Credit Issues Hurting Your Opportunity of Purchasing!

Finding The Perfect Beach Front Property

Searching for the perfect home can be long and time consuming but buying a home on the beach is truly a task.  In this booming housing market, it is very difficult to locate and acquire your perfect home, especially on the beach.  Your obstacle will be the cost.  Most homes on the beach are priced out of the average home owner’s budget.  Secondly, you need a hefty down payment to even acquire a loan.  Unless you are one of the lucky few who can pay cash.  However, we will explore 3 different angles to purchase your Beach Front Property.

Owner Occupied

Qualifying for a mortgage loan can be long and tedious but it will be worth it once it closes.  Your approach if living in this home should be to find a home owner willing to negotiate with you for the purchase.  Most homes located on the beach depending on the price will sit for a while due to the purchase price.  If you want a good deal or to offer less than asking price you want to start by letting them know you can close quickly.  Know your lenders resources so you will have the confidence that the Mortgage Loan Officer or Mortgage Broker can close on time or early.  Credit is always king.  So, have your credit in order with 700’s scores so you’re not getting an ugly loan with a higher-than-average interest rate.  Make sure all of your documents are in order to review.  Never pay full price for anything if you can avoid it.  Beach front property is good for other uses but living in the property will always give you the best financial outlook.

Second Home Vacation Home

There is no better joy than having a second home to visit and relax near a pool.  However, having a Vacation Home as a second home can have a lot of benefits.  You have plenty of options with a second home for your family.  It is a good tax break as well as a good haven for vacation without spending thousands of hours flying away on vacation.  The downside is you will need to keep the property with a maintenance service to repair issues or maintain the property.  Even with the downside you will still have an equitable position which is better than spending money on a vacation without a return. Now how would you obtain such a property?

First, check your finances to be sure you are in the best position to acquire your Second Home.  Don’t forget to run your credit with annualcreditreport.com to see if there is something reflecting negatively on your credit report.  Scores will need to be 680 and above to qualify.  If need be, do a credit boost (Shoparoundre.com) if your scores are too low.  You will need to at least bring in 10 percent down to acquire the property.  Make sure the rate you get is favorable to your credit.  Check the program you will be accepting.  If the program has some unusual contractual issues get a second opinion.  When making your offer give the seller a bigger deposit so he/she knows you mean business.  Remember, you risk losing your deposit if you can’t close your contractual agreement.

Investment Property

When looking to get your first investment property, you should definitely start by evaluating your current financial Status such as your income, debts, and credit score.  You need to find out what your price range would be.  Ideally, if you involve a Mortgage Loan Officer you can determine if the property has enough revolving income to support the new payment.  Investment properties almost always have a higher interest so be prepared for the monthly expense.

Secondly, you must determine the purpose of this property.  What is your intentional use? Are you planning to rent it out? May Run an Airbnb business out of the property? Or you wish to acquire a property to flip for a higher price, if the numbers make sense. Whatever the purpose, you need to have a clear goal in mind so you can make a firm decision.

In California, there are quite a few coastal views with easy access to the big cities. You could buy near the San Francisco Bay area.  Maybe you like the colleges near Long Beach. Perhaps you wish to have something closer to Los Angeles like Newport Beach.  Also, San Diego has some beautiful coastal beaches as well.  You can contact us here at ShopAroundre.com and we can assist you with any question regarding what rates are available and see what you can qualify for.  We also have access to the property and can send you a list of available options for you to view.  Give us a Call (844) 307-1748!