HOW MUCH CAN I BORROW?
We can help you decide how much you can afford. It should involve some careful attention to how your financial profile will change in the upcoming years. Your lender decides what you can borrow but you decide what you can afford.
Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent.
Historically, banks use a ratio called 28/36 to decide how much borrowers could borrow. An approved housing payment couldn’t be more than 28 percent of the buyer’s gross monthly income, and his or her total debt load, including car payments, student loans, and credit card payments, couldn’t be more than 36 percent.
HOW MUCH CAN I AFFORD?
Lenders are careful, but they make qualification decisions based on averages and formulas. As home prices have risen, some lenders have responded by stretching these ratios to as high as 50 percent. No matter how expensive your market though, we urge you to think carefully before stretching your budget quite so much. Leave a little room for the unexpected – your lenders won’t understand the nuances of your lifestyle and spending patterns quite as well as you do.
HOW DO WE HELP OUR BUYERS?
Finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Important questions to ask your agent:
Why did you become a real estate agent?
Why should I work with you?
What do you do better than other real estate agents?
What process will you use to help me find the right home for my particular wants and needs?
What are some mistakes that you think people make when buying their first home?
Are you licensed?
Why did you become a real estate agent?
Why should I work with you?
What do you do better than other real estate agents?
What process will you use to help me find the right home for my particular wants and needs?
What are some mistakes that you think people make when buying their first home?
Are you licensed?
OUE ROLE AS YOUR AGENT
Bobby goes out of his way to help you with the below:
Educates you about your market.
Analyzes your wants and needs.
Guides you to homes that fit your criteria.
Coordinates the work of other needed professionals.
Negotiates on your behalf.
Checks and double-checks paperwork and deadlines.
Solves any problems that may arise.
Goes above and beyond to make your dream come true.
Educates you about your market.
Analyzes your wants and needs.
Guides you to homes that fit your criteria.
Coordinates the work of other needed professionals.
Negotiates on your behalf.
Checks and double-checks paperwork and deadlines.
Solves any problems that may arise.
Goes above and beyond to make your dream come true.
STEPS TO BUYING YOUR HOMW
Base your decision to buy on facts, not fears.
It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout. Hire the right agent.Choose a loan officer (or mortgage specialist). Make a loan application and get preapproved. Determine what you want to pay and select a loan option. Submit to the lender an accepted purchase offer contract. Get an appraisal and title commitment.Obtain funding at closing.
It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout. Hire the right agent.Choose a loan officer (or mortgage specialist). Make a loan application and get preapproved. Determine what you want to pay and select a loan option. Submit to the lender an accepted purchase offer contract. Get an appraisal and title commitment.Obtain funding at closing.
QUESTIONS TO ASK YOURSELF FINDING YOUR HOMW
What do I want my home to be close to?
How much space do I need and why?
Which is more critical: location or size?
Would I be interested in a fixer-upper?
How important is home value appreciation?
Is neighborhood stability and priority?
Would I be interested in a condo?
Would I be interested in new home construction?
What features and amenities do I want? Which do I really need? When searching for your dream home, you were just that-a dreamer. Now that you’re writing an offer, you need to be a business person and perform your due diligence.
How much space do I need and why?
Which is more critical: location or size?
Would I be interested in a fixer-upper?
How important is home value appreciation?
Is neighborhood stability and priority?
Would I be interested in a condo?
Would I be interested in new home construction?
What features and amenities do I want? Which do I really need? When searching for your dream home, you were just that-a dreamer. Now that you’re writing an offer, you need to be a business person and perform your due diligence.
What Would Your Dream Home Look Like?