Month: November 2014

Two ratios are calculated by mortgage lenders to determine a buyer's maximum loan amount:1) the front ratio and, 2) the back ratio. Front Ratio: The total mortgage payment including principal, interest, taxes and insurance (PITI) as well as any condominium or homeowner association fees divided by your total GROSS income. Traditionally, this ratio must be below 30% Example: With a gross income of $5000 per month, a total mortgage payment (PITI) of $1350, the front ratio would be 27%. Back Ratio: The total mortgage payment PLUS any car payments, credit card and any other loan payments including student loans divided by your total GROSS income. Traditionally this must be below 40%. Example: With a gross income of $5000 per month, a total mortgage payment of $1350, a car payment of $325, 1 credit card payment of $60 and 1 student loan payment of $150 for a total of $1885 with a back ratio of 38%. For more information or to set up an appointment call Julie at (703)765-0300. If you need help calculating your ratios, please contact Julie Nesbitt at 703 765 0300. What exactly does a Realtor do? By law, Realtors are required to:

• Perform certain mandatory and standard acts to help out with the purchase or sale of real estate.
• Properly account for the money or alternative property placed in her or his attention.
• Disclose untoward material facts that are, or should be, inside the broker’s knowledge.

Realtors can assist sellers by screening potential home buyers and by helping them prepare their homes in order to list them on the market. Realtors can also assist buyers by showing investors suitable properties for their risk profiles and long-term investment goals. The agents at Nesbitt Realty can quickly locate the perfect home for you in {Location_Name} through efficiently organizing and coordinating meetings with sellers and potential buyers. Our realtors stay informed about all the important aspects of an area that you might consider when purchasing a home. These may include the following:

• the quality of schools,
• association fees,
• Metro availability,
• community amenities such as shops, parks, and restaurants.

When homes in {Location_Name} are listed on the market, our brokers have immediate access to them, which saves home buyers hours of time that is otherwise wasted driving around. Our realtors will help you save money on your negotiations, will explain and weigh the advantages and disadvantages of different types of mortgages, and will guide you through all the necessary paperwork when you are ready to make an offer on a home.