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Buyer Information
Buying a home is the largest purchase most people will ever make. Home ownership offers great
benefits with many advantages - both financial and personal.
Are you ready for home ownership?
Once you fully understand your current situation, it's important to look at the entire picture of home
ownership to make the best decision for you and your family.
How much can you afford?
To get a quick idea of what you can afford to spend, multiple your annual gross income (before
taxes) by 2.5. (Example, if your income is $50,000, you might be able to qualify for a home valued
at $125,000.)
monthly gross income.
Use the mortgage calculator for an estimate of your monthly payment.
benefits with many advantages - both financial and personal.
Are you ready for home ownership?
- You have a continuing and reliable source of income prior to applying for a loan.
- You have a credit history that shows you're ready for home ownership.
- Your total debt is manageable and you can afford to take on the costs
- You have money saved for a down payment and closing costs.
Once you fully understand your current situation, it's important to look at the entire picture of home
ownership to make the best decision for you and your family.
How much can you afford?
To get a quick idea of what you can afford to spend, multiple your annual gross income (before
taxes) by 2.5. (Example, if your income is $50,000, you might be able to qualify for a home valued
at $125,000.)
- Housing Expense Ratio - Mortgage lenders recommend that your monthly
monthly gross income.
- Debt to Income Ratio - Mortgage lenders look at whether your total debt
Use the mortgage calculator for an estimate of your monthly payment.
10 Things to Take the Trauma Out of Home buying
1. Find a real estate agent that's in tune with you and your wishes. Home buying is not only a big
financial commitment, but also an emotional one. It's critical that the agent you chose is both
skilled and a good fit with your personality.
2. Remember, there is no "right" time to buy, any more than there's a right time to sell. If you
find a home now, don't try to second guess the interest rates or the housing market by waiting.
Changes don't usually occur fast enough to make that much difference in price, and a good home
won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but
too many ideas will make it much harder to make a decision.
4. Accept that no house is every perfect. Focus in on the things that are most important to you
and let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process,
but trying to "win" by getting an extra low price may lose you the home you love.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects
of the house itself - room size, kitchen - that you forget such issues as amenities, noise level, etc.,
that have a big impact on what it's like to live in your new home.
7 Don't wait until you've found a home and made an offer to get approved for a mortgage,
investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent
on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post home buying budget. Even if you buy a new
home, there will be some costs. Don't leave yourself short and let your home deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home,
especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes
have appreciated an average of 5.4 percent annually from 1998 to 2002, a home's most important
role is as a comfortable, safe place to live.
1. Find a real estate agent that's in tune with you and your wishes. Home buying is not only a big
financial commitment, but also an emotional one. It's critical that the agent you chose is both
skilled and a good fit with your personality.
2. Remember, there is no "right" time to buy, any more than there's a right time to sell. If you
find a home now, don't try to second guess the interest rates or the housing market by waiting.
Changes don't usually occur fast enough to make that much difference in price, and a good home
won't stay on the market long.
3. Don't ask for too many opinions. It's natural to want reassurance for such a big decision, but
too many ideas will make it much harder to make a decision.
4. Accept that no house is every perfect. Focus in on the things that are most important to you
and let the minor ones go.
5. Don't try to be a killer negotiator. Negotiation is definitely a part of the real estate process,
but trying to "win" by getting an extra low price may lose you the home you love.
6. Remember your home doesn't exist in a vacuum. Don't get so caught up in the physical aspects
of the house itself - room size, kitchen - that you forget such issues as amenities, noise level, etc.,
that have a big impact on what it's like to live in your new home.
7 Don't wait until you've found a home and made an offer to get approved for a mortgage,
investigate insurance availability, and consider a schedule for moving. Presenting an offer contingent
on a lot of unresolved issues will make your bid much less attractive to sellers.
8. Factor in maintenance and repair costs in your post home buying budget. Even if you buy a new
home, there will be some costs. Don't leave yourself short and let your home deteriorate.
9. Accept that a little buyer's remorse is inevitable and will probably pass. Buying a home,
especially for the first time, is a big commitment, but it also yields big benefits.
10. Choose a home first because you love it; then think about appreciation. While U.S. homes
have appreciated an average of 5.4 percent annually from 1998 to 2002, a home's most important
role is as a comfortable, safe place to live.
Seller Information
Selling a house takes a lot of time, effort and patience. Which is why most people turn to a
Licensed Real Estate Agent. An Agent has the specialized skills and training necessary to
handle the intricate contract details, and to make sure your interests as the Seller are protected.
Licensed Real Estate Agent. An Agent has the specialized skills and training necessary to
handle the intricate contract details, and to make sure your interests as the Seller are protected.
| Buyer Seller Info |
| 760 McGuire Place Newport News, VA 23601 Phone: 757-595-6674 Fax: 757-599-3547 |
www.moorerealtyonline.com
