Question: I am considering to buy a house, just want to give my two kids a betterliving place. Actually, I am a first time buyer, and dosen’t know much thingsabout house buying process. I have some questions out there, and I would veryappreciated any advice and recommendation. 1. How to get a reasonable loan program? How to calculate the loan mortgate?If the house I wanted which cost about $150,000. Hopefully I will pay 20% downpayment, then how much I would to pay each month dependent with the mortgagerate? 2. If I am not qualify to get home loan (just suppose my income is notenough regarding my family size) after I deciding to buy the house and pay thedepost, then what will happening? Also, if I pay more downpayment (25% ormore ), is there any lender can offer home loan regardless my income (I havea job, but my wife only a part-time worker)? Of couse not too high rate. 3. Is that necessarily to have the home inspector to check out both thehouse structure and bugs before I sign any document? 4. What is the normal house hunting procedure? Any suggestions? I would like to say thank you in advance.

You are asking alot of questions that , unfortunatley, require morethan a yes or no answer. First thing if you are serious aboutlooking for a home hire a “buyers agent”. In most cases real estateagents are working as agents of the seller, that is, their job is toobtain the highest and best price for the seller of the home. A”buyers agent” is working for the buyer thei8r job is to obtain thebest home for the buyer at the best price under the best conditions.In your area that may not be possible. Buyer aency has gone over inPA very poorly but in most areas real estate agents have to live withit.

Second make sure you shop around for a mortgage. All lenders havedifferent sevice charges and depending on weather they are “portfoliolender” ie. they are using their own money instead of reselling themortgage, the rule on how much mortgage you qualify for can besubstainally different.

Third , I am a realtor in DE but I am also licensed in PA so I havesome experiance in the legal environmaent in the area you are lookingin. It is absolutely imperitive, ie. first priority, ie. veryimportant, ie. DO IT, that you have a professional home inspectionpn any property you might consider purchasing… also you need tphave a radon inspection…. You don’t necessarily need to do thesebefore you sign a contract but you need to have a clause in thecontract that protects you if there are problems with any of theinspections.

If you need any more help E-Mail to Art Sieber @ AOL.com Or call me302-475-1991. If you would like me to I can interview somw realtorsin your area and recommend one to you…I know all the rightquestions to ask!!!

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