How much can I afford?

Wondering how much home you can afford? Here is what comes into play when determining the amount that you will be preapproved for…
*Buying a home on your own?
When you are buying a home on your own, your debt to income ratio, credit score, and monthly income will all come into play. Debt to income ratio meaning how much debt you have (student loans, car loans, etc.) compared to how much money you are making monthly. From there, the loan officer will be able to determine how much you can afford by giving you a suggested price range. It is up to you where you choose to stay within that price range, it all depends on what monthly payment you feel most comfortable with (which your loan officer can determine for you, too)!
*Buying your home with a partner?
All factors that come into play when buying a home on your own come into play when buying a home with a partner – BUT when buying with a partner, debt to income ratio, credit score, and monthly income for both of you COMBINED come into play. So, that means all of your debt combined with be compared with your total income, both credit scores, and a monthly household income will determine what you are preapproved for!
If you need more information or are thinking of getting in contact with a loan officer to see what you could afford, here are a few preferred lenders…
Dawn Hoback
Phone: 937-436-5030
Email: dhoback@talmerbank.com
Paul Sushereba
Phone: 937-422-9167
Email: psushereba@primelending.com
Jordan Lance
Irongate Inc., Realtors
Ryan Gillen Team
937-694-2721

How can I budget & save money on my energy bills?

A few quick energy budgeting/saving tips/links

If you're like me you try to save money in way you can...unless at the mall :0)  Here are a few tips that could save you money on energy bills...

A great resource is http://www.energychoice.ohio.gov/.  On this site you get to compare suppliers in your area and "shop" around for the best rates.  I absolutely love this site. I get on there about every 6 months or so and shop for the best rates.  I have never taken an offer that charges a setup or cancellation fee...mostly because I like having the advantage of changing providers anytime I like and I am cheap :0)  Just make sure if you do take a lower rate with one of these fees it benefits you in the long run. 

There are also groups that will evaluate the electric use in your home and in some cases you can qualify for an energy saving appliance replacement or upgrade free of charge. Our local Montgomery Co. coordinator is: 

Service Area: Darke, Greene, Montgomery, Preble, Warren Counties
Community Action Partnership of the Greater Dayton Area
719 South Main Street
Dayton, Ohio 45402-2709
(866) 504-7379

joycep@cap-dayton.org 

Of course you should always use LED or CFL lights... not only do you save an average of 75% of the energy used with incandescent bulbs but you'll also avoid removing the annoying light covers on the hallway light for another 5-6 years.

In addition you should always check your local provider's website for promotions and energy tips.  They often offer rebates, tax credits and other incentives for energy saving home improvements.

April Hauser

Irongate Inc. Realtors

Ryan Gillen Team

937-305-5370  

INSPECTIONS ARE COMPLETE. NOW WHAT?

INSPECTIONS ARE COMPLETE. NOW WHAT?                                                  

Excellent question! Review the inspection reports carefully and take note of the issues affecting the habitability of the house. The inspector should make note of major issues needing addressed prior to closing. These should not include items that most people would put into the category of “normal maintenance.” You really wouldn’t ask a seller to fix a dripping faucet or tighten a loose door handle. You’re really looking for issues that prevent you from being able to live in the home or issues that pose a safety risk.

If you found issues you deem the seller should repair, you’re Realtor will list these on a Post-Inspection Agreement. The part of the inspection as it applies to the items you want repaired will also be included to support your request for repair. Your list is submitted to the seller’s Realtor and the negotiation period for repairs begins. Keep in mind your contract states how many days you and the seller have to come to an agreement on your requested repairs.

Sometimes repairs can be completed at the seller’s expense prior to closing. You and the seller may agree to have the seller pay for the repair at closing. Then the buyer will be responsible for the repair work.

Be sure to discuss all of the options you have to come to your ultimate goal of getting repairs completed and closing on time.

Crank up the grill and celebrate!   

Steve Neal, SRES
Irongate Inc. Realtors
Ryan Gillen Team
937-369-6061

            

Where do I start part 3

We have made an offer... what should we expect?

Once you have made an offer the listing agent must present the offer to the seller.  The seller must then decide to 1. Accept the offer 2. Decline the offer 3. Make a counter offer.  You then have the same choices.  There is no limit to the number of counter offers one can make.

Once there is an accepted offer you will have many tasks ahead.  Your lender will need you to meet with them pretty quickly.  You will need to be prepared to give your lender paperwork and lots of it :0)
Most common items are: bank statements, tax returns, pay stubs, divorce decrees and other sources of income proof.  There are many more items but these are most common.

You will also need to schedule inspections or have your agent do so. If items are found in need of repair a post inspection will be done. The seller can choose to fix the items found, not fix the items or even pay an amount towards repairs (usually to a contractor).

Once all of these items are done you and your package has been approved by the bank underwriter you will be given a "clear to close".  In Ohio you have to have your settlement statement for 3 business days before you can close.

At closing you will need forms of identification ie: photo ID or passport, closing funds & a good pen :0)  Keys are often given at closing or a set number of days beyond closing.  5-10 days is pretty common.  Make sure your agent figures out utility transfer dates for you.  Often times they will be disconnected if not transferred and then you are stuck with a re-connection fee as well.

Congratulations!  You have purchased a house :0)

April Hauser
Irongate Inc., Realtors
Ryan Gillen Team
937-305-5370

WHAT DO THOSE LETTERS AFTER YOUR NAME MEAN?

WHAT DO THOSE LETTERS AFTER YOUR NAME MEAN?

That’s a question that’s asked often of Realtors. Letters after a Realtor’s name indicate they’ve earned a “Designation” or “Certification” in a specific area beyond the required training to become a real estate agent. Additional training and passing additional exams are required to earn these designations.

In my case SRES stand for Senior Real Estate Specialist. This means I have been trained to assist clients who are part of the 50+ real estate market.

This is an extra service offered in addition to working with first time buyers, buyer’s needing more elbowroom, assisting military relocation etc. and those needing to downsize.

Steve Neal, SRES

Irongate Inc., Realtors

Ryan Gillen Team

937-369-6061