Editor's
Note: Thinking of buying a home?
Keller-Williams realtor Marcella Hudson
will be stopping by GeoClan from time
to time to give tips and hints for those
wanting to make that move into home ownership.
For her first article, she shares 5 tips
that you need to know in preparation
for buying a home. If you have questions
or are looking for a realtor in the Philadelphia
area, Marcella's contact information
is below the article. Check her and Keller-Williams
out!

Buying
a home like this takes preparation and
money among other things.
Five Home Buying Preparation Rules
Homeownership is not just about picking
paint colors and furniture. Owning a “home” takes
a lot of work, upkeep, and money. It’s
an investment but more importantly, it’s
where you live.
1. Start managing your money
NOW. Get
copies of your credit report and credit
score. Review credit report for any
errors, find out your full amount
of debt and start planning the steps
necessary to pay off debt and improve
credit score. Getting your debts
paid down and your credit score higher
will allow lenders to give you a
better mortgage rate. www.myfico.com
2. Determine
deposit. To ensure that
you get the best fixed mortgage rates
and have no PMI (private mortgage insurance),
buyers should be prepared to place a
20% deposit on the home. However, if
buyers are only able to deposit 10% of
the agreed price, make sure the additional
PMI cost per month is properly budgeted.
3. Know
how much house you can really afford. Just because a lender will give
you a mortgage does not mean you can
afford the home. Make sure that there
is extra money for utilities, bills and
unanticipated events (job loss, health
and medical bills). If you are forced
to take out additional debt just to pay
your mortgage, you will not be able to
live comfortably in your home.
4. Find
a REALTOR®. Buying a home
is complex. While websites and phone
applications may be able to help you
locate a home or area of interest, only
a REALTOR® can help you with updated
detailed information on market conditions,
financing options, negotiating issues
that may arise, and representing on your
behalf.
5. Do
you love the house? Find a house
that you will be happy with for a long
period of time. Determine what your five “must
haves” are for the home you buy.
Recognize that no house is going to be
100% of what you want. But finding a
home that has your five “Must-Haves” is
a home to consider in which to invest.
Marcella Hudson is a REALTOR® with
Keller Williams Realty Center City. Marcella’s
work experience is comprised of a background
in architectural design, construction
management, and both commercial and residential
real estate.
Marcella’s knowledge of architecture
and construction lends a strong hand
to the buyers and sellers she assists
and is a valuable resource for real estate
ventures. Marcella’s vision for
her career in real estate is to educate
consumers about the market while assisting
them in building their generational wealth
through real estate investing.
Contact info:
Marcella Hudson
Keller Williams Realty - Center City
200 W. Washington Square Philadelphia,
PA 19106
O: 215.627.3500 ext. 354 M: 215.868.1248
W: www.marcellamhudson.com
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