Olathe Real Estate Agent - Brad Papa

The lender is primarily looking at two factors in evaluating your qualification for a home loan.

· The funds you have available for a down payment

· Your continuing income for paying the monthly housing expenses

The lender will want to know if you have cash available for paying the down payment and other up-front closing costs. They are interested in your long-term debt, defined as any debt that will take more than 10 months to pay off.

Lenders look at two ratios of your debt and income. They calculate your percentage of debt by dividing the amount of money you pay each month to creditors by your monthly income. Remember that low ratios do not always lead to approval and high ratios don't always lead to denials. Other factors such as payment history are evaluated along with the debt ratios.

Bottom line is that you must be comfortable making your monthly payment. Prior to talking with your lender you should review your monthly expenses and income and determine what total monthly payment you are comfortable making. Then, take this number to your lender and they will help you work backwards to come up with a purchase price that supports that monthly payment.

1. Interest rates are usually locked for a set period. Getting pre-approved will let you know in advance exactly what your payments will be on offers you choose to make.

2. You won't waste time considering homes you cannot afford.

3. You can select the best loan package without being under pressure.

4. Most seller's require a pre-approval letter along with the contract, so it will make your offer more enticing.

5. You will have an estimate of total closing/purchase costs along with their explanations.

6. You will have the opportunity for your mortgage broker to explain the different financing alternatives and help you select the one best suited for you.

7. You will be able to accurately guess your monthly mortgage payment including principal, interest, private mortgage insurance (PMI), taxes and escrow.

8. Since you have the pre-approval step completed, your real estate agent will have ample time to discuss home styles, availability, location, schools and any specific features you desire.

Don't find the perfect house and then realize you can't afford it! Get pre-approved today and start looking for your future home. Contact Brad Papa if you have any questions or what to start your home buying journey!

Review Your Monthly Expenses: Take account of how much you spend and where. Can anything be cut back? After you analyze your expenses, you should then be able to come up with a monthly payment you are comfortable with. This is the amount you should take to your leader, NOT how much of a house you think you can afford. Payments are not simply principal and interest, there is also taxes, insurance and sometimes PMI (private mortgage insurance)

Get Pre-Approved: A pre-approval letter is basically your "license to shop". You should have this letter before you begin looking, so you know how much of a house you can truly afford. Your Olathe real estate agent, Brad Papa has a handful of trusted, qualified mortgage brokers to recommend. Remember, a pre-approval and credit check should NEVER cost money!

Save, Save, Save!: You can never save too much! And recently, the mortgage industry in the Olathe real estate market has changed and they have drastically reduced the number of 100% financing loans they make available, so you will most likely need a down payment of some type.. One additional tip, ask Olathe real estate agent how you can have the seller pay your closing costs!

Inspection: You should ALWAYS have an inspection on a home before you purchase it. Licensed real estate agent Brad Papa always, always has his buyer's do an inspection on the property to make sure it is a sound property.

Ask Questions: That is your licensed, Olathe real estate agent's job! Remember they represent YOUR best interested and should gladly answer ay questions you have. Make sure you are 100% comfortable with the process.

Non-Pushy Attitude
A home is a huge purchase, and a decision that you should be 100% comfortable making. We look at homes based on your desires; I don’t try to force you to like a home. We write a contract when you find YOUR dream home. We work at your pace and time schedule, not mine. Click here if you are interested in attending a FREE First Time Home Buyer's Seminar!

Easy to Get A Hold of Me
This may be one of the biggest complaints I have heard, that people aren’t able to get in contact with their realtor! I ensure my clients are always able to get a hold of me, as I never turn my phone off and I always have it at my side. If I do miss a phone call, I return it as soon as possible. In addition, feel comfortable sending me an e-mail or fax as well, because I am able to access them immediately with my mobile device. Click here to view Client Testimonials from satisfied clients!

Market Knowledge
I have lived in Kansas City nearly all my life, so I am familiar with the entire metropolitan area. From The Plaza to Olathe, I can offer extensive knowledge on which neighborhood that would best meet your needs. Already own a home? Click here to view information on Selling With Papa!

The house you ultimately choose to call home will play a major role in your family's life. A home can be an excellent investment, of course, but more importantly, it should fit the way you really live, with spaces and features that appeal to everyone in the family At easy home pay close attention to these important considerations.

• Is there enough sqare footage for you now and in the near future?
• Is the home's floor plan right for your family?
• Is the age of the home right for you?
• Is there enough storage space? A linen closet?
• Will you have to replace appliances?
• Is the garage large enough?
• Is the yard the size/shape that you want?
• Is the house facing in the correct direction. This helps with snow melting in the winter!
• Is the basement able to be finished? Is it stubbed for an extra bathroom?
• Are there enough bathrooms?
• Updates like carpet and paint can be relatively easy and affordable, but be careful with more extensive updating like the kitchen and bathrooms unless you have the time/money to do it!
• Is the layout right for you? Open? Ranch-style? Sometimes a garage entry into a lower level will be difficult when caring groceries all the way up to the kitchen!
• Will your present furniture work in this home?