Chad Clemen

The Worst Mistakes First-Time Homebuyers Make

• Being overly excited about becoming a home buyer can cause shoppers to overlook a few very important tips. Doing your homework before starting to look for a home is crucial. Here are a few costly mistakes first time home buyers make.
• Going shopping without knowing what you can afford. This is the kiss of death. Not having a strict budget will allow you to convince yourself you can afford something you can’t. Don’t even glance at a home until you have a price limit.
• Going shopping without being pre-approved. Your idea of what you can afford, and what a lender can actually offer you don’t always match up. Get pre-approved to avoid wasting everyone’s time by putting in an offer you can’t afford.
• Forgetting about taxes, fees, maintenance, and insurance costs. Set aside extra cash each month for added costs. Owning a home costs a lot more than renting and you have to be ready for the extra expenses.
• Being too picky. Giving up a great home because of the carpet or hideous wallpaper can be a costly mistake. Use your imagination when picking out a home, and understand that first time home-buyers usually have to compromise when purchasing their first home because of budget constraints. Be willing to make some repairs and adjustments.

Ascent Home Loans Del Mar is here to pre-approve you for a home loan today! Take the first step in becoming a home owner and give us a call at (877) 459-2445.

Have some more tips for First-Time Home Buyers? We would love to hear from you!

Are you looking to buy a home, but don’t understand the confusing mortgage language?

I have broken down a few of the costs that are associated with purchasing a home to hopefully make it a little more understandable.

First there are purchase points. Sounds like a game show prize, right? Well purchase points are actually translated into an up-front fee that will lower, or “buy-down,” your interest rate over the lifetime of your loan. Each point is equal to 1% of your total loan amount. For example, on a $250,000 loan one point would be $2,500. The more points you buy, the lower your interest rate will be; however, more points equate to more money you’ll need to put down at closing.

Next there is the interest rate. This is the rate your lender charges you for borrowing money. The higher your interest rate, the higher your monthly payment will be. These rates change daily and sometimes even hourly. When getting a quote, ask about locking in the current rate to guarantee your loan with a particular interest rate. Lenders may allow you to “lock-in” for up to 60 days.

Lastly there are fees. Every lender has fees for different things. Generally speaking, fees usually cover the underwriting and processing of the loan. Most people are incredibly scared of the word “fees” because it is associated with “hidden.” All I can say is do your homework. Some lenders lure you in with extremely low fees, but then charge you higher interest rates. Research different lenders and find out exactly what they are charging you for.

At Ascent Home Loans Del Mar, we want you to know exactly what you are paying for. We break down confusing mortgage language for you and make sure you understand the process as much as we do. We are here to help you and answer any questions you may have. Please give us a call at (877) 459-2445 or visit our web-site for more information.

According to MSN, the holiday season is the perfect time to purchase a home. Getting out of your sweatpants and into your real-estate agent’s office may not seem appealing in the brisk weather, but the benefits of shopping for a home in December should not be ignored. The real estate market is incredibly slow in the winter compared to other months, which can means lots of benefits for you.

1. Less people shopping means less competition. No bidding war required!
2. Lenders, agents and others have more time to work with you and cater to your individual needs
3. Interest rates, on average, are lower than in the spring
4. Sellers who have homes on the market during the holidays are typically more motivated to sell
5. Having an unpacked home by the time spring comes around is priceless! Who wants to unpack when you could be enjoying the beautiful weather?

Good luck shopping!

We at Ascent Home Loans Del Mar are here to help you achieve your financial and home ownership goals any time of the year. Please visit our website or give us a call at (877) 459-2445.

This past Wednesday, December 1^st, marked our very first day as Ascent Home Loans Del Mar. We are so excited to start working with all of you to fulfill all of your home mortgage needs. This opening has also allowed us to officially invite the Real Estate Agents of San Diego to take advantage of our Realtor Success Center. This program will not only allow local Agents to take advantage of amazing marketing opportunities, but will increase exposure to their listings and generate quality leads. Want to learn more? Visit Ascent Home Loans Del Marfor more info about this incredible opportunity.

Worried that your new home is in a neighborhood doomed by decreasing home values? Here are some tips on how to buy into good, stable neighborhoods:

1. Search healthy “move up” neighborhoods. This would include well-established neighborhoods close to big cities. You want a neighborhood without tons of foreclosures and first time homebuyers. You want to be surrounded by experienced homeowners living in homes they can afford.

2. Consider commute times and public transportation. Even though you may not want to live close to a big city, long commute times can easily make homes less desirable. Homes with access to any form of public transportation that will make a commute to the city as simple as possible is very valuable.

3. Investigate neighborhood amenities. Homes that are within walking distance to tennis/basketball courts, parks and recreational activities are seem as more valuable to those which are not.

4. Check out the schools. Look into local school district test scores and statistics. Even if you don’t have children, families always want to purchase homes within good school districts.

5. Know the local crime rate. This one is pretty obvious. Research crime rates and understand that even if crime rates have recently decreased, the value of the surrounding homes will stay low.

6. Gauge the neighborhood’s curb appeal. The appearance of a neighborhood can be an excellent indicator of how developed and stable it is.

What are you tips to finding stable neighborhoods?

Drop us a line and let us know what you think; we look forward to hearing from you

Ascent Home Loans of Del Mar