Mortgage Lenders & Banks qualify you based on your Total Payment which includes Monthly Principal & Interest payment (which you can calculate above) + Monthly Property Taxes, & Monthly Homeowners Insurance.
Add Property Taxes: Estimate 1.25% of the Sales Price if the home is NOT brand new.
Example: $300,000 x 1.25% = $3,750 divided by 12 (months) = $312.50 per month
If you are in a NEW home community, ask Sales Agent for the Builder what the Tax Rate is at the community. It is a safe bet if you do not know to use 2%
Example: $300,000 x 2% = $6,000 divided by 12 (months) = $500.00 per month
Add Homeowners Insurance: This is based on the company you choose. You can get a quote from your existing insurance agent based on the total loan amount you expect to receive. To estimate you can use .004 EXAMPLE:
$300,000 x .004 = $1,200 divided by 12 months = $100.00 month
Add an HOA fee If you are in a Planned Unit Development or Condominium Association. Some communities have 2 Associations and 2 sets of dues.
Add monthly MIP (mortgage insurance premium) for FHA loans
Add monthly PMI (Private mortgage insurance) Conventional loans over 80% LTV
P & I : $
HOA 1: $
HOA 2: $
** Note: When you are billed by the mortgage company, they will NOT bill you for the HOA (1) or (2) fee - you will receive that from the HOA Management company. You will pay that separately.
As your REALTOR®, we will make the process of house hunting much easier and more efficient than if you did it all yourself. we will help you get financing, guide you to local neighborhoods, help you determine your budget, and prioritize a list of essential features that you need in your next home. We'll save you valuable time by finding the properties that best suit your requirements, and will show you only the most promising ones.
Once you've found a place that catches your eye, we will look at comparable properties in the area to help determine a purchase offer. Then we will negotiate on your behalf with the seller to make sure you get the most favorable terms.
It's our job to look after your best interests, and this is at no cost to you as a buyer.
When Results Matter & Experience is Priceless!
Our Gold Key Guarantee
Your home will likely be the greatest financial investment you'll ever make. With the help of a trained real estate agent(s), it can also be your wisest. Give yourself every opportunity to come out on top by working with a professional.
Get All the Listings
New homes for sale hit the real estate market daily. We will be in regular contact with sellers and other real estate agents to ensure you see all the newest listings right away, whether or not they're made public. Often, buyers can put in offers with little or no competition and walk away with an impressive deal on the property of their choice. We will save you valuable time by making sure you only see properties that meet your needs and investment preferences.
Inside Information - AKA: In The Know!
As you compare the best deals, we will provide you with important information about the home, its neighborhood, zoning issues, utilities, schools, etc.
Professionals on Your Side
Many real estate transactions include an extensive negotiating process. We will represent you and get you the best deal possible. Expect them to attend property inspections, make sure any and all agreed-upon repair work is carried out, and to handle the paperwork related to the sale. We can also refer mortgage finance professionals for your investment.
Get the Best Deal
Working with us on your next home purchase will save you time and add professional assurance to every step of the process. With the guarantee of a solid investment, the decision could also make you more wealthy when it's time to sell.
First Time Buyers
There are many programs available for First Time HomeBuyers. Some are available even if you have owned previously. We can assist you with the information to get you started on the Pre-Qualification process so that we can start your search for a new home where you can pay your mortgage instead of your landlords!
You may use Mortgage Loan Calculator to see how much a mortgage payment would be!
Paul Kott Realtors, Inc.
GOLD KEY TEAM
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