Buyers' Helpful Information

Buyers' Helpful Information

We are here for you!
Let us know how we can help with your home ownership dreams!


Common Considerations:
  • Do you want to be in a certain location?
  • How close to school, or work?
  • How many bedrooms and bathrooms?
  • Is a garage important?
  • Do you want a yard? 
  • How important is privacy?  
  • How far away or close do you want neighbors?
  • Is a basement important to you?
  • Have you talked to a lender to determine what a comfortable price is for you? Price will vary based on property taxes.


Steps to Buying a Home

1st
  • Customer is considering buying a home.
  • Buyer selects a real estate agent.
  • Buyers talks to a lender about getting preapproved.
2nd
  • Buyer determines what features they want in home.
  • Broker starts searching for homes that meet buyer criteria.
  • Buyers begin preapproval process with lender.
3rd
  • Broker gives buyer list and buyer drives and views homes, yards, and neighborhoods to determine what they want to see.
  • Broker schedules appointments and they go see homes together.
4th
  • Broker and buyer meet to evaluate homes they saw and buyer reassesses their criteria.   Broker schedules more homes.
  • Buyer and Broker see more homes.
5th
  • Buyer selects home.
  • Broker writes offer with buyer.
  • Broker presents offer to seller’s
6th
  • Negotiations occur and offer is accepted.
  • Home inspections are scheduled and completed.
  • Mortgage approval is obtained subject to appraisal.
Final
  • Appraisal is completed satisfactorily to lender.
  • Walk through home prior to closing.  Closing.
  • As soon as deed is recorded – get keys to your new home!


How Much House Can You Afford?

To put it simply, you can afford a home that costs as much as the monthly mortgage you qualify for. If you want a quick way to estimate what that mortgage amount might be you can take your gross monthly income (that is the amount you make before taxes on a monthly basis) and multiply it by .28. A rough way to think of it is about ¼ of your gross monthly income before taxes.


Most mortgage companies look at your "qualifying ratios". These figures help them determine how much they will lend you. The .28 above is one of two ratios they use. The second ratio, usually .33 to .36 is used to factor in your additional monthly debt. For example: if you make $4000 a month as your gross monthly income you would qualify for the 1st ratio at a monthly payment of 1120 (400 x .28) But let's say you have credit card payments or other loans that total $500 per month. So $4000 a month x .36 = $1440 per month less the $500 in loans = $940 per month.

You can see that these two ratios end up almost being the same payment amount unless you have a large monthly debt, then you would qualify for a less expensive home.

Talk to your agent if you need a list of lenders.

We are with you from the beginning until after your closing, and beyond as needed.