Integrity Escrow
  • Home
    • MEMBERS
    • REGISTER
    • Administration
  • About
    • Testimonials
    • Questions & Answers
  • FEATURED LISTINGS
  • CALCULATOR
  • Contact

FEATURED LISTING

Picture

Why you should work with a Realtor

8/23/2016

 
Picture
Working with a professional Realtor to buy your home is a good idea for several reasons:
  • I will analyze your financial situation to help you determine how much you can afford. I will recommend several lenders/loan officers.
  • I am familiar with the process of buying a home and can explain the steps involved.
  • I can easily access information on all properties listed for sale.
  • I will set appointments for you to see homes that interest you.
  • I will help you complete all the necessary paperwork when it is time to make an offer.
  • I will help you arrange financing.

How much house can you afford?

8/23/2016

 
Simply put, you can afford a house that costs as much as the largest monthly mortgage payment you qualify for. A quick way to estimate the size of mortgage you qualify for is to take your gross monthly income (before taxes and other deductions) and multiply it by .28. This works out to just over 1/4 of your gross income. Mortgage companies use something called qualifying ratios to determine how much they will lend you. Most mortgage companies use either a 28/36 ratio or a 25/33 ratio.

he first number in each pair is the percentage of your gross income that the lender considers acceptable as a monthly mortgage payment (i.e. if you make $3,000 per month, 28% of that is $840 per month).

The second number in each pair is used when all debt payments are considered, not just the mortgage. (i.e. if you make $3,000 per month, but also have a $250 a month car payment, 36% of $3,000 is $1,080, minus the $250 car payment equals $830).

​As you can see, in this example the numbers work out almost the same. If you have more debt you qualify for less.

MortgageCalculator

Free Mortgage Calculators

GETTING STARTED

8/23/2016

 
Before you start looking for a home you should ask yourself a few questions. Where do you want to live? Do you want to be close to schools, shopping, or work? What kind of house would you like (need)? Are you looking for a particular style? How many bedrooms and bathrooms do you want? Do you want a yard? How much house can you afford? Have you consulted a Realtor or mortgage lender to determine the size of the mortgage you would qualify for? Here are a few tips to help you get organized:
  • Acquire a credit report on yourself and make sure the information is accurate. If you find any errors take steps to correct the immediately.
  • Browse through real estate advertisements in the newspaper and Homes magazines. This will give you a good feel for the types of homes that are on the market and what they cost.
  • In many communities, Realtors may have interactive phone systems which will allow you to find valuable information.
  • Visit open houses on the weekend. It doesn’t cost anything to look, and looking at a few different homes might give you some ideas for things you’d like in a house but haven’t considered.
  • Start saving money – you’ll need to have cash on hand for a down payment and closing costs.
  • Try not to incur any additional debt. Pay down your credit cards – and do not apply for any new ones. Do not make any major purchases on credit – buy the furniture or car later.
  • Contact a Realtor. Your Realtor can help you determine how much you can afford, and they can provide you with information on homes that may interest you. A Realtor will also help you complete all of the necessary forms when it comes time to make an offer.

    Author

    Wecome to Integriy Escrow.

    Archives

    June 2017
    November 2016
    August 2016

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • Home
    • MEMBERS
    • REGISTER
    • Administration
  • About
    • Testimonials
    • Questions & Answers
  • FEATURED LISTINGS
  • CALCULATOR
  • Contact