money down on a future home purchase if you've experienced a housing-related credit issue in the past. Certain banks may request as much 20 percent for a down payment. Many homeowners may not be able to come up with such funds, or may need a lot of time to build up such capital before being able to buy a house.

A Long Waiting Period Might Apply 

Since the housing crisis in the US, many major mortgage insurers and investors, like Freddie Mac, FHA, and Fannie Mae, have implemented new rules on how long you have to wait after a short sale before you can purchase again. Depending on the type of loan, this can be anywhere between two to four years on a short sale.

It's critical to stay informed and understand how these rules can impact your ability to buy a home in the future after a short sale. Speaking with a seasoned mortgage specialist can help you stay in the know, and help you assess your finances and credit health before you plunge into the real estate market in the future.

If you are looking to buy or sell a home on a short sale in San Diego, you should contact a reliable and experienced short sales expert to help you through the process while simultaneously protecting you from any potential losses.

Contact me today at 760-440-8522 for a complete and confidential assessment of your current situation.

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8 Tips To Getting Your North County Home Purchase Offer Accepted

Have you found the perfect North County San Diego home and are ready to buy? The first step in the process is to make an offer on that perfect home to the seller.

But what if the seller doesn’t accept your offer? There are many qualified home buyers out there who are also ready to buy their dream home. With the shortage of homes on the market, many sellers are receiving multiple offers on their properties. This makes it more difficult for you to submit an offer that stands out and gets their attention. How do you prevent someone else from coming in and sweeping up your dream home right from under you?
You will need to make sure that your offer is impeccable and appeals to the seller. In order to help get your offer accepted, here are some tips to keep in mind:

1. Make sure that you have your finances in order before you make the offer on the home, so that you can show the seller your pre-approval letter from your lender. This will demonstrate to them that if they choose you, the process will be quick and easy.
2. Make sure that your offer is neatly presented and includes all of the required information. If the seller receives incomplete offers they might just throw them out. 
3. Be ready to make a decision as soon as possible. If you wait a few days, the home might get snapped up.
4. Be flexible with your closing date, making things easier for the seller.
5. Make your offer as “clean” as possible without too many clauses and requirements. For example, avoid asking the seller to pay for lender’s fees, home warranty, etc. 
6. If you can, give the seller more than the 1% earnest deposit on the price – which will show that you are financially stable and serious about buying the home.
7. Write them a personal letter explaining why you love their home and want to live there, including photos of your family. The personal touch will make you even more memorable.
8. If it comes down to price, add an extra $500 onto your offer. Although $110,000 and $110,500 are not that different, they will look different enough to the seller. 

The best thing to do is to speak to your real estate agent and ask them to figure out what is most important to the seller, such as the terms, the price or the closing date.You can use this information to craft your offer.
As a knowledgeable and experienced REALTOR®, I will help you navigate the process of buying a home and getting your offer accepted. For more helpful tips and information about North County San Diego properties, contact me at 760-440-8522 or email me today. 

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