What to Know if You Are Looking to Buy a Home
There are important steps to finding the best home for you.
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The homebuying market is very competitive, and rising mortgage rates are having a direct impact on home prices.
However, despite the challenges, now is the time to make a decision on buying a home. As prices and rates likely continue to rise through the end of the year, waiting may cause you to pay more for the same home later than you would if you purchased it sooner.
These are three important steps to putting yourself in the best position to find and successfully purchase a new home.Find the Right Realtor: Realtors will help narrow your search and keep you on top of newly available properties. They know buying areas well and have a wide net of contacts and relationships that can be invaluable in your search. In addition, Realtors can manage juggling multiple offers on houses, an approach that may be needed if a bidding war persists.
- Find the Right Lender: Many Realtors have a roster of mortgage lenders they may refer clients to, which can be a great resource to have. Potential homebuyers should look for full transparency from lenders, including what your commitment will be for all upfront costs. You should also work with your lender to ensure all your finances are in order to help lock in the best rate possible, know how much you are pre-approved for, and what a realistic max spend is.
- Take a Look at Wants vs. Needs: The pandemic has changed a lot in terms of what potential homebuyers are looking for. Those changes could open new possibilities for homebuyers who have flexibility in what they want in a home. By taking a patient approach, you can confidently bid on homes knowing your homebuying team has your back, has prepared you to be an attractive buyer, and will be ready to act quickly on your behalf.
A lot of decisions have to be made in order to successfully purchase a home.
To help ease some of the burden of making those decisions, WSFS has launched two programs.
One is the WSFS Down Payment Grant Program, which helps borrowers who qualify with up to $10,000 to help account for down payments and closing costs when buying a home.
To be eligible, borrowers’ income must be 80% or below the Area Median Income (AMI) and the property must be located in the Majority-Minority Census Tracts (MMCT).
The WSFS Down Payment Grant funds do not require repayment and can be combined with other down payment assistance programs, such as the First Front Door Down Payment Assistance Program, Fannie Mae and Freddie Mac mortgage programs.
The second program is the WSFS Neighborhood Opportunity Program, which offers qualified homebuyers help with low down payment options, competitive rates, and in some cases, no private mortgage insurance.
The Neighborhood Opportunity Program also features education resources for borrowers that help them prepare for homeownership and the process for getting a mortgage.
Both programs provide valuable tools that can pay huge dividends for potential buyers.
“These grants provide borrowers with important access to funds that can help them buy a home,” said Ron Dutton, senior vice president and director of community reinvestment for WSFS Bank. “We’re committed to helping buyers with low- and moderate-income in eligible geographic areas use these grants to find their dream home.”
While difficult, buying a home is not impossible and WSFS is available to provide potential homebuyers with the guidance and resources they need.