Living Quarters

As we’ve all been told over and over again, buying a home is one of the biggest purchases you’ll probably ever make. And if the housing market is a seller’s market, there’s a lot of additional things to consider including are you willing to get into a bidding war, are you okay with compromising some items on your wish list, and at the end of the day, can you afford to live the life you’re accustomed to AND purchase this home.

You can easily determine how much house you can afford by following a few general guidelines: Your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not be more than 28 percent of your gross monthly income (before taxes). This is your housing expense ratio. Ideally, your total monthly debt obligation should not exceed 36 percent of your gross income, though exceptions are sometimes made. Total debt includes the mortgage payment plus other obligations such as

House hunting can be the most exciting part of the home-buying process. But you must never let those pretty white fences, or beautiful countertops cloud your judgment. It is an investment, after all…and one of the largest you may make in your lifetime. While viewing a property, write down and keep a look out for the following: Level floors and sound piling Dry rot or borer in weatherboards or underfloor Damage to walls, floors, or carpets Electrical issues like old or worn wiring Dampness

Are you excited to buy your first home?Here are 3 very helpful steps to take, prior to going down this exciting path: 1. Gather income & asset documents you will need to get preapproved. Your most recent 30 days of pay stubs Most recent 2 months of bank/credit union statements Most recent 2 years, W2s, 1099s, K-1s If self-employed, you will also need your most recent 2 years of federal tax returns, both personal and business 2. Contact at least 2

Buying a home is a big step and can be as stressful as it is fun. Before you step foot in your first open house, there are a few things you can do to make the home-buying process more enjoyable and far less stressful. 1. Buyers: Get pre-approved with a lender Applying for a mortgage before you begin house hunting may be the best thing you could do for yourself and your pocketbook.  What is Pre-Approval? To be pre-approved for