Page 42 - Navasota Realty Real Estate Guide Fall 2019 Volume 1

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Buyers
Buying and Selling Real Estate is said to be one of the most stressful things that a person does in their lifetime- right next to divorce or a death in the family. It is certainly one of the most important decisions you will ever make. It can be a very exciting, happy transaction, or it can be overwhelming. The following tips are designed to help relieve some of that stress.
WHEN BUYING PROPERTY
First do a thorough analysis of your personal needs.
• What would your ideal property look like?
• What amount are you comfortable with as a down payment?
• What would you like your monthly payment to be?
• Location, How far are you willing to commute to work, school, shopping points of interest, etc?
• What is a reasonable commuting time and cost of commuting?
• What are your Family’s special needs? Personal life style? Family hobbies?
• What size home do you really want?
• How much land do you really want?
• • • •
When evaluating your dream property be sure to consider all the expenses.
PITI (principal interest taxes insurance) are normally included in your monthly payment. Other expenses include HOA fees, utility costs, maintenance fees, and commuting cost.
It is extremely important to understand the different types of loans and what type of property will qualify for which type of loan. Sometimes you have to pay for mortgage insurance which only insures the lender in the event that you default.
As a rule, the higher your credit score the lower your interest rate, but there are other factors that affect your ability to get a mortgage. The basic items that determine interest rate and type of loan are:
FICO Score/Credit Score
Income to debt ratio
Length of time on your job.
Amount of available cash to put down. •
• • •
Type of property Residential Farm and Ranch Commercial
• Investment
• Recreational • Construction • Development
A knowledgeable Mortgage Broker or Mortgage Banker can help you understand your credit and the different types of loans available. They can also help you understand how to improve you FICO score if needed.
Each person’s special circumstances, as well as the type of property, will determine which kind of loan is best for the individual transaction.
We can help you understand the options and costs associated with each type of loan.
We take pride in helping our buyers understand all of the options for available properties that meet their criteria.
Our office works together as a team in order to give the best service possible and make ourselves available on your schedule.