Ray HishmehReal Estate agent with Coldwell Banker.I’ve been selling real estate for 4 years now.Buying a home can be very complex and stressful… That’s why I have a job. I’m there to make it easier for the consumer.
Does anyone plan on having a big family?Growing up, I had to share 1 bathroom with my 3 older brothers…. That got interesting….
1. Anyone already know what career path you will be taking?What’s the avg yearly salary?Gross Monthly Income means your income before taxes come outImportant to stay below your maximumDon’t overextend yourself!
Anyone know what a credit report is?a record of a person’s history of borrowing and repaying money, including information about late payments, & account balances.Most of you probably have nothing in your credit report right nowBut, if you’re going to college, that will be one of the first things to go on your report
Home buying tips
Home Buying Tips Ray Hishmeh Coldwell Banker Real Estate
Buying vs. Renting • 3 Major Advantages to Buying: 1. Your money goes toward owning the home Make your house payments for several years, then sell your house and get your money back * 2. Home Loan interest is tax deductible Pay less taxes! 3. Interest rates are so low right now that a house payment can be lower than a rent payment.
Size & Features of the home: • What is important to you? • Family? • 3 bedrooms, 2 bathrooms? • Garage, Basement, Central Heat & Air conditioning Consider Resell Value: • The average American moves 11 times in a lifetime • Will these features help you sell the home later? • Does having a pool help sell a home?
Location! Where do you want to live? Big Difference in property values based on location • Newer 3 BR, 2 Bath, Munfordville Around $100,000 +/- • Newer 3 BR, 2 Bath, in Bowling Green Around $110,000 to $120,000
Price of the home! • Maximum Monthly Payment What is your yearly salary? According to Bankrate.com, your house payment should not exceed 28% of your gross monthly income: • $40,000 yearly salary x 28% = $11,200 • $11,200 ÷ 12 (months) = $933 max monthly payment
Price! How much can you afford based on your salary: • http://www.ginniemae.gov/2_prequal/intro_question s.asp?section=YPTH
Maintaining Good Credit • Credit Report Student Loan, Car loan, Credit cards, late payments The bank will look at your credit report to determine if they should give you a loan You cannot get approved for a home loan with bad credit If you get behind on a payment, contact the bank The worst thing you can do is ignore the problem
Homes for sale • Realtor.com, Trulia.com, zillow.com, homes.com Other Websites • Bankrate.com • Ginniemae.gov
What’s the value? •3 Bedrooms, 2 Baths •Garage, basement•Located just outside of Chicago
What’s the value? •3 Bedroom, 2 Bath •Garage, basement •Louisville, KY
What’s the value? •3 Bedroom, 1 Bath •Garage, Basement •Munfordville, KY