Getting The Best Isn't Always The Best, Minot Real Estate 101

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Getting The Best Isn't Always The Best

Minot Real Estate 101

National Marketing Realtors


Getting the best isn't always BEST for YOU!

In all my years of Real Estate I've found it very rare that a home Buyer not take out the maximum loan offered them from the bank.

Banking regulations dictate to the bank, via carefully researched statistics, how much money you can afford to pay back without defaulting (going bankrupt) on the loan.

The bank/lender wants to loan you the maximum amount of money they can because the more money you borrow the more money they make.

While bank foreclosures are down because of new banking laws we still all see foreclosures every day. So what's happening?

I like to think back to the first home that I purchased when I was 18 years old. I purchased as much home as I could just like most people do but what happened when my car died, or the furnace, or I wanted to purchase something nice for my girl? I literally lived on saltine crackers for a week or however long it took to recover financially.

By not borrowing the maximum amount you could you leave yourself a cushion for emergencies and for comfortable purchases. Even folks who have had home custom built to their specifications usually find they would have done something different or would like to add something to the house they designed within six months of moving in. If you have borrowed your maximum amount of credit you may not be able to make changes for a year or two.

When I purchased my first home I slept on a water bed on the floor (couldn't afford a frame) and much of my furniture was made out of plastic milk crates.

Think about this when you go for that home loan. Remember that when it comes to credit you are NOT leaving money on the table, the bank will be glad to loan you more later if you have not maxed out your credit.

Getting the BEST Realtor in Minot doesn't cost you any extra, just stop in at National Marketing Realtors and we will do our absolute best for you.

Minot Real Estate Broker

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201 Main Street South, Suite 116

 Minot North Dakota 58701

Bob Timm,  Facebook

Call or text 701-720-8513


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Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

RealMan, I always recommend that buyers do not go to the upper limits of what a bank will lend them.  Having reserves is just a smart and responsible thing to do.

Jan 04, 2016 05:28 AM #1
William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

I go over this with every client that shows me how much they can spen

Jan 04, 2016 06:47 AM #2
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

Wise advice Kathleen Daniels and William Feela it's hard to talk them down when the bank gets them so pumped up.

Jan 04, 2016 11:16 AM #3
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

Your buyers are lucky to have you.  I also encourage my buyers to not borrow to the max, just in case the worst happens as you already enumerated.

Jan 04, 2016 11:41 AM #4
Pat Starnes-Front Gate Realty
Front Gate Real Estate - Brandon, MS
601-991-2900 Office; 601-278-4513 Cell

Bob, it's what we used to call "living within our means". And in my market, sometimes consumers max out what they can borrow, but quite frequently they tell me they don't want to go over "xx" amount of monthly payment, because they want to have funds left over at the end of the month to live! That's a smart decision on their part.

Jan 05, 2016 09:44 PM #5
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Bob "RealMan" Timm

Owner of Ward Co. Notary Services, retired Realtor
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