Have you thought about what it might take to actually purchase a home? Charlesgate Realty Group has a home buyer’s seminar about once a month that highlights the steps and benefits of buying a home.  Here are a few highlights from the seminar that may help you better decipher how knowledgeable you are in the home buying process:

3 Steps

There are three steps to effective home buying: knowing yourself and the market, finding the best mortgage that works for you and working with a buyers agent to find and negotiate the right home.

More Than An Investment

First and foremost  your home is “first and foremorst a home, not an investment”. The agent you’re working with will make sure you make a wise financial decision but choosing a home is more about having a comfortable lifestyle.

State of the Market

Lets face it, the Boston rental market is hot. Rental prices went up, on average, 17% from last year.  On average, depending on your payments and budget, the benefits of owning a home will pay off within 4 years and the low mortgage rates may make it an affordable time for you to buy.

“ According to more stats from Freddie Mac, average interest rates have been dropping steadily, from 4.69% in 2010, to 4.45% in 2011, and finally, averaging 3.66% last year.* “

Mortgage Partner

Now lets say you want to take the next step, it is very important to obtain a mortgage adviser  The mortgage adviser will be able to sit down with you and go over your personal finances, the numbers and your credit.

Good credit is key, but what I’ve learned from this seminar is there is a big difference between active credit and being in debt. Get rid of those extra department store credit card and student loans, they will make a difference in the credit score obtained from your mortgage advisor.

Meet Your Agent

After plugging in all the numbers, the next step would be to meet with a buyers agent. Choose the right one for you. The buyer’s agent will be able to start the search process with you and protect and guide you through your home buying process. The buyer’s agent will also go over the costs accrued with your home and negotiate the offer with the seller’s agent to make sure that you are happy with your home and comfortable with your financial situation moving forward.

What to learn more or speak with an expert? Come to our next home buyer’s seminar to learn a little more about this process and what you need to be fully prepared to find your first home.