Step 1: Take a close look at what you can afford.

Based on what you have $saved for down payment and closing costs, set a good parameter of price range that is most comfortable. In general, when you look at monthly mortgage payments / PITI it is not a good idea to go beyond 1/3 of what your household is bringing in each month. One must also consider the amount of monthly debts that are being paid out. A good lender will be able to help you assess the target $ range for a home purchase. A no-obligation discussion with your banker or lender is a very good place to start – this will help focus your home-search so that you are not wasting a lot of time. Here’s a handy mortgage calculator if you want to check out PITI (mortgage Principal + Interest, Taxes and Insurance). If you know you are comfortable paying $1500/month in rent – we can ‘back out’ a price range for you so that we have a fine-tuned property search.

Another factor that’s important is your credit score. If it’s below 620 but you do hope to own a home – most lenders would not mind having a look with you at the credit report and pinpoint which items will best get you there; create a roadmap to bring it up to a mortgage-worthy level.

Here’s a nice NY Times article that helps you decide is it better to rent, or buy? And, for all you formula-fans there is also a handy rent vs. buy calculator in that link too.
As a buyers’ agent we’ll help you find a great property and guide you through the process once you are ready, we help get it done.

Our agents can set you up on a property search, once you have honed in on price range and wants/needs:   610.252.2552.

Need a last little bit $ to help put you over the edge to buy? Enter our BRIDGE THE GAP home scholarship contest, 2020. Be creative – what would it mean for you to own a home? Do a tik-tok, youTube or insta video, write a poem, do a rap song. Email to freebridgerealty@gmail.com or tag the link to #bridgethegap @freebridgerealty by Oct. 31. Winner will be announced by the end of 2020.

We highly recommend starting your home search path by getting pre-qualified. This is especially important in a highly competitive Sellers’ market, like we have now. Lender Mike Gleason with United Mortgage is an excellent place to start!

licensed to lend in 6 states

You may choose the lender you want to work with, but here are just a few that our past buyers found to be very good advisors for the mortgage process:

** Make sure your lender is licensed and experienced in doing loans in the state you are buying a house in ** Avoiding last-minute stress is our goal!
There are also first-time buyer programs available through the county – check with the county you are looking in.

Considering Selling a Property? We can help you there, too.