Ten Mortage Tips for Luxury Home Buyers of Pebble Beach Real Estate
Ten Mortgage Tips for Luxury Home Buyers of Pebble Beach Real Estate
Luxury homes are often considered the exclusive estates hidden and tucked behind beautiful gates and manicured grounds. Many luxurious mansions and enclaves can be found in most towns and cities. Here in Pebble Beach California some of best real estate in the world can be enjoyed as one drives down 17 Mile drive. Many tourists often wonder who owns these amazing properties and what do they do for a living? Yes many luxury homeowners are wealthy entrepreneurs, business tycoons and celebrities. If you are thinking about buying a luxury home for the first time, take a deep breath and prepare yourself financially and mentally so that you take the right step when it comes to buying a luxury home. Here is some luxury mortgage advice…
- Mortgage brokers are not the right option for you: Although real estate and mortgage brokers will tell you that they are your best friends when it comes to purchasing a luxury home, in reality they may not be looking out for your best interest. Make sure to shop the different lenders and brokers and request a copy of a good faith estimate to ensure you are getting the most competitive rates.
- Don’t spend all your cash reserves on a down payment: In today’s challenging economic conditions most luxury home buyers will be expected to put down at least 20 – 30%. If you are buying a second home you may be required to put 30-50% down. Most financial experts agree not to lock all your cash in a home, keeping some cash reserves is important.
- Be patient: Don’t rush and buy the first luxury home you fall in love with be patient and check out the entire luxury home inventory on the market. Patient home shoppers have seen luxury estate prices drop dramatically in many housing markets over the last 24 months. Consult with a Certified Luxury Home Marketing Specialist (CLHMS) these certified experts are invaluable when buying a luxury home.
- Determine the mortgage payment that fits your budget: When purchasing a luxury home, make sure you determine a mortgage payment that works with the family budget. Owning a luxury home carries additional costs to be taken into consideration, insurance, landscape maintenance, utilities, housekeeping, home owner’s association fees, and sometimes special assessments.
- Check your credit score: Even though you could pay cash for your home this does not make you exempt from a credit score check by the mortgage lenders. A credit score of 750 or greater will provide you with competitive mortgage rate quote.
- The mortgage fees: Doing business with a bank that you already have a banking relationship with will often result in reduced mortgage fees and better loan interest rates.
- Banks & Financial Institutions may offer special mortgage programs: If you have a retirement account or stock portfolio with a bank or financial institution, they may lend you money based on the money already in the bank. These rates can be very competitive and much better than current rates.
- Consult with your Attorney and Tax advisor: Correct tax and financial planning is imperative when buying a luxury home. Luxury home buyers should consults with their sphere of influence… an excellent luxury broker, wise estate attorney and expert tax advisor.
- Work with a local luxury real estate broker: A local luxury real estate broker with a proven track record is invaluable. Real luxury brokers have insider knowledge and expertise that is essential when buying a luxury home.
- Always consider re-sale in the future: Selling a luxury homes can be a challenge in any real estate market. Consider that you may have to sell you luxury home in the future. Buying a luxury estate that will appeal too many is important.
Pebble Beach Home of the Week
Pebble Beach Featured Home
Pebble Beach Beauty with panoramic Ocean views! New on the market this week, just in time for the Concourse. Luxury, elegance, numerous amenities, every desire a home buyer could imagine is featured in this magnificent estate, situated on over an acre lot.
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Pebble Beach Featured Home
Affordable Designer Dream Home in Pebble Beach
Pebble Beach privacy with Carmel Cottage Charm! This lovely home showcases it all…stunning landscaped grounds, wonderful interior finishes and designer details with a warm and welcoming ambiance.
Beautifully remodeled and located in the Monterey Peninsula Golf & Country Club West area. This lovely home is situated across from a greenbelt providing a peaceful setting.
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Pebble Beach Featured Home of the Week
Remarkable Pebble Beach Estate!
Impressive Pebble Beach Estate situated within walking distance to the Pebble Beach Lodge and all it’s wonderful amenities. Showcasing 10,218 Sq ft of living space, 6 bedroom, 5 full + 3 half-baths, guest house, beautiful manicured grounds, and lovely outdoor living space. For AT&T devotees a 3-par practice green & tee-box, for the Concourse de Elegance enthusiasts, garages for up to 6 cars along with a complete guesthouse. This remarkable estate is beyond any doubt…Pebble Beach, Extraordinaire.
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