We are totally focused on
our client's needs, and we
work to realize their
dreams as if they were
our own.
Trina and Rodney Joyner,
Home Team Realty
our client's needs, and we
work to realize their
dreams as if they were
our own.
Trina and Rodney Joyner,
Home Team Realty
| 302-629-7711 realestate@joynerteam.com |
Tips for buyers
CONTACT ME
Home Team Realty
Joyner Team
8 Steps to Getting Your Finances in
Order
1. Develop a family budget. Instead of
budgeting what you’d like to spend,
use receipts to create a budget for
what you actually spent over the last
six months. One advantage of this
approach is that it factors in
unexpected expenses such as car
repairs, illnesses, etc., as well as
predictable costs such as rent.
2. Reduce your debt. Generally
speaking, lenders look for a total debt
load of no more than 36 percent of
income. Since this figure includes your
mortgage, which typically ranges
between 25 and 28 percent of income,
you need to get the rest of your
installment debt—car loans, student
loans, revolving balances on credit
cards—down to between 8 and 10
percent of your total income.
3. Get a handle on expenses. You
probably know how much you spend
on rent and utilities, but little expenses
add up. Try writing down everything
you spend for one month. You’ll
probably see some great ways to save.
4. Increase your income. It may be
necessary to take on a second, part-
time job to get your income at a high
enough level to qualify for the home
you want.
5. Save for a downpayment. Although it’
s possible to get a mortgage with only
5 percent down—or even less in some
cases—you can usually get a better
rate and a lower overall cost if you put
down more. Shoot for saving a 20
percent downpayment.
6. Create a house fund. Don’t just plan
on saving whatever’s left toward a
downpayment. Instead decide on a
certain amount a month you want to
save, then put it away as you pay your
monthly bills.
7. Keep your job. While you don’t need
to be in the same job forever to qualify,
having a job for less than two years
may mean you have to pay a higher
interest rate.
8. Establish a good credit history. Get
a credit card and make payments by
the due date. Do the same for all your
other bills. Pay off the entire balance
promptly.
Order
1. Develop a family budget. Instead of
budgeting what you’d like to spend,
use receipts to create a budget for
what you actually spent over the last
six months. One advantage of this
approach is that it factors in
unexpected expenses such as car
repairs, illnesses, etc., as well as
predictable costs such as rent.
2. Reduce your debt. Generally
speaking, lenders look for a total debt
load of no more than 36 percent of
income. Since this figure includes your
mortgage, which typically ranges
between 25 and 28 percent of income,
you need to get the rest of your
installment debt—car loans, student
loans, revolving balances on credit
cards—down to between 8 and 10
percent of your total income.
3. Get a handle on expenses. You
probably know how much you spend
on rent and utilities, but little expenses
add up. Try writing down everything
you spend for one month. You’ll
probably see some great ways to save.
4. Increase your income. It may be
necessary to take on a second, part-
time job to get your income at a high
enough level to qualify for the home
you want.
5. Save for a downpayment. Although it’
s possible to get a mortgage with only
5 percent down—or even less in some
cases—you can usually get a better
rate and a lower overall cost if you put
down more. Shoot for saving a 20
percent downpayment.
6. Create a house fund. Don’t just plan
on saving whatever’s left toward a
downpayment. Instead decide on a
certain amount a month you want to
save, then put it away as you pay your
monthly bills.
7. Keep your job. While you don’t need
to be in the same job forever to qualify,
having a job for less than two years
may mean you have to pay a higher
interest rate.
8. Establish a good credit history. Get
a credit card and make payments by
the due date. Do the same for all your
other bills. Pay off the entire balance
promptly.