Steve's top ten reasons why to "hire" me as your Realtor      

1.  The best thing about working with me is that there is no cost to you.  Generally,the seller pays my commission.

2.  I will save you endless amounts of time, money and frustration.  I think I have already demonstrated that.

3.  I know the market and can help you avoid a "wild goose chase".

4.  I can show you any home whether it is listed with a company, a builder or even a for sale by owner (most of the time).

5.  I know the best lenders in the area and can assist you in getting pre-qualified/approved, give you a better understanding of what your cost may be. 

6.  I have access to a great deal of information regarding specific communities and properties.

7.  I am experienced in presenting your offer and can assist you in negotiating the best price and courses of action.  I can point out the advantages and disadvantages of a property.  Prepare the proper paperwork and submit it to the appropriate place in a timely matter.

8.  I represent your best interest and owe you my fiduciary duties. 

9.  I am a member of the National and Fayetteville association of Realtors (R) and must abide to the code of ethics and standard of practice or face substantial consequences.

10. I will give you all material facts available to me allowing you to make more informed decisions.

Pre-Qualification and Pre-Approval

Many buyers apply for a loan and obtain approval before they find the home they want to buy.  Why?

Pre-qualifying will help you in the following ways:

•  Generally, interest rates are locked in for a set period of time.  You will know in advance exactly what your payments will be on offers you choose to make.

• You won't waste time considering homes you cannot afford.

Pre-approval will help you in the following ways:

•  A seller may choose to make concessions if they know that your financing is secured.  You are like a cash buyer, and this may make your offer more competitive.

•  You can select the best loan package without being under pressure.

HOW MUCH CAN YOU AFFORD?

There are three key factors to consider: 

• The down payment 

• Your ability to qualify for a mortgage

• The closing costs associated with your transaction.

DOWN PAYMENT REQUIREMENTS:

Most loans today require a down payment of between 3.5% and 5.0% depending on the type and terms of the loan.  If you are able to come up with a 20-25% down payment, you may be eligible to take advantage of special fast-track programs and possibly eliminate mortgage insurance.

CLOSING COSTS:

You will be required to pay fees for loan processing and other closing costs.  These fees must be paid in full at the final settlement, unless you are able to include them in your financing.  Typically, total closing costs will range between 2-5% of your mortgage loan. 

QUALIFYING FOR THE MORTGAGE:

Most lenders require that your monthly payment range between 25-28% of your gross monthly income.  Your mortgage payment to the lender includes the following items:

• The principal on the loan (P)

• The interest on the loan (I)

• Property taxes (T),

• The homeowner's insurance (I). 

Your total monthly PITI and all debts (from installments to revolving charge accounts) should range between 33-38% of your gross monthly income.  These key factors determine your ability to secure a home loan: Credit Report, Assets, Income, and Property Value.

How to Buy a Great House

There are many factors to consider when selecting a neighborhood that is right for you.  Below are just a few of the many factors -- you may think of others that are important to you. 

Neighborhoods have characteristic personalities designed to best suit single people, growing families, two-career couples, or retirees. 

SCOUT THE NEIGHBORHOOD!

It is important that you scout the neighborhood in person.  You live in more than your house. 

• Talk to people who live there. 

• Drive through the entire area at different times of the day, during the week and on weekends. 

• Look carefully at how well other homes in the area are being maintained; are they painted, are the yards well cared for; are parked cars in good condition, etc.

NEIGHBORHOOD FACTORS TO CONSIDER --

• Look for things like access to major thoroughfares, highways, and shopping. 

• Listen for noise created by commerce, roads, railways, public areas, schools, etc. 

• Smell the air for adjacent commerce or agriculture. 

• Check with local civic, police, fire, and school officials to find information about the area. 

• Research things like soil and water. 

• Look at traffic patterns around the area during different times of the day and drive from the area to work. 

• Find out if the neighborhood is near parks, churches, recreation centers, shopping, theaters, restaurants, public transportation, schools, etc.

• Find out if the neighborhood belongs to a Homeowner's Association.