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WELCOME TO THE NEIGHBORHOOD: Alanton, Virginia Beach

WELCOME TO THE NEIGHBORHOOD!

The McLaren Team with Chantel Ray Real Estate is our Alanton -Virginia Beach, neighborhood expert! 📲(757) 235-1199

VIEW Alanton homes available ➡️ http://bit.ly/alantonneighborhood

Interested in selling your home?  Curious to see if your home has risen in price?   Get a FREE valuation and find out!  

Carl Gould: How to TRIPLE Your Business in 90 Days

Carl Gould: How to TRIPLE Your Business in 90 Days

🔥ATTENTION HAMPTON ROADS🔥

Are you looking to TRIPLE your business by the end of the year?? Then you DON’T want to miss this training! 🤔

Carl Gould has built three multi-million dollar companies by age 40 and his company 7 Stage Advisors helps organizations go to the next level!

He is a worldwide leader in business and entrepreneurship!

The first 150 people who attend this event will get a FREE copy of Carl’s book “Biz Dev Done right”!

You don’t want to miss out on this AMAZING training event. It is FREE and open to all business owners – not just real estate agents!

REGISTER on Eventbrite:  http://bit.ly/FBCarlGould

Tue, November 6, 2018

9:30 AM – 11:00 AM

The Westin Virginia Beach Town Center

4535 Commerce Street

Virginia Beach, VA 23462

Sponsored by Atlantic Bay Mortgage 

 

Welcome Chantel Ray Real Estate Charlotte office!

Welcome Chantel Ray Real Estate Charlotte office!

Meet Kevin Feighery who is the new managing partner of the Chantel Ray Real Estate Charlotte, North Carolina office!

Learn more and FOLLOW our new office on Facebook!

Chantel Ray Real Estate – Lake Norman

442 South Main Street, Suite 100

Davidson, NC 28036

(757) 717-1003

Our vision is to be the only TRUE real estate franchise that provides an EXCELLENT & CONSISTENT customer experience 100% of the time.

We have a team of LIVE agents in the office 8am-9pm every day, 7 days a week so you can get your questions answered and your home will never miss a showing.

Are you ready to quit renting and be a homeowner?  Chantel Ray Real Estate team can guide you through the process and answer any questions you have. 

If you are in the Charlotte, North Carolina area and are thinking about selling your home, finding out the value is the place to start!  Contact us to receive a FREE valuation on your home!

Choosing a Housing Budget

Deciding on a Realistic Housing Budget

When the time comes to purchase real estate and enter the ranks of homeowners, there is plenty of work to be done before signing the papers and moving into your new home. Deciding on the proper budget to balance your needs and preferences in a home with your available income is the first, most vital step to ensuring your financial and personal future. The biggest mistake that many first-time buyers entering real estate markets throughout the country make is to leave the budgeting of mortgages solely to banks and lenders. Doing affordability calculations on your own will help you avoid the pitfalls of financial constrictions, and, possibly, improve your quality of life for the foreseeable future.

The bank may not be able to see the entire picture when calculating your mortgage payment.

Your mortgage lender will have access to information about your monthly payments and other obligations such as child support or alimony. They’ll also be able to calculate the four major portions that will combine to create your monthly home payment including property, interest, taxes and insurance, but there are other expenses to consider before entering into a fifteen or thirty year mortgage agreement. According to Investopedia, you should begin by calculating your household’s total take-home pay. This amount is the base for your monthly expenditures, and it is important to beginning your search for a new home.

Deduct your monthly expenses from your total take-home pay to find out how much house you can afford.

You should keep a running record of recurring monthly expenses to help you balance your budget over the long-term, but, if you haven’t already, check your bank statements, check book and credit card statements to determine an average for the past six months to a year. Remember to add in the utility costs of a new home, which may not have applied if you’re moving out of an apartment into your new home. The electric bill, gas bill, water bill, cable bill, phone bill, car payments, car insurance and even student loans should all be estimated and included to help give you a better idea of the amount of money you’ve got available each month.

Decide on a down payment that fits into your savings. A larger down payment could save you big bucks in the long run.

The down payment is the amount of initial equity that you’re willing to throw in to show the lender that you’re serious about fulfilling your payment requirements. A large down payment will decrease the amount of loan you’ll need, and you can even avoid the need for private mortgage insurance (PMI), which can add a substantial fee to your mortgage payments each month. If your savings aren’t substantial enough to cover a down payment of at least 20 percent, you may need to account for PMI premiums when budgeting for your home. The added costs will bump up your monthly payments for the first portion of your repayment cycle.

Keep your total monthly payments, including your new home, at less than 36 percent of your available income to increase your chances of getting a mortgage.

According to The Nest, your new budget should leave plenty of room for savings to improve your financial outlook upon the purchase of one of the great residences available on the market. When your new budget is complete, compare it to your monthly income to determine the price range in which you feel comfortable. If you’re not sure about the numbers, ask an independent party, such as an experienced realtor, to look them over and advise you on the best way to proceed. Beginning your housing search with a clear budget and reasonable expectations will help you see the differences between a home at the bottom of your budget and a more expensive offering. Avoiding the pitfalls of unrealistic expectations and short-sighted planning, your housing search will prove to be more rewarding and, ultimately, more successful.

Ensure a happier financial existence by doing your due diligence before beginning a home search. With a little work, and a little help from the experts, you’ll be able to find the perfect home to suit your lifestyle needs without blowing your budget and jeopardizing your financial future.

Chris J. is a writer whose interests include Dallas homes for sale, technology and hanging out with his cat.

 

Sources:

http://www.investopedia.com/university/home/home3.asp

http://budgeting.thenest.com/budget-home-mortgage-3443.html

How hard is it to get pre-approved?

Most people think getting pre-approved for a home loan is a long drawn out process that takes forever – which isn’t true! You can get pre-approved over the phone in 15 minutes. They will ask for a few pieces of information that will give them the information they need to issue a pre-approval.

Once pre-approved and you are under contract with a home, the actual approval process takes place. This is where they will collect information from you like pay stubs, tax returns and bank statements to fill in the gaps they need from the pre-approval process. Once all of the information is received, the loan goes to underwriting where they make sure you qualify for the loan and all of the documents are in place to purchase the home. They may ask for a few other items, but this is almost the end of the process. Once the loan comes out of underwriting, the loan gets the clear to close and you can move forward to close on the home. The entire process from going under contract to closing takes 30-45 days – depending on the type of loan.

But to be pre-approved – that only takes 15 minutes of your time!