Karla Rozum, Specializing in Your Success
Whether you’re in the market for your first home, moving up or down-sizing, this is an important juncture in your life. I’m honored to be a part of your venture, and will work hard for your success. As an ABR (Accredited Buyer’s Representative), I’m proud to say that my Buyer Clients can enjoy confidence and trust.
How does an Accredited Buyer’s Representative (ABR®) differ from other buyer’s representatives?
An ABR® is a buyer’s representative who has completed advanced training and who has proven experience in serving the special needs of buyer-clients. In addition to knowing the dynamics of their local market, an ABR®-designated buyer’s rep can help you make informed decisions throughout the entire home buying process.
What services will I provide as your buyer’s representative?
- Helping you clarify your priorities.
- Suggesting sources of financing and other service professionals, such as inspectors and exterminators.
- Providing sources of accurate and lawful information on neighborhoods, schools, and communities.
- Selecting and arranging property showings.
- Evaluating particular properties.
- Explaining forms and agreements.
- Suggesting contract contingencies to protect you, rather than the seller.
- Assisting in the negotiations for a favorable price and terms.
- Keeping all information confidential that could weaken your bargaining position.
- Monitoring the entire purchase process, assisting with issues that arise through closing.
How much house can I afford?
When evaluating how much you can afford for your home and mortgage, lenders usually use two rules of thumb:
- Your maximum monthly mortgage payment should not exceed 28 percent of your gross (pre-tax) income.
- Your maximum debt load, including your mortgage payment, should not exceed 30 percent of your gross income.
These ratios are typical of those required to secure a conventional mortgage. Lenders will be able to supply details about other types of mortgages, such as FHA or VA loans, which offer more flexible qualification standards. There are many types of mortgages and financial tools available that provide flexibility in interest rates, terms, and down payment requirements. Learn more about finances.
What’s the difference between being pre-qualified and pre-approved for a mortgage?
Pre-qualification: An informal determination by a lender or mortgage broker stating how much mortgage you can afford. Your lender will provide a pre approval LSR (Loan Status Report), which we will submit with your offer on a home.
Pre-approval: A guarantee in writing by a lender to grant you a loan up to a specified amount.
What are the advantages of being pre-approved?
There are two advantages of being pre-approved for a loan as early as possible in your home-buying process:
- Sellers will find any offer you make more attractive if you are pre-approved for a mortgage.
- The length of time before closing can be shorter if you’ve completed the steps to securing mortgage approval prior to signing a contract on a property.
While finding the perfect home can be exciting, it can also be difficult. I am here to help – call or email, I hope to hear from you soon.