Money and Mortgage

Getting Your First Mortgage: Are Your Finances Ready?

First Time Mortgage ApplicationGetting a mortgage to buy a home for the first time is often exciting, but it can also be stressful. If finances are not in order, it can become very difficult or even impossible to get a mortgage that allows for the type and size of home you may be considered, as well.

Fortunately, finances can often be worked on before a mortgage application is completed. But in order to do that, it is necessary to know what changes can and should be made to maximize mortgage opportunities and home buying power. Even simple mistakes can be costly when applying for a mortgage.

In most cases, looking into a mortgage and determining borrowing power should be done before beginning to look for a house - as long before as possible. Researching your home buying power long before you begin searching for a home, is usually the best approach for buying your first home.

Nothing is worse than shopping first and falling in love with a home that is out of your price range. Many people are uncertain how much they can actually borrow, and they start looking at houses before they have looked at their budget. That leads to a lot of disappointment when they go to a mortgage lender to apply.

Here are some ways to get finances ready to apply for a mortgage.

Get a Copy of Your Credit Report

Anyone who plans to get a mortgage should be able to get a free copy of their credit report from all three of...

The All-Important Connection Between Credit & Your Mortgage

Mortgages and CreditThe prospect of becoming a homeowner seems to be fraught with almost as many questions as it is with excitement. And for most, before getting the keys, they must jump the biggest hurdle: Getting a Mortgage.

Most home buyers know that they need "good" credit in order to qualify for a mortgage, and that they should be pre-approved before looking at homes. What exactly does the term "good credit" mean these days - especially since the housing crisis? How do the changes in lending pertain to your ability to get a mortgage? The primer below can help you sort out the questions you might have. 

Note, that we are not mortgage brokers. For information & guidance specific to your needs, always be sure to consult with a licensed mortgage professional before starting the house hunt.

Today, Your Credit is More Important Than Ever

While the housing market has clearly recovered in most locations, the days of "easy credit" as a means of obtaining a mortgage are over. In addition to being able to show that you have a secure financial foundation from which to afford a home, your mortgage company is going to dig much deeper than in years past, by not only considering your credit scores, but also most aspects of your credit history.

Recent credit history isn't the...

Home Sellers Reserve Your Seats Now - Free Home Selling Workshops & Educational Seminars

If you are thinking about selling your home – one of your biggest life investments – you want to get the biggest return for your investment, right? The Daniel Beer Group and our partners are provide you with a series of community learning workshops. The goal is to help educate you on what is currently happening in today’s market that can impact the selling of your home. Knowing how to sell your home for the most amount of money in the least amount of time can mean the difference of tens of thousands of dollars in your pocket.

The comprehensive workshops are sure to provide knowledge that will expose the truth about what truly matters in the high stakes world of home selling. Participants will no doubt leave the workshops with competitive knowledge, as well as a predictable and smart home selling process.

There are three workshops with two convenient event times available – 12:00 PM or 6:30 PM.

Tues, Aug 11 - Courtyard Marriott in Solana Beach (717 South Hwy 101)

Wed, Aug 12 - Crowne Plaza in Mission Valley (2270 Hotel Circle North)

Thurs, Aug 13 - Courtyard Marriott in Rancho Bernardo (11611 Bernardo Plaza Court)



San Diego Driving - Save Money on Car Maintenance Costs

Some times your car just breaks, other times it’s from years of misuse!  Avoid the five most common “bad car habits” that wear down your vehicle and save thousands in car repair bills:

  1. Running too low on gas: Some auto mechanics say the sediments in your gas tank will be pulled into your system and ruin your fuel injector! The truth is you should fuel up before hitting empty even if those mechanics are wrong.  You’ll prolong the life of your fuel pump because the pump gets overheated easily when it’s pumping from an empty tank.  Average fuel pump repair cost: $450 to $680.
  1. Not using the parking brake: Parking on even a slight incline without a parking brake will stress your transmission.  There’s a tiny pin in the transmission that holds your car still, so stopping the transmission from moving with your parking brake takes the pressure off that delicate part.  Make sure you disengage the brake before you drive away! Future transmission replacement cost: $1,300 to $3,500.
  1. Not coming to a complete stop before shifting: Your transmission is a set of gears.  When you shift between “reverse” to “drive” without stopping, the transmission acts as a brake, stressing those gears.  Transmissions are not cheap repairs so it’s worth it to take the few extra seconds to come to a stop.  See #2 for transmission cost.
  1. Riding the brakes driving downhill: You can wear your brakes out quickly by keeping that brake pedal pressed to the floor.  Too much of this can even make your brake pads and brake fluid so hot that you’ll lose your brakes completely.  Downshift instead to slow your car down hills.  Average brake pad and rotor replacement cost: $300 to $400.
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Approval First, Search Second - Buying Real Estate in San Diego

A crucial element in the beginning stages of a home search when financing is speaking with a lender. As a buyers agent, this piece of information can ultimately dictate which communities and size are recommended as the best fit for a buyer in their San Diego real estate search. We always recommend that potential buyers engage with a lender prior to looking at homes.

Most buyers have a general idea of what price point they would like to focus on however; their desired range may not always be accurate. A buyer’s understanding of the variety of lending programs, percentage down options, and even interest rates can impact what price a buyer will feel most comfortable with. Price points can fluctuate and open the door to additional inventory so that the buyer doesn’t feel they have limited options when making a major life decision for either themselves or their family.  

It is advised to have a preliminary conversation with a lender in order to determine an accurate price range prior to investing the valuable time spent on looking at homes. Buyers that neglect this step may set the wrong expectations for themselves, and ultimately head down a road in which their focus, time, and energy has been spent in the wrong areas and with wasted efforts. 

For information regarding our preferred lenders and market information, please contact our office at 858-465-7899.