Archive for December, 2011

December 29, 2011

Happy New Years from Homesale!

December 20, 2011

How to Sell Your Home in the Winter

  1. Keep your house well lit- Since winter consists of short and cloudy days, pay attention to how well your house is lit.  For a showing, make sure all the bulbs are working and turn a light on in every room.  Keep the lights on in the front of your house to create a welcoming look for people driving passed.
  2. Maintain the outdoors- It is important to provide buyers with a safe and convenient place to park.  Shovel a parking space, clear the sidewalk, and keep walking areas salted to be sure that they have easy access from their vehicle to your doorstep.
  3. Don’t over decorate- Use white lights to decorate trees and bushes rather then big colorful bulbs and inflatable figurines in the front yard.  Place holiday decorations around the house to create a happy and comforting look but don’t be excessive. 
  4. Adjust your thermostat- Buyers are likely to keep their coats on as they walk through your home.  Keep the temperature at a comfortable 65 degrees to avoid roasting them. 
  5. Organize your outdoor clothing- Avoid stuffing your closet full of winter coats and creating a mound of gloves and scarves.  Hang coats that are worn most often in the closet, move the rest to a spare bedroom’s closet or storage bin.  Place a storage container in the bottom of the closet or a decorative chest/basket at the door for gloves and scarves. 
December 15, 2011

How Much House Can You Afford?

The typical homebuyer has been browsing through properties online and driving around looking for yard signs.  This is a great start since it is important to get an idea of what you are looking for, however, it is even more important to know how much you can afford to spend.  Follow these steps to get a basic idea of what monthly mortgage payment will work for you: 

  1. Allowable Monthly Debt Payments

Although it varies, many lenders typically prefer that your monthly debt and housing costs are less than 28% of your gross monthly income.  Even if your debts are higher than 28% of your income, that doesn’t mean you can’t get a mortgage, there are financing programs that help make
homeownership a reality for people from various financial backgrounds.

            $5,500    Gross Monthly Income*
        x        .28    Debt-to-income ratio
       =   $1,540   Allowable Monthly Debt Payment 

*You and your spouse’s total income before taxes and other expenses 

  1. Total Monthly Debt Expenses

Add together your regular monthly debt payments: car payments, student loans, required minimum credit card payment, and any others. 

            $300   Monthly Car Payment
       +   $150   Monthly Tuition Payments
       +   $90    Other Monthly Debt Payments
       =  $540   Total Monthly Debt Expenses 

  1. Maximum Mortgage Payment

Subtract your monthly debt expenses from your allowable monthly debt payment in order to find your maximum mortgage payment.

            $1,540    Allowable Monthly Debt Payment
         –   $540      Total Monthly Debt Expenses
        =   $1,000    Maximum Mortgage Payment 

Keep in mind that your maximum mortgage payment should include mortgage insurance, homeowner’s insurance, and property taxes. 

If you have questions or need help obtaining a mortgage, please don’t hesitate to contact one of our loan officers at Homesale Lending

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