Buyer Tips

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Locating and purchasing a home in the Knoxville and surrounding areas can be a positive experience. Marie White has been in Knoxville real estate for 27 years and is not only very knowledgeable about the area but provides a comfortable environment during your home search. The goal of Marie White and Associates is to make your transition as smooth as possible.

To help you begin searching for the home you want, we would like to offer a few tips:

1. Determine How Much Mortgage You Can Afford.
To determine how much a mortgage company will lend you, they use qualifying ratios; either a 28/36 ratio or a 25/33 ratio. The first number in either pair is the percentage of your gross income (amount you earn before taxes and other deductions). The lender will consider that amount acceptable as a monthly mortgage payment. For example, if you earn $4,000 per month, 28% of that amount is $1,120 per month. That would be the amount of monthly mortgage you could afford.

The second number in either pair is used when all debt payments are considered, not just the mortgage. For example, if you make $4,000 per month, but also have a $250 a month car payment, 36% of $4,000 is $1,440. Deduct the $250 car payment and that gives you $1,190 for a mortgage payment.

2. Prepare Your Budget for a Down Payment.
After determining the price range you can afford in a home, you will need to save for a down payment and closing costs.

Pay your credit cards down to a minimum and don't apply for new ones. Don't make any major purchases on credit.

3. Starting Your Search.
Before starting a search for your home, decide where you prefer to live. Determine whether you want to be close to work, schools, shopping, etc.

4. Do Your Homework.
Doing your homework will make searching for a suitable home a lot easier. Below is a checklist to help you.

___ Get a credit report and review the information for accuracy. Reports can be ordered safely online immediately from Equifax, Experian, or TransUnion. Sometimes your credit information from these agencies will differ from one to the other. It might be wise to order a report from each agency.

___ If you find any errors on your credit report, take steps immediately to correct them. How to correct errors on your credit report

___ Look through our listings, MLS listings, and newspaper listings. This will help you discover the types of homes available and price ranges.

___ Attend open houses to get an idea of things you would like in your home

___ Complete our online form to let us know the type of home you want. We will get back to you soon with the results.

4. Why You Should Contact A Realtor.
The process of purchasing a home will be a lot more smooth if you work with a Realtor.

An experienced Realtor will:

Analyze your financial situation to determine how much mortgage you can afford
Be available to answer questions you might have concerning the purchase of a home
Set up appointments for you to view homes in which you are interested
Access information on all properties listed for sale by Realtors in the area
Assist you in completing necessary paperwork when you are ready to make an offer
Help you arrange financing
Assist you at closing by answering questions you might have and making sure everything goes smoothly