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  • Preparing Yourself To Own A New Home In Knoxville Blog

    Friday, March 17, 2017   /   by David Connell

    Steps to How-Ownership: How much House can You Afford?

    In step two we’ll be going over calculating how much home you can afford. Once the time to buy a new home arrives you should consider a variety of things when you’re trying to estimate how much home you can afford. You’ll need to look at affordability in comparison with your total debts. This calculation should include your total monthly expenses; such as car loan payments, credit cards, utilities, the eventual cost of your mortgage, and taxes. As well as any other financial obligations or other monetary concerns you have. We’ll go over the basic guide lines and terms below.
    1.      Debt to income ratio.
    ·         The lender will typically consider the overall debt you’re carrying versus your pre-tax income to get a Debt-to-Income ratio. This is the percentage of your income that is applied to your existing debts and your future mortgage. This includes things like st ...

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    Wednesday, March 15, 2017   /   by David Connell

    Steps to Home-Ownership: Understanding how Credit affects You and You affect your Credit

    Are you about to take the first few steps to buying a new home? Maybe this is your first time purchasing Real Estate or it’s just been a while and you need a refresher? Throughout the course of the next few weeks we’ll go over the basic of buying a home, starting with understanding your credit score and how it affects your purchase power. Let’s get started.

    What is a Credit Score?

    Your Credit Score also known as a FICO score, is a reflection of your overall credit worthiness at the time of a given transaction. It is used by a variety of institutions; such as, auto loan lenders, credit card companies, cell phone providers, potential employers, and most importantly for our purposes, mortgage lenders.
    2.      What is your score composed of?
    Your individual score consists of five categories.
    ·         Credit Mix (10%): The different types of accounts you have open. IE, credit ...

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