YOU HAVE MADE THE DECISION THAT IT IS TIME TO BUY

WHAT ARE THE PRELIMINARY STEPS? 

• Make a list of some parameters that work for you. These will be very fluid ideas, but will work as a starting point for when you meet with a Del Mar Real Estate Agent. These might include location, price, type of home, time line, and what is the amount you anticipate having as a down payment.

• The next step in today's world is to search the web to see what's available in the Del Mar marketplace.  You can start here now!

• Contact us to find your dream Del Mar home here.

Read Also:  How To Use Home Equity To Invest In Real Estate: Del Mar Homes

The Real Estate Agent

Your Del Mar Realtor will explain the current market trends, real estate laws, and generally go over the buying process.  This will be a general discussion to help enable you to make educated decisions down the road regarding your Del Mar home purchase. 

Pre Approval

The next step is to contact a Del Mar Lender to pre-approve the mortgage amount you will be able to incur.  A pre-approval requires documentation such as pay-stubs, bank statements, and tax returns that substantiate the information you have supplied. 

Read Also:  How To Save For a Down Payment: Del Mar Homes

A pre-approval is important.  With recent events in the Del Mar Real Estate market it is important for you to know which loan type is right for you.

Your Lender will explain what is involved in adjustable rate mortgages, and fixed-rate mortgages, the difference in the amount you will pay on a fixed-rate mortgage that goes for 15 years vs 20 years vs 30 years.  Also you will have to determine your down payment which will dictate if you have to have mortgage insurance.  There are also many other guidelines that can be explained by your Lender.  Also there the emotional aspect - why fall in love with a home that is way out of your capabilities?

Read Also:  How To Get A Good Deal On A Home: Del Mar Homes

Many would be Del Mar buyers are reluctant to start the process of buying a home.  They often assume they do not have the financial wherewithal to buy a Del Mar home.  A good suggestion would be to go ahead with the pre-approval process regardless.  This will at lease let you know where you stand.  You will find out the amount you qualify for today, and if it is not sufficient for you requirements, it will give you a good basis for increasing your savings until you reach an amount that will allow you to purchase your "dream" Del Mar house!

Related Posts