The journey, from deciding to purchase a home until move-in day, involves one of the largest purchases in your life. It should be exciting but you should go forward cautiously. It is possible to lose thousands of dollars and never move into the house. A Lehigh Valley Home Buyer is expected to put a deposit (escrow) on the house, then the Home Buyer has to pay for any requested inspections, mortgage application fees, and the appraisal. If the deal falls apart, the Home Buyer might get the deposit back but will not get reimbursed for any of the money spent on inspections or the appraisal. The financial loses may affect your purchase power to attempt to buy a different house. The complete Lehigh Valley Home Buying process:  Buying your First Home in Lehigh Valley (Lehigh and Northampton County) Step 1: Get a Pre-Approval from a mortgage company. Before you even begin the home buying process, you should know your purchasing power. A pre-approval and a GFE (Good Faith Estimate) from a mortgage company or bank provides the starting point. The pre-approval provides the home seller with proof that you have the ability to purchase the home and the GFE should disclose all of the expenses you, the buyer, will be charged to obtain the mortgage. You can use the Mortgage Calculator to give you an idea of your monthly payment. When using the calculator, keep in mind the additional money that may be needed for title insurance, deposits, inspections and other associated costs with purchasing a home. Step 2: Get Educated. The internet allows you to learn more then ever about the home buying process. Here is link to everything you need to know about the Home Buying Process. Attend a Free Home Buying Seminar Step 3: Work with one agent. The advantages of working with one agent are many. An agent, that is specifically working for you, should have your best interest at heart. It is the agent's job through licensure and ethics to look out for your best interest. The agent should work with you from finding the house, contract negotiations, home property inspections and mortage and title concerns. Your Real Estate Agent, on your behalf, will manage all of the parties involved in the complete transaction (mortgage, title, inspections, seller negotiations). Typically, a buyers agent (the agent working on your side), gets paid out of the commission the seller is offering on the house. Whether or not you have your own real estate agent, the house price will remain the same. Take advantage of the way the process works and get a fulltime agent working on your behalf. For more information, Call Joe at 484-241-1641. |