How do I Know if I am Ready to Buy My First Place?

Recently someone asked me how she would know if she was ready to Buy her First Home, and what Steps to Buying a Home she should take. Here is what I suggested:


First and foremost, it is important to know your numbers. What I mean by this is that you should know how much money you have in savings and other equity, how much debt you have (credit card bills, student loans, car loan, etc), and what type of support you may have from other people to help you buy a home (a gift from your grandparents, an interest-free loan from your aunt, etc).

Second, it is important to have a great REALTOR®, one who can help you identify the most important aspects of your home, narrow down the search to relevant properties, assist you in tracking a particular real estate market, and coach you through the process.

Third, your REALTOR® should help you connect with a LOCAL MORTGAGE LENDER, such as Tiffany Leibsch of Sovereign Bank  or a LOCAL MORTGAGE BROKER such as  David Duplesis of Equity America  who can help you sort through all of your financial information and come up with a savings plan or identify a mortgage program such USDA, FHA, VA, or Conventional Loan that you already qualify for.

Why a Local Lender? Your REALTOR® and your lender need to work hand in hand through the process. With on-line lenders or lenders who may be across the country, they often do not know local real estate  laws, tax rules, and contract terms.This lack of information can lead to major headaches later on in the process. Additionally, the better the relationship between your REALTOR® and your Lender, the smoother the process will go.

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