Top 10 Tips for Buyers to Learn (or Re-Learn)…Especially in this Market

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The current real estate market is definitely a seller’s market.  Many homes, especially affordable homes, are flying off the shelves as soon as they hit the market.  And, in many cases, sellers have multiple offers from which to choose.  In times like these, buyers tend to make bad decisions because they just want to snag a house—any house—because supply is so limited.  So, here are my Top 10 Tips for Buyers that will help you get into the best house for your situation, without breaking the bank.   1)  Determine What You Can Afford and Start Saving for a Down Payment The first step is to figure out how much a lender is likely to loan you for a mortgage, and also figure out how much you feel comfortable spending.  Lenders look at your Debt to Income Ratio when determining how much they will lend.  Most lenders want your total mortgage payment (which includes principal, interest, property taxes, and home owners insurance) to be less than or equal to 28% of your gross monthly income.  They also want the total of all your debts (car payments, credit card payments, student loan payments, etc.) plus your new mortgage payment to be […]