Should You Buy Now or Save for Later?

Are you looking to apply for a mortgage? Get an application here 

Affordability is extremely high right now, and conditions are just right to purchase a home right now. In times such as these, why not let the market build up equity for you naturally? Owning a home in an appreciating market can build up equity faster than you can save money.

For example, a $400,000 home that appreciates by 6% gains $2,000 a month in equity. Could you save that much money every month?

One of the best reasons to buy a home now is to get ahead of rising prices and interest rates. Even though when you purchase a home with 3% down and pay private mortgage insurance, you can rest easy knowing that the rates for PMI are substantially lower than they have been in the past. 

Another reason to buy now is that if you're renting, you can immediately turn your monthly payments into equity. The rent you're currently paying is probably similar to what you would be paying for a monthly mortgage. Also, when you own a home, you gain many different tax advantages. 

Buying a home is a temporary cost that may sting a bit at first, but this investment will pay for itself over and over again. 

If you're looking to buy a home in Southern California, let's set up a time to talk soon, because these low rates and high affordability will not last forever. Contact me at your convenience!

Do You Know the Ins and Outs of VA Loans?

Are you looking to apply for a mortgage? Get an application here 

When considering the VA loan process, are you confident you understand the ins and outs well enough to guide your military clients to closing? 

The Caragiannides Team is dedicated to educating and serving military families and veterans and to helping facilitate the VA loan process when they are ready to buy a home. We believe that educating borrowers empowers them to better understand and control the home buying process. We also believe that providing real estate professionals like you information on the VA loan process will result in a streamlined, efficient process that will help ensure our military and veteran clients receive the best possible service.

We've created a series of short videos to help answer the most commonly asked questions about the VA loans. We hope you'll find them useful and share them with your clients to help them better understand the process. We also have free VA workshops twice a month for real estate professionals and borrowers interested in learning more! 

For more information or additional assistance, give the Alex Caragiannides Team a call or shoot us a quick email. We would love to hear from you! 

Why Should You Get Pre-Approved When Buying in Southern California?

Are you looking to apply for a mortgage? Get an application here 

In recent years, mortgage guidelines have been tightened and documentation requirements have been expanded and followed more closely. But does this mean it's more difficult to secure a mortgage? Getting a pre-approval can help you avoid the potential pitfalls long before you become obligated by a contract of purchase. 

There are a handful of specific advantages once you're pre-approved. Once you have a pre-approval in hand, you'll be certain about the price range that's right for you, how much cash you'll need to close, and what your maximum monthly payment will be. Understanding your limits will help you negotiate with confidence - plus, since sellers like a sure thing, you'll have an advantage over other buyers in the marketplace. 

Your approval is typically valid for the shelf life of the documents used to obtain it. These include a credit report, pay stubs, bank statements, W-2s, tax returns, etc. The usable life of these documents will vary, but it's usually safe to say your approval is good for up to four months. During this time, it pays to file all the important financial documents so they're readily available for future updates.

It's completely acceptable to change your mind. There's no obligation to purchase a home or use a particular loan program once you've been pre-approved. In fact, pre-approval simply helps you to know exactly what's involved in the buying process. Purchasing a home is much easier if you have financing in place before you make an offer.

We're always here to help you get started, and it's never too early to do just that. Give the Alex Caragiannides Team a call whenever you're ready!