How to Get a New San Diego Real Estate Loan

By: Phoenix Delray

Buying a home in San Diego, or anywhere else for that matter, can seem like a daunting task for the first time homeowner. San Diego is famous for its popular beaches, beautiful landscape, and competitive real estate market, but that does not mean that getting in to this, or any other market, is impossible. The following ten steps, if followed correctly and in consultation wit h an experienced real estate professional, can help you become a homeowner more quickly than you have ever thought possible.

Step One: Research: Background in the mortgage and real estate industries is one way to help you find and secure the home you want much sooner. You do not have to be a real estate agent to be knowledgeable about these matters, however. A little research can go a long way in helping you make sense of the myriad of regulations, codes, insider jargon, and trends that go hand-in-hand with the lending and real estate biz.

Step Two: Take a Hard Look at Your Finances: Your credit score, employment history, debt to income ratio, and liquid assets are all considered by your lender when it comes time for a loan pre approval. Make sure that you have a realistic budget in place, and that all errors on your credit report have been corrected or at the very least verified as actual debt and accounted for. Debt should not disqualify you from home ownership, as long as you are prepared to take proactive steps to resolve your debt and get your finances under control.

Step Three: Know Your Wants and Needs: Which type of San Diego real estate loan are you looking for? How many bedrooms and bathrooms do you need your new home to contain? Do you prefer an urban or a more rural location? If you think that you might need help securing the funds necessary for a down payment, make sure to contact the appropriate resources.
Step Four: Find a Real Estate Agent: Many people find their agent based on the referrals of friends and family, but you can also find agents online, in the newspaper, and simply by opening the phone book. Be sure to verify your agents credentials and expertise, and make certain that the agent you choose is a person that you trust and feel comfortable sharing your personal financial information with.

A good relationship with your real estate agent can give you the edge when it comes time to make calls to lenders, appraisers, and other related parties.

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