George L. Duarte

Mortgage Loans Fremont California Horizon Financial Associates

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Family Matters: How to Choose the Perfect Home for a Large or Growing Family

June 19, 2015 by George Duarte

Family Matters: How to Choose the Perfect Home for a Large or Growing Family Selecting the right home to purchase for a family is a monumental task, and this process can seem even more challenging for those with a large or growing family. A common goal may be to give everyone ample space to stretch out and feel relaxed, but some home buyers may also be focused on other factors like location, cost and even the general style of the home. While choosing the perfect home for a large or growing family is not easy, the process can be simplified by focusing on a few points.

Focus On Storage Space

There are few things that can make home life more miserable in the coming years than a lack of storage space. When a large family does not have adequate storage space in closets, the attic, the garage and your cabinets, their items will likely find a home on the counters, on the floor and in other undesirable locations. Home buyers can consider looking for a home that has more storage space than is needed right now to ensure that the new home can accommodate growing needs over the years.

Think About Function Over Size

Many people who are looking a new home will focus on finding a home that has a specific minimum square footage or a minimum number of bedrooms, but function is generally more important. For example, if a home has bar-style seating at the kitchen counter, the family may not need as large of a breakfast room to accommodate its needs. The family may also get more use out of a home that has a second living area, such as a game room, rather than a formal dining room that may rarely be used.

Choose The Right Floor Plan

In addition, consider reviewing the floor plan of the home carefully. Many prefer to have the kids’ rooms away from the master room, a study placed away from the kids’ game room or an open area where the kitchen and family room are connected so that a parent can oversee the kids while making meals. Home buyers should consider how they live and their likes and dislikes about their current space to determine which floor plan is best for them.

Deciding which home to purchase is rarely easy to do, but be sure to keep these tips in mind when making your decision.

Filed Under: Home Buyer Tips Tagged With: Buying a Home, Home Buyer Tips, Homeowner Tips

First-time Mortgage Borrowers: Avoid These “Rookie Mistakes”

June 9, 2015 by George Duarte

First-time Mortgage Borrowers: Avoid These Many home buyers who are applying for their first mortgage will go to great lengths to research the options, learn more about loan terms and generally educate themselves about a process that they are unfamiliar with. Despite these common steps that rookie mortgage applicants make, they often make similar mistakes when applying for their first mortgage. By learning about these common mistakes, you can take steps to prevent making them yourself.

Not Focusing on All Costs of Home Ownership

Many first-time home buyers are overwhelmingly focused on setting up a mortgage payment that is affordable for their budget. While this is important, the mortgage payment is not the only expense associated with home ownership. For example, there are property taxes, insurance, repair and maintenance expenses, homeowners’ association dues and more. All of these expenses should be reviewed when you consider what mortgage payment is affordable for your budget.

Not Thinking About Short and Long-Term Plans

You should also think about short and long-term plans for your home ownership experience. Some will choose a long term or an adjustable rate to keep the payments low. However, they will not consider the fact that the payment will be in place until the home is sold or the loan is refinanced. It is not certain what mortgage rates will be in the future or if you may qualify for a great rate on a refinance loan in the future, so you should always ensure that you can maintain the payment structure for as long as needed.

Not Getting Pre-Qualified

It can be intimidating to get pre-qualified for a home mortgage. Some may fear rejection or denial altogether, and some may estimate an amount they may qualify for without actually getting pre-qualified. This can backfire for you. The pre-qualification process helps you to learn the maximum loan amount you may qualify for and the payment for that amount, and this is sound, valuable information that can help you to make a more informed decision when selecting your home.

As a first-time home buyer, you may be stressed about finding the right home to buy and researching the neighborhoods and schools. While these are all factors to pay attention to, you also need to focus heavily on your mortgage. Through these efforts, you can set up an affordable home loan that is comfortable for you to manage on your budget.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Homeowner Tips, Mortgages

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George L. Duarte

MBA, CMC, CMHS
Call 510.377.9059
Fremont, CA

California DRE Corp Lic no. 01032295
DRE Personal Brokers Lic. No. 00943635
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