We recently hosted a home buying seminar in Andover, MA at the request of the Andover Department of Community Services. We were excited to have a full room of 14 great people looking to make their journey into home ownership a reality!
We covered the common myths and truths about buying a home, the 7 steps to successful home ownership, the 7 main roles and value of a real estate consultant, how to understand the pulse of the marketplace, and the 3 components of a win-win offer, and more.
Many attendees were surprised to find out that according to the US Federal Reserve Board of Consumer Finance, the average net worth of a renter is $5,400 compared to a home owners net worth of $194,500. Also, if you took out a 30-year fixed-rate mortgage for $345,000 at 4% interest and made monthly mortgage payments of $1650, you’d pay $594,000 in mortgage and interest payments over the life of the loan. And after 30 years you’d own a home with an appreciated value potential of $837,000 (at 3% annual appreciation). Compare that to paying $1650 per month in rent over 30 years, even if your landlord improbably never raised rent, you would still spend $594,000 and own nothing.
Jason Linscott, Loan Officer of RMS Mortgage was also on hand to provide insight on the prequalification process, choosing the right program, understanding a monthly mortgage payment and the mortgage application process. And most importantly, what to do and NOT do during the loan process to make sure you reduce your chances of a loan being denied.
Mitchell Weisman, Real Estate Attorney of Kajko, Weisman & Colasanti discussed the many reasons why working with the right attorney can make a big impact on the outcome of a home purchase, and described some common hiccups along the way during the inspections and purchase and sales segments of the home buying process.
All attendees went home with their own copy of Your First Home by Gary Keller, Dave Jenks, and Jay Papasan.
If you’d like to learn more about the process of home buying, please contact us! We would love to show you how you can begin enjoying the advantages of home ownership.
For over 11 years Ron Carpenito has been helping home buyers and sellers in Andover and the Merrimack Valley. Our team approach will help you find and buy the RIGHT home, negotiate the RIGHT price and terms, and help you secure the RIGHT financing to make it possible. Having us represent you as your Buyers Agent is your first smart move because we’re focused on your best interests with an educating and guiding style, while remaining objective to help you make great decisions the whole way. Contact us today to get your journey started!
