The Home Buying Process- Start TODAY

The Home Buying Process-
Know your time line of when you need to be in a home, so you know how long you will have to search and if you need to make additional accommodations if you don't find the right place:
1.Select a Qualified Real Estate Agent
2.Meet with a Lender to obtain Pre-Approval (Steps 1 and 2 are interchangeable)
To obtain Pre- Approval a bank/lender will need- verification of employment, check your credit, taxes filed from previous years, bank statements, etc. 
Getting Pre-Approved will let you know how much home you can afford.
3. Define needs and wants with your agent to start the home search process
4.View properties that match your criteria
5.Write an offer
6.Negotiate offer terms, Once the offer is accepted this makes a contract
7. Conduct Inspections (Re-Negotiate contract terms based off inspection findings if significant items came back)/Conduct Title Search/Obtain Title Insurance/Remove Any Encumbrances/Obtain Mortgage Financing (credit check, underwriting, appraisal, survey, insurance)
8.Complete final walk through to make sure repair items were completed/make sure the home is in the same condition as you saw the home
9.Close on the Property
10. Take Possession and move in!
11. Celebrate- Throw a house warming party and invite all your friends/family/co-workers/neighbors

From the acceptance date of contract to closing typically takes 30-45 days when a buyer is using bank financing depending on the loan type. (this could take a little more or less time depending on the circumstances; talk to your loan officer to get a better time line)  If you are purchasing using cash you can close as soon as the title company verifies title and/or any inspections/appraisals are completed.

Start TODAY!

Happy House Hunting

How Much Mortgage Might YOU Qualify For?

How much mortgage might I qualify for?

Most lenders base their home loan qualification on both your total monthly gross income and your monthly expenses. These monthly expenses include property taxes, PMI, association dues, insurance, and credit card payments.
Note: This calculator should be used for estimation purposes only.

Income
	Combined gross annual income
Monthly Expenses
	Minimum monthly credit card payments
	Car payments
	Other fixed monthly debt expenses
Loan Information
	Down payment	%$
	Interest rate
	Loan term	MonthsYears
Payment Information
	Monthly insurance and other costs
	Monthly association dues (if any)
	Annual property tax	%$

The following table shows the calculation methods for figuring out the highest payment you could qualify for based on credit rating

Medium Credit The lesser of 28.000 % of gross income or 36.000 % of gross income less fixed monthly expenses

Good Credit The lesser of 36.000 % of gross income or 42.000 % of gross income less fixed monthly expenses

Using the calculation methods above, you could qualify for

Medium Credit Finance Amount $322,882.27 Down Payment 10.000 % Total Home Worth $358,758.08 Principal and interest $1,833.29 Property tax $373.71 Association dues $0.00 PMI $113.01 Insurance and other costs $80.00 Total payment $2,400.00

Good Credit Finance Amount $395,948.14 Down Payment 10.000 % Total Home Worth $439,942.38 Principal and interest $2,248.15 Property tax $458.27 Association dues $0.00 PMI $138.58 Insurance and other costs $80.00 Total payment $2,925.00

Fill in your own numbers on the link below:

http://www.timevalue.com/products/tcalc-financial-calculators/mortgage-qualification-calculator.aspx

Who Knew There Were So Many...

Below are different types of houses typically found all over the United States, there are many more but the below are more common:

 

A-frame- steeply angled roofline

Colonial- several varieties: French, Spanish, German, New England, Georgian

Bungalow

cape cod

dome

gothic- imitates cathedrals and castles

link houses or "row houses"- attached to other homes

log home- constructed with large logs

manufactured home- prefabricated housing

Salt box- one story in the back, two stories in the front

Split level- side to side, front to back- very common

Stilt-  built typically near water to insure high waters do not flood the home

Tudor- medieval architecture

Victorian- styled from the mid to late 19th century

Ranch- living space all on one level

 

For FUN: 

Tree house

Igloo

 

Backyard Oasis

Backyards are becoming a bigger deal to buyers these days.  Buyers want a retreat as they step out into their back lawn.  A place they can relax, cookout, and hangout in privacy.  Home owners are building extravagant spaces with large deck additions, stone patios, calming waterfalls with fish ponds, pools, pergola/arbors, tennis courts/basketball/volleyball quarts, extensive shrubbery and much more.  Not all homes have the space for all of these nor does everyone want a yard with all the above amenities, but having a combination is ideal to most.  Buyers typically shy away from backyards with large hills and awkward layouts.  If the home doesn't have the yard of their dreams they at least want the right layout for their own potential design. At minimum most buyers want a DECK to have people over and relax in the outdoors.

LANDSCAPING with flowers and mulch

Outdoor KITCHENS seem to be the new thing

A FIREPIT or outdoor FIREPLACE to enjoy

An ARBOR/PERGULA with a hammock

A SHED for additional storage

Or a simple yard that is easy to mow, and let the kids or dogs play

Or WIDEOPEN space- no neighbors for miles

 

I hope you got a few ideas for your backyard.  Backyards can become a new outdoor living space or an extension from your home.  Make it a place you want to be to insure it will get used. I am hoping my outdoor space will be similar to the below. We have a pergola built, next up the fireplace!