Why You Can’t Afford What You’re Approved For

When you get pre-approved for a mortgage, you may be excited to find out that you can afford a lot more house than you thought you could. Don’t be so fast, this is just what you can get a loan for. The bank doesn’t know a lot of factors about your finances. While you most likely had to provide a ton of income verification statements and information in order to get this ballpark figure, relying solely on the pre-approval number can put you in a bind when it comes to your finances. Your lender doesn’t know certain things like how much you spend on groceries or how much your cell phone bill is each month. 

What Lenders Consider

Lenders look at the health of your credit history, how much income you have and how much debt you have. These are the big factors that tell your lender about how much house you can afford. Yet, your home lender is not your financial advisor and can’t help you with household expenses and the like. When thinking about what price range of home you really can afford, consider these factors beyond the bank:

Your Monthly Budget

Your spending habits will ultimately affect your ability to pay the monthly mortgage bill. If you’re spending all of your disposable income, then you may not be able to afford much at all beyond what you’re already paying for rent. You don’t want to stretch your finances so thin that you won’t be able to afford food! 

Owning A Home Requires Additional Costs

Lenders do factor into their number the cost of homeowner’s insurance and property taxes, but don’t consider other things like utility bills, trash pickup and home repairs. All this can certainly add up when you’re a homeowner! 

Your Savings Is Nonexistent

If you’re unable to save any money at all if you’re a homeowner, then you’ll be in trouble. You need money stashed away in case of unemployment or an emergency. You also may be planning for things like retirement and future costs like children’s education. For the initial purchase of a home, you’ll need upfront payments available for the down payment and closing costs. However, you’ll need some more savings beyond that for everything that life brings your way!  

You Have Big Plans

Are you thinking of quitting your job and heading out to start your own business? Now may not be the best time to buy a new house. These changes could have a huge impact on your finances and leave you unable to pay your mortgage. Your lender won’t be asking about these plans, so you’ll need to know what the future holds (for the most part ) in order to keep your own finances secure. 

The bottom line is that anything that could leave you financially stressed is not a good idea. Considering that buying a home is one of the biggest purchases you’ll ever make, you want to be sure that you keep your finances in check during the purchase process.  

Open house on 8/12/2017 at 74 Exeter Road North Hampton, NH 03862


Date: 08/12/2017 Time: 12:00 PM to 3:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

Quiet and private, well maintained neighborhood. This handsome colonial boasts three finished floors, plus an office and finished work-shop off the garage. Open concept living room, very large kitchen with eat in area and stainless appliances, a formal dining room with built in, a great room with fireplace, and a half bath on the first floor. All of the first floor is hardwood except the great room. Second floor has a master suite, built in, walk in closet and double vanity bath plus three other rooms on this level and a full bath. Third floor has one finished room and walk in attic. Second and third floor bedrooms have new carpet. Large screened porch off the eat in kitchen and large deck. Well sited on a two acre lot with a circular driveway. Very private.

Open house on 8/13/2017 at 243 Atlantic Avenue North Hampton, NH 03862


Date: 08/13/2017 Time: 1:00 PM to 4:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

Beautiful woodwork, gorgeous hard wood floors and large farmers porch. Rich wood accents throughout, showing the craftsmanship of an era gone by. Den features a beachstone fireplace and coffered ceiling, with some newer built-ins to add to the convenience of today’s life style. Throughout the property there is a nice merger of the original architecture, with modern conveniences such as built-ins and storage space. Second level has 4 spacious bedrooms and an office. And if necessary, a walk up attic could be finished for even more space. Just off the mud room is a hot tub with a bathroom near-by. Attached over-sized garage offers plenty of space and has an unfinished walk-up for storage or could be finished. Detached carriage house was converted to finished space in the 1980’s, so it could use some up dating. Very nice salt water in-ground pool and over-sized shed for storage of garden tractor and tools. Wired for back up generator. Come and fall in love with this beautiful

Single-Family – 243 Atlantic Avenue North Hampton, NH 03862 now has a new price of $749,000!

Beautiful woodwork, gorgeous hard wood floors and large farmers porch. Rich wood accents throughout, showing the craftsmanship of an era gone by. Den features a beachstone fireplace and coffered ceiling, with some newer built-ins to add to the convenience of today’s life style. Throughout the property there is a nice merger of the original architecture, with modern conveniences such as built-ins and storage space. Second level has 4 spacious bedrooms and an office. And if necessary, a walk up attic could be finished for even more space. Just off the mud room is a hot tub with a bathroom near-by. Attached over-sized garage offers plenty of space and has an unfinished walk-up for storage or could be finished. Detached carriage house was converted to finished space in the 1980’s, so it could use some up dating. Very nice salt water in-ground pool and over-sized shed for storage of garden tractor and tools. Wired for back up generator. Come and fall in love with this beautiful

This is a Colonial style home and features 10 total rooms, 2 full baths, 4 bedrooms, 2.83 Acres, and is currently available for $749,000.

For complete details click here.

Home Improvements Before Selling

If you’re going to be putting your house on the market, you want it to be in the best condition possible for when prospective buyers come and look at it. A little sprucing up can add a lot of curb appeal and increase the chances of selling your home as soon as possible.

Make Over Kitchen Cabinets

An older, out of date kitchen can be given a face lift with the addition of some paint and new cabinet doors. The doors on the kitchen cabinets can make or break the way a kitchen looks. If you don’t have the funds to buy new cabinet doors, consider painting the cabinets. Avoid any type of wild paint, sticking instead to solid colors or the tried and true basic white. Add interesting touches like removing one cabinet door and paint the inside of the cabinet and shelves a different color. You can keep it open, or add a glass door. Adding some new knobs and handles will improve the look even more. You can go basic, or get really fancy with some high-end hardware, depending on the style of your home.

Give the Entrance a Makeover

Brighten the entrance to your home by painting the door. Choose an accent color from the rest of the front of the house. Add brand new hardware for a totally new, finished look. Place potted plants on either side of the door, or if you have wide steps, place them on the steps. Paint railings with fresh paint, being sure to scrape off the old paint first. Place solar lights along your walkway to add even more brightness. Replacing your mail box will also add character and instant curb appeal to your home. Be sure your house number can be seen from the road by placing large numbers on both your mail box and the house.

Organize Closets

People, especially women, always take closet space into consideration when looking for a house to buy. Purchase closet organizers and have them installed, or install them yourself. Then organize those closets and get rid of everything you don’t actually use. This will make your closets seem much larger and add so much more storage space by utilizing empty spaces in the closets. Alternately, if you have two closets in one bedroom, take the doors off one closet and turn that one into an office. There are “office in a closet” kits that come with shelves, and a deeper shelf to use as a desk. Add a desk chair, a computer and place a few books on the shelves and it looks like you have a home office, virtually creating a whole new room within a room.

 

 

Open house on 8/6/2017 at 74 Exeter Road North Hampton, NH 03862


Date: 08/06/2017 Time: 12:00 PM to 3:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

Quiet and private, well maintained neighborhood. This handsome colonial boasts three finished floors, plus an office and finished work-shop off the garage. Open concept living room, very large kitchen with eat in area and stainless appliances, a formal dining room with built in, a great room with fireplace, and a half bath on the first floor. All of the first floor is hardwood except the great room. Second floor has a master suite, built in, walk in closet and double vanity bath plus three other rooms on this level and a full bath. Third floor has one finished room and walk in attic. Second and third floor bedrooms have new carpet. Large screened porch off the eat in kitchen and large deck. Well sited on a two acre lot with a circular driveway. Very private.

Open house on 8/5/2017 at 74 Exeter Road North Hampton, NH 03862


Date: 08/05/2017 Time: 12:00 PM to 2:00 PM  
For Directions: feel free to contact me.  
For more information: click here for the full details  

Quiet and private, well maintained neighborhood. This handsome colonial boasts three finished floors, plus an office and finished work-shop off the garage. Open concept living room, very large kitchen with eat in area and stainless appliances, a formal dining room with built in, a great room with fireplace, and a half bath on the first floor. All of the first floor is hardwood except the great room. Second floor has a master suite, built in, walk in closet and double vanity bath plus three other rooms on this level and a full bath. Third floor has one finished room and walk in attic. Second and third floor bedrooms have new carpet. Large screened porch off the eat in kitchen and large deck. Well sited on a two acre lot with a circular driveway. Very private.

Create Healthy Neighborhood Boundaries

As little as four decades ago, it was common for Americans to know their neighbors. Homeowners and apartment dwellers knew their neighbors on a first name basis. Young children played with neighboring children, engaging in street races, jump rope,stick ball or flag football. Go back generations and you’d see adult neighbors visiting each other’s homes, playing cards, sitting lemonade and chatting and laughing on the front porch.

American neighbors have changed so much over the years

It was as if the entire neighborhood was one big family. Today, few Americans know their neighbors first names, let alone take the time to engage in a sincere conversation with their neighbors. Busy schedules, choosing technology over in-person connections and reports of neighborhood crimes are some of the reasons why Americans erect invisible fences and keep neighbors out.

Coming out of the Great Depression, Americans may have sought and found solace in relationships that they developed with their neighbors. A similar shift happened after 9/11. People accepted each other more readily, even turning away from long held prejudices. But, the neighboring effect only lasted a few weeks.

Don’t turn your neighbors into strangers

It’s not hard to realize the benefits of developing and nurturing healthy relationships with neighbors. Yet, these relationships don’t just happen. To create healthy neighborhood relationships, you need to:

  • Speak with neighbors each time that you see them (This means that you don’t only speak with neighbors when you want them to do you a favor or when you’re on your way to church.)
  • Offer to help neighbors when you the need arrives (For example, you could offer to assist neighbors if they’re struggling to carry groceries onto their front porch. You could also offer to help neighbors during weather storms.)
  • Support neighborhood and community initiatives (Examples of this includes attending city council meetings, joining community preservation organizations and attending community festivals and holiday events.)

Support neighbors. Develop healthy relationships with neighbors without over stepping healthy boundaries. Specific boundaries that your neighbors want vary person to person. For example, some neighbors may prefer to keep relationships at a distance. Other neighbors may enjoy chatting each time they see you.

You really don’t have to argue and fight with neighbors

To create healthy neighborhood boundaries you can engage in conversations with neighbors when you see each other outside. You can excuse yourself when you notice that neighbors are hurrying to get inside their house or are hurrying to get to an event away from home.

By teaching your children to call before they stop by a neighbor’s house, you can prevent your neighbors from feeling uneasy when you happen upon each other. If neighbors know that you won’t stop by without calling first, they can feel confident that they can let their hair down while they’re at home. They know that neighbors won’t stop by unannounced.

To create healthy neighborhood boundaries, you may also have to train your pets. Stop your pets from relieving themselves in neighboring yards. Pick up after you pets if they relieve themselves while you’re walking them around the neighborhood.

These boundaries demonstrate to neighbors that you respect them. It’s this respect that helps relationships to develop in healthy, rewarding ways.