Mortgages & Setting Your Budget

It is really important to understand your finances when looking to purchase a home or investment property. Talk to a couple of mortgage brokers who will help you get educated on the loan products available and how you can qualify for them. Taking the time to get pre-qualified is of paramount importance and will save you time and energy when you're ready to make bonafide offers. 

You also need to set a budget. Your mortgage payment includes the Principal & Interest of your loan, annual Taxes, and home owners Insurance (known together as your PITI). It does not include things like water bill, electricity, garbage service, HOA dues, or home maintenance. Sit down and determine what you're comfortable spending monthly before meeting with your lender. This way, you can stay focused on the right price range for you.

Find the Right Realtor for You

Align yourself with a Real Estate Broker with a proven track record of getting offers accepted and negotiating to get their clients the best deal. You should look for an agent who shares your goals, sense of community, and who understands what you're looking for in a home. You should never feel pressure from your Realtor to buy a home or investment property.

Get Clear on Your Goals and Make Thoughtful Offers

Familiarize yourself with home values, sold prices, neighborhoods of interest, proximity to amenities, and anything else you deem important. This will help you and your Realtor through the process. Once you're clear on what you're looking for, engage with your Realtor to begin finding the right properties for you. You should be pre-approved by this time so if you see the right property, you're ready to make a bonafide offer. 

Remember that your offer is very unlikely to be the only one on the table. Do what you can to ensure it’s appealing to a seller. Your Realtor will help educate you on this process.

Ready to get the process started?