FAQ # 4 - What is my monthly payment?
Welcome, First Time Home Buyer! I will be very glad to assist you with this question, and any other questions that you may have on this lovely home. Yes, I have heard this question very often from many first timers, who are just out there shopping around for a home. Real Estate agents will receive a call from potential buyers off the yard sign, and the very first question that is often asked is “What is my monthly payment going to be”.
Most real estate agents are automatically going to assume that the person asking this question has not spoken with a mortgage lender, or any other financial institution about securing a loan, or about getting pre-qualified, or pre-approved. Those buyers who have already gone through the process of getting pre-qualified or pre-approved, already know the answer to this question, or at least have an idea based upon the “listed price” of the home they are calling about. Therefore, whenever a potential buyer calls off one of my listings, and asks the question about their monthly payments, I will suggest that my preferred mortgage broker speak with them first to answer all of their financing questions.
We all know that the next questions will be how much money do I have to put down? or How much earnest money do I need? Are there other expenses they I need to worry about? That’s why it is so important to have the first office visit, or the very first consultation with a real estate agent of the buyer’s choosing. That knowledgeable real estate agent will be sure to cover all the steps involved in the home purchasing process. Knowing how much you can afford, and how much you are able to borrow is not the same. Consequently, first time home buyers need to be directed to those preferred mortgage counselors, or financial institutions who can assist them with all of their financing needs. Then, the real estate agent will more than willing, and able to assist these first timers in finding the home that will meet their needs or criteria.
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Thanks, John. I appreciate you leaning on that Suggest button. Have a Great Night, My friend!
Jun 06, 2012 12:19 PM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Thanks, Patrick. It's up to us real estate agents to get these first timers directed to the right expert to hellp them in this home buying process. Starting with the financing options is the only way to go.
Jun 06, 2012 12:22 PM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Yes, Kathy. I can image how many times you are asked this questions. Getting buyers the right information is our goal to help them in this process.
Jun 06, 2012 12:27 PM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Excellent script, Kevin. I think I will have to add this one to my list. I appreciate your suggestions. Have a Nice Evening!
Jun 06, 2012 12:32 PM
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON
Great pointers, the other debts such as credit bills, school loans and etc should also monthly affordability of the buyer.
Jun 06, 2012 01:16 PM
Murphy and Hayesville, NC; Hiawassee, Blairsville, Blue Ridge GA - Murphy, NC
Mountain Living Team in Murphy NC and North GA
Coldwell Banker BUYERS AGENT - Boca Raton, FL
homesweethome4u@att.net
Hi Jerry, great information for first time buyers. I also tell my buyers not to
make a major purchase ( car, furniture , etc. ) until after they own the home.
Otherwise their credit score can drop.
Jun 06, 2012 08:46 PM
New York, NY
The best Retired Brokers !!!!
Hi Jerry... Yes a frequently asked question and I agree with all your advise... I will add that I have trained all of our agents to also discuss the tax advantages of Home Owner Ship ... because that really makes a big difference in the monthly payment... So not only do we direct them to our lender but also tell them to speak with their accountant... Great Post As Always.... Have a Great Day
Jun 07, 2012 03:35 AM
Weichert, Realtors; Hillsborough - Hillsborough, NJ
PhD, e-PRO, Manville, Hillsborough, Somerset NJ
Jerry, This is probably the most asked question I get on a daily basis. Great post!
Jun 08, 2012 08:47 PM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Hi Eileen, Thanks for pointing out those other debts that buyers need to be concerned with. It's all affects their ability to pay their bills every month.
Jun 10, 2012 12:50 AM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Hi Lee and Carol. Thanks for the Suggest. I hear this question often from our First Time Home Buyers. Have a Great Day!
Jun 10, 2012 12:51 AM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Hi Irene, That is some good advice about those Major Purchases. I have seen First Timers go out and buy that Washer and Dryer, and it lowered their scores. Get the House first, then go Shopping later.
Jun 10, 2012 12:53 AM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Thanks, Beth. Yes, There are some great Tax advantages for owning your own home. That's one of the items we can still deduct on our income taxes, Interest Paid on mortgage loans, and property taxes paid.
Jun 10, 2012 12:56 AM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Thanks, Carol. I appreciate the re-blog. You must be working with a lot of First Time Home buyers like me. Have a Great Day!
Jun 10, 2012 12:57 AM
Living Albuquerque - Albuquerque, NM
Living Albuquerque
Good Eveing Jerry,
Excellent post. I found it via Carol Faaland. This is definitely a mportat consideratio for first-time buyers especially
Jun 10, 2012 07:46 AM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Hi C. Lloyd. Missed seeing you in the Rain. I trust business is Great and all is well. Yes, Carol was nice enough to reblog this post, and I know many agents get this same question asked numerous times.
Have a Great Week!
Jun 10, 2012 01:33 PM
HomeSmart Realty Group - Parker, CO
Metro Denver Real Estate Assistant
Jerry~ It is a common question. Referring the potential buyer to a loan professional is solid advice.
Jun 12, 2012 03:04 AM
Alachua, FL
full service
Hi Jerry,
I love your frequently asked buyer's questions.
Almost every first time home buyer usually ask about monthly payments and referring them to a mortgage specialist usually alleviate all their concerns and stress around financing.
Jun 12, 2012 01:22 PM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Hi Donna. I also like the potential of picking up a new client too. Getting them to one of my preferred lenders normally sounds all of their financial questions.
Jun 12, 2012 01:32 PM
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation
Hi Wandanna, It's great to always be able to help these First Time Home Buyers. They normally have many questions. Have a Great Week!
Jun 12, 2012 01:36 PM
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Jerry Newman
Texas REALTOR, San Antonio Military Relocation
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San Antonio is a great place to live. Let me be your guide and source of information for buying, and selling. As a retired US Army serviceman, I have a strong passion for helping and supporting all military members and families For All of their Real Estate Needs.
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