Calculators


Let us help you find out what you can afford! Our mortgage calculator will help you determine loan amounts, mortgage qualification, or whether you should be renting or buying.


 

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:  %

"To leave satisfied you must arrive prepared."

 

Consider this your home buyer’s toolkit. Open it up, take a look around, and if you like, start equipping yourself with the tools necessary to make your best purchase. In most businesses, knowledge equals power, and real estate is certainly no exception.

I hope you enjoy the free reports I’ve provided, and I hope you learn a little more about what it takes to make your important purchase a great one.

I help you understand the tax advantages, financing alternatives, and investment aspects of home ownership and why now is an incredible tiem to buy!

The real estate market in Topeka is certainly volatile, and all of the information about buying a home can be overwhelming. I can help.

Buyers01.jpgWhen you're ready to act, contact me.

I fight on behalf of my buyers.
I negotiate the absolute best price.
I protect you.
I simplify your transaction for you as much as possible.

I look forward to working with you.

Thanks for stopping by,
Raul Rubio


Buying Services for Topeka Home Buyers


 

CRS - Realtors who receive the CRS Designation have completed advanced courses and have demonstrated professional expertise in the field of residential real
estate. Fewer than  38,000 Realtors nationwide have earned the credential. 
   
Home buyers and sellers can be assured that CRS Designees subscribe to the strict Realtor code of ethics, have access to the latest technology and are specialists in helping clients maximize profits and minimize costs when buying or selling a home.

GRI - Graduate REALTOR® Institute - Knowledgeable in all aspects of residential real estate (over 90 hours of training beyond license requirement).
e-PRO - Internet Professionals with the knowledge and skills to put the power of technology and the Internet behind your real estate transaction.


Congratulations!  You have decided to purchase a home, or are thinking about buying one.  You'll be joining the ranks of hundreds of families who realize that home ownership offers a number of benefits including building equity, saving for the future, and creating an environment for your family.  When you own your own home, your hard-earned dollars contribute to your mortgage. The equity you earn is yours.  Over time, your home will increase in value.

I will perform due diligence and act completely in your best interest as your Buyer's Representative.  The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate BUYER'S AGENT Council (REBAC) of the National Association of REALTORS®who meet the specified educational and practical experience criteria. 

In the following reports, you'll find the information you need to make a wise buying decision.  We'll take you through the planning process step-by-step , to help you determine which home is right for you.  You'll find a host of informative articles on mortgages, viewing homes, the offer, closing details and moving.

Please contact me if you have any questions about buying a home in Topeka or elsewhere in Kansas.


Below, select desired reports and complete the form provided.

Buying Your First Home
Many renters are starting to think about purchasing a home of their own. This article highlights several factors that should be considered when purchasing a home.
The Right Home at the Right Price
This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process.
Avoid Common Buyer Errors
Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase.
But Do You Need It
Buying a home can be an emotional, time-consuming, and complex process. There are a few things that you can do to help make the process go as smooth as possible.
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Buyer's Guide FAQ's


Home Ownership Pays
No question about it, home ownership is a big investment, maybe the largest you'll ever make. But over time, it's an investment that pays for itself many times over. Here's how:

Tax Advantages
• Mortgage interest is tax deductible.
• Real estate taxes are tax deductible.
• Local tax benefits are available in many areas.
• You can enjoy tax-free gains up to $500,000 from the sale of a primary residence that you have occupied for two of the last five years if you are married and filing jointly. If you are single or married and filing separately, you can enjoy tax-free gains up to $250,000. Moreover, you can use the exclusion as often as you meet the qualifications.

Investment Benefits
• You build equity over time, which you take out in cash when you sell your home.
• The profits from home investment are often greater than from many other investments.
• Because you can borrow against it in most states, home equity can be a source of emergency funding.
• Land appreciation adds to the value of your home.
• For many, home ownership is an important part of retirement planning.

Personal Satisfaction
• You gain more living space.
• You enjoy the satisfaction and pride of home ownership.
• Home ownership, for many people, is a sign of independence and achievement.

Searching for your dream home.


Once you've made the decision to buy a home, it's time to start looking. There are so many ways to look for homes, it can be very confusing. That's why you need a CRS agent. They will use their experience and education to narrow the search to just the type of house you are looking for. They have access to the latest listings and to a network of CRS agents. They can pull up the most current list of houses that meet your personal specifications.

Another way to look for homes is by using the Internet. Using a system of databases and search engines, you can find listings for homes all over the country. Most major search sites have a category dedicated to real estate, but you can also use the basic search engine and try any or all of these keywords and phrases: house, home, buying a home, selling a home, real estate. These searches will lead you to information about buying and selling, listings of agents and home listings.

One thing to remember is that the latest listings may not be available on the Internet. It takes time to add listings and in hot markets, houses may sell before they even get a chance to be put online. The Internet is a great place to gather information, comparison shop and become familiar with real estate terminology. But the best place to find your dream home, is with a CRS agent.

Frequently Asked Questions by Home Buyers


Question: How much can I afford to spend on a home?


Answer: Many experts believe that you can afford to spend up to three times your gross annual household income. The price you can afford to pay for a home typically depends on these
key factors:

  • Your income;
  • The amount of cash you have available for the down payment, closing costs and cash reserves required by the lender;
  • Your outstanding debts;
  • Your credit history;
  • The type of mortgage you select; and
  • Current interest rates.

Lenders analyze your income relative to your projected cost of home ownership and outstanding debts to determine the size loan you can have.
 


Question: What is buyer brokerage?



Answer: Buyer brokerage involves an agent representing you as the buyer in a real estate transaction for a fee. Historically in the U.S., Realtors® represented sellers as a matter of custom. However, there is no legal or ethical barrier that prevents licensees from representing buyers. Just as a seller's agent is hired to obtain price and sales terms sought by the seller, a buyer's agent is hired to get the best possible price and terms for the buyer. In terms of buyer broker compensation, the agent and buyer negotiate fee for service. Traditionally, the buyer may compensate a buyer's agent based on a percentage of home price, a finder's fee or other disclosed terms. Otherwise, the buyer may pay his/her agent a percentage of the sales price of the home, or both the buyer and seller might compensate the buyer's agent.
 


Question: What are some of the typical things a buyer broker might do for a customer?


Answer: Apart from helping you find the right property, a buyer broker will negotiate the best terms and conditions, as well as contract provisions, most favorable to the buyer. Buyer brokerage assistance may also include helping the buyer obtain legal assistance to review proposed contracts or structural inspections to examine the property. Overall, a buyer's broker will be the buyer's advocate throughout the buying process.


Question: How prevalent is buyer brokerage?



 Answer: In the past, an agent representing the buyer was far more common in commercial or land real estate transactions. However, interest in buyer brokerage has increased substantially in the residential sector. Laws of agency are changing across the country, and buyer agency is more common.
 


Question: Are "low-ball" offers advisable?


Answer: . It depends upon market conditions. If it's an unrealistic offer compared to the market value of the home, you stand a chance that the seller will not even bother to negotiate because you're so far apart. Ask your broker to prepare a comparative market analysis to determine a realistic offer.


Question: How do you choose between fixed and adjustable rate mortgages?


Answer: Risk is involved in selecting an adjustable rate mortgage, or ARM, because rates may go up. In contrast, a fixed-rate loan offers good protection against rising interest rates, but you are locked into the initial rate if interest rates fall.

Choosing between a fixed or adjustable rate mortgage is a matter of personal choice. The former offers stable payments while the latter offers lower initial payments. Consider, too, the length of time you plan to own the home. If you plan to move within three or four years, the ARM is preferable even if rates rise through the whole period.
 


Question: Are there set interest rates for FHA and VA loans?


Answer: No. FHA (Federal Housing Administration) and VA (Veterans Administration) interest rates fluctuate just like conventional mortgages. It's best to shop around.


Question: What are the components of a monthly mortgage payment?


Answer: They are principal, interest, taxes and insurance, otherwise known as PITI. Principal refers to the part of the monthly payment that reduces the remaining balance of the mortgage. Interest is the fee charged to borrow money. Taxes and insurance refer to the amounts that are paid into an escrow account each month for property taxes and mortgage and hazard insurance.


Question: When is private mortgage insurance required?



Answer: It is typically mandatory if you put less than 20 percent down, to protect the lender against loss if you default. Effective for loans written on or after July 29, 1999, lenders must automatically cancel PMI when the mortgage balance is reduced to 78 percent of the home's original purchase price.


Question: Can I safely apply for a mortgage on the Internet?


Answer: More and more buyers enter the marketplace with their mortgage in place, including many who have been pre-approved or pre-qualified via the Internet.


Question: What's the difference between being pre-approved or pre-qualified for a mortgage, and what are the benefits of one over the other?


Answer: You can easily get a pre-qualification letter by calling a mortgage broker or lender and providing some basic financial information. Similarly, getting pre-qualified on the Internet is quick and easy. In contrast, a pre-approval letter involves verification of the information, which means that the lender will ask for documentation to confirm your employment, the source of your down payment and other aspects of your financial condition.

Indeed, getting a pre-approval may be more time consuming than getting a pre-qualification but carries far more weight. Sellers often prefer to negotiate with pre-approved buyers because they know that these buyers are financially qualified to get the financing they need to close the transaction. Moreover, a pre-approval letter lets your real estate agent know that you're a well-qualified buyer who is serious about purchasing a home. These factors notwithstanding, pre-approval letters aren't binding on the lender, are subject to an appraisal of the home you want to buy and are time sensitive.
 


Question: How can I be sure that the home I purchase is in good condition?



Answer: One of the standard contingencies that should be put into an offer is an inspection contingency, which allows you to have professionals inspect the property to your satisfaction. Typically scheduled within a certain five-to-eight day window after the contract is signed, a home inspection is a thorough examination of the physical structure of a home - including, but not limited to, foundation, attic, basement, windows and doors, heating and cooling systems, electrical wiring and plumbing. A positive home inspection should increase your confidence that you are making a solid investment, and your agent can advise you about which inspections are recommended or required. Note: The home inspection is a buyer's cost.
 


Question: What are closing costs?


Answer: They are expenses - over and above the price of a home - incurred by buyers and sellers in transferring ownership of a property and can be substantial. Closing costs vary in different parts of the country and usually include a mortgage origination fee, an attorney's fee, accrued taxes, an amount placed in escrow, and charges for obtaining title insurance and a land survey.