Dana Point Homes Listings


Dana Point Fixed or Adjustable?


The fixed rate mortgages offer Dana Point real estate buyers peace of mind with predictable monthly payments. Taxes may go up but the principle and interest will remain fixed throughout the life of the loan. When interest rates were rising rapidly in the late 1970s, lenders came up with ARMs or Adjustable Rate Mortgages. With an ARM, the borrower assumes the risk of rising interest rates. Both have their advantages and disadvantages.

Dana Point Home Inspection


The purpose of a thorough home inspection is to ensure that Dana Point home buyers know exactly what a home’s condition is prior to completing the transaction. A good Dana Point home inspection should include an evaluation of the foundation, framing, roofing, site drainage, attic, plumbing, heating, electrical system, fireplaces, chimneys, pavement, fences, stairs, decks, patios, doors, windows, walls, ceilings, floors and built-in appliances. All significant or pertinent findings should be reported in writing to the prospective Dana Point homebuyer. The home inspection report gives the Dana Point homebuyer the information he or she needs to determine whether to buy the property as is or to ask the seller to make repairs.

In most cases, when an Dana Point homebuyer makes repair requests, sellers usually agree to some if not all of the conditions.

Dana Point Home Buying Pitfalls


Buying your Dana Point home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes in Dana Point, the more likely you are to avoid them.

Make sure that when you put in an offer on any Dana Point home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.


Dana Point Homebuyers Quandry


When you find the home you want to buy you may make an offer contingent upon the sale of your existing Dana Point. In a Seller’s Market, offers with such contingencies are not well received because the seller must remove his home from the market while you sell yours. However there are times when this kind of offer is successful, even in the Dana Point market. A backup strategy might be to put in your offer with a very long escrow giving yourself time to sell your home. Very few sellers will accept these kinds of contingencies or long escrows if your house is not already on the market.


Rent or Buy Dana Point


In the early years of your Dana Point mortgage, nearly all of every monthly payment is interest. This means you are only paying off a tiny bit of the loan principal, but it is good news in terms of tax savings.

The monthly payment for a $100,000, 30-year, 8% mortgage on your Dana Point would be about $734. In the first year of your mortgage, $7,970 of your $8,805 payment or 91% would be deductible as mortgage interest. Even in the tenth year, almost 81% of your payments would be deductible. What this is worth to you depends on your tax bracket but this tax savings built into the home-buying equation is why you can afford to make higher mortgage payments than your current rent payments without squeezing your budget. There is no similar tax subsidy for renters.


Dana Point SEARCH


The easiest way to start your Dana Point search is to use the online search capabilities on this Website. This will give you a snapshot of all the homes that are available in your price range, with the amenities you require and the locations you might consider. Next, make contact so that a knowledgeable agent can help you narrow your choices and take you on a personal tour of your best options.