Get a Mortgage
When looking to purchase a home, the first you do is locate a Realtor that will work for your best interests. That is what the Sandi Meisse Team does and will continue to do. The next thing you need to do is speak with a Mortgage Lender that will pre-qualify you to make sure you know everything you need to know about financing a home.
Here are some of the questions that a Lender will answer for you:
How much money can I borrow?
What will my mortgage payment be on a certain amount borrowed?
Can I do 100% financing?
What will my closing costs be when purchasing a home?
Can I purchase a home with borrowed money?
Below we have listed some of the companies and professionals our former customers/clients have used when purchasing a home. This list is formulated for your convenience. We want to emphasize that we do not recommend or guarantee any of the services rendered by these companies or individuals. It is your responsibility to contract them directly for their services and to independently investigate the companies as to their experience, etc. We are not responsible for the results or validity of any of the advice they render to you.
Gateway Funding – Chris Byrnes – 570-807-6256
Bank of America – Larry Ahner – 610-295-0365
WHY SHOULD I GET PRE-APPROVED?
THE PRE-APPROVAL IS A VERY IMPORTANT STEP IN THE BUYING PROCESS, AND FOR MANY REASONS. WE HAVE OUTLINED A FEW OF THE MOST IMPORTANT REASONS FOR YOUR REVIEW.
- The sellers of real estate face their own set of challenges. One of them is the sellers having to leave their homes frequently for showings. The selling Realtor does not want to trouble their clients by showing their home to unqualified buyers. If you are not pre-qualified, we may not even get in the door of the home that is best for you.
- The sellers of real estate and their agents will not give your offer much, if any thought, if you haven’t been pre-approved and if they do, they will want more for the home than if you are pre-qualified. You have to qualify at some point so why should it cost you money… even thousands.
- You have probably heard that interest rates are on the rise. The pre-qualification will guarantee you a certain rate to protect you against rising interest rates and may save you thousands. If rates were to go down, you would still be entitled to the lower rates.
- The pre-approval will assist you in determining how much to spend on a home and to know in advance what your monthly payment will be. This also ensures you don’t see a house and fall in love with it only to find out it isn’t quite in your budget. You will only see the houses that you can afford.
- You may be entitled to special programs or buying incentives that decrease your down payment or help you purchase a more expensive house than if you didn’t get a pre-approval.
- Some mortgage brokers consistently find our clients better rates than offered directly from a lending institution. This will save you money.
- The mortgage companies we deal with will make an appointment at your convenience. Our mortgage broker will only need you on the phone for a few minutes to start the process, and later schedule a time convenient for you to follow up. They save you money with no hassle.
CONGRATULATIONS… YOU’RE APPROVED!
WHAT’S NEXT?
Now that you are approved, we can spend more time determining what the right home for you. These are some of the questions we should address.
- How much can you spend?
- Where do you want to live?
- What type of home do you want? A condo? Duplex? House?
- When are you able to move?
- How many bedrooms do you need? Want?
- How many bathrooms do you need? Want?
- Do you need a garage? Want?
- Do you need a basement? Want?
- How much property would you like? An acre?
These are just a few of the important questions. You can see that there are many homes to fit any budget and lifestyles. We want to do our homework to determine what your needs and wants are. This will help us do a great job at finding you a great home.
Once we have determined what we are looking for, we begin the search process. It not will not take us long to narrow it down to a few houses from the thousands available. When we have this list we can arrange to tour the homes so you can get inside them. If a picture is worth a thousand words, then being in the home is worth a million.
The odds are great that one of the homes you viewed is the one you want. The average number of homes a home buyer sees before purchasing is 5 homes.
The next step is to write the offer!
WRITING AND NEGOTIATING AN OFFER
There is much more to writing an offer to purchase than many people think, but don’t worry, the Sandi Meisse Team is writing and negotiating offers constantly. We will not only ensure you are getting the home for the best price possible, we will ensure your interests are protected with other components of the offer. These are a few of the other common parts of an offer to purchase.
FINANCING CONTINGENCY – Although you are pre-approved, each purchase offer has to be approved by the lender. This is a minor step for us to handle. The bank will need to appraise the property for final approval and transfer of funds. We will elect for this contract to be contingent upon you obtaining your mortgage. This protects you by ensuring if your lender isn’t comfortable lending funds for that particular property, you can end the contract without penalty.
HOME INSPECTION CONTINGENCY – There are many parts of a home that may appear fine to the average person, but may be a concern when inspected by a professional. The last thing you need is to buy a home and later find that it requires thousands of dollars in repairs. Although not all homes require a home inspection, a number of small issues may be warning signs of larger problems. I make sure my clients always have an inspection. This may be some of the best money you can spend.
SELLERS PROPERTY DISCLOSURE –Sellers are required by law to complete a Sellers Disclosure Statement. It is a document that they must disclose any known defects in the home. Should there be too many issues to proceed with the purchase, you have the ability to terminate the contract without penalty to you.
There may be times when we need to add other conditions for your protection. We will identify these situations and ensure you are protected.
CLOSING THE DEAL
This is nearing the end of the work in buying a home. We will have the Title Insurance Company or Attorney contact you to arrange an appointment that works for you. You should budget a good hour to review and complete the paperwork at the closing.
It is not mandatory to have an attorney represent you during your transaction in Pennsylvania however some people just feel better having one. The attorneys we recommend to our clients are focused on real estate. The service they provide has been second to none and we are happy to have a relationship with them in real estate transactions. Whichever firm you use, please ensure you use an attorney who focuses on real estate, not criminal law or divorces, etc., in Pennsylvania. You are far better off dealing with someone who knows real estate inside and out.
Before you do the paperwork, we will arrange for you to do a “walk through” of the home just prior to closing. This is to ensure that any of the goods include in the deal (such as appliances) are still in the home and working as they did when you first viewed the home. We also want to ensure the general condition of the home is similar to when you first viewed it.
THE FINAL STEP is closing day. This is the best part of all because this is the day we get to hand over the keys to your new home. You can now move in and start the next stage of your life. CONGRATULATIONS!