At Todd Sandler Realtors, we understand how important it is to choose a home that is within your financial ability. That is why our agents receive special training in personal finance evaluation and mortgage acquisition. By understanding these very important aspects of home purchasing, a Todd Sandler Realtors agent can help you to determine how much of a mortgage payment you can really afford, how much you'll need for a down payment, and exactly what the closing costs will be at the sale. Our agents also know a great deal about the mortgage industry and can help you to find the most competitive financing package available.
For first time home buyers, a Todd Sandler Realtors agent can explain how the tax advantages associated with home ownership can make owning more affordable than renting, and can also help to clear-up any discrepancies that may exist on your credit report before you apply for a mortgage. We recommend that you take advantage of the knowledge and experience a Todd Sandler Realtors agent can offer you while determining your costs.
Your financial obligations are as important as your income when determining how much money you can borrow. Lending institutions will vary on their guidelines, but outstanding debt will always affect the mortgage amount allowed to you. The amount of credit cards you hold may also affect the institution's decision if your status is questionable. Financial institutions view all loans as risks. A flawless loan repayment history may be an important consideration, but your current ability to meet all of your debt obligations is equally important. Therefore, the risk that your mortgage represents is based upon a predetermined ratio that the lending institution relies upon, known as a "debt-to-income ratio." This is factored by analyzing your existing household debt in comparison to your household income. Once you find out how much money you have available each month for a mortgage payment, you must then determine the amount of the mortgage you are seeking, the amount of the down payment, and the life of the mortgage.
Finally, it is recommended that you get a credit check done before you approach the financial institution for a mortgage. The financial institution will use this material in determining your loan status. Todd Sandler Realtors can help you secure a credit report on yourself. This will help the agent give you a good idea of what to expect. It will also help you find out if there are any discrepancies. These need to be cleared up before your meeting with the institution. Your Todd Sandler Realtors representative will be glad to be of assistance.