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Mortgages & Financing

How to determine a Mortgage you can reasonably afford.  
In the market today new buyers have a lot of choices in their inventory.  With the current low interest rates for a mortgage it is a good time to buy a house.  As guidelines lenders commonly use a few basic formulas to determine how much of the mortgage you can reasonably afford.  The qualifying ratio formulas estimate the amount of money you should spend on mortgage payments in relation to your income and other expenses.  
To qualify for conventional loans monthly housing costs including the mortgage principal, interest, taxes and insurance should not exceed 26 to 28 percent of your gross monthly income.  For example, if your annual income is $45,000, your gross monthly income is $3,750.  $3,750 x 28 percent = $1,050.  So you would probably qualify for a conventional home loan that requires monthly payment of $1,050.  
When planning to buy a home, it is important to select a home that would satisfy all your family needs in compliance with your budget.  Do not buy at the maximum price that you can possibly afford.  Allow enough extra money in your budget for expenses such as maintenance, utilities, fees, and unexpected repairs.  Ask you Realtor to collect information about utilities and service fees for the property you are considering.  
The bottom line, if your finances are in decent shape, you could look for a home priced at two to three times your gross yearly salary.  The mortgage calculator can give you general idea of how much of a mortgage you might qualify for.  You must talk to a lender or mortgage broker in person for more accurate figure.  
Don’t Get Discouraged  
If your loan application is rejected, find out what the problem is and how it can be resolved.  Maybe you need to look for a less expensive house, or save more money, or pay off some debts, or find an affordable housing and community programs you might be eligible.  
When you apply for a mortgage loan, every piece of information you submit must be accurate and complete. Anything less is considered loan fraud.  
When you buy a house, you enter into a long-term financial obligation.  You fill out papers and sign legal documents based on those papers.  It's important that you understand your responsibilities so that you won't be a victim, or a participant, in a fraud.  
Be Smart  
Before you sign anything, read and make sure you understand it.  
Accurately report your income, your employment, your assets, and your debts.  
Make sure you understand your loan terms and your rights under the law.  
Be Honest  
Do not change your income tax returns for any reason.  
Be truthful about money gifts.  
Tell the truth about your credit problems.  
Be honest about your intention to occupy the house.  
Never provide false documentation.  

Buy Smart!

Avoid The Most Common Buyer Errors  
Shopping for a new home can become an emotional and also a time consuming experience.  Sometimes buyers can overlook important items that will turn their home purchase into a very expensive process.  
To be avoid costly mistakes you need to create a systematic plan BEFORE you shop for a home.  Following are some tips on how to make the most of your home purchase.  
Don’t Shop at Random  
Take the time to identify your needs.  Consider how much space you need, your commute to work, even your feelings about mowing grass.  Make a list of your needs before viewing homes and use it as your guideline.  It’s important to have an objective view to home shopping.  Giving your Realtor specifics will make your home search much easier.  
Get a Pre-Qaulification  
It only takes a few days to get financing pre-qualification.  When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a pre-qualified buyer, and many Realtors require pre-quals before showing homes for sale.  
Don’t Buy a Mismatched Home
Often, buyers choose a home that is too large or too small.  The home might need repairs that do not fit their budget, or the time to commute to work is too long.  Plan ahead to avoid unnecessary errors, and consult a Realtor for dependable advice.  
Don’t Bid Without Sufficient Information  
What price do you offer a seller?  Without knowledge of the market, your offer could be too much or you could miss out on a great buying opportunity.  Before making any offer, ask a professional Realtor about the local market, the condition of the home, and the neighborhood to determine the home’s value.   
Ascertain Clear Title  
One of the worst surprises in real estate!  Before you sign any document, consult your Realtor to be sure the property you are considering is free of all encumbrances.  Your Realtor can research the title to ensure there are no liens, debts, undisclosed owners, leases or easements against the property.  
Get a Current Property Survey  
Before the purchase is completed, an updated survey is essential.  This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbor’s new fence which is extending a boundary line, etc.).  
Avoid Unexpected Repairs  
Always hire a professional Home Inspector to conduct a thorough inspection of the home, and make your offer subject to a favorable report.  This is a small investment that can save you thousands in the long run.  This way, you’ll have an idea of the cost of future repairs.