For Buyers
The Whaley Properties team recognizes that purchasing a home can be one of the biggest decisions made in one’s life. Making the smart move of choosing a REALTOR is one of your first steps to ensuring that your new home and community meets your needs. Here at Whaley Properties, we understand all aspects of buying a home, we also understand you may be selling or renting, relocating or locally changing homes and that each person has his or her unique needs is getting into their new home.
Taking into consideration all these factors, we have mapped out a system to ensure that no matter how experienced or inexperienced you are in this process, we will make sure we touch upon each and every step necessary to insure your interests are individually met. For your convenience, we also provide customized listings by email so you'll always be up-to-date on what's available. We pride ourselves on repeat business and hope you'll come to understand why.
How do I get started?Contact us and let us answer your initial questions and lessen your anxieties about beginning the process. Our professional staff is well equipped to handle your questions and give guidance in these initial steps.
How much should I spend on my new purchase?
Establishing a price range in your new search for a home can be confusing to the Buyer. A simple way to determine this criteria can be started by understanding 3 major components.
1) Where will my down payment come from and how much down payment will I be making?
Whether an all cash purchase or no money down (all are possible), this factor will have a direct impact on your monthly expense in home ownership. Sources of down payments come from many different places, including the following:
§ Proceeds from the sale of your home.
§ Equity Line on Real Estate Owned
§ Savings
§ Gift from a Friend or Relative
§ Retirement account funds
§ No Money Down
§ Life Policy
§ Be Creative
2) What should I spend on my monthly payment?
This is a calculation of Income verses Debt. The general rule of thumb is to spend no more that than 40% of your total income on your monthly payment including the loan payment and your various monthly credit expenses.
However, this is not a hard and fast rule.
There are so many different programs for buyers today. You can rest assured there is a program for nearly every need. The best way to get a quick idea of the mortgage amount you can qualify for is to speak with a local mortgage broker or direct lender, as sometimes lenders have specific requirements in geographic areas. The Whaley Team has several lenders/brokers who have helped their clients with great satisfaction. Contact us for this information.
3) How do I know how much I need to spend to get the home I want?
The Whaley Properties team can quickly assess for you either the affordable geographic area of your search criteria, or the available inventory within the purchase goal in a specific geographic area.
As Your Agent, We Will:
- Assure that you see all the properties in the area that meet your criteria.
- Guide you through the entire home buying process, from finding homes to look at, to getting the best financing.
- Make sure you don't pay too much for your new home and help you avoid costly mistakes.
- Answer all of your questions about the local market area, including schools, neighborhoods, the local economy, and more.
Before You Start Looking For Your New Home:
- Check your credit rating. Straighten out any errors before its too late.
- Determine a comfortable monthly budget for your new purchase, including down payment and monthly payment.
- Find a loan program that meets your needs and get pre-qualified (preferably pre-approved).
- Choose a REALTOR® that you trust and who understands your needs.
- Determine what neighborhood best matches your needs.
- Identify important features you need your new home to have.
Closing Costs to Expect:
- Lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.
- Third-party fees include charges for insurance, title search, and other inspections such as termites.
- Government fees include deed recording and state & local mortgage taxes.
- Escrow and interest fees include homeowner's insurance, loan interest, real estate taxes, and occasionally private mortgage insurance.
Find out how much your closing costs could be.
