Budgeting

Start budgeting using THIS money management spreadsheet that I've created.

There are two tabs. One for your monthly bills and a second tab for any revolving debt you may have. If you need any help filling out this spreadsheet give me a call!

Common Questions for Homebuyers - 

What’s the first step of the home buying process?

You will need to get a mortgage unless you are paying cash for a house. To know how much home you can afford, you need to get pre-approved for a loan. This is the first step in the home buying process.

How Long Does it Take To Buy a Home?

The timeline for finding a house varies greatly from person to person. However, once you find a home and have an accepted offer, it usually takes around 30 days to close.

What Does A Realtor Do?

A Realtor is a highly-valued asset when buying a home. They will walk you through every part of the home buying process. They will educate and inform you of all your options. They will represent you throughout the transaction and beyond.

How Much Do I Have To Pay a Realtor as a Homebuyer?

You do not have to pay your Realtor anything to help you purchase a home. Instead, the sellers typically pay their Realtor a fee, and then that listing agent pays the buyer's Realtor for bringing the buyer and facilitating the transaction.

What does my credit score need to be?

A 620 credit score, or higher, is recommended. This score will be compared with your debt-to-income ratio. As you are probably aware, a higher credit score offers better lending terms. 

Some lenders will approve buyers with a 580 score, sometimes even lower. Again, your loan officer will be the best source to give you a current answer for today’s lending requirements.

How Much Money Do I Need for a Downpayment?

The most common answer is 3% to 5% of the purchase price. Some conventional loans require 3% down. Veterans are eligible for a VA loan, which requires no money down.

Properties in rural areas may be eligible for a USDA loan, which also requires no money down. A good loan officer will walk you through all of these options.

What Other Fees Are There, Besides the Downpayment?

The downpayment is usually the most significant cost associated with buying a house. Lending fees are the second-largest cost to homebuyers. Most lenders will charge between 2% to 4% of the loan amount for loan origination fees, depending on the loan type.

What is DTI?

Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income. This number is one way lenders measure your ability to manage the monthly payments to repay the money you plan to borrow.

Different loan products and lenders will have different DTI limits. To calculate your DTI, you add up all your monthly debt payments and divide them by your gross monthly income. Your gross monthly income is generally the amount of money you have earned before your taxes and other deductions are taken out.  

For example, if you pay $1500 a month for your mortgage and another $100 a month for an auto loan and $400 a month for the rest of your debts, your monthly debt payments are $2,000. ($1500 + $100 + $400 = $2,000.) If your gross monthly income is $6,000, then your debt-to-income ratio is 33 percent. ($2,000 is 33% of $6,000.)

Recommended Lenders:

Eustis Mortgage

Prime Lending

Sun West Mortgage