2013 has begun and with a new year comes resolutions regarding everything from health and fitness to finances. Some of you will want to make 2013 the year that you purchase a home in Encinitas, while others may want to be more fiscally responsible and effective. Here is a guide to help you achieve some New Year’s resolutions in Encinitas.
Buying a Home in Encinitas
While mortgage loans are at all-time lows, the days of lenders giving out mortgages to anyone with a pulse seem to be over (at least for now). This means that you will have to make sure that your credit is in good standing in order to get a loan. Here are some credit basics to make sure that your credit scores are as high as possible:
- Get a report on your credit score – Knowing what your credit score is before you start looking for a lender will allow you to know exactly where you stand and what you need to improve. The big three credit bureaus are Equifax, Experian, and TransUnion, so getting reports from them and making sure that the information they have is accurate is imperative.
- Build or repair your credit – Whether you are looking to build or rebuild your credit having a major credit card will help you, such as those provided by Visa, Mastercard, American Express, or Discover. Making purchases and paying off the balance on a monthly basis will help you boost your credit rating.
- Have patience – Building or rebuilding your credit will take time, so getting an early start at the beginning of the year is important if you want to purchase a home in the new year.
If you are already an Encinitas homeowner you may have some resolutions of your own that differ significantly from those looking to purchase real estate in Encinitas. Here are some typical resolutions made by those who own homes in Encinitas for 2013:
- Pay off your mortgage faster – Many homeowners would like to have their mortgage paid off sooner than later and making extra mortgage payments can help you do that. One way that you can achieve this goal is to pay an added 9% per month, which will reduce the length of the mortgage by 5 years. Additionally, paying more on your mortgage payments will cut the amount of money you spend on interest.
- Refinance your home loan – With low mortgage rates continuing into the new year refinancing your home loan is a great idea so that you can lock in some of the record-low rates available. You may also want to consider locking in a fixed rate mortgage if you have a variable mortgage to lock-in the current interest rates.
- Contest property tax assessment – If you have seen the value of your home decrease and your property tax assessment has not dropped in kind with property values, consider contesting the property tax assessment. You can visit the County of San Diego Property Tax Assessment Appeals website to find help on filing an appeal.
Stay steadfast in your New Year’s resolutions for 2013 and keep checking back here for more helpful information on real estate in Encinitas throughout the year.