BEFORE YOU LOOK AT YOUR FIRST HOUSE

Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.



Here are the questions that each home buyer should ask:

  • How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
  • Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
  • How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
  • What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.

The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).

SENIORS RESIDENTIAL SPECIALIST

SENIORS REAL ESTATE SPECIALIST


REMAX UNIVERSAL REAL ESTATE 218-14 Northern Blvd. Bayside, NY 11361
Phone: Cell: Fax:

Why Get An Inspection? | Title Information | ResultsforYou | 10 REASONS TO CHOOSE ME | CONTACT US | Setting the Sales Price | Tax Closing Costs | Getting the Highest Price | SELLING YOUR OWN HOME | FREE HOME VALUATION | FIND A HOME! | Your FICO Score | How Escrow Works | WHY SELLERS CHOOSE PAM | HOME INSPECTION SERVICES | NEIGHBORHOOD PROFILES | MARKETING PLAN | RECENT HOME SALES | FREE IN HOME CONSULTATIONS | MOVING COACH LINK | WHY A HOME INSPECTION? | SCHOOL STATISTICS | OPEN HOUSE | SEARCH REMAX PROPERTIES | FREE ACCURATE APPRAISAL | PAM'S EXCLUSIVE SERVICES | QUEENS MARKET UPDATE | BUYER SERVICES | SELLER GUARANTEE | MEET PAM DICKMAN | WHY REMAX? | REMAX STATISTICS | WHY HIRE A REALTOR? | CONTACT PAM TODAY! | MOVING SERVICES | WHY REMAX VIDEO | PAM'S NEWS | GET ENERGY SMART | Neighborhoods-Fresh Meadows | MORTGAGE/REAL ESTATE NEWS | ACTIVITIES I DO TO CLOSE TRANSACTIONS | CODE OF ETHICS | First Time Buyers | Inspection Tips | Home Buyer Checklist | LOOKING TO BUY? | TELL A FRIEND | News | Press Release | Real Estate Glossary | LOOKING TO SELL? | PAM'S EXCLUSIVE HOMES | HOME | Applying for a Loan | Mortgage Saving Tips | Your Downpayment | Document Your Assets | Your Buying Power | Writing the Offer | Mortgage Shopping | Locking in Rates | Neighborhood Prices | Staging Checklist | Creative Financing | Bi-weekly Pmt Calc | Fixed Rate Mtg Calc | 15 vs 30 Year Mtg Calc | ARM vs Fixed Rate Calc | Mortgage Qualifier Calc | Rent vs Buy Calc | Mortgage Calculators | Your Dream Home | 9 Steps to Ownership | How to Sell Your Home | Staging Your Home | Reasons homes don't sell | Be Accessible! | Buying Foreclosures/REO's | Types of Listing Contracts | The Listing Contract | Listing Commissions | Need a Bridge Loan? | Should you paint? | Plumbing and Fixtures | Role of the MLS | Ethics in Real Estate | Improvements That Pay | Selling One, Buying Another | Fixer Uppers | Win $1000

Copyright © 2008 REMAX UNIVERSAL REAL ESTATE
Portions Copyright © 2008 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.