Buying a home in Costa Mesa– especially if it’s your first – can seem just like any other large purchase. It can be as straightforward as: you’re the buyer, which makes you the boss. It’s the L3’s job to make this happen. But there are several parts of the process that can cost frustration, time, and real money. Here are some common home-buying mistakes:
1. Looking for a Costa Mesa home before speaking about a mortgage.
Many first-time buyers make the mistake of viewing homes before making contact with a mortgage lender. This puts you behind the ball when a home you love hits the market, or you end up spending time and energy looking at homes you can’t afford. Check out the mortgage calculator to help give you an idea of costs.
2. Talking to only one lender.
This one is a biggie! Buyers who get a mortgage from the first (and only) lender or bank they talk to are potentially leaving thousands of dollars on the table using harmful negotiating tactics. The more home shopping you do, the better basis for comparison you’ll have for ensuring you’ve landed the best deal.
3. Being careless with credit.
In the months leading up to a mortgage application, don’t open new credit cards, close existing accounts, take out new loans, or make large purchases on existing credit accounts. Maintain that practice through closing day.
4. Assuming you need 20% down payment
Delaying your home purchase while you save up for a 20% down payment can take years. That’s tying up cash that you could be putting to better use: maximizing your retirement savings, building an emergency fund, or paying down higher-interest debt. Today it might be possible to arrange a conventional mortgage for as little as 3% down. Even though that would require mortgage insurance, given today’s discounted mortgage interest rates, it could be a great idea.
We’re here to help all your real estate transactions close smoothly. Call us anytime this summer to discuss your search!
We are built on a philosophy of Heritage & Hustle. The L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees. We have grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to The L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact The L3 today at 714-444-4663 or email us at firstname.lastname@example.org