Author Archives: bruce@elcajonsales.com

First Time Buyer Advice

Here is some advice
Open a separate savings account just for down payment and closing costs. (Do not ever take from it)
Start with one percent of your take home pay every payday. (If your net is $400, transfer $4 to savings)
When you get in the habit and see how easy that is go up to 2% each payday. (keep building your saving muscles)
Clean up and keep your credit squeaky clean
Got credit cards—Pay off highest rates first while paying minimum on the others
Don’t be late for work, dinner, your kids sports activities or any payments. (late means you don’t care)
A late car payment will ruin your credit (yes one day late)
Can you borrow closing costs from parents?
Rates will go up and prices will go up.

That’s all I got for now
Shoot me an email—Let me know how you are doing

Bruce@ElCajonSales.com

What is the first step to buying a home?

Make sure you are ready – psychologically and financially. Ask yourself the following questions: Do I have steady income? Is my debt lower than my total income? Do I have enough money to pay for the down payment and closing costs? Am I working hard enough to improve bad credit?
A house needs constant care and attention. Also ask yourself if your budget will allow for unexpected repairs and upkeep. Once you can honestly answer “yes” to these questions, you are several steps ahead of the game and that much closer to becoming a homeowner.