How Much Can You Afford?
Understanding how much you can afford is one of the most important first steps in the home buying process. Depending on your individual situation, your budget can affect everything from the neighborhoods where you look, to the size of the house, and even what type of financing you choose.
Bear in mind, however, that lenders will look at more than just your income to determine the size of the loan. Likewise, you may find that there are some creative financing options that can help boost your purchasing power.
In the current "Buyer's Market" there are some great deals out there. However, it is still important to not get carried away and to understand the mortgage amount and type that will work best for your personal situation.
Loan prequalification vs. preapproval
One of the best ways to determine your budget is to have your real estate agent or lender prequalify you for a loan. Prequalification is different from preapproval, because it is only an estimate of what you'll be able to afford. On the other hand, preapproval is a more formal process where a lender examines your finances and agrees in advance to loan you money up to a specified amount.
What factors are important to lenders?
Banks and lending institutions will use several criteria to determine how much money they'll agree to lend. These include:
Two important ratios
Lenders also use your financial information to figure out two, very important ratios: the debt-to-income ratio and the housing expense ratio.
Down payments make a difference
If you can make a large down payment, lenders may be more lenient with their qualifying ratios. For example, a person with a 20 percent down payment may be qualified with the 33 percent housing expense ratio, while someone with a 5 percent down payment is held to the stricter 28 percent ratio.
Other ways to improve your purchasing power - Click Here to read entire article
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or to search the Maine MLS
please visit our user friendly website at www.TanyaB.com
We would like to invite you to join us in supporting Julie Farstad and her partner Heidi this Sunday, July 20th at The Wharf in Hallowell for JULIEFEST.
Proceeds from this live, non stop music event will help defray medical expenses incurred by Julie who almost lost her life to septic shock. Julie is a speech therapist who works with preschool autistic children. Three years ago she donated a kidney to her mother. Now that she is in need of assistance, old and new friends have rallied together for her. Sunday also happens to be Julie's 39th birthday.
Please join us for this 21-and-over event from 2 to 10pm Sunday. Wharf owner David Bustin has generously donated the venue as well as a portion of the bar proceeds for the evening. Admission is by donation at the door, and there will also be a raffle. The line up of musicians includes: Kate Schrock, Darien Brahms, the Boneheads, Assembly of Lust, Trailer Sex, Katie Webber, Erik Glocker, and Ginger Cote.
JULIEFEST, at The Wharf Tavern in Hallowell, Maine
Sunday July 20th 2pm to 10pm
If you need directions, please give Tanya a call at 207-212-6161.
For more information, you can also contact Karen at kgrenier68@yahoo.com
As you can see, while the number of homes sold has definitely gone down, the median price of homes here in Androscoggin County Maine has continued to rise overall since 1998. The news is not as grim as the many news reports would have you believe. If you are considering buying or selling a home in Maine, please give us a call or email. We would love to help you.
207-689-9880
The Tanya Busch Team, Keller Williams Realty Mid Maine
34 Center Street Auburn, ME 04210
Search ALL listings in the Maine MLS 24/7 without registration at www.TanyaB.com
TRAIL REVIEW
With so many places to ski in Maine - Here is a great one that you may have missed!
Trail: Beech Hill Ski & Snowshoe Center, Wayne
Length: 80 acres of looping trails.
Grooming: Yes.
Trail Map: Available here
Phone: (207) 685-9281
Parking: Yes.
Fee: $10 adults, young children with skiing ability are free when accompanied by a parent or guardian.
Equipment Rentals: None.
Bathroom: Outhouses are conveniently located in two different areas of the trail system.
Ski Level: Intermediate. The trails are hilly so the ability to herringbone uphill and snow plow to control speed downhill are a must. Snowshoes are also welcome on these trails and a good option for family members not at this skiing level.
Dog-friendly: Dogs not permitted on trails.
Kid-friendly factor: GREAT (if intermediate skiers)
Kid Rating: Both girls gave this trail 5 stars (on a scale of 1-the worst to 5-the best).
Other: Free hot cocoa and tea for all visitors compliments of Dave & Bev Petell, the friendly owners of the trail system. And if you wrap your sandwiches in tinfoil, you are welcome to warm them up on the wood stove in the warming hut.
Don't Miss the Auburn Winter Festival February 1, 2, & 3!
The Auburn Maine Parks & Recreation department hosts this celebration of one of our favorite seasons here in Maine - Winter! The Auburn Winter Festival includes something for everyone!
Here is just a short list of some of the activities:
Sledding, bon fires, movies, bands, ice sculpture, skiing, torch-light parade, Children's indoor carnival, sleigh rides, races, skating, shovel races, and so much more!
Click the link below to register: Or check out the directions and schedule of events below.
https://activenet4.active.com/auburnparksandrecreation/
For more information on Central and Western Maine events or attractions, feel free to contact us at 207-689-9880. The Tanya Busch Team, Keller Williams Realty Mid Maine is proud to live in and serve this great part of the country.
A full service, experienced Real Estate Team serving South, Central & Western Maine. Specializing in Homes, Waterfront Properties, Land, Farms, & investment properties.
Professionalism, Integrity, Experience, Results! That says it all! The Tanya Busch Team is here to put our talents, experience, and expertise to work for you. Give us a call - you will not be disappointed.
Benefits of Working with the Tanya Busch Team
A Highly Trained Team of Specialists who work together as a cohesive unit to make sure that all of the important details are handled perfectly.
Expert Negotiation Skills: Tanya has helped an average of fifty families move each year; the average real estate agent sells less than twelve properties a year. This level of success is a testimonial to the expert negotiating skills that give our clients a major advantage over buyers and sellers working with other agents. Tanya has received a specialty certification as a Negotiating Specialist.
Good Old Fashioned Service combined with expert knowledge of the latest technology. Tanya has built her team on her Mainer values, common sense, and a strong work ethic. She has put together a team with the skills necessary to utilize all of the latest technology for both the sale of your home and the search for your next one.
The Tanya Busch Team utilizes the team approach to meet all of your Real Estate needs. Whether you are buying your first home, or your last - moving up, or downsizing - selling or buying - we will provide you with excellent service and advice. We utilize technology to provide our clients with top-notch advertising, virtual tours for all listings, listings posted on multiple websites and 24 hour marketing.
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"As a real estate investor, I feel that clear & accurate information is key. Tanya and her team always manage my transactions with the utmost professionalism. I will continue to rely on her for my future ventures and have grown to trust and respect her integrity, knowledge and empathy."
Sage Peterson
"We would like to express our thanks for the great job of selling our home on Bear Pond so quickly and professionally. It was a pleasure to have you represent us. You sold our home so timely that we regret we didn't seek your assistance the first time we tried. We appreciate that you were always there planning a market strategy to give our home the exposure it deserved. We appreciate your positive attitude and would be pleased to recommend your services to anyone buying or selling their property."
Gerry & Shirley
"Having Tanya as our selling agent has proven to be a wise choice. We have been very pleased with her aggressive marketing strategy and positive energy in selling our home. We highly recommend Tanya to anyone who is looking for a knowledgeable, respectful and hard working agent."
Pat & Cathy
"Tanya, I don´t know where to begin to thank you. You made a difficult situation easy. Your professional , responsible attitude is to be commended. You certainly are an asset to your agency. Without your assistance , I wouldn't have sold my property so quickly and for full price! Thank you again."
Maureen
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