Pall Spera Company Realtors-Stowe, VT
Teresa Merelman, Broker, Pall Spera Company Realtors-Stowe, VTPhone: (802) 793-5171
Email: [email protected]
Email: [email protected]
If you’re feeling overwhelmed by the prospect of home buying, it can be helpful to create a checklist for buying a house. Using a checklist can help you right from the beginning, since there are several important steps to take before you even begin your home search, like securing a mortgage lender.
To help get you started, here is a checklist for preparing to buy your first home:
Knowing your own financial situation is crucial to a successful buying experience. Mortgage lenders offer different loan options affecting your ongoing mortgage payments, and it’s easier to compare the choices when you know how much you can comfortably afford.
You may also find new opportunities when examining your finances, like if you qualify for a lower interest rate because of a high credit score.
The best first step in this direction is to find out your debt to income ratio, or DTI. This will help you determine how much you can afford to pay monthly for your mortgage and other property-related expenses.
A simple formula for DTI is: gross monthly income / monthly expenses = DTI
The down payment is one of the major expenses you’ll encounter when buying a home. The down payment for your mortgage loan helps determine how much money you end up borrowing and paying back, including the interest rates.
While larger down payments have advantages, some mortgage lenders allow as low as 2% of the purchase price.
Real estate agents can help you navigate the real estate market and guide you through the home buying process. It’s helpful to find a buyer’s agent who specializes in representing clients wanting to buy rather than sell.
Not only can they help you with house hunting and finding your dream home, they can assist you with all the paperwork involved in the home buying process.
By getting a preapproval letter from your mortgage lender, you can show sellers you’re a qualified and motivated buyer. It also secures your loan amount based on a detailed examination of your current financial situation, including credit score and report, investment account statements and income.
Taking care of these important tasks before you begin searching for a new home will help make the rest of the process smoother and quicker. Keep these steps in mind if you want to take the next step towards becoming a homeowner.
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.
