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  • Megan Munley

A Guide to Buying your First Home in 2022

Ready to buy your first home in the Philly area in 2022? We specialize in helping first-time home buyers like you find their dream property in Philadelphia and the suburbs.

Before you start searching for homes online, it's important to take the first step to house shopping: Getting preapproved for a mortgage.

Your Preapproval will tell you what you can afford and what your monthly payment will be, so it's important to determine this before you start searching for your new home.

There's no judgement with where you're starting out. Our goal is to set up a plan for you - whether its building credit or monthly savings.

Your official Preapproval is good for about 120 days. During that strategy call - we can talk about things that will improve your buying power or lower your monthly payment so you can work on those items while searching for a home as well.

Once you've got your Preapproval letter in hand, it's time to start the search!

Before you hop into the home search, I like to advise my clients to create a "Needs" list and a "Wants" list. This will help you to really focus on the things that are most important in your future home.

Needs are the non-negotiable features; the features you simply must have in your next home. Wants are the ones you’d like to have, but you can add or change down the road. Remember, you can’t change the lot or the location so make sure you love both.

Once you've established what you're looking for, I will set you up on a search so you can receive an email the second a home that fits your criteria goes live. If you have any questions about a property, send me the information and I will find out for you. Send me listings you like and I can get more information and set up showings on your behalf.

After touring houses and choosing the one you love, it's time to make an offer. To do this, you'll need your preapproval letter or proof of funds. You'll also need to make an escrow deposit - this is typically 1-2% of the purchase price and will go towards your closing costs at closing.

Have more questions about buying a home or what happens after making an offer? Reach out to me today!

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