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www.gr8homesinmass.com Portman Properties~ Eileen Potts
	Home  Home Buyers Guide  New Clients  Contact Login  Sell My Home  Mortgage Calculator  Contact Me Eileen Potts Broker Associate Portman Properties Serving Boston and Eastern MA Phone: 857 389-6515 Fax: (617) 364-3408 Email: emepotts@gmail.com Privacy Policy			"Your Home Is Your Castle" How much home can you afford ? In most instances, you can afford a home that costs up to two and one-half times your annual gross income, (the amount you make before taxes are deducted.) For instance, if your income totals $40,000, you may qualify to purchase a home ranging in price up to $100,000. Lenders will also factor in how much cash you have available for a down payment and closing costs, plus your existing monthly debt payments, living expenses and credit history. How much down payment? A down payment is the money you pay up front toward the house you're buying. The more cash you pay as a down payment, the less you will borrow and the less you will pay each month on your mortgage. Typical conventional loans require from 5 to 20 percent of the purchase price as a down payment. Conventional lenders are sometimes willing to accept a lower down payment if private mortgage insurance (PMI) is secured to protect the lender in case of default in repayment of the loan. If you qualify for a Vetrans Administration (VA) of Federal Housing Administration (FHA) loan, you will benefit from very attractive down payments that can range between zero and about 5 percent. And if you are a first-time buyer and have no equity from the sale of a previous home, some lenders will permit a portion of your down payment to come from money that has been given to you as a "gift" Closing costs Closing costs include expenses such as the loan origination fee, loan discount points, advance payment of interest, credit report fee, appraisal fee, title search and title insurance fees, document preparation fees, and recording and transfer fees. If you plan to assume an existing mortgage, there may be an "assumption" fee. Because closing costs vary considerably from one lender to the next, it is wise to shop around for the best available loan. Understanding the mortgage loan "Qualifying" for a mortgage loan is the first step in the loan the approval process. Qualifying means learning just how much money you may finance in order to purchase your new home. Real estate loans are generally available from 15 to 30 year periods. They fall into two basic categories: (1) Loans that have fixed interest rates and payments; and (2) loans with interest rates and payments that vary over the life of the loan. The interest rate, the principal amount of the mortgage, and the length of the loan will determine the amount of your monthly payments. Answers needed to help you find a home Once you have pre-qualified for a mortgage and would like to look at potential properties, these are a few questions that I ask to help provide you with exactly what you are looking for. 1. Our new home absolutely must have:(example-fenced in yard for our children) 2. We also want a home that provides:(example-close location to certain routes) 3. It would be nice to have: (example-fireplace) 4. We especially like these homes: (give an example address)
"To reach the port of success we must sail with the wind, and sometimes against it, but we must sail, not drift or lie anchor".