Why you should work with a Realtor

Working with a professional Realtor to buy your home is a good idea for several reasons:

• They'll analyze your financial situation to help you determine how much you can afford.
• They're familiar with the process of buying a home and can explain things to you.
• They can easily access information on all properties listed for sale by Realtors in your area.
• They can set up appointments for you to see homes that interest you.
• They'll help you complete all the necessary paperwork when it comes time to make an offer.
• They'll help you arrange financing.
• They'll be there at closing to answer your questions and make sure everything runs smooth.

What other reasons should someone work with a Realtor?

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How Much House Can You Afford?

Simply put, you can afford a house that costs as much as the largest monthly mortgage payment you qualify for. 

 

A quick way to estimate the size of mortgage you qualify for is to take your gross monthly income (that's before taxes and other deductions) and multiply it by .28. This works out to just over 1/4 of your gross income. 

Mortgage companies use something called qualifying ratios to determine how much they'll lend you. Most mortgage companies use either a 28/36 ratio or a 25/33 ratio. The first number in each pair is the percentage of your gross income that the lender would consider acceptable as a monthly mortgage payment (i.e. if you make $3,000 per month, 28% of that is $840 per month).

The second number in each pair is used when all debt payments are considered, not just the mortgage. (i.e. if you make $3,000 per month, but also have a $250 a month car payment, 36% of $3,000 is $1,080, minus the $250 car payment equals $830).

As you can see, in this example the numbers work out to be almost the same. Obviously if you have more debt you would qualify for less.

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Tips For Buying A Home - Getting Started

Before you start looking for a home you should ask yourself a few questions. 


Where do you want to live? Do you want to be close to schools, shopping, or work?

What kind of house would you like (need)? Are you looking for a particular style? How many
bedrooms and bathrooms do you want? Do you want a yard?

How much house can you afford? Have you consulted a Realtor or mortgage lender to determine the size of the mortgage you would qualify for?

Here are a few tips to help you get organized:

• Pull a credit report on yourself and make sure the information is accurate. If you find any errors take steps to correct them immediately.
• Browse through real estate advertisements in the newspaper and Homes magazines. This will give you a good feel for the types of homes that are on the market and what they cost.
• In many communities, Realtors may have television programs or interactive phone systems which will allow you to find out information.
• Visit open houses on the weekend. It doesn't cost anything to look, and looking at a few different homes might give you some ideas for things you'd like in a house but haven't considered.
• Start saving money - you'll need to have cash on hand for a down payment and closing costs.
• Don't incure any additional debt. Pay down your credit cards - and don't apply for any new ones. Don't make any major purchases on credit - buy the furniture or car later.
• Contact a Realtor. Your Realtor can help you determine how much you can afford, and they can provide you with information on homes that may interest you. The Realtor will also help you complete all of the necessary forms when it comes time to make an offer.

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10450 Las Palmas St NW (Albuquerque, New Mexico)

Delightful & updated 2 story, 4 BR's, 2.5 Baths, 2 car garage home on great corner lot with mountain views! Master Bedroom downstairs w full bath. Tiled foyer invites you in. Lovely Living room. Gracious updated Country Kitchen w beautiful maple cabinetry, Center Island & cute dining nook. Upstairs features 3 Bedrooms & full Bath. Plus great mountain views. Step outside to the spacious Backyard. Relax on the enlarged covered patio. Enjoy the low maintenance yards. stroll up the wooden staircase to spectacular 20x20 view deck! Enjoy watching the beautiful NM sunsets against our Sandia (watermelon) mountains. Updates include tile floors & carpet w upgraded pad,Kitchen island, appliances, undercounter lights,celing fans,interior doors & glass storm doors & more. What a pleasure to show!





Price: $199,850
MLS#: 809616
Bedrooms: 4
Baths: 3
Sq Ft: 2016
Garage Spaces: 2
West Side Home





10450 Las Palmas St NW
Albuquerque, NM 87114

Relocating To Albuquerque, New Mexico - Part 2

Employment
Job seekers are encouraged to contact the New Mexico Department of Labor, 501 Mountain Road NE, Albuquerque, NM 87102 (505) 843-1900. The agency offers the largest pool of job listings in the state, as well as a full staff of qualified employment counselors and placement interviewers.

The agency also issues several publications about the current job market: Large Employers in the Albuquerque Area, New Mexico Job Hunter’s Guide, New Mexico Labor Market Review, New Mexico 2006 Economic Projections. To order, call the Publication Hotline at (505) 841-8711. Also, check out the Department of Labor’s Web Site at http://www.state.nm.us/dol

Vehicle Registration
To register your vehicle (new residents have 30 days), you must take the vehicle to the Motor Vehicle Division and provide proof of (a) ownership, (b) liability insurance, and (c) compliance with state emission-control standards. Registration fees are based on the vehicle’s age and weight. Call 1-888 683-4636 for information and locations.

Taxes
New Mexico has a graduated state income tax. In other words, the tax rate rises as income increases, with personal income tax piggybacking on Federal income taxes.

The statewide gross receipts tax of 5.125% applies to almost all goods and services exchanged. Local communities can levy additional increments. The total gross receipts tax in Albuquerque is currently 7%.

All real property and business personal property is subject to taxation under New Mexico law. Real property valuations are based on market value. Business personal property must be reported to the Bernalillo County Assessor’s Office by the last day of February each year.

For information regarding real and business personal property taxation, call the Bernalillo County Assessor’s office at (505) 468-7031. For other tax questions, contact the Department of Taxation and Revenue in Albuquerque at (505) 841-6200.

Voter Registration
Albuquerque has no residency requirements for voter registration. Anyone who will be 18 years old by the date of the next election may register. To be eligible, you must be registered 28 days prior to the election. Information on locations of registration offices is also available from the Bernalillo County Bureau of Elections/Voter Registration at (505) 468-1291. You can also call the League of Women Voters (505) 884-8441; the Democratic Party (505) 830-3650 or the Republican Party (505) 298-3662.

In-State Tuition
To qualify for in-state tuition rates at the state schools, you are required to have been physically present in the state for a period of no less than 12 consecutive months. You must demonstrate your intention of becoming a permanent resident by registering your motor vehicle, obtaining a driver’s license and securing employment. An exception is possible for dependent students who move to the state with their families. Residency can be presumed if a parent supplies documentation of employment expected to continue throughout the coming year.

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