Loans By Kathy: They'll be singing.... Woulda, Coulda, Shoulda

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

800.BAY.3703 Bay Equity LLC NMLS ID#76988



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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


Good advice.  Many are holding off and now is a great time to buy with the good values and low rates.  Get pre-approved to see how much the mortgage will be and compare to renting.  Often, I'll get a borrower that wants to get pre-approved for a $40K - $50K house and when they find out how much the mortgage is, they change their minds and end up buying a house twice as much.  The water is great, jump in! 

Posted by Sam Thompson, BIC Services, LLC (BIC Services, LLC) over 7 years ago

Excellent information Kathy, and you are right, the first step should be for potential buyers to get pre-qualified! 

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 7 years ago

Kathy, you have it covered here and renting does not give you a home it gives you a place to put your belongings...when rent= mortgage payment or less why would you not buy...

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) over 7 years ago

Kathy it is a crowd mentality. F.E.A.R. (False Education Appearing Real) is rampant. We are trying hard to turn that around.

Posted by David Gibson CNE, 719-304-4684 ~ Colorado Springs Relocation, Relocation, Luxury & Lifestyle residential (Colorado Real Estate Advisers LLC ) over 7 years ago

Sam, I agree.  Sometimes you just have to have the example in black and white.

Anita, you said it!  

Ginny, you are right, but there are some renters that won't be able to qualify because of employment or creidt issues.


David, you have picked one of my favorite sayings!  Keep preaching!!!

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 7 years ago