Best Way to Finance

What is the best way to finance your San Diego North County home.  Best answer, it depends on each persons goals and financial situation.  However, in the current market, a FHA loan seems to be the easiest loan to get in today’s market place.

FHA only requires a 3.5% down-payment to a maximum loan amount of $697,500. That would cover most of the sales prices in San Diego North County.  Unlike conventional financing, FHA is not as sensitive to credit scoring. This can translate into much lower interest rates and payments. Despite the fact that FHA has the upfront Mortgage Insurance Premium to contend with, the impact to payment is minimal since it can be financed. Did you know that the qualifying standards are more flexible than conventional financing, that 100% of the down-payment can be a gift from family or a close friend, that the strength of qualifying can be from a non-occupying co-borrower and that there are no mandatory seller fees?

If you would like more information about FHA loans, Reverse Mortgages, or any other type of loan, contact Gary Harmon and he will put you intouch with a lending expert.

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Getting Ready to Buy

Six tips for getting ready to buy:

  • Get a pre-approval letter from your lender of choice.  Gary Harmon has worked with many lenders in the past 23 years and would be glad to refer you to a lender experienced in San Diego North County.   A pre-approval letter makes you attractive to sellers, and most sellers will insist that a pre-approval letter accompany any offers.  By determining how much you can afford before you ever start looking, you can save yourself from falling in love with a home out of your price range.
  • Have your North County Realtor show you properties that meet your criteria in the neighborhood of your choice.  Your Realtor can ask questions and determine factors affecting the purchase price of your North County home such as relevant repairs, upgrades, or warranty information.
  • Be a fair negotiator.  Gary Harmon can provide comps and help you with this phase of the purchase.  Not all sellers are desperate or heading for foreclosure.  Short Sales and Bank Owned properties in the North County real estate market are usually fairly priced and are currently selling for list price and above.
  • Get your home on the market now if you need to sell before you buy.  Most sellers and no lenders are going to be accepting offers based on a contingency of you selling your home.  You should have a plan in place in case you sell your home and can’t find your next home immediately.
  • Don’t be overly demanding.  Write an offer with as few contingencies as possible.  Your offer will probably be compared with offers and you want your offer to be the one that is accepted.  Your North County Realtor, Gary Harmon can help you know how to write a purchase offer that will be competitive.
  • Last, but very important, select a North County Realtor that has experienced this type of market before, a Realtor that will put your interest first. contact Gary Harmon .

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