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[av_heading heading=’Being a Home Owner!’ tag=’h2′ style=’blockquote modern-quote modern-centered’ size=” subheading_active=’subheading_below’ subheading_size=’15’ padding=’10’ color=’custom-color-heading’ custom_font=’#ffffff’ custom_class=”]
Learn More About being a Home Owner and Contact Us Soon!
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It’s an exciting time when feel you are ready to become a homeowner! Your next step is to find out what you can afford and what types of loans you can qualify for. A Pre Approval is the easiest and fastest way to take all the guesswork out of the equation and put you in the drivers seat to purchasing a home.
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When it comes to affording your home, the bank has specific guidelines for different types of loans.  When buying a home one of the things a bank will look at is your Debt to Income Ratios which is referred to as “DTI ratio.” There is something called a “Front End Debt Ratio” and a “Back End Debt Ratio.” Your your front end debt to income ratio is calculated by adding up the minimum monthly payments of all your debt showing on your credit report which will include things such as credit cards, auto loans, student loans etc and dividing that figure by your adjusted gross income. Your back end ratio is calculated by using the total monthly debt you already calculated from your front end ratio and adding all the monthly expenses associated with your new home purchase. This would include all monthly payments of the following: principle and interest mortgage payment of your loan, home owners insurance, Property taxes, and HOA -Home Owners Association and MI Mortgage insurance if any. Now, add up all of your front end monthly debt and your monthly housing expenses together and divide that figure by your gross monthly income and that will be your back end debt ratio.

Conventional Loans such as a 30 Year fixed rate loan or a 15 Year fixed rate loan will have lower debt ratios and FHA and VA loans are easier to qualify for as they can allow for higher debt rations.

We are here to quickly and easily show you exactly what you can qualify for and the different loan programs available to you. We are the experts in helping you get the loan you want so you can buy the house you will love to call home.
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There are some great sites to use today to understand the demographics of the city you are considering to move into.  One great source is Great Schools Website, that discuss Public and Private school ratings.  Also check out searches like the following:

Keyword:

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] City + crime statistics

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] City + Schools

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] City + Events

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Where the “City” is equal to the city you wish to move into.  Also your Realtor should be a great source.
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To assist you in making the right decision, We have made a list of the questions you should ask before buying a home!  Feel free to contact us for a Quick Loan Pre Approval and invest your time wisely looking for the perfect home that you can qualify for.
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When considering buying a home, you can use various internet sites to help you get a “estimate” of the price of the home, but nothing is more accurate than a true appraisal from a licensed appraiser.  Find out what the current Active properties in the area are going for and the DOM (days on Market).  This will give you a heads-up if properties are in hot demand in the neighborhood you are considering.
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Why is an owner selling their property? Understanding what is motivating the sellers to sell their property can lead to additional savings. If the sellers need to move quickly, maybe relocating for a job or if the home is in Notice of default or some other pressing situation. A good realtor can help you save by uncovering some motivating factors.
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There is no doubt that each and every property should have an inspection completed!  Do not try to short-cut this most important purchase in your life by not having your own inspection.  One very important aspect of the inspection is whether the home has had any mold issues.
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If you are considering buying a short-sale, you may need to wait for the banking institution to agree to the terms.  It does take much longer to buy a short sale and the owner must qualify for the short sale.  Not always the best solution if you are ready to buy!
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When buying a home, do your due diligence and go to sites like RealtyTrac and see for yourself what is going on in the area.  Who knows, maybe a home in pre-foreclosure can be a great option!
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