Advice Needed for First Time Buyer
Question: Advice Needed for First Time Buyer!
Hi! I am considering to buy a house, just want to give my two kids a better living place. Actually, I am a first time buyer, and dosen’t know much things about house buying process. I have some questions out there, and I would very appreciated any advice and recommendation. 1. How to get a reasonable loan program? How to calculate the loan mortgate? If the house I wanted which cost about $150,000. Hopefully I will pay 20% down payment, then how much I would to pay each month dependent with the mortgage rate? 2. If I am not qualify to get home loan (just suppose my income is not enough regarding my family size) after I deciding to buy the house and pay the depost, then what will happening? Also, if I pay more downpayment (25% or more ), is there any lender can offer home loan regardless my income (I have a job, but my wife only a part-time worker)? Of couse not too high rate. 3. Is that necessarily to have the home inspector to check out both the house structure and bugs before I sign any document? 4. What is the normal house hunting procedure? Any suggestions? I would like to say thank you in advance.
Answer: You are asking alot of questions that , unfortunatley, require more than a yes or no answer. First thing if you are serious about looking for a home hire a “buyers agent”. In most cases real estate agents are working as agents of the seller, that is, their job is to obtain the highest and best price for the seller of the home. A “buyers agent” is working for the buyer thei8r job is to obtain the best home for the buyer at the best price under the best conditions. In your area that may not be possible. Buyer aency has gone over in PA very poorly but in most areas real estate agents have to live with it.
Second make sure you shop around for a mortgage. All lenders have different sevice charges and depending on weather they are “portfolio lender” ie. they are using their own money instead of reselling the mortgage, the rule on how much mortgage you qualify for can be substainally different.
Third , I am a realtor in DE but I am also licensed in PA so I have some experiance in the legal environmaent in the area you are looking in. It is absolutely imperitive, ie. first priority, ie. very important, ie. DO IT, that you have a professional home inspection pn any property you might consider purchasing… also you need tp have a radon inspection…. You don’t necessarily need to do these before you sign a contract but you need to have a clause in the contract that protects you if there are problems with any of the inspections.
If you need any more help E-Mail to Art Sieber @ AOL.com Or call me 302-475-1991. If you would like me to I can interview somw realtors in your area and recommend one to you…I know all the right questions to ask!!!
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