Julie Nesbitt
Two ratios are calculated by mortgage lenders to determine a buyer's maximum loan amount:1) the front ratio and, 2) the back ratio.
Front Ratio: The total mortgage payment including principal, interest, taxes and insurance (PITI) as well as any condominium or homeowner association fees divided by your total GROSS income. Traditionally, this ratio must be below 30% Example: With a gross income of $5000 per month, a total mortgage payment (PITI) of $1350, the front ratio would be 27%.
Back Ratio: The total mortgage payment PLUS any car payments, credit card and any other loan payments including student loans divided by your total GROSS income. Traditionally this must be below 40%. Example: With a gross income of $5000 per month, a total mortgage payment of $1350, a car payment of $325, 1 credit card payment of $60 and 1 student loan payment of $150 for a total of $1885 with a back ratio of 38%.
For more information or to set up an appointment call Julie at (703)765-0300.
If you need help calculating your ratios, please contact Julie Nesbitt at 703 765 0300.
When the time comes to purchase a home, there are five basic ground rules for smart shopping in {Location_Name}:
#1 – Get your financing before you get your home
Even though you may be eager to find your new home, receiving financing beforehand is important so that you do not become disappointed down the road, such as if you were to find the perfect home only to find out that you can't receive financing for the price of the home.
Receiving financing ahead of time will allow you to know your price range and will give you credibility among listing agents because they will know you are serious about the home buying process. Knowing how much you can afford will save you from wasting time with unaffordable properties, and the listing agent will know what properties in {Location_Name} to show you within your price range.
Looking at the various types of mortgages offered is an important step in the home buying process because today's mortgage options offer more than just simple 15 or 30 year financing. Home buyers need to talk with financing specialists to find the mortgage that will best fit their needs.
#2 – Look at the community, not just the home
Everyone knows that location is important, but this is especially important when looking for a new home. Even though you may find your perfect home, you need to look at the community as well. Being familiar with the area in which your home is situated is important for you and your family because you will want to make sure that your new community has access to things that are important to you. Things that may be important are traffic, commute time, proximity of places to shop, and access to public transportation. If you have children, you'll want to consider the school districts, recreational activities, and general community atmosphere. If you believe you have found your perfect home, consider driving around town and through the various neighbors or talk to other residents in order to get a feel for the community.
#3 – Be fair with your first offer
Before making either a lowball offer or an offer that is over-the-top, research the local market and compare the asking prices of various homes nearby as well as homes in {Location_Name} that have sold recently to get a general idea of a fair offer. This process of comparing similar homes in the area is known in the real estate industry as "comps" and is one of the best ways to determine the fairness of an offer.
#4 – Always get a home inspection
Home inspections are a must when considering making an offer on a home. A home inspection will find possible defects before you purchase the home. You may not want to put up the money to have a home inspection, but the cost of this is negligible in comparison to the price of a home and the cost of potentially having to fix something major down the road.
As far as finding the best home inspector, ask around in the community to find someone that others speak highly of since many of the best home inspectors rely on word of mouth for advertising.
#5 – Do not alienate the sellers of the home
Personal animosity between buyer and seller has caused many real estate deals to fall apart. Examples of this would be if the seller feels alienated or if the buyer nitpicks over every detail.
A smooth real estate transaction is more likely to occur if goodwill between buyer and seller is maintained.
[learn more about the home buying process]
W-2 forms --- or business tax return forms if you're self-employed --- for the last two or three years for every person signing the loan.
Copies of at least one pay stub for each person signing the loan.
Account numbers of all your credit cards and the amounts for any outstanding balances.
Copies of two to four months of bank or credit union statements for both checking and savings accounts.
Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
Addresses where you've lived for the last five to seven years, with names of landlords if appropriate.
Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
Copies of your most recent 401(k) or other retirement account statement.
Documentation to verify additional income, such as child support or a pension.
Copies of personal tax forms for the last two to three years.
For more information or to set up an appointment call Stuart at (703)765-0300.
Here are some of the basics about title insurance:
1. Every mortgage lender requires title insurance. Title insurance protects the lender and the secondary markets to which they sell the loans from defects in the title to your home and property. It ensures the validity and enforceability of the mortgage document. Title defects could include mistakes made in the local property office, forged documents and claims from unknown parties. The amount of the policy is equal to the amount of your mortgage at its inception. You pay a one-time fee as part of your closing costs. If you are purchasing a home, you should also purchase an owner’s policy which provides coverage up to the purchase price of the home you are buying. In some states it is customary for the seller to purchase the owner’s policy on your behalf.
2. You have the right to choose your title insurance provider! You can shop around for a lower insurance premium rate on line at sites, or you can also ask your lender or real estate professional for help in getting quotes.
3. Check the companies out before you select one. Make sure the title insurance company you choose has a favorable Financial Stability Rating® with Demotech, Inc., the leading title insurance rating company.
4. It’s easy to save money on title insurance. Request quotes from a few companies and then reach out and speak to them. Ask about hidden fees and charges which could make one quote seem more attractive than another. Ask about discounts. There are often discounts available if you are refinancing and sometimes even when you are purchasing if the current policy issued to the seller on the property isn’t too old.
5. Even new construction needs coverage. Even though the home is new, the land isn’t. There may be claims to the land or liens placed during the construction which could negatively impact your home.
For more information or to set up an appointment call Julie at (703)765-0300.
Nesbitt Realty helps first-time home-buyers realize their home-buying dreams.
Buying a first home can be a daunting experience. Here are five common and costly mistakes that novice home buyers make:
1. Ignore the costs of having a low credit score. Lower-score borrowers pay thousands of dollars in increased interest rates over the life of the loan.
2. Make purchases on credit before settlement. Lenders continue to check credit scores right up until the time of closing. Too much shopping could cause the lender to take back the loan.
3. Scrimp on an inspection. Being surprised by the need for expensive repairs can be financially devastating.
4. Buy without contingencies. Buyers should give themselves an out if the inspection turns up problems or the bank raises the interest rates.
5. No money for insurance. Insurance can be surprisingly pricey. Buyers who don’t budget for it can face a nasty surprise.
The law requires that Realtors
Perform essential and customary acts to help out with the purchase or sale of real estate.
Properly account for the money or other property put in his or her attention.
Reveal any “adverse material facts” which are, or should be the broker’s knowledge.
Realtors can help buyers pre-qualify for mortgages and keep abreast of the newest house listings. They can assist sellers in screening potential buyers and preparing their homes. They are able to demonstrate investors the properties that fit their risk profiles and long term investment strategies.
Nesbitt Realty can quickly find the best house for you personally. Our sages can efficiently organize and coordinate meetings with sellers and potential buyers in {Location_Name}.
A Nesbitt Realty Realtor is well acquainted with the affairs you'll need to know about the neighborhood you might be considering:
the security of the community,
Cost,
Metro availability,
Nearby parks and sites,
Nearby shopping,
School quality.
Our agents have immediate access to homes when they are put in the marketplace. Your agent will help structure the deal to save you money, when you’re prepared to make an offer on a home. She or he will describe the benefits and drawbacks of different types of mortgages and guide you through the mounds of paperwork. Contact Nesbitt Realty to discuss your options in {Location_Name}.
For more information or to set up an appointment call Julie at (703)765-0300.
The mareket is heating up and now is a great time to buy. And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed.
Julie can help you with all your real estate needs.
Here are 10 reasons:
You can get a good deal. Prices are as low as they are going to get for a while. And prices are at a level that makes sense for people's income.
Mortgages are cheap. At 3.75% on average for a 30-year fixed-rate mortgage, your costs to own are down.
You can save on taxes. When you add up the deductions for mortgage interest and others, the cost of owning can drop below renting for a comparable place.
Your money is not wasted on rent. The one benefit to owning that never changes is that you can paint your walls orange if you want (generally speaking; there might be some community restrictions). How many landlords will let you do that?
You can get a better home. In some markets, it's simply the case that the nicest places are for-sale homes and condos.
Home buying offers some inflation protection. Historically, appreciation over time outpaces inflation.
It's risk capital. If the economy picks up, you stand to benefit from that, even if you're goal is just to have a nice place to live.
It's forced savings. A part of your payment each month goes to equity.
The market is on fire.
A buyer's market is on the rise. Information from both the National Association of Realtors and Owners.com reveals that buyers in {Location_Name} are spending more money on the purchase of their homes than they intended, with one-third of home buyers exceeding their maximum budget by $16,510 on average. The same situation is happening here in Northern Virginia as well. Desirable properties are receiving multiple offers and prices are gradually creeping up, which is all the more reason to contact me and allow me to help you achieve your real estate goals.
For more information or to set up an appointment call Julie at (703)765-0300.
Husband and wife discuss Real Estate at the officeNesbitt Realty can help you buy and sell real estate in Alexandria
Nesbitt Realty can help you buy and sell real estate in Condos
If you are looking or even just thinking about buying a condominium home, it's perfectly natural to feel a little nervous. Buying a condo and owning your own home is a large, life changing purchase. Indeed, any individual thinking about buying a condo needs to know what to expect and how to prepare for those expectations. Below is a short list of 5 essential tips that any potential condo buyer would do well to consider throughout the process of finding a new condominium home. Happy hunting!
1) Look at Everything in Person
First, remember to look in person at any condo unit you are interested in. It is very important that you make sure to actually see the amenities, parking space, and condo facilities personally. This simple but critical task will avoid any confusion and disappointment later on and will ensure that you are satisfied with your condo purchase. If you absolutely cannot look at the condo in person than ask the seller if you can send a friend you trust to look at the unit instead. In addition, if you are located in a different city than where you are condo shopping, be sure to ask the condo seller or realtor to send you as many pictures as possible of the condo and the condo building before you make a decision.
2) Carefully review the Condo Association Fees First
Make sure that you know what exactly is included in your condo purchase. What amenities are included in the condo fees to make the condo right for the price? Or, on the other hand, are you going to end up paying for benefits you don't need? In addition, ask if there is any insurance included. Different condo associations may charge the same amount per month, but one may include some incidental insurance while others may require hefty fees for amenities you may not really need or want. Finally, check the condo association meetings and/or any printed bulletins that result from them. Look for any past or developing issues that you need to take into account.
3) Never Ignore the Documents that Accompany the Condo Purchase
Always review the condominium documents very carefully before you buy. In laymen's terms, don't ignore the fine print. Here, you should check the total price and property documents to make sure that they are reasonable for the area. Be especially cautious if the price is very low because this could mean you will need a special assessment of the unit, which could cost you a lot of money, later in the future.
4) Always Review Comparable Units for Sale in the Same Building
While every condo building is unique and features different amenities, styles, policies, and location, it is important that you look into other condo units that are for sale or have sold in the same building. Here, do not simply rely on the recent sale price of another unit in the building. Consider what another units' floor plan was, what views it had, or if it had any special upgrades. Depending on the view and floor of the unit, the price of a one bedroom can vary within a condo building.
5) Work with a Specialist
The condominium marketplace is often a very specialized type of real estate and as such, you should always consider working with a qualified realtor, and particularly one who specializes in condos. With the help of a realtor, you will have access to a greater condominium market which will enable you to find the best condo unit to fit your needs at a price that you can live with.
For more information or to set up an appointment call Julie at (703)765-0300.
Prices And Pics Of Condos In 22206
22206 is a great place to consider buying a home in Northern Virginia. Believe it or not you can find an affordable nice condo in Arlington. For example this condo near Shirlington is at the Arlington 2 beds, 1 full baths Home size: 755 sq.ft. Added: 02/08/17, Last Updated: 02/08/2017 Property Type: Residential Garden 1-4…
What’s so special about the condos at The Jamieson?
Located in the Carlyle neighborhood of Alexandria, condos at The Jamieson are the only development to offer amenity services by the Westin Hotel. Residents have access to the following services: Valet parking Room service Maid service A la carte catering
Situated on a rolling forest terrain in West Springfield, Cardinal Forest is a condominium development that was constructed in 1968 and converted into a condominium community in 1978. Below are the available floorplans at Cardinal Forest: Cardinal Forest highlights 130 acres of landscaping with trails and pools near Lake Accotink offering tranquil living near nature.…
Julie Nesbitt
One of the most complex and significant financial events in peoples' lives is the purchase or sale of real estate, be it a house, condo, townhouse or some other investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.
Nesbitt Realty brokers and sales agents have a thorough knowledge of the real estate market in Northern Virginia communities. Our brokers and agents know which neighborhoods will best fit our clients' needs and budgets. Nesbitt Realty real estate agents are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.
According to the Bureau of Labor Statistics:
Real estate brokers and sales agents often work evenings and weekends and usually are on call to suit the needs of clients.
A license to practice real estate is required in every State and the District of Columbia.
Although gaining a job may be relatively easy, beginning workers face competition from well-established, more experienced agents and brokers.
Employment is sensitive to swings in the economy, especially interest rates; during periods of declining economic activity and rising interest rates, the volume of sales and the resulting demand for sales workers fall.
You don't need to know everything about buying and selling real estate if you hire a real estate professional who understand real estate. Paraphrasing Henry Ford, when you hire people who are smarter than you are, it proves you are smarter than they are. A real estate broker or agent acts as an intermediary between sellers and buyers of real estate (or real property as it is known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy real estate.
When buying real estate, you may have several choices as to how you want a real estate firm and its agents to work with you. For example, you may want them to represent only you (as a buyer's agent). You may be willing for them to represent both you and the seller at the same time (as a dual agent). Or you may agree to let them represent only the seller (seller's agent or subagent). Some agents will offer you a choice of these services. Others may not.
If you are selling real estate, you may want to "list" your property for sale with a real estate firm. If so, you will sign a "listing agreement" authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be asked to allow agents from other firms to help find a buyer for your property.
For more information or to set up an appointment call Julie at (703)765-0300.
Condo life is a simplified way of living for those with active and busy lifestyles.
Elegant and Luxurious
There are a lot of reasons that people prefer to live in condos than in houses. Some condos do cost less than a traditional single family house, while offering many of the amenities/facilities that a person may not be able to afford on his own. And there are single family houses that cost the same as a condo, but of course do not have the amenities that the same costing condo can offer.
A simple condo would offer its residents a pool, a gym and a party room, but a similar priced house would not have these benefits. Condo owners share the cost of maintenance. Exterior maintenance and even lawn care is handled by the condo association, while the expenses to provide that care is already a part every condo unit owner’s monthly fee. There are certain condos that include the utilities included in the condo fee and other condos that share the cost of water but pay their own utilities. Basically, a condo owner can just step out of his room and enjoy a dip in the pool or a good workout at the gym, while the latter would be on the roof cleaning out gutters or frowning down on his bills and writing checks for pay all his utilities.
Therefore the question still remains to be “To Condo or Not to Condo?”
Condominiums are found in all shapes, sizes, prices and types. Are you looking for a high-rise condo, a mid-rise or a garden-style condo? Maybe you'd prefer a townhouse?
The term "garden-style" condo usually refers to a condominium residence in a building that has less than three stories. Most garden-style condos have balconies or patios for each residence. Many garden-style condos have a main entrance that opens to a common-area hallway. Additional common areas include the green space and "gardens" surrounding the structures. If you're interested in garden-style condos you'll have a lot of options in Northern Virginia.
From the suburban feel of Kingstowne to the central location of Bolling Brook from the vintage charm of Belle View to the chic feel of Carlyle Square, are just some of the many Northern Virginia condominium communities we feature.
Mid-rise condos are taller than garden-style condos, but smaller than high-rise condos. Mid-rise condos in Northern Virginia are 5 to 8 stories tall and are generally found close to or inside the Beltway.
High-rise condos have more than 9 floors. They are generally found inside the Beltway and are often located near Metro stations, public transportation, or major commuter traffic arteries like I-395.
If you are selling real estate, you may want to "list" your property for sale with a real estate firm. If so, you will sign a "listing agreement" authorizing the firm and its agents to represent you in your dealings with buyers as your seller's agent. You may also be asked to allow agents from other firms to help find a buyer for your property.
For more information or to set up an appointment call Julie at (703)765-0300.
