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Customer Stories Dan and Kelly S., Downingtown, PA

This past fall, Dan and Kelly S. began house-hunting for their first home in Downingtown, Pennsylvania.

And like most first-time home buyers, Dan and Kelly found the process of purchasing a home to be exciting—and overwhelming. Their realtor, who had worked with Ryan Kaplan at Home Source Mortgage before, recommended they contact him to assist them in getting through the financial aspects of the real estate transaction, from loan pre-approval to closing.

When they met Ryan, Dan, a chemist, and Kelly, a teacher, knew immediately that they could work with him and looked no further for another loan officer. As Dan says, "It helps to have someone who knows the "ins and outs" to help guide purchasers through the process. So, despite the inevitably overwhelming financial aspects, ultimately, he says, working with Ryan ensured the process went smoothly.

Contributing to the complications when purchasing a house are the many steps involved, which by necessity means more people and institutions are involved. In fact, it's recommended that buyers start going through the steps as early as possible so they can get financing in place to ensure they and the lenders are ready to work together when a buyer has found the house.

At their realtor's recommendation, Dan and Kelly started working with Ryan almost immediately to determine a loan preapproval amount, which in turn helped them to determine a price range of homes to consider. And it paid off: having gone through the early financial work with Ryan allowed them to complete the transaction for the house they ultimately called "home" in about 2 weeks!

Of course, there can be unexpected twists in the home-buying process. For Dan and Kelly, an unexpected turn came with the appraisal, which was lower than the seller's asking price. This situation can be problematic because the lender will lend only on the lesser amount of either the appraisal value or the purchase price. If the seller won't renegotiate the price of the house down to the appraisal value, in a nutshell, the buyer must find a way to make up the difference between the loan amount and agreement price—or walk away from the deal.

In Dan and Kelly's case, they worked with the seller to renegotiate. The seller lowered the price of the home, so Dan and Kelly got the home they wanted for less than the original agreement price. Another bit of good news: at settlement, Ryan was able to work with the lender to reduce the interest rate to lower than originally agreed to, and Dan and Kelly's monthly payment was reduced by nearly $350 from their original estimates.

Dan and Kelly acknowledge the importance of having had Ryan by their side when getting through the financial aspects of their first home purchase. From the beginning, they were put at ease by Ryan's relaxed demeanor and his willingness to spend as much time as they needed to feel comfortable and educated, assured by his understanding of the process and confident that he'd do the job at every step.

Dan enthusiastically recommends Ryan and Home Source Mortgage to other home buyers:

Ryan was a pleasure to work with. As a first-time home buyer, we were going in to this process with very little information. The home buying process is incredibly exciting and overwhelming at the same time, but Ryan was able to carefully guide us through each step of the mortgage process. He was even able to direct us to the appropriate contact for questions we had completely out of his realm of expertise. I would highly recommend Ryan to anyone looking at purchasing a home in the near future, or even to those simply seeking to gain a little more information on the mortgage process itself.- Dan and Kelly

About Home Source Mortgage

Learn more about Ryan Kaplan, owner of Home Source Mortgage