How Much Mortgage Can You Afford?

According to the latest data from Trulia, the median selling price for a home is $192,000. That’s far more than most of us could afford to pay in cash, and why most of us take out a mortgage. But don’t rely on a lender to tell you how much of your monthly income you can comfortably spend on your home. They may let you borrow the maximum possible amount, but that doesn’t mean you should—or must—take them up on the offer. Crunch your own numbers first to determine how much mortgage you can afford before you start searching for homes for sale in Alexandria, VA, or Boston, MA.

Determining How Much Mortgage You Can Afford

Varying property taxes, insurance rates, and lending legalities all factor in when determining how much you’ll be able to afford each month. Thorough research and careful calculations can ensure you avoid signing on the dotted line for a monthly payment that’s too high.

Calculate your true monthly cost.

If you want an in-depth look at your potential mortgage payment, you need a mortgage calculator that includes costs like homeowners insurance or property taxes. (You want more than just a sales price and loan interest rate.) To estimate your monthly mortgage payments with homeowners insurance and property taxes included, head to Trulia’s mortgage calculator and click “Advanced.” You may also need to add in PMI, or private mortgage insurance, if you put less than 10% down on the purchase.

Your monthly insurance premiums and your property taxes will depend on what you buy and where you live. When determining how much of your monthly income you can spend on a mortgage payment, you need to add in both of these costs. To get an accurate estimate, call insurance providers for a quote and look up property tax rates in the specific city or county.

Dr. Robert Burton – Mortgage Rates Could Rise 2% by Early 2019

Know the legal limits on lenders.

According to the Mortgage Reform and Anti-Predatory Lending Act, a section of the Dodd-Frank Act of 2010, any entity lending money for a mortgage can’t underwrite the loan unless they determine that you can reasonably repay it. That determination is based on your credit, job history (and stability), and your income. By law, lenders can’t approve mortgages that would take up more than 35% of your monthly income.

And many lenders tend to stick with even more stringent requirements, limiting a mortgage payment to 28% of a borrower’s monthly income (known as the debt-to-income ratio or DTI) if a borrower’s credit scores, employment, and income aren’t solid.

How Much Mortgage Can You Afford

Limit payments to no more than 30% of your gross monthly income.

You can also use 30% as a rule of thumb when figuring out your home-buying budget. Here’s an easy formula: Multiply your pre-tax monthly income by 30, then divide that by 100. The answer is 30% of your pre-tax monthly income. The median income in the U.S. is $55,775. If this were your income, you’d make about $4,648 per month; 30% of that comes out to about $1,394.

That means you could spend $1,394 on a mortgage, maximum. Remember, 30% is the top of the spectrum when it comes to how much of your monthly income you should spend on your mortgage. Paying less means a smaller strain on your budget.

It’s a good benchmark, but this number doesn’t necessarily take your full financial picture into consideration. Consider subtracting other essential expenses (such as child care or transportation costs) from your monthly income total. In addition, your lender will also consider student loans, a car loan, and credit card debt. If that debt that represents more than about 7% of your income, you may not qualify for a mortgage that costs 30% of your income. Your total debt-to-income ratio can’t exceed 35%, so you either need to pay off existing debts first or borrow less money to buy a home.

Visit https://robertburton.wordpress.com/ for information on Dr. Robert Burton.

Source: trulia.com

Dr. Robert Burton - Real Estate Agent Job Description

Real estate agents connect between home owners and buyers to conduct the sale, purchase or rent of properties. They work for brokers and play a major role in assisting people buy or sell residential, commercial or industrial property. They keep and maintain a latest account of property listing and other relevant housing information to stay abreast with properties available on the real estate market. They subscribe to several listing services to advertise and market properties up for sale. They also contact property and market properties up for sale. They also contact property owners to gain information regarding a property.

As part of their responsibilities, estate agents present sales and purchase offers to clients for consideration. They advise them on property rates, legal requirements and general market trend. They also interview clients to determine their property preference or specification. Usually, they prepare a list of properties that best match the needs and requirements of clients. They visit and inspect properties in order to establish precise property value. They also proffer recommendations to clients on properties that best suit their budget and preference.

Related Mortgage Rates Could Rise 2% by Early 2019

Most estate agents oversee the preparation of closing statements, purchase agreements, representation contracts and other necessary documents required for estate trade. They conduct negotiations between property sellers and buyers to establish price and other terms of sales. They also liaise with pest control operators, home inspectors etc. to ensure the terms and conditions stated in a purchase agreement are met prior to the closing of sales.

Real Estate Agent Job Description

In fulfilling their role, real estate agents oversee the closing of property sales, they ensure payment is complete and appropriate documents signed. They maintain contact with clients to offer them real estate products and assistance with the resolution of issues. They also provide consultation services to clients to recommend strategies for the speedy sale of property. They often conduct training programs for junior/trainee sales agents to enhance their sales skill. This job position requires at least a high school diploma, state license for practice and an aptitude for sales. Qualities needed for the job include persuasion, interpersonal skills and problem-solving skills.

Real Estate Agent Job Description Sample

Given below is a sample of the job description usually handed real estate agents by most employers:

• Act as contacts to conduct real estate trade between property buyers and sellers
• Present sales offers to clients as well as bid on available properties
• Carry out investigations to determine client credit status and ability to complete payment
• Inspect properties to appraise its value and estimate the worth on the property market
• Interact with clients to identify their requirements and proffer recommendations on properties that best suit their budgets
• Assist home sellers in promoting their buildings on property listing services to attract clients for purchase
• Prepare and deliver sales pitches to clients in order to secure real estate contract
• Provide clients with a list of properties available for sale to assist them in making choice selection
• Conduct price negotiations between property buyers and sellers to ensure a fair bargain for both parties
• Provide clients with a tour of residential, industrial or commercial properties to showcase and explain property features
• Carry out investigations to confirm clients have clear property titles
• Provide appropriate reply to client's enquiries concerning property appraisals, financing, maintenance etc.
• Examine property premises to recommend maintenance measure required to improve the face value
• Assist clients in evaluating mortgage options to obtain the best rate and terms
• Attend conventions, conferences and seminars to the improve existing job knowledge and expand personal network.
• If you are a recruiter needing the best real estate agent to hire, you can use the sample job description above in making one for your company, for use in hiring and assigning duties to the successful candidates.

Tesla Opens Up Preorders for its Solar Roof

We all dream about ‘Home Sweet Home’. A lavish home that could make us feel comfortable in every sense. But, your dream home can be expensive for your regular income. With rising energy costs complicating cash flow, you can seek comfort knowing there are that future energy sources on the horizon which save you a lot of money. Talking more about this is Robert Burton, a full-service real estate agent who enjoys researching and sharing helpful information to his clients.

One story of interest surrounds Tesla’s solar roof that consists of a tile-sized solar panel. It’s estimated consumers will be saving as much as $64000.  You’ll you have to make a one-time $50000 investment for a double story 2000 square foot home. But the product comes with an incredible lifetime warranty. No replacement costs! Plus other potential benefits such as follows: 

Tax Credits and Rebates

Some jurisdictions have programs or tax credits to help offset costs. 

Reduce or Eliminate Energy Bills

One can use these panels in areas where little sunlight is observed (less than two hours of daylight every day). Albeit sunny days will deliver more sun-based energy, solar panels can keep charging even where the climate is shady. Diffused daylight can be used to control your home; overcast days create around 10 to 20 percent of the power produced on sunny days. 

Robert Burton Shares  Some Important Information Here

Protect the Environment 

Sun based power frameworks provide unadulterated energy from the sun. Introducing sun-powered panels on your home battles ozone depleting substance emissions and decreases the aggregate reliance on petroleum products. Solar panels reduced hurtful gasses that are essential drivers of air contamination and adverse worldwide environmental changes. 

Start Saving From Day One

Monthly energy expenses can be over thousands monthly going forward in Newfoundland beyond 2022. Sunlight based power can significantly diminish or dispose of those expenses. Sun based panels also will augment the life of a rooftop, since they shield from rain, snow, and garbage.

If you need some further information on installation of solar panels for your new home, Robert Burton would be happy to source further advice. 

Consider A Backup Generator When Buying Or Building A Home

Sudden power outages can be frustrating and troublesome, especially when they last for a long time. That`s why many people opt for holdup generators in their homes. A backup generator senses a power outage turns on automatically and delivers backup power to your home until the power supply restores.

Backup generators come in various different sizes and configurations, therefore buyers need to install and maintain it very carefully. Also, there are certain risks associated with backup generator including fire, electrical damage, injuries, etc. and the prevention of such risks requires great care and constant vigilance.

Building a Home

In case you incorporate standby generator, here are nine things from Robert Burton that you need to consider:

Review Safety & Your Local Laws

Subject to your local laws, you should provide the local utility company your plans before installing.

Keep the Surrounding Area Clear

Thermo-electric generators supply a lot of heat. The key to preventing fires is to keep ignition sources away from the generator.

Check the Ventilation

At the time of installation, this is one of the significant factors to consider - properly ventilate.  Otherwise, dangerous carbon monoxide can build up.

Invest In a Carbon Monoxide Detector

A risk of carbon monoxide accumulation is always present, so a carbon monoxide detector is very important. Carbon monoxide poisoning can be fatal.

       

Keep It Dry

The wet environment condition may lead to short circuits and fire. To avoid electrocution, place the generator in a dry place. An open canopy structure is a suitable choice to prevent the generator from adverse weather.

Have a Fire Extinguisher Close By

Consider the scenario of a fire. Have a fire extinguisher handy. 

Corral the Cords

As Per Robert Burton, Cords should be out of a footpath, yet still easy to access. Regularly check them to see if they’re frayed or cut—both types of damage could cause a fire.

Coral the Cords

Avoid Wall Outlets

Back feeding your generator into a wall outlet is not a good idea. There are higher risks associated with this type of connection. 

Hands off

Backup generators heat up fast. Be careful from potential skin burns, use a protective gear before touching your backup generator.

Insurance Suggestion

The risk associated with a backup generator underscores the importance of homeowners insurance.

Call Robert Burton 7096822345

19 Osprey Place Paradise

Robert Burton offers MLS1154174, 19 Osprey Place Paradise of $339,900 With mature trees and shrubs providing aesthetic balance. 19 Osprey is a clean well-maintained functional 2610SF split-level 5 BR family home with generous street appeal on a large safe lot. Also, there are two large garages.