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Buyer
Information
Finding and purchasing a home that will meet your needs
now and in the years to come is a significant and often
stressful time. The Tahoe Dream Team’s goal is
to make this transition as smooth as possible. Here
are some tips that you may follow to make the search
of finding your dream home seamless. We have an extensive
library of literature on every aspect of buying a home.
Click Here
to receive a hard or soft copy of additional Buyer’s
Information.
Getting Started
Before you start looking for a home you should ask yourself
a few questions and make some important decisions: |
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Where
do you want to live? Do you want to be close to a ski
area, trails, or shopping? |
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What
kind of house would you like or do you need? Are you
looking for a particular style? How many bedrooms and
bathrooms do you want? Do you want a garage? |
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How
much house can you afford? Have you consulted a mortgage
lender to determine the size of the mortgage you would
qualify for? |
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Have
a reputable Lender pull your credit report and make
sure the information is accurate. If you find any errors
take steps to correct them immediately. A good lender
should be able to council you on ways to improve your
credit. We suggest using a good, qualified, local lender,
or using a lender you have had prior good service from
and that you have a previous working relationship with. |
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1. Odette
Mortgage
2. BWC
Mortgage
3. Washington
Mutual
4. Bank of America (#1 For Lots)
Michelle 916-364-2562 |
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Browse
through listings here on TahoeDreamTeam.com. This will
give you a good feel for the types of homes that are
on the market and what they cost. |
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Take
a self-guided driving tour with listings and maps from
our website to assist you in deciding which neighborhoods
you would like to invest in and what you will get for
your dollar. |
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Start
saving money - you'll need to have cash on hand for
a down payment and closing costs. |
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Don't
incur any additional debt. Pay down your credit cards
- and don't apply for any new ones. Don't make any major
purchases on credit - buy the furniture or car later.
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Contact
the Tahoe Dream Team at 530-583-1354. We can help you
determine how much you can afford and provide you with
information on homes that may interest you. We will
utilize our extensive experience and knowledge to match
you with the house of your dreams. |
How
much house can you afford?
A quick way to estimate the size of the mortgage you
may qualify for is to take your gross monthly income
(that's before taxes and other deductions) and multiply
it by .28. This works out to just over 1/4 of your gross
income.
Mortgage companies use something called qualifying ratios
to determine how much they will lend you. Most mortgage
companies use either a 28/36 ratio or a 25/33 ratio.
The first number in each pair is the percentage of your
gross income that the lender would consider acceptable
as a monthly mortgage payment (i.e. if you make $3,000
per month, 28% of that is $840 per month).
The second number in each pair is used when all debt
payments are considered, not just the mortgage. (i.e.
if you make $3,000 per month, but also have a $250 a
month car payment, 36% of $3,000 is $1,080, minus the
$250 car payment equals $830).
Why you should work with the Tahoe Dream Team!
Working with a professional Realtor to buy your home
is a good idea for several reasons: |
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We
will analyze your financial situation to help you determine
how much you can afford. |
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We
know the process of buying a home and will explain it
to you. |
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We
can easily access information on all properties listed
for sale by Realtors in our area. |
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We
can set up appointments for you to see homes that interest
you. |
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We
will help you complete all the necessary paperwork when
it comes time to make an offer. |
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We
will help you arrange financing. |
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We
will be there at closing to answer your questions and
make sure that everything runs smooth. |
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We
can save you time and money by using our experience
and knowledge to get you the best price and terms. |
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