Loans By Kathy: October 2011

They'll be singing.... Woulda, Coulda, Shoulda

Wouda, Coulda, Shouda is a song that many would be first time home buyers will be singing by delaying their decision to purchase their first home.  Making that decsion for the first time can be daunting.  It is more than the financial commitment, but the realization of maybe signing a legally binding contract for the first time.


What would happen if a first time buyer makes the decsion to buy?  They would get a property at a great price.  In the Atlanta metro area on average property values have dropped 30% over the last 3 years.  And even more impressive are the low interest rates that are available for the 30 year fixed rate mortgage.  In many cases, rental payments are more expensive than an actual mortgage payment and are expected to continue to rise.


Contrary to much of the media coverage, a home buyer can make a purchase with a 3.5% down payment using the FHA mortgage program.  This means, on a $100,000 purchase, the down payment will be $3500!  Now, it gets even better, because this down payment can come from their own savings or a gift from a family member.  


The first step in this process needs to be your pre-qualification for a mortgage.  Making sure you have the basic requirements covered will save you time, money and heart ache.  Next, first time home buyers should continue to do their homework.  They should interview a couple of real estate agents before they make their choice.  Having the right connection with your agent will make the entire process easier.  You will be depending on the agent to help you narrow your search based on your wants and needs.  An experienced real estate agent will also be helpful in negotiating the purchase for you.


So, the question is, are you going to be singing woulda, coulda, shoulda? Or are you going to be the proud owner of your own home.






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Kathy Sheehan Senior Loan Officer






Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.


Comment balloon 5 commentsKathy Sheehan • October 30 2011 10:55AM
They'll be singing… Woulda, Coulda, Shoulda
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