Financing in 19014>Question Details

Cookiedoughjr, Home Buyer in Jenkintown, PA

i want to buy a home but i have no idea where to start

Asked by Cookiedoughjr, Jenkintown, PA Mon Jul 25, 2011

How could i get money for the morgage, utilities, and food

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Sue Olshefski, ABR, SFR’s answer
Hello Cookiedoughjr-
As a first time home buyer, there is so so much to know! And the truth is, you don't know what you don't know. A good agent will be able to walk you through the process, start to finish, and everything in between! It is an unbelievable, exciting time to buy a house! Good luck, hope it works out!

Sue Olshefski
Weichert, Realtors
0 votes Thank Flag Link Wed Jun 13, 2012
Hello Cookiedoughjr-
As a first time home buyer, there is so so much to know! And the truth is, you don't know what you don't know. A good agent will be able to walk you through the process, start to finish, and everything in between! It is an unbelievable, exciting time to buy a house! Good luck, hope it works out!

Sue Olshefski
Weichert, Realtors
0 votes Thank Flag Link Wed Jun 13, 2012
Hello Cookiedoughjr-
As a first time home buyer, there is so so much to know! And the truth is, you don't know what you don't know. A good agent will be able to walk you through the process, start to finish, and everything in between! It is an unbelievable, exciting time to buy a house! Good luck, hope it works out!

Sue Olshefski
Weichert, Realtors
0 votes Thank Flag Link Wed Jun 13, 2012
The first step is to make a list of your current monthly expenses excluding the rent.
Check your bank accounts and see how much money you have to invest in a home .Check with your family to see if they will give you gift money.Next sit down with a lender.They will qualify you based on income and debts and give you an idea how much you will qualify for and the amount of down payment needed. A lot of times the monthly payment you qualify for will be more than what you are comfortable spending on housing. You should buy based on your needs so that you can still have some money left at the end of the month and for emergencies.
Web Reference: http://www.gitabantwal.com
0 votes Thank Flag Link Wed Jul 27, 2011
I did a series on the 7 steps to buy a home. See the link below.

Here is a summary of the first 3 steps:

1. Get your finances in order

Want to own a home? You need money to buy one. Most people borrow the money to purchase their home. Some are able to pay cash. This step focuses on those who borrow.

2. Determine your needs and wants

Needs are the deal-breaker stuff, such as location/proximity to work, number of bedrooms and baths, layout (# of levels), etc. Wants are niceties – things you’d like to have but don’t have to have, such as a pool, two car garage, or granite counter tops.

3. Find a real estate agent

No matter what you’ve heard about real estate agents, as a buyer, you will need one and want one.
0 votes Thank Flag Link Tue Jul 26, 2011
I agree also with the first 2 answers. Once a lender has given you a preapproval of what price you can afford, you have an agent put you on their online home search that will send you emails of propertys you can afford in the area you want.

Good Luck!
Web Reference: http://www.VegasDawn.com
0 votes Thank Flag Link Mon Jul 25, 2011
Talking to a mortgage lender is a great place to start. They can help you sort out how much loan you can afford, and their process keeps in mind that you still of course need money for your other living expenses. They will ask you some basic questions about your income, debt, etc and be able to get you pre-approved (if applicable) and tell you what you can afford and what your loan options are. From there, you can talk to a real estate agent who can help you determine what areas and what types of properties you can be looking in, given your purchase price. You will never be alone throughout the process as long as you choose experienced, qualified professionals to help you along the way! And by the way, a real estate agent is free to the buyer (their fees are paid by the seller) so it is in your best interest to have an agent helping protect your best interests throughout the process. Good luck!

Richard Schulman
Keller Williams Realty
0 votes Thank Flag Link Mon Jul 25, 2011
good evening...before you begin looking for the home...first approach a reputable mortgage lender in your area....then you have a budget for debt, how much you can afford...and how the offer needs to be written..(around the way the property will be financed)...your mortgage lender would be glad to recommend an agent....
best of luck..
bob mcclure
percentPlus
0 votes Thank Flag Link Mon Jul 25, 2011
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