Should You Rent or Buy in San Diego?

Did you know that the average mortgage payment costs about the same, sometimes less, as the average rent payment? It's true, if you are paying $850 per month in rent, you could be making mortgage payments on your own $105,000 - $110,000 home. That would probably buy you a lot more space (and privacy!) than you have right now.

Did you know that right now there are numerous types of home loans available in the San Diego area, some with surprisingly low down payments? There are special programs available in the San Diego real estate market that help first-time home buyers come up with a down payment, even while they are paying rent.

Plus many area sellers are willing to pay all or part of your closing costs when you purchase a home.
The majority of people who rent in our metro area said the biggest reason they don't even check to see if they can buy a home is that they are afraid of pushy salesmen, or feeling obligated to buy when they are not ready.

How do you stay in control, and figure out how much home you qualify for?
We always advise our clients to get preapproved for a loan before they start to look for homes. There are so many things this accomplishes.

First: You are in control when you're preapproved. You know what you can and can't afford, and what kind of real estate loans you can get. You also know if you need the seller to pay closing costs and can use this in your bargaining.
Second: We can help you screen real estate lenders. If you have one who says," We don't do zero down home loans," you possibly want to try another. We have found the aggressive lenders have national contracts to keep up on new loans for people.
Third: If there are credit problems, you have time to get them off your record. A good lender will help you do this. If you wait until after you have found a home you love, you may lose it if you have credit glitches that could have easily been handled first.

How Do I Start?
If you'd like to see if purchasing a home is a better option for you than paying rent, we offer free, no-obligation loan pre-approval right here, right online. You can find out what your home payments would be and how they compare to the rent you are now paying. CLICK HERE.