One of the great joys in this business is helping young buyers or first time buyers reach their goal of homeownership. Last week one of my customers was able to close on his first home.
When working with a buyer and discussing the available mortgage programs it is important to look at every scenario individually. Every person has their own expectations and goals for their investment. In this particular situation the buyer was a young person who wanted to own his own home, but did not want to over extend himself with the monthly payment. The buyer had a good job, but wanted to find a home in the greater Portland area with a total mortgage payment no more than $1,000 per month.
In this market many borrowers qualify for more than what they can actually afford. It is important to have the "affordability conversation" with buyers to ensure that they are set up for success in their new home.
Getting back to this customer; some people may not have taken the time to work with this individual because the price range is considered too low for the area. However, I was able to refer the customer to a great realtor (Jason Bisson at The Maine Real Estate Network) who was happy to take the time to work with this qualified individual. The two of them seemed to hit it off during the 4-5 months they worked together house hunting. I know the buyer felt more confident as time passed about the process because he was working with a professional who understood his goal.
In the end we all experienced the rewarding success that comes with helping someone achieve their goals. The buyer was able to find a small but very nice ranch in South Portland and his total mortgage payment was actually just below $900 per month. The buyer is much closer to his office and has obtained a long term investment at an early stage of life. On top of all this we were able to use current loan programs and grant money to provide tremendous loan terms and drastically reduce the money normally required for down payment and closing costs. This tells me that there are opportunities for every type of buyer in this market.
If you are interested in buying a home contact a local mortgage lender. Their business partners and resources, which most of us possess, are aimed at making the process easy and efficient. Buying a home can be stressful, but if you are working with a good group of professionals the experience will be positive and rewarding now and in the future.
A mortgage consultation is always free and without obligation. The information provided is always valuable.
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