January Update 2022

A monthly newsletter brought to you by McNulty Real Estate Services, Inc.


VOL. 6, ISSUE 1                                                                                        01/06/2022


 

Happy New Year…Wishing you and yours all the very best in 2022!
Welcome to Steve Hullett!

An old friend of a few of us, Steve has recently obtained his real estate license and has joined our company. We are excited to have him with us! Steve has been dabbling in real estate for years, so he brings an experienced base of knowledge with him right from the start.

Mourning the loss of a significant role model and community leader, Mary McNulty Young.

The City of Indianapolis, Marian University, and the Young and McNulty families lost their very special Matriarch just before the end of this previous trying year of tremendous loss. A matriarch is defined as “a Mother who rules or dominates a family, group, or city.” Mary certainly did so throughout her life, setting such an example for all of us with her volunteerism, leadership, tenaciousness, giving, organization, class, warmth, dignity, and most importantly….Love. Thank you Mary for all you gave us, you will be greatly missed, but we will carry your life lessons onward!

Preparing to Buy a New Home in 2022.

A number of our friends have recently indicated they will be looking for a new home in this new year. We thought the following from one of our local lenders would be helpful.

For most homebuyers, purchasing a home means first qualifying for a mortgage. To do this, you’ll need to make sure you have an adequate credit score, substantial down payment, and a consistent, sizable income to pay for your monthly mortgage payments.

1. Research your Credit Score: Weather your are purchasing a home with a partner, or on your own, you will need to make sure that you have an adequate credit score, Your credit score will determine the type of mortgage you qualify for, the length of time it will take you to pay it off, and your mortgage interest.

To obtain a copy of your credit report visit www.freecreditreport.com and review it carefully for errors. Any errors can then be disputed with the credit bureau.

2. Pay Down Debt: Like credit score, your total debt level and debt-to-income ratio will both be considered with applying for a home mortgage loan. For those who are just starting their home buying journey, it is important to start paying down your debt as soon as possible.

3. Save for a Down Payment: Through many new home buyers are under the assumption that you need 20% down when purchasing a new home, there are programs that allow for as low as 3% – 5% down. It is important to keep in mind that your credit score is a factor in determining this number, as well as how high or low of an interest rate you’ll qualify for.

4. Increase your Gross Income: It is very important not to over-extend yourself, especially when it comes to a mortgage payment that you will be paying for many years to come. This means, that when you are deciding on which type of mortgage works for you, make sure it really works within your financial means. Most lenders suggest that you keep your figure at not more than 28% of your gross income. This means if your household income is $4000 per month before taxes, the ideal maximum house payment would be $1120. If you make $6000 per month, you can afford a payment up to $1680.

As always, we’re here to help whenever you need us….winter, spring, summer, or fall.

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