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Home Library Furniture Ideas
By Jared Winston
Like any room you might set out to design, a library has a nearly limitless number of possibilities in the way of design elements. You might want to give you library a dignified, high-class Read more...
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Resources
7 Things Some People Don’t Want You to Know About Work At Home Property Scouts
By Tony Seruga, Yolanda Seruga, and Yolanda Bishop
For their own ulterior motives, there are always certain people who would have you believe that a work at home idea is not what it’s purported to be. These nay-sayers are no Read more...
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Resources
Home Equity Loan Facts
By Michael Colucci
A home equity loan is a special type of loan that is used by homeowners who wish to use their equity as collateral. It may be necessary for a family to obtain a home equity loan for things such as Read more...
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Resources
Selling Luxury Homes
By Alexis Hunter
Are you selling homes in the luxury market? Who are the buyers you will be representing? The luxury home market is unlike any other real estate market. It caters to those whose incomes are in the Read more...
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Home is a place where a person lives, spends much of her time, or feels generally comfortable with. While a house (or other residential dwelling) is often referred to as a home, and is home to many people, the concept of "home" is broader than a physical dwelling. Home is often a place of refuge and safety, where worldy cares fade, with things and people you love becoming the focus. Home is central to one's life, primarily emotional, and partially physical.
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#Welcome to
Home Buyers Boot Camp real estate listings buyers guides - your comprehensive home office resource.
Below, you'll find extensive information
on leading home office articles and products to help you on your
way to success.
Home Building Guide - Financing Overview
By Guest Author
One of the most important steps you will take in the process of building your new will be adequate budgeting. The biggest reason construction projects fail is costs are underestimated. Plan your budget carefully and be as informed as possible about one of the most critical phases of your building project: FINANCING!
The first thing you have to do is figure out how much you can afford to spend and how much building your new is likely to cost. If you plan to act as general contractor, you will have to obtain a construction loan and a mortgage. If you have good credit with your bank, you may be able to secure both loans from the same bank. If not, you may have to deal with two different lending institutions.
To get a general idea of the average cost per square foot for new homes in your area, call your local chapter of the National Association of Builders or check with local contractors and developers. Multiply the desired square footage of your new by the average cost per square foot to arrive at a general cost. Developing a budget and calculating costs will take some time and research, but it is a crucial
step in the building process.
Do You Qualify?
When you finally figure out your budget, adding a minimum of a 10% contingency to the total cost in order to cover the unforeseen changes, additions and upgrades that inevitably occur, is a very wise thing to do. And don’t forget to budget for landscaping, including decks and patios, window treatments and furnishings—something many people overlook or leave too little for – since they are at the end.
The first loan you should get is the mortgage because without long-term financing it will be impossible to get a construction loan. Some important terms you should become familiar with are:
Mortgage Payment-to Income Ratio (MR) is the ratio of your proposed PITI (Principal, Interest, Taxes and Insurance) payment to your gross monthly income. Depending on the lender this usually varies between 28 to 30 percent.
Total Debt-to-Income Ratio (DR) is the ratio of your total monthly debt payments to your gross monthly income. Depending on the lender this ratio usually varies between 36 to 41 percent.
Loan-to-Value (LTV) is the ratio of the total value of the house to the loan amount which is usually 90 percent or less. So the requested loan should be less than 90 percent of the appraised value of the home. On larger homes many lenders will only offer 80 percent or less.
The lender you choose may use one or a combination of these methods to determine if you qualify for your mortgage.
The House Designers has picked the best selling, most popular home plans direct from architects and designers.
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