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Buying your first home is easy.
Don't be afraid...here's how to get started.
By Carmel and Dale Archdekin View this article in it's original posting on the Rachel Inc site
If you are thinking about buying your first home or any home for that matter. Your first goal should be to find out how much you can spend. You should ask for referrals from friends and family for a reputable mortgage broker/banker to get you pre-qualified. Having a pre-qualification letter, stating that a mortgage company has reviewed your financial picture and determined how much you can borrow, will serve two purposes…first you will be able to view homes in your price range (if you fall madley in love with a home that you just can’t afford, you will be heartbroken) and second when you make an offer on the home of you dreams, your offer will appear stronger to the seller by proving that you can actually afford to buy it.
A great mortgage broker, also known as a loan officer, will work as a consultant with you. (Hopefully, this is where Dale comes in!) Looking at your entire financial picture, and your future goals and help build a strategy for you. Borrowing money to buy a home can be approached in two ways; one as just signing some papers and getting the keys, two as being given the HUGE advantage of OPM (other peoples money), which can be used as a long-term wealth building strategy. It is the largest financial transaction that many people will make in their entire lives, and the smart ones use it to their full advantage.
Next you should find a Realtor that you trust and knows the areas that you would like to move into. (Hopefully, that’s where I come in!) At the first meeting, I will talk to you about what you are looking for, home size and style, your lifestyle and what is important to you in a neighborhood, like local shopping, public transportation access, dog parks, etc. I will explain to you how a buyer agency relationship works and the process that typically happens once you have found a home and have made an offer. We will then talk about the mortgage price you have qualified for and what areas you will be able to purchase in. For example, if you are qualified for $165,000.00, you may not be able to look in Northern Liberties, however perhaps Fishtown or South Philly might be a better fit for you.
You, as the first time homebuyer, should be honest with your realtor about your timeline. If you are casually looking or need something ASAP, let them know. TIP: In addition, and most importantly, any realtor can show any property so if you find something online or drive by a house that is listed with another company, simply call your realtor for the info.
Once we have had our initial meeting, I will send you listings from Trend MLS in the areas and price range that we have agreed upon. You can view all the information about a particular house including the previous years tax prices, square footage, days on the market and pictures. Next you will choose homes that you would like to see and then we will make an appointment to visit them. When you have found one that you like, and want to make an offer, we will talk about the Agreement of Sale Contract, the offer price and an earnest money deposit that will be applied to the down payment or closing costs.
It's that simple. Contact either myself or Dale today to get started on your path to homeownership.
Carmel Archdekin
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