Budget Basics Worksheet

The Weidauer Group – The Leader in Real Estate

Budget Basics Worksheet

The first step in getting yourself in financial shape to buy a home is to know exactly how much money comes in and how much goes out. Use this worksheet to list your income and expenses below.

INCOME
Take Home Pay (all family members)
Child Support/Alimony
Pension/Social Security
Disability/Other Insurance
Interest/Dividends
Other
Total Income

EXPENSES
Rent/Mortgage (include taxes, principal, and insurance)
Life Insurance
Health/Disability Insurance
Vehicle Insurance
Homeowner’s or Other Insurance
Car Payments
Other Loan Payments
Savings/Pension Contribution
Utilities (gas, water, electric, phone)
Credit Card Payments
Car Upkeep (gas, maintenance, etc.)
Clothing
Personal Care Products (shampoo, cologne, etc.)
Groceries
Food Outside the Home (restaurant meals and carryout)
Medical/Dental/Prescriptions
Household Goods (hardware, lawn, and garden)
Recreation/Entertainment
Child Care
Education (continuing education, classes, etc.)
Charitable Donations
Miscellaneous
Total Expenses
Remaining Income After Expenses (Subtract Total Income from Total Expenses)

Darin Weidauer
Weidauer Group – The Leader in Real Estate
Realtor – Los Angeles – Las Vegas
CA DRE License #01870184
310-896-5769 or 424-247-4567 Español
NV DRE License #S.0070208
702-249-8912 or 424-247-4567 Español
darinweidauer@weidauergroup.com
http://www.weidauergroup.com

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6 Creative Ways to Afford a Home

The Weidauer Group – The Leader in Real Estate

6 Creative Ways to Afford a Home

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.

Darin Weidauer
Weidauer Group – The Leader in Real Estate
Realtor – Los Angeles – Las Vegas
CA DRE License #01870184
310-896-5769 or 424-247-4567 Español
NV DRE License #S.0070208
702-249-8912 or 424-247-4567 Español
darinweidauer@weidauergroup.com
http://www.weidauergroup.com
www.facebook.com/weidauergroup
www.twitter.com/weidauergroup
www.youtube.com/weidauergroup
http://www.weidauergroup-theleaderinrealestate.blogspot.com/

Loan Types to Consider

The Weidauer Group – The Leader in Real Estate

Loan Types to Consider

Brush up on these mortgage basics to help you determine the loan that will best suit your needs.

• Mortgage terms. Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, you pay more interest overall if you borrow for a longer term.

• Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate as long as you hold the mortgage and, in general, is usually a good choice if interest rates are low. An adjustable-rate mortgage is designed so that your loan’s interest rate will rise as market interest rates increase. ARMs usually offer a lower rate in the first years of the mortgage. ARMs also usually have a limit as to how much the interest rate can be increased and how frequently they can be raised. These types of mortgages are a good choice when fixed interest rates are high or when you expect your income to grow significantly in the coming years.

• Balloon mortgages. These mortgages offer very low interest rates for a short period of time — often three to seven years. Payments usually cover only the interest so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.

• Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration (www.fha.gov) or the Department of Veterans Affairs (www.va.gov) and offer special terms, including lower down payments or reduced interest rates to qualified buyers.

Slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment. For help in determining how much your monthly payment will be for various loan amounts, contact me now.

Darin Weidauer
Weidauer Group – The Leader in Real Estate
Realtor – Los Angeles – Las Vegas
CA DRE License #01870184
310-896-5769 or 424-247-4567 Español
NV DRE License #S.0070208
702-249-8912 or 424-247-4567 Español
darinweidauer@weidauergroup.com
http://www.weidauergroup.com
www.facebook.com/weidauergroup
www.twitter.com/weidauergroup
www.youtube.com/weidauergroup

Mortgage Rates At Their Lowest Level This Year

As the European debt turmoil continues investors are pouring their money into U.S. government securities and as a result mortgage rates have fallen to their lowest level so far this year.

Freddie Mac reported today that the average rate on a 30-year fixed mortgage dropped to 4.78 percent this week down from 4.84 percent last week which is the lowest level since early December when rates hit 4.71 percent.

The European debt crisis has pushed yields for both 10-year and 30-year Treasury bonds to their lowest levels of 2010. Rates on 30-year home loans and 10-year notes often rise and fall in line with one another.

Rates were pushed down to very low levels last year by a campaign that the Federal Reserve started in order to reduce borrowing costs for consumers. Mortgage rates were expected to begin an upwardly climb after the program ended this spring, but, instead they have dipped primarily due to fears that the government of Greece would default on its debt and in turn boosted the demand for U.S. Treasury.

Darin Weidauer
Weidauer Group - The Leader in Real Estate
Realtor - Los Angeles - Las Vegas
CA DRE License #01870184
NV DRE License #S.0070208
702-249-8912
darinweidauer@weidauergroup.com
http://www.weidauergroup.com

1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254

3090 S. Durango #100
Las Vegas, NV 89117

Los Angeles Area
CA DRE #01870184
Search for your new home below!
English
http://www.imrmls.com/servlet/lDisplayListings?LA=EN
Spanish
http://www.imrmls.com/servlet/lDisplayListings?LA=ES

Protect your Investment - Step 8

Whew. That was exhausting. But you’re done! Well, sort of.You’ve closed and moved in, but now you’ll need to protect your investment for years to come. And you can do so by performing routine maintenance on your home’s systems, depending on their age and condition. A good rule of thumb is to watch for signs of leaks, damage, and wear. If you fix small problems early, you will save yourself from having to spend big money later.

And remember that kind, real estate professional who assisted you throughout the process? Well, after closing your agent can still help you with such things as providing information for your tax returns, finding contractors and repair services, and even tracking your home’s current market value.

Darin Weidauer
Weidauer Group - The Leader in Real Estate
Realtor - Los Angeles - Las Vegas
CA DRE License #01870184
NV DRE License #S.0070208
702-249-8912
darinweidauer@weidauergroup.com
http://www.weidauergroup.com

1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254

3090 S. Durango #100
Las Vegas, NV 89117

Los Angeles Area
CA DRE #01870184
Search for your new home below!
English
http://www.imrmls.com/servlet/lDisplayListings?LA=EN
Spanish
http://www.imrmls.com/servlet/lDisplayListings?LA=ES

Two Months Of Gains In New Home Sales

April posted another big gain in new home sales as buyers raced to sign contracts for new homes before the two government home-buyer tax credits expired on April 30th.

The Commerce Department reported today that sales of new single-family homes in April jumped up 14.8 percent to a seasonally adjusted annual rate of 504,000 units which followed March's gains of 29.8 percent which was the biggest monthly increase in almost 50 years.

Both March and April had a higher volume of buyers trying to sign sales contracts before the tax credits expired. Furthermore, low mortgage rates combined with the tax incentives really fueled purchases during those two months.

Despite the large amount of new home sales, home values did not get a boost. The median sales price fell to $198,400 which is 9.6 percent below the March median price for a new home.

March and April's big surge in new home sales were the highest levels of sales since May 2008. Sales around the nation were higher in April. In the Midwest sales were up 31.6 percent with the West showing an increase of 21.7 percent. Even the South posted a 10.8 percent increase.

Darin Weidauer
Weidauer Group - The Leader in Real Estate
Realtor - Los Angeles - Las Vegas
CA DRE License #01870184
NV DRE License #S.0070208
702-249-8912
darinweidauer@weidauergroup.com
http://www.weidauergroup.com

1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254

3090 S. Durango #100
Las Vegas, NV 89117

Los Angeles Area
CA DRE #01870184
Search for your new home below!
English
http://www.imrmls.com/servlet/lDisplayListings?LA=EN
Spanish
http://www.imrmls.com/servlet/lDisplayListings?LA=ES

Close - Step 7

You’ve made an offer and performed due diligence, which means you’re now in the “home” stretch, pun intended. But you have a few preclosing responsibilities, and these include:
Staying in control of your credit and finances, first and foremost.
Keeping in touch with your agent and lender and returning all phone calls and paperwork promptly.
Communicating with your agent at least once or twice a week, and verifying with your lender that all mortgage funding steps are completed.
Conducting a final walk-through of the home with your agent.
Confirming with your agent, home insurance professional, and lender that you have the settlement statement, certified funds, and evidence of insurance lined up prior to closing.

Darin Weidauer
Weidauer Group - The Leader in Real Estate
Realtor - Los Angeles - Las Vegas
CA DRE License #01870184
NV DRE License #S.0070208
702-249-8912
darinweidauer@weidauergroup.com
http://www.weidauergroup.com

1601 Pacific Coast Hwy., Suite 265
Hermosa Beach, CA 90254

3090 S. Durango #100
Las Vegas, NV 89117

Los Angeles Area
CA DRE #01870184
Search for your new home below!
English
http://www.imrmls.com/servlet/lDisplayListings?LA=EN
Spanish
http://www.imrmls.com/servlet/lDisplayListings?LA=ES