Kamal Singh's Real Estate Guide Find your new home here


Your Team


Your Agent
A successful purchase starts with the right representative. In fact, once you’ve selected the best agent to represent you, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders.

Lender (Appraiser)
A bank is not just a bank. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford. Your lenders may or may not require an independent appraisal, and typically will make arrangements for the appraisal themselves.

Lawyer
Your home purchase is far too important a transaction to skimp on legal representation at the risk of leaving yourself open to costly future issues. Find a lawyer who is willing to take the time to answer your questions and who specializes in real estate law.

Home Inspector
No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that ‘surprise’ down the road. Ask your agent for a recommendation.

Contractor
Planning some renovations? You’re not the only one! The home renovation industry is booming, and in some markets, booking a contractor must be done months in advance (that’s a long time to go without a kitchen). Don’t let finding the right contractor slip through the cracks – planning ahead will almost certainly make your renovation smoother, and you contractor will appreciate the advance notice. 


Your Plan


1.  Find the right representative

Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information, and can often offer ‘scoops’ on local developments you might not have know about otherwise.  Speak to your agent first and he or she can be helping to guide you right from the start.

2.  Find out what your price range is
Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval.  Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating).

3.  Find out what your local market looks like
The internet can be incredibly valuable in doing preparatory research.  Start with your agent – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

4.  Find out what your true needs and wants are
Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent.

5.  Find your dream home!
Once you’re ready to act, you may be surprised by how quickly you can make a decision.  Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent, hit the pavement, and when you see ‘the house’, put in an offer. 

With the right team behind you, it really can be that easy!


Your Calculator


Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %

Your Real Estate News

real estate - Yahoo News Search Results

Whether they’re downsizing, relocating to a different community or making renovations to an existing home, it’s easy for retirees to make a wrong move.

10/24/2014 2:05:41 PM

Just a few graduates of Taliesin, Frank Lloyd Wright's architecture school, practiced in Seattle in the middle of the 20th century. One was Theodore "Ted" Dixon Bower, who designed this Leschi home in 1970. It's listed for $1.697 million, although a sale is pending.

10/23/2014 5:31:56 PM

In real estate transactions, the stakes are high and even a small mistake can end up costing you thousands of dollars. Whether you’re looking to buy or sell, here are some common mistakes to watch out for.

10/25/2014 8:03:56 AM

Over the next several quarters, real estate observers anticipate, billions of dollars in distressed commercial properties and loans will hit the market as banks rush to clean up their balance sheets. The ...

10/23/2014 3:40:00 PM

Fall sees some pockets of the city sluggish, while others still draw multiple offers

10/24/2014 8:23:25 AM

Redfin , the customer-first real estate brokerage, today announced the launch of its home-buying and selling services in Jacksonville, Florida. People can now work

10/23/2014 6:00:00 AM

Meet the Florida real estate agent who REALLY loves a challenge.

10/25/2014 5:16:23 AM

Digital technology that allows an overseas buyer to virtually walk through a house is being trialled in ACT.

10/25/2014 6:14:39 AM

Wheeler Real Estate Investment Trust, Inc. announced today that the Company’s Board of Directors has approved the acquisition of the membership interests of Wheeler Interests, LLC “Wheeler Interests”), Wheeler Real Estate, LLC and WHLR Management, LLC .

10/23/2014 6:30:00 AM

Real Estate Institute of the ACT president Michael Kumm said results were just a glitch in an otherwise good spring selling season.

10/25/2014 1:30:19 AM


 


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Kamal Singh  is affiliated to Keller Williams, 11700 Plaza America drive,  Reston, VA 20190


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