Buying Tips
You can save yourself a lot of wheel-spinning if you take a minute to figure out how much mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 31% of your monthly gross income (that’s your monthly income before taxes and other paycheck deductions are taken out.) For those borrowers who qualify under FHA’s Energy Efficient Homes, the monthly mortgage payment can total 33% of your monthly gross income. You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you’ll be able to afford. Follow our tips and use the simple calculator to see how much you can afford in a mortgage payment, please call RESORTS LTD Inc. at (609) 646-0300.

Create Your “Wishlist”
Make your wish list. Focus on the features you want in a home: 2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you’re looking for will help you focus your search. And it will help your real estate broker, too.

Mortgages and Homebuying Programs
Many different kinds of mortgages are available to you. Read about them, and make sure you understand the pros and cons of each. Your real estate broker can help you. Also, many local governments offer special homebuying programs to help low-income homebuyers. Shop around – you may be surprised at all your options!

Shopping for a Home
Now you really begin house-hunting. Your real estate broker will be able to find listings for you, based on your wishlist. But don’t stop there! You can do your own looking, and then ask your broker to show you the house. Start with the Internet. Pick up real estate flyers at local grocery stores and convenience stores. Read the real estate sections of your local newspaper. Drive around neighborhoods that interest you and write down addresses where there are “for sale” signs. Go to open houses. Try everything!

Home Inspections
When you make an offer on a home, it’s a good idea to make your offer contingent on a home inspection, conducted by an independent authorized inspector. You will have to pay for this inspection yourself, but it could keep you from buying a house that will cost you far more in repairs, down the road. If you are satisified with the results of the inspection, then your offer can proceed. If you aren’t, you may want to negotiate, asking the seller to pay for certain repairs or asking for a lower price.