Mon, 30 March 2015
In this episode of Valley of the Sun Real Estate Show I will be going over 7 warnings that buyers should be aware of to have a successful smooth transaction. Too many times I see a buyer who is not prepared for what is ahead of them when purchasing a home in the Valley of the Sun Phoenix Arizona. This will help to prepare you and what you should be doing to ensure that you have the success you are looking for when purchasing a home.
Fri, 27 March 2015
In this episode I will be joined by and we will be going over the changes we see in Phoenix housing and how condos are a big part of that change.
I am seeing some changes in Phoenix Real Estate more specifically the condo market. So in this episode I will be joined by and we will be discussing the changes and what you as a home buyer or a home seller can expect if you are in the market to purchase a condo. We will also be be commenting on some recent comments that Mike Orr has said about the condo market and what it may mean for the future of Phoenix housing. Join us it should be informative conversation.
Sun, 22 March 2015
In this episode of Valley of the Sun Real Estate Show I, Jayson Bates, will be covering all you need to know abbbbout the Home in 5 Advantage program for Down payment assistance and closing costs in Maricopa county. If you are looking for a Home and need help with a down payment or closing costs this is a great alternative to help you get into the home of your dreams.
If you have any other questions regarding this program or others you can always reach out to me I would love to hear from you.
You can check out the rates for the Home in 5 program by following the below link.
If you have any questions about the program you can follow the below link and find all th eanswers toyour questions or you can call me and I would be happy to help.
Mon, 16 March 2015
Before you snatch a great buy on a home you love, your first question should always be: "What can I afford?" These are some tips to help you get prepared and ready to purchase your 1st home.
The 43% debt-to-income ratio or DTI rule is generally used by the federal housing administration (FHA) as a guideline for approving mortgages. This ratio is used to determine if the borrower has the capacity to repay the mortgage; it often changes depending on market conditions.
For example, if your monthly gross income is $4,000, multiply this number by 0.43. $1,720 is the total you should spend for debt payments including housing. Now, let's say you have monthly minimum credits card payments of $120, a car loan for $240 and student loans for $120. By this rule, you have $1,240 per month you can afford for housing.
Factor Budget Items Beyond Debt
It is not just the house paymant that you will be paying.
Play House, Financially
Save money for down payment. CASH IS NOT KING. the money needs to be in the bank for the lender to be able to use it.
If you can handle these extra payments without sweating extra credit card debt, you can afford to buy a home - as long as you have saved up enough money for your down payment.
Don't Buy a Home Based on Future Income
Raises don't always happen and careers change. If you base the amount of home you buy on future income, set up a romantic dinner with your credit cards. You're going to end up with a long-lasting relationship with them.
It's best to put down 20% of your home price to avoid paying private mortgage insurance (PMI). PMI can cost an extra $50 to $100 per month of your mortgage, sometimes more and sometimes less. But a smaller down payment won't cost you buying a home. You can buy a home with as little as 3.5% with an FHA loan.
While there are a lot of benefits to a larger down payment, don't sacrifice your emergency savings account completely to put more down on your home. You could end up in a pinch when an unexpected repair arises.
When to Buy a Home
Ideally, you should buy a home in the opposite season from the best activities in your area.
Finding the perfect market conditions to buy a home is a little harder and riskier. You could decide to wait to buy a home because prices went up, but then prices go up further and you can no longer afford a home in the area you want. As long as you plan on living in your home for 10-plus years, buy a home when you want to and where you want to, as long as you stick to your affordable payment range.
Planning to Stay Put
If you can't estimate what city you are going to live in and what your 10-year plan is, it's not the right time to buy a home. If you want to buy a home without a 10-year plan, buy a home that is priced much lower than the maximum you can afford. You'll have to be able to afford to take a hit if you have to sell it quickly.
You can always reach out to Jayson Bates by emailing him at firstname.lastname@example.org or by calling him directly at 602-573-3101
Sun, 8 March 2015
Fact 1: Equity opportunities are floating away
Fact 2: Dream homes could soon price out of reach
Fact 3: This year’s raise probably won’t be enough
Fact 4: Buying stabilizes the budget
Mon, 2 March 2015
In this episode of Valley of the Sun Real Estate Show I will be going over the upcoming changes the CFPB have manadated to the GFE, (Good Faith Estimate), TIL (Truth in Lending) and the HUD-1 Settlement Statement. Sometimes change is good and this is one of those times. Find out why this is a good thing for the consumer and what the changes are.
If you have any questions or comments you can email the show at email@example.com or call Jayson directly at 602-573-3101