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Buying a House When You’re Single

Buying a house while you’re single seems to be a trend. More and more single people are making the transition from renting to home ownership, thereby taking advantage of lower rates and available funds. Oddly enough however, most of these singles are not men. A few decades ago this was a fairy tale, but last year single women made up 18% of the homes owned, while single men only made up 10%. But whether you’re a man or women doesn’t matter, what matters is if you’re ready. If you are on the fence it’s not impossible, as I stated earlier, plenty of people manage it. So why can’t you?

Whatever your case may be, here are some things to consider:

First off, as always, make sure you can afford the house. This means monthly AND other costs, such as the down payment and closing costs. Closing costs usually sucker punch a lot of people. Often time people are so preoccupied with the down payment they do not even realize that closing costs exist. A closing cost can add thousands of dollars to what you’re already paying, so be prepared for that as well. If this seems like too much to bear, do some research! Some states offer money to those who are making first time house purchases, making it easy for them to pay those extra fees.  As for monthly payments, there are plenty of places where you can find mortgage calculators. However, what you should also consider are the taxes, insurances, and home owner’s association fees. Plenty of people overlook these things, and thus believe that they are saving much more money than they actually are. It’s recommended that all these fees typically should not exceed 33% of your net income, so talk to your agent, or your lender. Either one of them will most likely do their utmost to help you figure out what you are going to spend, and whether or not you should.

You should also buy a home for the right reasons. Buying a home when you’re single can give you some serious pride in yourself and in the place you live. You should not however buy a home to make some quick cash. It is unwise to expect a quick rise in the market, and most of the time if you do make any cash, it’s not quick. A home is an investment, and should be treated as such.

Lastly, don’t be afraid to shop around for mortgages. What I mean by this is that your buddy Joe may be a loan officer, but it does not mean he’s going to give you the best price. When you finally do make a lender decision, get pre-approved before you start shopping around. Don’t fall in love with something that ends up being grossly out of your price range. It ends up being a disappointment and a waste of time. Being pre-approved also means you will be better prepared for when it is time to buy the house. Don’t lose out to someone that came more prepared than you!

So whether it’s a mortgage or a house you’re looking for, our agents at National Realty Group and our team at National One Mortgage will help you get on the right track with securing a loan, and taking hold of the house you’ve always been dreaming about.

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About National Realty Group

National Realty Group was founded in October 1991 by Jeff Maas. It started as a two man office but soon grew to a medium sized office. One of the original agents formed a new home development company soon after. Steven Walker Homes is now a large national home builder. Southfork Mortgage Company Corp. was founded in April 1990 by the owner of a large home builder. Jeff Maas stepped in as its Broker in September 1993. With the help of Jeff Evens, Jeff Maas was able to expand the company. In July 1994, the owner of Southfork retired and Jeff Maas and Jeff Evens purchased the company. They continued the growth and soon built it into a multi-million dollar corporation. National Realty Group remained separate until Jeff Maas sold it to Southfork Mortgage in 1996. This allowed the owners to expand National Realty Group while allowing its agents to provide mortgage services to their clients. In 1996, a branch office of Southfork and NRG was opened in San Bernardino. It was later moved to Redlands in the most well-known office in the city. In 1998, they opened an office in Temecula in the Temecula Valley Bank office. The offices were expanded and closed 45 million in real estate and loan transactions in 1998. In 1999, Jeff Maas purchased the company from Jeff Evens becoming sole owner and broker. Shortly after the name was changed to National One Mortgage Corp. The company outgrew its 3000 square foot office in Riversideand moved to a building of approximately 6000 square feet. The growth continued at a spectacular rate. The company grew to over 40 agents within one year. The expansion continued with the addition of 2800 square feet and later adding more space for a combined total of nearly 13,000 square feet. At our peak we had over 125 agents and 12 employees in the Riverside office alone. During the summer of 2003, we opened an office in Temecula at the corner of Rancho California and Margarita. This office was soon bursting at the seams with 42 agents and 3 full time employees. Due to the increased demand for our unique programs, by the public and real estate agents, offices were opened in Corona and Ontario in early 2005. The year saw more amazing growth with offices opening in Moreno Valley, Hemet, Las Vegas and Norco. Rancho Cucamonga and Phoenix opened the first part of 2006. A Murrieta office opened summer of 2007. The economy has not been kind to many real estate and mortgage companies. We have remained strong and successful. Our business model of a One-Stop Shop provides the exact service and convenience the Home-Buying public desires and needs.

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