Tips for First Time Home Buyers from San Diego Funding


San Diego is still one of the hottest real estate markets in the country, and according to the Greater San Diego Association of Realtors (SDAR), buyer demand remains high. With higher housing prices and lower inventory, this could be concerning news for first time buyers who want to purchase a home before they are priced out of the market.
With many mid-ranged properties going quickly, it’s important for buyers to be prepared when they find a home and want to make an offer. Here are four recommendations from San Diego Funding to help the home buying process go smoothly to avoid unnecessary stress or unwelcome news.

  • Make a List – Before beginning the home search, serious buyers should make a list of their needs and wants in a home.  Consider square footage, number of bedrooms, style (condo or detached home), location, and even write down negotiable items, what you would like, but are not necessarily committed to, such as a pool, hardwood flooring, in-law suite for example. 
  • Credit Check:  It’s important for all buyers to know their credit score as this will determine if you will be successful in getting a mortgage with a reasonable interest rate.  Anyone can get a free credit report from the major bureaus that lenders review: Equifax, Experian, and TransUnion. Fraud and mistakes unfortunately, do occur, so be sure to review and have any issues corrected as quickly as possible.
  • Get pre-approved: Imagine this scenario:  You fall in love with a home that is perfect in every way, from location to amenities, only to learn that you don’t qualify for the home of your dreams. Disappointment? You bet. This is just one of the many reasons why homebuyers should get pre-approved before they begin their house hunting search. According to Linnea Arrington, President of San Diego Funding, “Good preparation is the key to a good mortgage. With pre-approval buyers will gain a solid understanding of the price range they qualify for and receive a written commitment from the lender that will show home sellers that they are serious about the purchase.” Keep in mind, even if pre-approved, a loan is not guaranteed  if your credit score or income changes.  
  • Be open minded: Buyers! Trust your agent if he or she wants to show you a property that doesn’t have everything on your wish list. Remember, you can always redo flooring, take down wallpaper, add landscaping, but finding a home with good bones, in a good location should be a priority. By broadening your expectations, you may very well find your next home sooner, rather than later.

For more information or to speak with a loan officer to get pre-qualified for a loan call San Diego Funding at 619.260.1660 or visit them online at www.sdfunding.com

About San Diego Funding: For more than 30 years San Diego Funding has remained one of San Diego’s most respected and trusted mortgage lenders serving the lending needs of homebuyers, real estate professionals and builders. San Diego Funding is a full-service mortgage lender with access to a wide-array of loan products to meet every situation. As a direct lender, we originate, process, underwrite and close our loans in-house. This means a faster turn-around time, fewer hassles and lower costs for our clients. Our experienced loan officers have in-depth product knowledge and are dedicated to finding the right loan with the best rates, terms and costs, to meet the individual and unique needs of our clients.
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