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Ana Posadas
BRE 01116069
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(805) 279-6558
posadas4homes@gmail.com
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Top Real Estate Agents throughout Ventura County and the San Fernando Valley.
  • Home
  • Buyers
    • Listings Search
  • Community Info
    • Get Your Free Instant Home Value Report
    • Tips For Selling Your Home
    • Marketing Your Home
  • Listings Search
    • Simi Valley
    • Simi Valley West
    • Simi Valley Central
    • Simi Valley East
    • Moorpark
    • San Fernando Valley
    • Oak Park
    • Agoura Hills
  • Recommend
    • Realtor
    • Zillow
  • About
    • Annual Garage Sale Registration
  • Contact
    • Agents
    • Blog
  • en Espanol
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Top Real Estate Agents throughout Ventura County and the San Fernando Valley.

Pre Qualifying For A Home Loan

Here are a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home.

Get pre-approved. Sub-primes may be history, but you’ll probably still be shown homes you can’t actually afford. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head.

Choose your mortgage carefully. Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good. Additionally, when picking a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. If you plan to stay in the house for a long time—and given the current real estate market, you should—taking the points will save you money.

Do your homework before bidding. Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. Consider especially sales of similar homes in the last three months. For instance, if homes have recently sold for 5 percent less than the asking price, your opening bid should probably be about 8 to 10 percent lower than what the seller is asking.

Ana Posadas | Century 21 Everest | Simi Valley CA

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Ana Posadas
Ventura County Real Estate Agent
License #BRE 01116069
O: (805) 279-6558
posadas4homes@gmail.com
Top Producing Agent serving Moorpark, Simi Valley, Thousand Oaks, Westlake Village and surrounding areas.
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Office

Evolve Real Estate
559 Country Club Dr.Simi Valley
California 93065

(Evolve DRE# 02125635) (CalBRE: 01126517 - 01116069)

(805) 279-6558
posadas4homes@gmail.com

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