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How Much Home Can I Afford To Buy?

How Much Home Can I Afford To Buy?

How much home can I afford to buy?

What mortgage payment would fit into my monthly budget that has other financial obligations to meet? There are some that just don't know for sure what a bank mortgage home loan underwriter would say is the magic number when buying a home. Others who know they don't care how high the "loan arranger" says they can afford but tie it to what they are already paying for rent. buying a home photo

A lot of renters are paying way way beyond the monthly lease installment they technically can afford.

Fixing this, mowing the lawn, paying for utilities that should be on the house meter but that are not. The worry for a home buyer about property taxes, property insurance and upkeep can make the house payment be a small part of the obligation. Many renters are just over spending, paying more than they can afford for their rental units which makes the cushion of extra cash missing in their wallet or purse. And that's why so short on closing costs or getting behind on other payments when something unexpected comes up needing immediate attention. It used to be one flavor or local home loans too, that involved a hefty twenty five percent down payment or forget even trying to get a house mortgage.

So back to the headline of the blog, the question about how much home can I afford? The two rules of thumb batted around if everything is equal is one week's paycheck allocated to housing. Or the other real estate axiom is two and a half times your yearly salary. I prefer to gravitate to the one quarter of your monthly income. So money is left over for other essentials like groceries, house repairs, kid's braces, family entertainment, credit cards, car paymentets etc. Here is one debt to income calculator to fill in the numbers and run some financial scenarios.

The debt to income ratio is just as important as a good credit score and paying your bills on time month after month.

The debt to income ratio is the percentage of your gross income required to cover your housing and debt payments. The lower your debt-to-income ratio the easier to carry your debt load will be. A low debt-to-income ratio increases the odds that you will be able to meet your monthly obligations and not miss any of the payments. This debt to income ratio and your credit score are the two most important factors used by creditors when extending home loans and offering additional credit in lending exercises.To much debt and the odds proven by the numbers if the debt ratio gets too high means everyone loses. 

Calculators for buying a home in Maine.

You need to know more than just what is my monthly house payment going to be if the loan is this long a term for the mortgage at this particular interest rate. Debt ratios on how much you make, how much you spend now and what this new home payment is going to weigh in at is part of the mortgage home loan underwriting. 

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Buyers, Sellers Of Real Estate Homes In Maine Need Help.

Buyers, Sellers Of Real Estate Homes In Maine Need Help.

Buying a home in Maine is serious stuff.

Lots to look out for today in the real estate list, twist, sell. Nothing to be left to chance and a real estate professional makes it look easy. But it is not child's play to buy a home. And for the lucky home buyer, staying in the property and making payments, repairs, carrying the financial burden of the sticks and bricks. Pretty important stuff with a lot to consider. monumentborder maine photo

But the two sides of the real estate equation need to be talked about so the buyer and seller understand the ground rules.

To know what is expected of each side of the partnership. As a seller, what has to happen to make sure lots of buyers are in the swarm considering your place?

Tips for sellers of a home.

The attraction to come in from the curb means spruce up the exterior of the property listing. Mow grass, trim those cedar shrubs and hedges. Cut back the long limbs hanging down and crowding the buildings or making the back yard look smaller and over grown. Make sure the front door yard does not look like a police in pound area for seized cars. Park them somewhere else or clean out that garage so the primary vehicles can slide inside!

Paint the home, building exteriors and match that color so it is more scrape and touch up instead of painting the place an entirely new color a few shades brighter or lighter than the original saves time and money. Straighten or replace those cracked or hanging, missing window shutters too helps the appearance. Clean those windows to make them sparkle!

Heading inside the house, the leaking faucets, the missing light bulbs and clutter, dirt need to be addressed.

Before the property showings and for the video walk through open house on demand loops. The inside images should be ready for show time and not showing loose ends that are addressed but after the photo shoot.

Make the inside navigation of the property free of obstacles. Hitting your hip on the table corner does not help the focus of your buyer as he or she wander through and hopefully ooh and aah from joy, not pain. The kitchen and bathroom need to be ship shape and not look like a bomb hit. Teenagers, pick up your mess please! Or someone tidy up the premises like the hotel maid. Nothing on the surfaces for piled high stuff leaning and sliding to the floor.

Do the laundry or hide it away. But not to cause an avalanche when the buyer checks out the closets. Send the barking dogs to your mother in laws. Vacuum, pick up the toys, open up the shades, make sure there is no odor.

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Maine Real Estate Market Reports

Maine Real Estate Market Reports

Maine real estate market reports can be as dry as a kid's popcorn balls found tucked away from Halloween trick or treating a few years back.

But that's if the market reports are rows of numbers and missing pie or bar graphs that tell you quickly what is going on in the many sections of a local real estate market. The ones you would find most interesting in feeling the pulse and reading the collected vital signs.real estate market report

Market reports for real estate that deal with the specific areas of Maine a buyer or selling is thinking about are the most important to them.

Because decisions made affect their pocket books, families and careers. When to move, when to stay put and hold 'em like a real life Poker game. The stakes are high when your family is involved in the move.

And if the reader of a blog post or listening to the media real estate market report is just not interested at this time in buying or selling, the current property listing stats get skipped over completely. Or forgotten beyond the catchy media headline or sound bite. Because at this moment in time they are not a seller or buyer with a listing or sale in the wind and are busy concerned about other pressing matters in life.

But real estate market reports for Maine that do examine the current conditions are a highly valuable economic tool to a seller on the fence and thinking about the best time to slide off and list their property.

Or for a property buyer that kicks it into high gear to purchase now because some factor like rising interest rates or a shrinking supply of the real estate listings he can afford is influx. Waiting could mean less value for the buck in the real estate exchange.

Like travel when the weather can be fickle, there is a best time to hop in or out of the real estate market. Or stay parked and continue to study the current real estate market like a doctor and nurse do the vitals on the patient in the bed hooked up to all the glowing numbers, beeping monitors.

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The Questions Home Buyers Ask Real Estate Agents And Brokers.

The Questions Home Buyers Ask Real Estate Agents And Brokers.

Questions on the property listing, what can you tell me about the home for sale makes for a long list to answer.

What would interest one person might not another but condition, the shape of the home for sale is important. To please a bank financing the loan on it. And for the buyer who thinks of the size of the job jar, how many of them are filled to the brim and that he is agreeing on tackling if this is the home he buys.(Gulp).flickrtemplate-maine-photos

How real estate property listings improve a home buyer's life depends on a number of factors too.

Everyone of us has hot spots of what he wants, does not seek in homes, partners, any provision of goods, services, life experiences.

What enthuses one in life bores the heck out of someone else. Variety is the spice of life, and real estate property searches too reflect this versatility in listing needs. As they gather round the real estate agent or broker and start firing the questions. The question list is longer if the presentation is skimpy and lacks information, much in the way of imagery, plat maps, floor plans or video to feed them the property details at their preferred pace, on their time frame that is usually after hours. 

Real estate buying is emotional, there is lots of dreaming attached to the property search. For just the right piece of real estate to reach out, pull off the current MLS carousel going round and round the buyer on the hunt for something to purchase.

To fit a need, to improve a nesting size and location problem. Too big, too small or just right is a moving target with real estate buyers who have life changes. Caused by health, disease, divorce, or affluence and the ability to buy more, get more from their housing dollar.

So the real estate lifestyle search filtering routine is part of how the wheels turn in the head of the listing buyer grind. The home buyer that is ready, willing and able or plans to be to make the purchase if they like from what they find online or in person during the one by one property tours.

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Registry of Deeds In Maine, Sixteen Counties To Land Title Search.

Registry of Deeds In Maine, Sixteen Counties To Land Title Search.

Registry of deeds in Maine, Vacationland is a big state that has sixteen counties for land title searching and recording.

Of all the legal instruments involved when a property is conveyed to another real estate owner. To keep track of who owns what in the chain of title so a real estate abstractor or you and I can know who is the record owner today. Or twenty, forty years ago, whenever time in history is picked for revealing the true, absolute owner in the search of land titles to the real estate under the microscope. houltonmaine registry of deeds photo

Maine is a race notice state which means if you get a property title deed to the real estate, you have one important life and death serious matter to address.

You better find your way to the local registry of deeds.

Don't tuck it away in a top drawer or slide it into a book high up in a little used cabinet and forget to get it recorded.

The deed could burn in a fire, get lost and misplaced in the shuffle when you take your last breath. The lungs stop and your estate is broken up in the dispersement of your real and personal property.

Get that deed to the real estate registry for copying, for the micro filming to store elsewhere. For the all important putting the new title in your name on record at the local registry of deeds pronto. Because if it is not on record, showing up in a forty year title search or longer for the World to know that you are rightful property owner, it's a big sigh and "rut rho Mister Man" sputtered.

Without a recorded, witnessed and notarized legal deed of conveyance placed on record, well now Chummy, nothing keeps the seller from finding another real estate buyer.

Taking his money and granting the same deed description, location and acreage you thought you had purchased. Selling it again to another eager real estate buyer who simply trots up the registry of deed's steep granite court house steps. With the second duplicate deed in hand to pay the fee for so much a first page, second or how many trees killed to make the paper to hammer out the documentation. To show the local property tax people who get a copy who to send notices to each year. The seller, the buyer, the legal description to the real estate along with the transfer tax formsthat accompanies it to record the real estate title to the land in Maine. This is serious stuff when talking the biggest value asset most of us ever possess.

First come, first serve is how the scales of blind folded lady justice law courts view who is really the true owner of the property in Maine now. And if a property is divided up without a legal survey that was done all day long before the slower, expensive splitting up land subdivision process became law in the early 1970's, what if too much pie was sliced and diced?

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