Mewborn Team Real Estate Consultants: CoastalLuxurySanDiego.com

February 22nd, 2010

5 Home Buyer Mistakes That Could Cost You a Bundle – Day 3

Categories: Buyers

Yesterday, we talked about getting pre-approval.  After being approved, and starting your home search:

Know how much you can afford
If the housing crisis proved anything, it’s that just because a lender says you can afford something, it doesn’t necessarily mean you can.  No one can be responsible for your finances but you. To avoid this mistake, create a budget, and try to stick to it.  A good rule of thumb is to devote no more than a third of your monthly household income to housing costs (which include mortgage principal, interest, taxes, and insurance).

In addition to your monthly budget, be sure to keep in mind that there are closing costs, appraisal fees, homeowner’s insurance, utilities, and repairs, and maintenance.  Keep in mind these expenses before you commit to more than you can afford.

Tags: Buyers

Posted by Mike and Amy Mewborn// Please leave a comment.

February 21st, 2010

5 Home Buyer Mistakes That Could Cost You a Bundle – Day 2

Categories: Buyers

Day Two – Yesterday, we talked about credit scores. Today, your task is to investigate:

Getting Preapproved
After you’ve cleaned up your credit as much as possible, it’s time to contact a lender and determine how much you can afford. You will have to provide your credit report, your W-2’s pay stubs, and bank, and investment statements. By getting preapproved, you will save yourself the time and disappointment by looking at homes you know you can afford, rather than getting your heart set on that “perfect” home that is our of your price range. Also, it will put you in a better position to negotiate when you find that right home.

If you have any questions, please contact us. We are always happy to answer your questions or point you to a professional who may be able to help you in your individual situation.

Tags: Buyers, First Time Buyers

Posted by Mike and Amy Mewborn// Please leave a comment.

February 20th, 2010

5 Home Buyer Mistakes That Could Cost You a Bundle – 5 Day Series

Categories: Buyers

We’ve all heard the stories – you’re so excited to buy your dream home.  You sign the documents, you get the keys, and then you find out about the pitfalls of your new home. You’ll never catch everything about your new home – the good points, or the bad, but there are things you can do to be prepared for your home ownership.

This week will be a series of five things you can do to be prepared to buy your first home.

Check your credit report and score
You’ve spent hours online looking for the perfect house.  You’re ready to get out and walk through an open house.  But before you set aside time to start touring homes, get your credit report – a full one that includes your score.  You can access your credit report once every 12 months at www.annualcreditreport.com.  But even if you have to pay for a credit report, that $10 could save you thousands of dollars over the course of your mortgage.  In 2010, you need a credit score of over 700 to qualify for the best mortgage rates.  By reviewing your credit report a few months ahead of time, you can correct any mistakes, increase your score, and reduce your mortgage payments!

Tags: Buying Your First Home, Credit Score

Posted by Mike and Amy Mewborn// Please leave a comment.

February 3rd, 2010

You May Still OWE on Your Foreclosed Home, Even Though You Don’t OWN It Anymore

Categories: Carlsbad, Foreclosure Prevention, Market Trends, Sellers

Carlsbad, CA - Are you considering a foreclosure as a way to eliminate that payment? 

In today’s real estate market, more and more people are looking foreclosure out of both necessity and financial strategy.  If you give back your house, they can’t still hold you accountable for the loan, can they? 

Although California is a non-recourse state that typically says no – more and more banks are finding themselves successful in recouping losses from borrowers who refinanced their homes and used the funds for things other than improving the home itself!

In addition to the more severe credit penalties, a debt on a house you don’t even own anymore is really making foreclosures less desirable.  If you can not afford to make the payment on your home, you really may want to talk to a real estate professional about the possibility of a short sale instead.  In a short sale, you actually sign documents with the lender, releasing yourself from the obligation of the loan.  If you have any questions at all about your possibilities of a foreclosure or short sale, please contact The Mewborn Team.  We would be happy to schedule a no obligation marketing consultation.

Tags: Carlsbad Foreclosures, San Diego Foreclosure Prevention

Posted by Mike and Amy Mewborn// Please leave a comment.