Buyer's Toolkit


Your Team


Your Agent
A successful purchase starts with the right representative.  Once you’ve selected the best agent to represent you, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders.

Lender (Appraiser)
Not all lenders are created equally.  While they must follow similar underwriting guidelines, each lender has its own client preferences based off particular financial profiles.  Risk management practices also differ from bank to bank.  Make sure that your lender or financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford.  Your lenders may or may not require an independent appraisal and typically will make arrangements for the appraisal themselves.

Attorney
Your home purchase is far too important a transaction to skimp on legal representation at the risk of leaving yourself open to costly future issues.  Find a lawyer who is willing to take the time to answer your questions and who specializes in real estate law.

Home Inspector
No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that "surprise" down the road.  Ask your agent for a recommendation.

Contractor
Planning some renovations?  You’re not the only one!  The home renovation industry is booming, and in some markets, booking a contractor must be done months in advance (that’s a long time to go without a kitchen).  Don’t let finding the right contractor slip through the cracks--planning ahead will almost certainly make your renovation smoother, and your contractor will appreciate the advance notice. 


Your Plan


1.  Find the right representative
Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information and can often offer "scoops" on local developments you might not have known about otherwise.  Speak to your agent first and he or she can help guide you right from the start.

2.  Find the right price range
Online mortgage calculators are a good place to start.  As you get closer to your purchase, there is no substitute for a written mortgage pre-approval.  Just speaking to your lender is an extremely worthwhile venture--this is the only way to really get an in-depth financial picture and discover exactly what you can reasonably afford to spend on a home (and possibly on renovating).

3.  Find the right neighborhood
The internet can be incredibly valuable in doing preparatory research.  Start with your agent--he or she can direct you to valuable resources and immediately start e-mailing real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

4.  Find your true needs and wants
Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent.

5.  Find your dream home
Once you’re ready to act, you may be surprised how quickly you can make a decision.  Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent; then hit the pavement, and when you see "the house", make an offer. 

With the right team behind you, it really can be that EZ!


Your Calculator


Let EZ Team help you find out what you can afford!  Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the result of your calculations, click on the various tabs.  To recieve a copy of the result via email, click the Receive this Detailed Analysis link.

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %