subject: Luxury Mediterranean Mansions At Pelican Hill Newport Coast [print this page] There is no greater place to find luxury Mediterranean homes than the Pelican Hill community in Newport Coast, which features home pricing as high as $19 million or more. (Don't worry, you get a lot for that price, emphasis on "a lot.") These mega mansions average just under 10,000 square feet and showcase the wealth of those who live there. You're not going to find the ordinary, everyday homeowner when moving through this particular region of California, but you will find some pretty significant wealth and notoriety. To become a part of it, you need to show a responsible financial history, have plenty of income or assets, and be knowledgeable and respectful of the covenants, which protect property values and ensure they continue to increase as the market for housing turns around.
Your credit rating is one of the first things that any lender will look at when the decision comes to loan the money for a mortgage. While you may already have the funding to live in one of these super mansions without the need for a loan, there are still some key advantages to attaining one anyway. For starters, there is a significant tax savings with carrying a home mortgage, and the higher valued the home, the better your deduction will be. Secondly, a mortgage allows you to protect the vast majority of your assets, so that you can grow them in diversified investments, while building equity in the property that you are mortgaging.
Income and assets are also very important to living in the area. You want to show that you have significant collateral to carry a mortgage, and that means you will need more assets than liabilities. Too many liabilities, especially when those liabilities are still accruing high interest, can immediately disqualify you. Your income, whether it be from a prestigious job or a rather large capital gain, should prove consistent over time in order to be effective in qualifying you for the loan.
If you have these matters down, then you can next turn your attention to the legalities, as they can affect yours and others' property values, and they could also cost additional fees and charges in the form of Homeowners Association memberships. If it sounds like a lot to remember, that's because it is. Keep in mind, you are dealing with seven- and eight-figure properties here, so there is a lot on the line. To help you navigate the tricky business of buying one of the luxury Mediterranean Mansions at Pelican Hill Newport Coast, you need an agent, who is skilled in the art of the deal, particularly how it pertains to luxury high end real estate. Do your research, and don't trust just anyone for the endeavor.
