Finance Options for Oceanside California Real Estate

By: John Harris

As close to the Pacific Ocean as you can get Oceanside California real estate is always in high demand. While you'll see median price listings for Oceanside California real estate as low as $428,000, keep in mind that those listings usually include foreclosed homes and smaller sized condos in addition to single family dwellings. A more accurate number may be an average price of around $560,000 for a single family home sold in 2006. Some good news for potential homebuyers of Oceanside California real estate is that 2007 prices have dropped an average of $25,000 on the market as a whole. Even so, if you're looking at Oceanside California real estate for your next home or property- having your finances in order is a must.

Pre-approval and Loan Options for Oceanside California Real Estate

Hopefully the first decision you make when viewing the Oceanside California real estate listings is to determine what you can afford. Taxes, PMI (private mortgage insurance), inspections, closing costs, and the additional expenses of home maintenance should all be considered. If you're a first time homebuyer and are unfamiliar with any of these terms you need to do a little research on mortgage terms before setting out in search of your new Oceanside California real estate purchase.

The next step for many buyers is to make sure that your credit score is as good as it can possibly be. Don't make any other major purchases or open any new credit accounts for six months before applying for a mortgage loan. Your ability to get preapproved and to get a good interest rate is on the line.

Getting pre-approved in a fast-moving market is essential. If you've ever watched one of those reality shows on buying a house and seen hopeful buyers loose out to faster competition- chances are it involved Oceanside California real estate. That doesn't mean you should buy in desperation; rather be as prepared as possible. If you do lose out on your first Oceanside California real estate choice- there will be another. But having your pre-approval ready won't put you in jeopardy of losing a home you love while you wait for the mortgage lender to close the deal.

Interest rates for Oceanside California real estate will depend on factors like the amount of your down payment and your credit history. Currently a 30 year fixed rate loan can be obtained around 6.2%; a 15 year fixed rate for 5.8%; and a 5/1 ARM (adjustable rate mortgage) at 5.83%. These could change tomorrow, and vary today from lender to lender. So do yourself a favor and get some different quotes before committing to anything.

Finally, loan options for your Oceanside California real estate purchase may save you thousands of dollars in the long run. The lower rate of a 15 year fixed loan or a 5/1 ARM can save you thousands in interest if you can handle the higher payment or future change in rate. These options have become more difficult to obtain for buyers with questionable credit histories. But if you understand the ramifications of these loans and can qualify for them, an alternative to conventional loans can save you a lot of money on Oceanside California real estate.

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