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To determine your maximum mortgage amount, lenders use guidelines called debt-to-income ratios. This is simply the percentage of your monthly gross income (before taxes) that is used to pay your monthly debts. Because there are two calculations, there is a "front" ratio and a "back" ratio and they are generally written in the following format: 33/38. |
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| How to Conduct the Search for a Good Realtor |
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One way to find candidates to interview is to talk to professionals from real estate related professions and ask their opinion. If you know someone who is employed as an escrow officer, title representative, homeowners insurance salesman, or loan officer, they will be able to recommend Realtors from the area they work in. If you talk to a loan officer, be sure it is someone who deals primarily with purchase money first trust deeds and mortgages instead of refinances, second trust deeds, or finance companies. Since the latter do not deal with Realtors on a regular basis, they will not know who to recommend.
Interviewing a Good RealtorWhen you interview Realtors for the job, you want someone who will be concerned about you and will take care of your interests. You want someone who demonstrates ready knowledge of homes available for sale and does not have to call you back after they "check on the computer." This ready knowledge demonstrates they have actually been out previewing homes and don’t just sit around waiting for the phone to ring.
When a Realtor Asks to Meet With YouFinally, any decent agent will always ask for an appointment to meet with you, too. It is only natural, since they earn their living by commissions. However, Realtors are also supposed to act as your agent, looking out for your interests before their own. You want a Realtor who takes that responsibility very seriously. If someone seems too much like simply a salesman, then maybe you should look a little further. |