From Renting to Owning in 2 Steps !
Contrary to popular belief, for some people, owning a home is NOT the best choice. For some people their personal goals and financial stability is not tied into real estate. We have family members who have never owned a home in their entire life (over 70 years!) and they are as happy as happy can be. (And so is their landlord, some would say!)
Unlike our family member we mentioned above, for many people, their home is their single greatest asset. Perhaps you are one of those people who, like myself and Chris, have grown up watching your parents build equity in their home. For 35 years, my mother lived in the house I was raised in in Richboro PA. She took out a few home equity lines of credit over the years, paid the loans off and leveraged the equity she had in the home for her needs. Talk about equity ! When we sold her home last year, she was able to purchase her new home with cash ! CASH !! Now that is a real estate success story of protecting and growing wealth. I'll bet you have a success story or two from
your own personal experiences in owing real estate.And so it is, that many renters often come to a point in their rental experience and ask themselves the single most important question, "Why am I paying for my landlord's mortgage when I could be paying for my own!?"And when that quintessential light bulb goes off in their head's, it is time - time to embrace the transformation from caterpillar to butterfly or in this case, you know, do the whole renter to homeowner thing.
Here are the 2 main steps you will need to take to go from Renter to Homeowner.
1. Talk to a Mortgage Professional:
Let them evaluate your credit, your income and your debt. You can find out if you qualify for a loan. If you qualify for a loan then you can get a preapproval. A preapproval will give you an idea what you can spend on a home. Ask for a good faith estimate. The good faith estimate will show you what your monthly mortgage might be and you will know how much money you will need to have available for the purchase. Ask your mortgage professional explain the mortgage process regarding what will happen once you find a home.
2. Find an Expert Realtor to Represent you:
An expert Realtor will get to know what you are looking for in a home. They can narrow down the neighborhoods and homes you can afford. Realtors are licensed by the state and have the authority to make the appointments and escort you to see the properties of your choice. They have important market knowledge and experience to communicate to you the most relevant and timely information when it comes to buying a homeand negotiating the best price for you. Your preapproval is imperative for the Realtor because he or she will want to know that you are qualified to purchase within a particular price range. Plus, when you find a home, you will need to have your preapproval ready to make the offer.
If this sounds pretty simple, you are right, it is !! 2 steps and you are on your way to becoming a homeowner !
*****************************************************************************
If interested in buying or selling properties in Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub !
The Somers - Philadelphia Real Estate - our main site
Search the MLS Properties Here in Philadelphia
The Philadelphia Real Estate Blog
Click here to receive our Blog updates via email !
Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !
Feel free to subscribe to our blog or our monthly newsletter to stay up to date with our latest posts and information on the Philadelphia Real Estate Market. You can also sign up to receive the Philadelphia Real Estate Blog via email.
