Pall Spera Company Realtors-Stowe, VT
Teresa Merelman, Broker, Pall Spera Company Realtors-Stowe, VTPhone: (802) 793-5171
Email: [email protected]
Email: [email protected]
Information and advice for first-time homebuyers is everywhere. Unfortunately, many of the most commonly accepted truths about buying a home are either outdated or false. Here are some of the biggest myths about home buying to help you understand the facts.
It is possible to qualify for a mortgage and buy a home even with a low credit score. Luckily, credit scores are just part of what lenders consider when you apply for a loan. While a high credit score might equal lower interest rates, a low credit score does not necessarily mean rejection.
There are specific loans available for home buyers with lower credit scores. Loans provided by the Federal Housing Administration (FHA), for example, are excellent resources regardless of your financial situation.
While it's a common assumption that your down payment will always be 20% of the purchase price, the minimum requirement is often much lower. It depends on personal preference and the terms of your mortgage. Many lenders are flexible with down payment sizes but will adjust other factors like interest rates accordingly. A higher down payment often means lower rates and less money to borrow, but there are plenty of options available for those wishing to pay less up front.
One of the most important things to do before buying a home is to get pre-approval from a mortgage lender. While not always required, pre-approval benefits you in several ways. One advantage of pre-approval is that you go into your home search knowing exactly how much home you can afford. Another benefit is showing sellers you're financially responsible and less likely to back out on a sale due to lack of financing.
These are only a few common misconceptions about buying a home. While there is a wealth of helpful information and guidance for first-time homebuyers, it's always worth your time and money to do some extra research to determine what will work for you.
Teresa's beginnings were at Fort Belvoir, Virginia. She was child #5 of 8 and born into an Air Force family that moved all over the United States but usually ended up back in the Washington, D.C. area. Teresa attended Miami University in Oxford, Ohio and received her bachelor's degree in business from George Mason University, in Fairfax, Virginia. Some of her prior careers include: computer buyer in Fairfax, Virginia; Deputy Clerk at the U.S. District Court in Denver, Colorado; Police Officer in Steamboat Springs, Colorado; and Bed & Breakfast owner in Stowe, Vermont. Teresa obtained her license as a Realtor® in 1998. She has been through many ups and downs in this profession and continues to learn every day. She very much enjoys the real estate profession and the wonderful people she has met and assisted along the way. In order to serve her clients and customers, Teresa continually attends classes and seminars. Some of her Designations and Certifications include:
Teresa has also served and continues to serve on several boards:
In 2007, Teresa was named Vermont Realtor of the Year.Teresa and her husband, a local attorney, moved to Stowe in 1987. They had two sons and Stowe has been their home for the past 36 years. She still feels the Stowe area is a wonderful place to raise a family, there's always something going on. Teresa can often be found behind the lens of her camera documenting the beauty of the area and its many events.As an update, Teresa's older son is now a Doctor/resident at the University of New Mexico's Emergency Management Program. Her younger son graduated from James Mason University and currently resides in Chicago, IL as a supervisor for OKTA.
