Are you wanting to buy a Central Coast home? Do you keep talking yourself out of it because you can’t afford a mortgage, or you don’t have enough saved for a down payment? As your Central Coast real estate agent, I am here to tell you that if you want to buy a home, make sure you aren’t putting it off because of false beliefs! Allow me to debunk some of the most common home-buying myths.
Mortgage payment affordability – If you think you can’t afford a mortgage, let me ask you this. Are you currently paying rent? Because rent is often more expensive than what you’ll pay in a monthly mortgage, especially while mortgage rates are low! Plus, unlike with rent, you’ll see your money again when you go to sell. Homeownership is like forced savings for the future.
Credit history – If you have poor credit, there are still options. A lender may still approve you, but with a higher mortgage rate or higher down payment. Some private mortgage insurance programs allow a credit score as low as 620. Plus, you can always start improving your credit for a future purchase. Credit is not permanent, so start improving it today!
Down payment – If you don’t have 20 percent of the cost of a home saved, you are not alone! This is the leading cause of putting off a home purchase. However, the majority of buyers don’t buy with 20 percent down. You can get a mortgage with as low as 3 to 5 percent down. Also, it’s worth looking into down payment assistance programs if you have stable income and good credit.
Home prices – If you fear that you won’t find a Central Coast home in your price range, remember that you don’t have to purchase your last home first. In other words, it’s okay to start out with a smaller home, or a home that needs improvements, and then to sell later on and move up to a home that you’d rather live in. You will still be investing in your future rather than throwing away money on rent!
For more home-buying myths debunked, check out this realtor.com article. If you have questions about the home-buying process, contact me, your Central Coast real estate agent. I will be happy to clear things up for you and to help you understand the current conditions of the Central Coast real estate market!
It’s a great time to buy, with mortgage rates low. Rates and home prices are expected to continue to increase, so the sooner you buy, the better! We have many listings available around Lake Nacimiento and throughout the Central Coast region right now. Contact me, and let’s work together to find you a home that you can afford and that you’ll be happy living in!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.