Are You Ready to Buy a Home?

June 7, 2010 - PRLog -- Are You Ready to Buy a Home?

mbororealestate.com  

Home of the no risk contracts. When you let us help you buy your new home we will allow you to cancel the contract at anytime. The number one reason buyers who are thinking of moving into a new area are hesitant to sign up with Real Estate Agent is they are afraid of the long term contract that locks them in to that agent for months. Now we’ve removed that problem. We will allow you to cancel the contract at anytime. If we are not living up to what you expect from a realtor or if for some reason you change your mind we will cancel the contract that day. Now that’s peace of mind.

This is a big step. How do you really know that you are ready?
You've been saving your money and have enough for a down payment and your closing costs. The down payment will need to be between 3% and 20% of the purchase price or property value. Always aim to have that 20%. If you don't put at least 20% down, you will have to purchase private mortgage insurance, which will increase your monthly payment.
Your closing costs usually run you 3% to 7% of the purchase price. You should receive a Good Faith Estimate of these costs within three days of applying for a mortgage. Keep in mind that this is only an estimate, and not the actual costs. But it should be close. Plan to pay the 7%, and then perhaps you will have some left over. It is better to have more than you need.
You are ready when you know how much home you can afford, and you are willing to stick with this. Your monthly mortgage payment should be less than 25% of your gross monthly income. There are lenders that will tell you that you can afford much more, but don't listen to them. Stick with what your budget says you can spend.
Remember that there are more dollars in a home than just the mortgage payment. You will need homeowners insurance, money for utilities, maintenance costs and property taxes. Owning a home is a lot of responsibility. You can't just pick up and move at 30-days notice anymore.
Take the time to check your credit report for any errors and inaccuracies. Almost 90% of consumers will have an error on their credit at some point. These errors can cost you thousands in increased interest rates. Don't ever go to a lender unprepared and uninformed. Know your credit score.
If you look early enough, you may have time to fix errors or build your credit back up. Plan on at least six months for this, just in case.
Be ready to hold off any other loans or credit until you close on the property. The same goes for changing your jobs. You need to hold your life "as-is" from now until the closing. No new cars, no credit cards and no new jobs. Show that you are stable.
Part of being ready is just feeling ready. If you know what homes sale for in your area, you are definitely ready. If you don't know the above things, then take the time to figure them out. There is more to buying a home than just shopping and moving.

If you ever have any questions or need help with any real estate needs or know someone who does please feel free to call or email me anytime. I would love to have the opportunity to be your neighbor and realtor.

I never force a seller to continue to use me as their agent if they are not comfortable with my style or methods. I will allow you to cancel our contract at anytime you are not happy with me or you just change your mind

Please feel free to call or email me anytime.

Mike O'Donnell
615-473-5684
Tema@comcast.net
mbororealestate.com

Home of the no risk listings. The number one reason home owners who are thinking of selling are hesitant to sign up with Real Estate Agent is they are afraid of the long term contract. Now we’ve removed that problem. When you let us help you sell your house we will allow you to cancel the contract at anytime. If we are not living up to what you expect from a realtor or if for some reason you change your mind we will cancel the contract that day. Now that’s peace of mind.

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As a FULL TIME realtor in Murfreesboro TN, I can and will devote whatever time is needed to help you meet your real estate needs.
I treat each client with respect and dignity whether the property you are interested in is worth $5000 or $5,000,000.