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- apex@apexhomerealty.com
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Bankers and mortgage lenders use two guides to determine how much loan you can afford:
Payment-To-Income Ratio. This compares your income to the mortgage payment you ‘reconsidering. The “payment” is the mortgage payment (principal + interest) plus property taxes and insurance (PITI).
Debt-To-Income Ratio. This refers to all your major monthly financial obligations, including car and credit card payments and outstanding debts. Your lender will compare your total debt to your ability to make current payments with your new home loan added into the equation.
Here’s the key: since each mortgage company sets different limits on your debt-to-income
ratio, you need to find a lender who is motivated to loan you the money.
Your ability to afford a home will be related to:
1. The price
2. Your down payment, and the amount you will finance
3. The interest rate and points of your loan
4. The term of your loan: 15-year, 30-year
5. The type of your loan. Fixed vs. variable rates are common but there are many loan packages to choose from.
To shop for the best financing, do your homework. Study each of these items and the relationship between them so you can understand what your mortgage lender is talking about. Knowing these specifics will help you choose the loan that will be the best deal for your situation.
It should also be noted that there are many loan programs available with little or no money required for a down payment, and closing cost assistance
Looking for a home…
1. Find a MOTIVATED lender. Ask a REALTOR® to refer a reputable lender to
you. The lender will usually give you better service because they want to
keep getting referrals.
2. Get pre-APPROVED not just pre-qualified. You’ll have more power to
negotiate the price and terms you want because sellers know you can close
on the transaction.
3. Have earnest deposit funds available immediately. Write a check to your broker or title company for 3% of the highest price you’ve been approved for. (deposits as little as $1,000.00 is acceptable)A trustworthy REALTOR® can hold it un-cashed, so you can demonstrate that funds are ready and gain a competitive advantage if the seller gets multiple offers.
Ask a knowledgeable REALTOR® for a “total market overview” not just the market analysis of the particular area where you want to live. Then, as you start looking at specific homes, these things will help you determine if the home is a good investment:
1. Location. Buy the mid range home in the best neighborhood you can afford, which will appreciate faster.
2. Lot siting. Look at where the home’s lot is located in the subdivision. Is it private or located on a busy street?
3. Home siting. Did the builder use the best features of the site?
4. Condition of the property. Your Realtor can go through each home with you and point out any deficiencies, and related costs to repair. Sometimes this can offer an excellent value.
A highly experienced Agent can save you thousands of $$$ Writing and negotiating your offer.
Never tell the seller or their agent why you need to buy or if you like their home. They could use this information against you to get a higher price.
It’s best to have a skilled REALTOR® prepare an offer after you carefully considering the following:
1. The active listings in the area. Is the home you want comparable?
2. The average selling price compared to the listing price of homes that have sold.
3. A visit to other homes for sale in the area. How do they compare with your choice?
4. Average market times for homes in the area. If they’re long, you may have more negotiating room.
The seller’s agent does not represent your financial interests. Create a “buyer’s representation” with a REALTOR® so you have someone on your side working to negotiate the best price. This won’t cost you a nickel because it’s paid out of the seller’s commission.
An experienced Home Buyer Representative can save you time and money with buying a home by:
¨ Helping you find the perfect home at the right price… so you don’t have to worry you bought the wrong home or paid too much.
¨ Providing you with direction and contacts to get pre-approved for a home loan… so you’re never lost trying to find the most affordable financing for your situation.
¨ Negotiating the best deal with the sellers… so you avoid costly traps and pitfalls. You don’t make money when you sell a home, you make money when you buy it!
¨ Coordinating all inspections, appraisals, escrow and title services, with the best companies…so you feel confident and can focus on other tasks with your move.
Copyright 2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumer’s personal, non-commercial use and may not used for any purpose other than to identify properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold or no longer being offered for sale. Information is deemed reliable but is not guaranteed. Some real estate firms do not participate in IDX and their listing do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-02-1411:54:39.573. 