Since I actually have a background in bio-chemistry (super geek), I thought it would be a great way to kick off the blog by combining my expertise in both science and real estate.
Watch a lot of those television programs about buy a house, and you might come away thinking that those beautiful people in that gorgeous home got there after a pea with the mass of a trillion suns exploded a long time ago and there it is. Unfortunately, the home buying galaxy doesn’t really work that way, other than playing one on T.V.
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When they begin looking for houses, first time home buyers usually do start off with a bang and mistakes, taking too many paths that lead to black holes—you know, those places you run into that suck up everything and everybody and let nothing escape. This post is to offer some useful ideas to help buyers navigate the new home universe and not let the neutrinos and other elements that may or may not exist drive them crazy.
PRE-APPROVAL PROCESS
First, get pre-approved, not pre-qualified, before beginning the home search. Pre-qualification involves meeting with a lender and having a nice chat, and while it’s free, the pre-qualification letter is worth what you paid for it because it’s based only on conversation. With a pre-approval, you’ll typically complete an application with a free credit check and provide the lender with pay stubs and other documents, and receive a letter stating you’re approved for a loan based on verified data. It’s a powerful letter to have—better than a phaser set to stun.
DOES IT NEED TO BE SO COMPLEX
Do words such as closing date, escrow, easements, earnest money, possession, TILA, appurtenances, real property/personal property, contingencies, APR, and more sound like a meteor shower you’d just as soon avoid? If so, retain a local real estate agent, because these terms are some of the tools of agents’ trade. A home is usually the largest purchase people make, and it just makes sense to hire a professional to safeguard your investment. Real estate agents know how to look after your interests by protecting your earnest money, advising on making the offer, handling repair negotiations and performing many other tasks involved in home buying.
RENT PAYMENT VERSUS MORTGAGE
Finally, know that the monthly mortgage payment shouldn’t be compared to the monthly rent payment. When you rent, the landlord pays for water leaks, broken water heaters, and the garden out front. When you’re a home owner, you pay for those. The good part is that the mortgage payment never goes up, unlike the rent. Besides, you can paint your walls fuchsia if you feel like it.
Philadelphia is a home buyer’s universe with areas such as Center City, Brewerytown, Old City, Rittenhouse Square and others being just some of the beautiful galaxies to explore. No, the Big Bang Theory isn’t quite at work here for first-time buyers, but if you would like to hop on my ship, I’d love to take you for a spin through the home-buyers’ universe.
Have there been any things exploding in the your First Time Home Buying Process? If so, contact AGENT LADY to schedule an appointment to get you back on the right track.
About Agent Lady: Cherise Wynne is a leading real estate agent in Philadelphia, helping home buyers and sellers navigate the City of Brotherly Love, with a special focus on first time home buyers. To chat about getting started with your first time home buying experience, click here.
