Darryln Leikauskas - CENTURY 21 Commonwealth



Posted by Darryln Leikauskas on 9/21/2018

The biggest area of your life that you need to understand before you buy a house is your own finances. Before you know what kind of house you can buy, you’ll need to understand your own buying power. While things like square footage, how many bedrooms you need, and finding the right neighborhood are important, you can’t go very far without some type of financing. While understanding how much you can spend on a property is one of the more serious parts of buying a home, it’s something that you’ll want to do. Knowing what you can spend on a home is a step to helping you land a home you love. If you understand your own numbers, you’ll know the chances that you have of an offer being accepted on a place you love.  


The Elements Of Your Buying Power


Your Credit Score


This little three digit number has a lot of meaning behind it. This is the most basic piece of information that lenders use to determine your loan worthiness. The factors that influence your credit score include:


  • Payment history
  • How much you owe
  • Length of your credit history
  • Mix of credit accounts
  • How much new credit you have opened


A low credit score is somewhere under 620. Having a score this low doesn't necessarily mean that you’ll be denied for a loan, but the type and amount of the loan you’re offered can be impacted. You’ll also face higher interest rates because of a low credit score. This means your mortgage could be considerably more expensive than if you had a higher credit score. 


Down Payment


The 20 percent down as a rule of thumb actually offers many benefits to your buying power. This means that you’ll need 20% down of the purchase price of the home in cash. If you put this amount of money (or even more) down on a home, it eliminates the need for you to have to buy PMI (Private Mortgage Insurance). You’ll even be able to negotiate a lower interest rate. A large down payment may be especially helpful in competitive markets where there is a lot of buyer competition.


How Your Financial Picture Appears


Your assets and your debt-to-income ratio are also important factors in your financial picture that you present to the lender. Basically, all of these numbers let both the lender and the seller see how committed you are to buying a home. It is one of the biggest financial undertakings of your entire life. If you can’t show financial responsibility, then it may be a bit difficult for lenders to see that you’ll actually pay your loan back in a timely manner.


The better all of your financial numbers are, the more buying power that you’ll have. If your numbers are good, you’ll be able to afford more house. While it may not be the most exciting thing to look over all of your financial numbers, it’s a vital step in the process of your journey to home ownership.




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Posted by Darryln Leikauskas on 8/31/2018

The weeks and days leading up to a home closing can be stressful, particularly for a homebuyer who is already trying to do everything possible to secure his or her dream residence. Fortunately, we're here to help you simplify the process of getting to your closing date.

Now, let's take a look at three tips to ensure you can enjoy a fast, easy home closing.

1. Get Your Paperwork Ready

It often helps to get all of your homebuying paperwork ready before you pursue a residence. That way, you can minimize the last-minute stress associated with searching far and wide for pay stubs, tax returns and other documents that you'll ultimately need to get financing for a residence.

Furthermore, you should meet with local banks and credit unions as soon as you can. If you can get approved for a mortgage prior to starting a home search, you may be able to speed up the process of acquiring your ideal residence.

2. Be Prepared to Cover Your Closing Costs

Although you might have financing to cover your monthly mortgage payments, it is important to remember that you may need to pay closing costs to finalize your home purchase. As such, if you begin saving for your closing costs today, you can guarantee that you'll have the necessary funds available to purchase your dream residence on your scheduled closing date.

Also, you should be prepared to present a cashier's check or wire funds when you close on a house. If you plan ahead, you should have no paying off your closing costs when your complete your home purchase.

3. Schedule Your Final Walk-Through Before Your Closing Date

When it comes to a final walk-through on your dream house, why should you leave anything to chance? Instead, set up the final walk-through at least a few days before you're scheduled to close on a house.

If you find problems with a house during a final walk-through, you'll want to give the seller plenty of time to address these issues. Thus, if you schedule a final walk-through several days before your closing date, you can ensure that any home problems can be corrected without putting your closing date in danger.

For homebuyers who are worried about a home closing, there is no need to stress. In fact, if you work with an expert real estate agent, you can receive plenty of support throughout the homebuying journey.

Typically, a real estate agent can explain what you should expect in the time leading up to your closing date. If you have any concerns or questions before a home closing, a real estate agent is happy to address them. Plus, when your closing date arrives, a real estate agent will help you remain calm, cool and collected as you purchase a home.

Ready to streamline the process of closing on a house? Use the aforementioned tips, and you can reap the benefits of a quick, seamless home closing.




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Posted by Darryln Leikauskas on 8/17/2018

If you intend to buy a house, you probably will check out a lot of home listings over the next few days and weeks. However, it is important to note that not all home listings are created equal, and how you analyze home listings may dictate your homebuying success.

Ultimately, there are several factors that homebuyers need to consider as they assess home listings, and these factors include:

1. Price

The price of a home is one of the key factors – if not the most important factor – that a homebuyer needs to consider in a home listing. Because if you ignore a home's price, you risk wasting precious time and resources as you pursue a home that falls outside your price range.

When it comes to buying a home, it pays to develop a budget ahead of time. That way, you'll know how much you can spend on a residence and can tailor your home search to fit your budget.

You may want to get pre-approved for a mortgage prior to looking at home listings as well. By doing so, you can enter the housing market with a budget in hand and explore available residences that won't force you to spend beyond your means.

2. Condition

Are you looking for a fixer-upper or a brand-new residence? Take a look at a home's condition, and you can determine whether a particular residence is right for you.

Oftentimes, a decades-old residence may require myriad upgrades. This means you may need to allocate significant time and resources to enhance the condition of an old house after you finalize your home purchase.

On the other hand, it is essential to remember that a new house may prove to be more expensive than an old residence. And if you're on the lookout for a bargain, you may want to shy away from listings for brand-new houses.

3. Features

Creating a list of must-have home features is ideal, as this will enable you to narrow your search for your dream residence.

For instance, if you want a home that has a big swimming pool, you can browse home listings accordingly. Or, if you would like to buy a house that is located near some of the nation's best schools, you can focus on home listings in cities and towns that feature top-rated schools.

If you want to streamline your home search, it usually helps to look beyond home listings. Fortunately, real estate agents are available to help you accelerate your search for the perfect residence.

A real estate agent understands the ins and outs of the housing market. He or she will learn about your homebuying goals and provide you with the latest home listings. Then, a real estate agent will work with you to simplify your home search and ensure that you can discover a terrific residence at an unbeatable price.

Take the guesswork out of reviewing home listings – use the aforementioned tips, and you can quickly evaluate a wide range of home listings and find your dream house.




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Posted by Darryln Leikauskas on 8/10/2018

Buying a new home can be an exciting but anxiety-inducing experience. With so many things to consider, it can be difficult to keep track of the things that matter most to you.

This process is complicated further when you discover a second or third home that you like as much as the first and you’re trying to decide which one to make an offer on.

In today’s post, we’re going to talk about how you can effectively compare houses to ensure that you’re making the most sensible, long-term decision for you and your family.

It’s all about the spreadsheet

Today, our method isn’t going to rely on any fancy new apps or paid tools. Everything you need to accomplish your spreadsheet is a tool like Google Sheets (it’s like a free version of Excel) or a simple pencil and notebook.

The columns of your spreadsheet will be made up of the factors that will influence your decision. This will include the obvious details like the cost and square footage of the home, but also finer details like its proximity to key places in your life.

The rows of your spreadsheet will be the properties you’re comparing. Now, it may be tempting to start listing every house on your radar in the columns of your spreadsheet. However, I think it’s more time-effective to only include the homes that you’re likely to make an offer on. This means doing some hard thinking and having a conversation with your family about your realistic goals for buying a home.

What is most important to you in a home and neighborhood?

Let’s turn our attention back to the top row of your spreadsheet. We want to fill that section with around 10 factors that are most important to you in a home and the location the home will be in.

In this section, you can include the estimated cost of the home and the estimated monthly expenses for owning that home (utilities, taxes, etc.).

Here’s the secret weapon of our spreadsheet, however. Rather than listing the actual cost of the home in this row, we’re going to give it a rank of 1 to 5. A score of 1 means the house is a lot more expensive than you want. A score of 5 means the house is the ideal cost. A 3 would be somewhere in the middle.

We’re going to use this 1 to 5 ranking system for all other factors on our spreadsheet as well.

Next to these costs, you’ll want to add other important factors to your home buying decision. Does it have the number of rooms you’re looking for? If a backyard is important to you, does it provide for that need?

In terms of upgrades, how much work will you have to do on the home to make it something you’re satisfied with? For DIY-minded people with time to spare, home improvement might be a welcome concept. For others, it simply would take too much time to accomplish everything you want. So, when you fill out the “Upgrades” column of your spreadsheet, make sure you determine a system for ranking the homes that suits your needs.

House location shouldn’t be overlooked

It’s a sad truth, but in today’s busy world, the average homeowner spends most of their time away from home, whether they’re at work, commuting, or bring their kids to and from after school activities.

You’ll want at least one column on your spreadsheet to be devoted to location. When ranking the location of a home, consider things like commuting time, distance to schools, hospitals, parks, and grocery stores. All of these things will have a larger impact on your day-to-day life than small details of the house itself.

Ranking the homes

Now that you have the first row and column of your spreadsheet built, it’s time to fill in the details and tally up the totals. These numbers will help inform your decision as to which house is really right for you.




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Posted by Darryln Leikauskas on 8/3/2018

If you plan to buy a house in the near future, you should try to map out the property buying journey. By doing so, you can identify any potential homebuying hurdles and resolve such issues.

To better understand what to expect when you pursue your dream home, let's take a look at three key questions that every homebuyer needs to consider.

1. Where do I want to live?

There is no shortage of high-quality houses available in cities and towns nationwide. As such, it sometimes can be tough to determine exactly where you want to live due to the sheer volume of available homes.

As a homebuyer, it helps to consider your future plans before you kick off a house search. For example, if you intend to enroll in continuing education courses at a university in a particular city, you may want to focus on homes near the city itself. Or, if you prefer to raise your family in a small town, you should plan your house search accordingly.

Don't forget to craft a list of homebuying criteria too. This list will help you further narrow your home search and focus on properties that have features that match your needs.

2. What can I afford to spend on a house?

Buying a home may prove to be virtually impossible if you fail to obtain a mortgage. Lucky for you, many banks and credit unions offer mortgages to homebuyers and can teach you everything you need to know about home financing.

Meet with a variety of banks and credit unions. That way, you can analyze a broad range of mortgage options and select a mortgage that corresponds to your finances.

In addition, it may be beneficial to get pre-approved for a mortgage. Once you are pre-approved for a mortgage, you can enter the real estate market with a budget in hand.

3. How can I achieve my desired goals?

The homebuying journey can be tough to navigate, regardless of whether you're a first-time or experienced property buyer. But if you collaborate with a real estate agent, you can achieve your desired results in no time at all.

A real estate agent understands what it takes to discover the right house, at the right price, regardless of the housing market's conditions. He or she will allocate time and resources to learn about your homebuying goals and ensure you can purchase a great residence at a budget-friendly price.

Also, a real estate agent will help you streamline your house search. This housing market professional will set up home showings and keep you up to date about open house events. And when you find your ideal home, a real estate agent will make it easy to submit a competitive offer to purchase this residence.

Take the guesswork out of the homebuying journey – work with a real estate agent, and you can receive comprehensive guidance as you pursue your dream home.




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