Tuesday, July 10, 2012

Succeed in the Deep Creek Lake Real Estate Market by Determining Your Financial Strategy!

If you’ve been considering buying a home on Deep Creek Lake as either a permanent residence or a vacation getaway; determining your financial strategy is the first step!  As  we’ve seen home prices across the country drop over the past few years, buyers have capitalized on the great opportunity to buy their dream home.  And, while the team here at Coldwell Banker Deep Creek Realty agrees that the low home prices and mortgage rates have been ideal; we always encourage buyers to think beyond the sale price.

Having a solid financial strategy is key to winning in the Deep Creek Lake Real Estate market.  This type of plan will ensure you’re not just successfully buying a home, but setting yourself up for the future.  If you’re hoping to buy a Deep Creek Lake home this summer, think through your financial strategy by asking yourself the following questions:

    - How long do I plan to live in this house?
    - Is this a vacation property I want to rent out?
    - Where do I see myself in five or 10 years?
    - Do I have to or want to make home improvements?
    - Do I want to keep cash on hand for other investments?
    - Can I take financial risks?
    - Do I want to be debt-free?

Once you’ve answered these questions, you can map out where you want to land financially after the home purchase.  If you’re buying a Deep Creek Lake home as an investment or vacation property; determining these answers are especially helpful. Your financial philosophy will help you navigate through the process of getting a mortgage loan and other various options you’ll need to decide when buying your home.  Here are five tips to consider when searching for the right mortgage loan.

1. Shop for the best rates- Look at local banks as well as national lenders for find the best rates.  You may even want to consider working with a mortgage lender.

2. Decide on points- Decide if you’re willing to pay for point to get a lower interest rate, or if you want to take a higher rate in order to keep closing costs down.

3. Combine different loan features- This allows you to feel comfortable with the loan as well as giving you flexibility to achieve your financial goals.

4. Don’t forget about additional costs- When applying for a loan you’ll want to factor in additional costs such as property taxes, insurance and possible homeowner’s association fees.

5. Ask about other loan terms- Oftentimes banks won’t advertise loan terms such as 20 years, but asking about it can ensure you find the right fit for your loan.

As always, we hope these tips give you greater insight into navigating through the Deep Creek Lake Real Estate market.  We are available anytime to answer your questions and provide our clients with the exceptional service they deserve.

Feel free to contact us today to get started with your Deep Creek Lake home search!  We look forward to hearing from you!

Patrick Kane
Sales Manager/Co-Owner
Coldwell Banker Deep Creek Realty
Your Deep Creek Lake Real Estate Expert

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