Here is how to OWN A HOME for LESS THAN AVERAGE AREA RENT
We love helping tenants become homeowners and we have three exciting closings scheduled for local, first-time home buyers within the next month!
Homeownership is a great investment; it will allow you to build equity in an asset, it will help you to improve your credit and it will give you countless (and sometimes endless) home improvement opportunities! Home ownership helps to improve the local economy too!
Using a very general mortgage calculator, we wanted to show you what monthly payments (INCLUDING INSURANCE AND TAXES) would look like for homes in the $100,000 range. Of course, this is an estimate; interest rates change, down payments may vary and buyers may qualify for different financing options.
Let’s see how these monthly payments break down. If you purchase a home for $100,000 with 0% down, as offered through USDA / RD loan program, with an interest rate of 3.75%, a Homeowner’s Insurance Policy of $600 / annually and estimated property taxes of $1,750 / annually; you could expect an approximate monthly payment of $659.00 (for a 30 year fixed rate mortgage)
The portion of this monthly payment would break down as follows:
$463.00 towards principal and interest
$146.00 towards property taxes
$50.00 towards homeowner’s insurance.
There are fees associated with purchasing a home and a loan, we call these “closing costs”. While you may qualify for a program that requires 0% down, there might be closing costs or APR (annual percentage rates) and your loan officer would be able to let you know what to expect that amount to be.
Want to see some houses? Here is a link to area homes that offer awesome value and would make great options for the first time home buyer!
Before you get your heart set on one of these properties, check in with a loan officer. Becky Mason issued our mortgage and I have since referred her many times to happy clients; she can be reached by clicking her name and visiting her website, or by calling / texting her cell: 207-890-3449.
Happy hunting and we look forward to helping you make this exciting transition!
You might have heard that saying about the number of fish there are in the sea – the sea of prospective dates and mates. The same goes for homes on the market. Even when the market heats up as it's doing now, it's not uncommon for a buyer to visit 10, 20 or even more homes before finding the property they want to make their home.
These numbers can be daunting, but even the most particular buyers, even buyers who are frustrated by how many homes don't seem like the right fit, can take heart in this one truth of dating that also applies to house hunting:
You only need to find ONE.
So the next question is this: how do you know which fish is the one you should take home – I mean, make your home? To help, here are six signs that a given home you're viewing might in fact be "The One":
1. You instantly feel possessive about the property. When you walk into 'The One' no matter how long you've been house hunting, you'll get an involuntary surge of energy to do whatever it takes to make that home yours. If you're at an Open House and other buyers are viewing the place, you'll start to feel competitive. If you're at a private viewing, you'll start to talk numbers and offer logistics. For that matter, some buyers start making calls to their financial planners, generous parents, and contractors from the front porch steps of their "One" – during the first viewing!
If you walk through a place and leave with your heart or mind set on making it yours, it might be "The One."
2. You start to see its flaws as adorable quirks. Train tracks 10 feet from the bedroom window? Next door neighbor that runs a pigeon-sitting service? Okay – I exaggerate! But if you find yourself viewing a home with traits that you would normally deem undesirable or as deal-killers, yet you like the place so much that you instinctively compile a mental list of reasons those traits just don't matter, you might have found "The One."
Smart buyers should be aware of a syndrome some call "Pottery Barn Psychosis," whereby the aesthetics of a wonderfully staged home with amazing curb appeal can hypnotize a buyer. This syndrome renders buyers blind to the negative property features, which would be glaring or grave concerns if the place weren't so stinking cute. It's fine to make a conscious decision that the pros of a place outweigh its cons, and even to consciously re-rank your priorities in light of a particular property's advantages.
But throwing reasonable guidelines for your home out of the window because it's just so stinking cute is about as savvy as doing the same with your dating prospects – not a setup for success.
Buyers can avoid falling victim to Pottery Barn Psychosis (and the Buyer's Remorse that often follows suit) by writing down your absolute musts and deal-breakers before you ever step foot in a single property – and by revisiting this document before you write an offer and again before you remove your contingencies.
If you find yourself viewing a home with traits that you would normally deem undesirable, yet you like the place so much that you instinctively compile a mental list of reasons those traits just don't matter, you might have found "The One."
3. You immediately envision your own family, furniture, decor, daily activities or remodeling choices in/to the home. If you find yourself, during a property viewing, measuring the dining room with your footsteps to be sure your Grandma's table will fit, discussing whether the wall between kitchen and dining room can be removed or
your mind's eye Photoshopping a given property to insert your bedroom set, your dining table and favorite wall hangings into place it's entirely possible that the home you're viewing could be "The One" for you.
4. You lose interest in seeing other homes. When you find "The One," your interest in seeing other homes dissipates, instantly – no matter how many homes you've seen or how long you've been house hunting.
5. The bathroom and kitchen don't disgust you. We humans are born with only two fears in life: the fear of falling and the fear of loud noises. By about eight months old, we start to acquire new fears. Chief among them: the fear of other people's kitchens and bathrooms.
Other people's kitchens and bathrooms hold definite gross-out potential. There's just something about what goes on in those rooms that seems exceptionally intimate and even unsanitary. So, if you happen to find yourself falling in love with a home's river rock shower floor or drooling over the pot-filler, countertop or farmhouse sink, that's a sign that you're falling head over heels with a home that might just be "The One."
6. The money, time and energy spent feels worth it. Home buying is an expensive, time consuming proposition. And your years of budgeting of earned you a nice nest egg, but it didn't come easy, there might be many a Saturday night at home and a brown bagged lunch reflected in your down payment savings. If you view a home that make all of those sacrifices suddenly feel like the best, most worthwhile decision ever? You, my friend, might have found "The One."
Whether you're a buyer or a seller, you'll experience the very best in service in Maine when you choose The Maine Real Estate Network. Our knowledgeable, experienced professionals are ready to help you find your new home or sell your property quickly. Our extensive network of professionals will support you through every step of the process. Real Estate Agents have many choices of companies to work for, but the agent you are considering hiring has chosen to affiliate with Maine’s number one
INDEPENDENT Real Estate agency. What does this mean to you?
- Since we are independent, we can be much more flexible in helping you to get your real estate
- We provide our agents with the ability to make their own decisions and have removed as much red tape as possible to allow them to facilitate your transaction in a timely manner.
- We provide our professionals with up-to-date training and technology to better serve your needs. We will work to get you the best deal possible.
- We are 100% locally owned. No part of the commissions we earn go out of the great State of
- This agency gives back! Charitable contributions in 2014 will approach $100,000.
- With 22 locations (and more coming in 2015), you can be sure we have experts in your area – after all, Real Estate is a local business. In partnership with Leading Real Estate Companies of the
- World we can help you buy or sell nationwide or anywhere in the World; I’m local, I’m Global™.
- Our listing inventory averages over 1500 properties; with an active buyer pool numbering in the
- We currently house almost 500 real estate professionals. Our talented agents are committed to delivering the most stress-free, hassle-free transaction service possible.
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- We provide our professionals with 24/7 web-based resources, so they can do what they do
- Our Agency resources include in-house Title and Closing, Mortgage Lending services, Rental and Lease/Purchase programs, Commercial property, Short Sale expertise, New Construction divisions and numerous third party vendors. Whatever your Real Estate need-We Can Help!
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