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Mike Cady
Coastal Premier Properties Inc.
12625 High Bluff Dr. Suite 102
San Diego, CA 92130
Phone: 619-992-4968
Email: mikecadyhomes@yahoo.com
CA DRE# 01136676

Brokerage Blog

4 Reasons Why Applying for a Mortgage Online Might Not Be The Smartest Decision!

Applying for a mortgage these days can be accomplished entirely online—no need to schlep to a bank and suffer hand cramps filling out paperwork.

Instead, you can punch some basic info into an online mortgage site, and up pops a bunch of loan choices. An industry renowned for being slow and cumbersome is now wooing customers with the promise of ease, speed, and transparency. Rocket Mortgage, Quicken Loan’s online platform, for example, promises qualified customers approval in as little as eight minutes.

But taking out a six-figure loan is one of the most complicated and substantial financial transactions most people will ever make. Does it really make sense to handle it by pushing a few buttons on your smartphone?

Maybe for those with a typical 9-to-5 job and good credit.

If you are a salaried employee with no overtime, no bonus—no funky income, if you will—just a plain-vanilla borrower, then sometimes the online mortgage does work. You know: You have a five-year work history, you’re putting 20% down, and have an 800 FICO score.

But then there’s everybody else.

Here are some of the many reasons why those borrowers might consider taking more time with the process, including consulting with an experienced loan officer or mortgage broker.

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1. You want to shop around for the best loan

First and foremost, it’s always in a borrower’s best interest to comparison shop on rates and fees on a mortgage information website. Speed and convenience alone do not always translate into a better price for borrowers.

You should invest some time in it, do your research. Also, do your diligence on your credit. And think about how long you’re going to be in your home. The reason? The length of time you estimate you are likely to be staying in the home can be a factor in whether you apply for a fixed or adjustable rate loan.

Gaining an understanding of different loan programs is a smarter approach than just going online and filling out things. A lot of people really don’t know if they’re getting the right loan program, the right interest rate, the right down payment.

The research process may ultimately lead you straight to the speedy online mortgage site as the best option anyway. But you won’t know that unless you go out and take a look around.

2. You’re a first-time home buyer

Researching all your options is especially important if you’ve never purchased a home before. First-time buyers should always talk through important details like rates, points, and closing costs with an expert. After you’ve been through the process once, you have a better idea of what to expect and what information you’ll need to provide to make the process go smoothly.

Even those who have borrowed before may want to consult with someone if there is anything about their circumstances that might make qualifying more difficult. For example, a real person could be a helpful advocate for borrowers who are buying a second home or rental property, have spotty credit, or have inconsistent income.

3. You’re self-employed

About 15 million Americans are classified as self-employed, according to the Pew Research Center. While salaried workers generally only have to show the lender their W-2 tax forms to prove their income, self-employed workers should expect that they will have to provide the lender with more income documentation, such as tax returns from the last few years.

The fact is, some online lenders are more strict about documentation requirements than federal guidelines require, because they want to reduce their risk. That can make qualifying even tougher for a borrower who is already perceived as a higher risk—for example, applicants who have only been in their current job for a few months, or those who want to include overtime pay as evidence of their buying power. The lender will want to see proof that the overtime pay is consistent. Certain guidelines say you have to show you have it for 12 months or 24 months—it depends on the loan.

4. You want some extra handholding

Working with someone one on one may also help prevent last-minute problems when it comes time to buy that house. We can’t tell you how many clients who have come to me after they’d gone online and gotten a pre-approval from a lender. Then they go to purchase a house, and halfway through the transaction, the online lender says all of a sudden, ‘You can’t get approved.’ The client freaks out. And that’s when they get a hold of someone like myself.

Finally, there is the matter of personal preference. Not everyone likes the impersonal approach. Before applying for a loan, borrowers might consider whether they are the kind of person who appreciates a lot of help and attention in other shopping experiences. If you like a hands-on environment, like a Macy’s, you’re a different kind of shopper than someone who enjoys going to a warehouse club. Your expectations going in will influence how satisfied you are with the process.

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7 Secrets Real Estate Pros Know to Get the Best Deal on a Home

  When it comes to buying a home, everyone wants the best property they can find for the least amount of money possible. To make this seemingly impossible dream a reality, there are some steps you should take to get the best deal out there. Start by doing your homework and researching property values in the area, then time your move wisely. Here are tried-and-true tips to get the best deal on a home.
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1. Do your homework before you start looking at houses.

It might sound boring, but if you don’t know if you’re pre-approved for a mortgage and if you don’t have your paperwork in order, you could miss out on a great house. Usually everyone is all over a good deal, so you want to be prepared to make an offer quickly if necessary. This paperwork takes time, and if it isn’t ready to go, you could miss the window of opportunity. You also need to make sure you can afford the property to begin with, too!

2. Consider buying a fixer upper.

If you’re young and looking for a first home, you might not want to go all-in on a more expensive, move-in-ready place. You can save a lot of money by looking at a house that has great bones but needs a superficial facelift. Look at the potential and be willing to update that pink bathroom. Plus, remodeling the room may allow you to up the price even further when you eventually go to sell the property.

3. Look at the values of other properties in the area.Related image

While you need to take the property values you see on real estate sites with a grain of salt, work with your agent to evaluate the prices in the area. Check out pictures, look at materials and finishes in the home, think about lot size. Be really critical and take everything into consideration, because all of it impacts the price of the home. And remember: while it’s not in an agent’s best interest to overprice a house they want to sell, doing this research beforehand can help you negotiate a price.

4. Have your agent explain your offer.

After doing all that research, there is a reason why the price you decided on is what it is. Make sure that this reasoning is communicated to the seller. I like to put a personal touch on the offer and write up a little something about how we landed on the number we did. You want to start a dialogue and not just go in with a blanket statement.

5. Check how long the property has been on the market.Image result for how long property on market

 

People usually want to sell their homes in a timely fashion, so it should raise a flag if a property has been on the market for six months to a year. Have your agent call and see what’s up with the house. Don’t be afraid to make an offer, though! You want it to be fair, but when a house has been sitting that long, you never know what someone would be willing to take unless you ask.

6. Look to buy in late fall or winter.

There are definitely more popular times of year to list or look for a home. Surprisingly, the spring market can start as early as right after Super Bowl Sunday. Everyone is trying to buy in the spring, but the late fall is the most underrated time of year. You can find great properties because sellers are eager and want things wrapped up by the holidays. Plus, many buyers aren’t willing to move during the winter, so you’ll have less competition.

7. Make sure you have good credit. 

 

Mortgage companies will reward people with better credit. Shop around and make sure you’re getting the best rates and packages for your unique situation. Look at roughly three different options. You’ll also want to get the help of an experienced mortgage broker. Have credit in order (680 and above), employment history, and income ready to go. If these factors aren’t in good standing, you could end up paying higher rates.

San Diego Neighborhood Highlight: Vista

If you’re looking for living that feels like the countryside but still has a lot of amenities, look no further than Vista. Far from the packed-in urban areas of central San Diego, Vista has fewer than 100,000 people. It’s got excellent schools, gourmet restaurants, and tons of community events, making it a perfect place to raise a family or simply enjoy a quieter pace.

Commute Times

Vista is north of the city of San Marcos, on the very outskirts of inland San Diego County, so you’ll want to consider your commute time. The 78 freeway makes it an easy jaunt to the northern coastal communities. It’s only about 15 minutes to Carlsbad, for example. But if you work in downtown San Diego, expect it to take an hour or more to get there by car. Another option is the train, which leaves from coastal San Diego stops.

Homes

Vista Homes
Vista Homes

It’s easier to find a home with some land here than it is in most other areas of San Diego County. That said, there are homes to fit a variety of budgets. You can still score a condo here for less than $300K, with the average price of all homes at $522K. This area is very family-friendly. The housing market remains hot, with homes typically selling within 10 days of going on the market. Set up the perfect home for your family, filled with baskets of toys, a large green yard and everything in between.

Schools

There are a number of both public and private schools in Vista, all with an average ranking grade of B+. Several schools have a ranking of A+, though, like Mission Vista High, which is #102 in the state. Check with the school district to find out if the home you’re interested in is within the boundaries of a school you like.

Private schools in Vista are predominantly church-affiliated. Most of these schools are highly rated, with admission requirements.

Restaurants

Though it’s a relatively smaller city by Southern California standards, Vista’s got a vibrant foodie scene.  Mikko Sushi opened a Vista sister location to its beachside Carlsbad joint, serving up a variety of modern Japanese seafood dishes and noodles for a moderate price.

Mikko Sushi in Vista
Mikko Sushi in Vista

If you’re in the mood for authentic Italian, check out Ciao Ristorante, which has a full pasta and pizza menu, as well as many other items. Curbside Cafe on Main Street in downtown Vista is a neighborhood favorite for breakfast and lunch, with items costing around $10, and boasts Vista’s best cinnamon roll.

Things to Do

One of the things residents like the best about Vista is its historic, quaint downtown, known as Vista Village. Currently undergoing redevelopment, the area has a number of shops and restaurants perfect for strolling.

Farmer's Market
Farmer’s Market

Held every Saturday at the courthouse downtown from 8 am to 1 pm, the Vista Farmer’s Market is San Diego County’s oldest. Here local farmers bring fresh produce to sell. But you can also buy everything from microgreens to oil and vinegar. Locals love to meander the aisles, sipping coffee and eating from the many vendors selling specialty items.

Vista also has many annual events. The yearly Rhythm and Brews Festival is a fundraiser for two food banks. Held downtown every spring, it features more than 100 craft breweries and live music stages.

The Vista Strawberry Festival is a family-friendly event that usually takes place on Memorial Day weekend that hearkens back to the days when Vista was the largest producer of strawberries. The area still grows quite a few of these fruits, which are also sold at this event. Because it’s a strawberry festival, it features events like the Little Miss Strawberry Shortcake pageant, strawberry jam making, and strawberry costume contests. It’s also got a bunch of carnival rides for the kiddos and a beer garden for the grown-ups.

Legoland San Diego is also very close, and a great place if your kids are 10 and under. Many families get annual passes. There’s also a water park here, perfect for hot days. The Moonlight Amphitheatre is a Vista treasure, with open-air plays during the warmer months. They feature Broadway shows, concerts, and outdoor movie screenings. Age ranges for the shows do vary, so check out those guidelines before buying tickets.

Outdoor Activities

Vista is really close to the Cleveland National Forest and Palomar Mountain.

Cleveland National Forest
Cleveland National Forest

It’s just an hour’s drive up the slopes if you feel like seeing snow during the winter. There’s also a ton of hiking and camping to be had. The area has a couple dozen mountain biking trails, for all skill levels.

If you’re looking for rock climbing, northern San Diego has many different places to try it out. For fishing, kayaking, and other boating, check out Lake San Marcos, located just south of Vista. Or you can head west for about 10 miles and go to the beaches in Carlsbad or Oceanside.

For more organized sports, the Vista Valley Country Club offers golf along with spa services and fitness. The Tennis Club of Vista has teams for people of all skill levels.

Whether you’re looking for a single-bedroom condo or a large home on multiple acres, if you want a country kind of life that’s still very active, Vista could be the right area for you. Contact our local experts to find your dream home today!


Coastal Premier Properties Inc. | 12625 High Bluff Dr. #102, San Diego, CA 92130 | 619-992-4968 | Contact Me | CA DRE# 01136676 | Cal BRE #01816547 |

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