John J. Dean Jr.

Search For Property Like An Agent!



How Do You Set Up Your Real Estate Team For Success ?

Select Your Realtor " Buyer's Agent"

A successful purchase starts with the right Realtor.  Do not settle for anything less than a Realtor as there is a difference between a real estate agent and a Realtor.   In fact, once you’ve selected the best agent to represent you, it is likely that he or she can recommend other professionals to join your team, taking more of the responsibility off of your shoulders.  Remember in the state of Massachusettes the benefits of Buyers Agency are enforced and enjoyed by a contractual agreement.  Interview your buyer's agent and make sure they are a perfect match and can meet your expectations. 

Secure A Solid Lender & Pre-Approval 

A bank is not just a bank. Having the right backer can be extremely important – it is your money we’re talking about after all! Make sure that your lender and financial representative is someone with whom you feel comfortable, and be wary of any lender who promises you more than you think you can reasonably afford.  In order to have a strong offer you will need the lender to generate a "Pre-Approval" letter.  This letter a rubber stamp that basically states to a seller that your financials have been reviewed and you have the ability to fund the transaction.   Once an offer is accepted one of the next steps is to apply for your mortgage which is a more in depth review of all of your fiances.

Find A Real Estate Lawyer

Your home purchase is far too important a transaction to skimp on legal representation at the risk of leaving yourself open to costly future issues. Find a lawyer who is willing to take the time to answer your questions and who specializes in real estate law.  DO NOT use a generalist or family attorney as they sometimes do not have the expertise that is needed during these transactions.   I equate it to using a specialist like in medicine as you would never go to a generalist when you need a surgeon.   They are both doctors but if you need an operation you would want someone that does it day in and day out as their skills will be razor sharp.  This could be the most important investment please do not trust it to anyone that does not focus their practice on real estate.

Hire A Home Inspector

No home inspection is 100% guaranteed, but a few hundred dollars to catch a major problem now is certainly better than many thousands to correct that ‘surprise’ down the road. Ask your agent for recomendations.  One of the most important steps during the inspection process is to address any concerns you have about the property with the home inspector.  Any home inspector worth their salt will pay special attention to these areas and try to give you the best possible information to put your mind at ease.  


Calculate Your Mortgage


Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.  This is a good guide but in all honesty you should always consult with a mortgage specialist.  If you need help finding one contact me.

Complete the fields below (e.g., Cost of Home, Down Payment, Monthly Income) and click Calculate Now. To view the different results of your calculation, click on the various tabs. To mail yourself a copy of your results, click the Receive this Detailed Analysis link.

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %