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Hi, I'm Ella Gurfinkel, your host of the AskElla Show and senior loan officer at Fairway Independent Mortgage. On my podcast, I cut through the noise to bring you honest conversations about real estate, mortgages, and financial planning.
I interview industry experts to tackle everything from homebuying basics to complex topics like reverse mortgages, trusts, and market trends. With decades of experience, I'm passionate about dispelling myths and providing clear, actionable advice.
Whether you're buying your first home, refinancing, or planning for retirement, I'm here to help you make informed decisions. Join me for straightforward talk about real estate and beyond!
Rachel knew nothing about buying a house and was scared to start. 45 days later, she had keys to her perfect home. And here's every step we took together. Hi there, I'm Ella Gerfingle, senior loan officer with 30 years of experience and over 2,000 families served over my lifetime. And if you're our first time buy meer feeling overwhelmed by the process, Rachel's story is going to show you exactly how we turn confusion into confidence and fear into home ownership.
When Rachel first called me, she was 29, making $75,000 a year as a nurse, had 40,000 saved, and was absolutely terrified of making a mistake. I don't know anything about buying a house, she said. What if I mess this up? 45 days later, she was holding keys to a beautiful three-bedroom home, having gotten a great deal in a competitive market, and feeling like a home ownership expert. Now, don't like or subscribe until you get to the end of this video because I'm going to walk you through every single step of Rachel's journey so that you know exactly what to expect when you're ready to buy your first home. The first thing I did with Rachel wasn't run numbers or look at houses. It was education because you can't make good decisions if you don't understand the process. We spent our first meeting going over the basics. What is a mortgage? How does interest work? What's PMI? What a closing cost? What is the difference between pre-qualification and pre-approval? What's an escro account? I never just throw numbers at firsttime buyers. I explain why things work the way they do. Rachel needed to understand that her mortgage payment includes more than just the principal and interest. She needed to know why we collect tax and insurance money every month. She needed to understand how equity builds over time. And I also explained the timeline. Pre-approval first, then house hunting, then offer and negotiation, then underwriting and closing. No surprises, no mystery steps that pop up later. But here's what really built Rachel's confidence. I explained her options. FHA versus conventional loans, different down payment amounts, various loan terms. She wasn't locked into one path. She had choices, and I helped her understand the pros and cons of each. By the end of that first meeting, Rachel went from scared and confused to informed and excited. She understood the process, knew her options, and felt ready to move forward. Once Rachel understood the basics, we moved to pre-approval. But this wasn't just about getting a letter. It was about positioning her for success. We gathered all her documents, two years of tax returns, recent payubs, bank statements, and her credit report, and I reviewed everything carefully and explained what underwriters would be looking for later. Rachel's credit score was 720. Good, right? But not great. I showed her how to optimize it over the next 30 days by paying down one credit card. That's how it took, one credit card, and not opening any new accounts. By the time we were ready to submit to underwriting, her score had jumped to 745. We also discussed her down payment strategy, she had 40k saved and wanted to put it all down to avoid PMI. I showed her the math. Putting down 10% instead of 20 would keep 20,000 liquid for emergencies and opportunities. And the PMI would only cost about 180 a month. Rachel chose the 10 down strategy, which turned out to be smart when she needed cash for moving expenses and immediate home improvements. I pre-approved Rachel for up to 350,000, but we agreed her comfort zone was around 300. This gave her negotiating room and ensured she wouldn't be houseed poor. One of my favorite expressions, if you've ever talked to me, especially discussing a house payment and how much you can be preapproved for, is the last thing I want to do is put you in a situation where you're house rich, cash poor, and now you have to eat ramen and cat food. I know, ugly visual, but just think about that for a second. So, here is where working with the right team really matters. I connected Rachel with Sarah, one of my trusted agents who specializes in first-time home buyers. We didn't just start looking at random houses. We developed a strategy. Rachel wanted to be within 20 minutes of the hospital where she worked in a safe neighborhood with good resale potential. So, we identified three target areas that met her criteria. It was a team effort. Sarah educated Rachel on what to look for. good bones versus cosmetic issues, red flags that indicate expensive problems, neighborhood trends that affect value. So Rachel learned to see past paint colors and focus on layout, condition, and location. We looked at 12 houses over two weekends. I say we really Rachel, but I was part of the process. I kept crunching numbers and offering solutions. Rachel's education paid off. She could quickly identify which homes were overpriced, which had potential issues, and which represented good value. House number 13 was the one, lucky number 13. A three-bedroom, two- bath home in a great neighborhood listed at 295. It needed some cosmetic updates, but had excellent bones, a great layout, and it was in an area with strong appreciation potential. Now, this is where experience and strategy really matter. The house was listed at 295 and there were already two other offers. Sarah's strategy was brilliant. Instead of just offering more money, we structured an offer that was attractive to the seller for multiple reasons. We offered 298, not the highest offer, but with a strong pre-approval letter, flexible closing date, and a personal letter from Rachel explaining why she loved the home. We also included an inspection contingency, but agreed to a quick 7-day inspection period, and we offered to cover up to 3K in closing costs if the appraisal came in at full value. The sellers chose our offer. Not only that, they chose it over two higher offers because it was clean, well structured, and likely to close without problems. And that's really what the sellers want. So during the inspection, we found some minor electrical issues and an HVAC system that needed attention soon. Instead of asking for repairs, Sarah negotiated 4,000 credit that Rachel could use for improvements after closing. And this is where the experience really shows, coordinating all of the pieces to ensure a smooth closing. I stayed in constant communication with my ops team, underwriting, processing, processing assistance, making sure that they had everything they needed quickly. When they ask for conditional documentation about Rachel's student loan, we had it to them within hours. And by the way, when the buyer is as invested in the process and are providing documents fast, that also provides for a very smooth process. And that's something that we usually go over in the very beginning of the process as well. We coordinated with the appraiser to ensure they had access to the property. The appraisal came in at 300, right where we needed. We worked with the title company to review all the paperwork and ensure there were no surprises at closing. Caught a small error in the property tax calculation that would have cost Rachel $200 a year. Had that solved. 3 days before closing, we did a final review of all the closing documents with Rachel. We went through every line item, every fee, every number. No surprises, no confusion. The day before closing, we did a final walk through to ensure the property was in the agreed upon condition, and all negotiated repairs were completed. Closing day was smooth, stress-free. Rachel signed her documents, got her keys, and officially became a homeowner exactly 45 days from our first meeting. 6 months later, Rachel called me with an update. Her home had already appreciated to 315,000. She'd completed the cosmetic updates with a seller credit, and she was building equity every month instead of paying rent. But more importantly, she felt confident and informed throughout the entire process. I never felt lost or confused. She told me, "You explained everything, prepared me for every step, and made sure I got a great deal." That is exactly what first-time buyer service should look like. Education, preparation, strategy, and support from start to finish. Look, buying your first home doesn't have to be scary or confusing. With the right guidance, with the right education, the right support, it can actually be exciting and empowering. Racial success wasn't luck. It was the result of systematic approach that combines education, strategy, and experience, guidance. Every first-time home buyer deserves this level of service and support. First-time home buyers get my complete guidance, education, strategy, negotiation support, and handholding throughout the process all the way to closing and beyond. You'll never feel lost or confused. Now, here's what I want you to do. Stop being intimidated by the housing process and start getting excited about the possibilities. With the right team and the right approach, you can go from scared first-time home buyer to a confident homeowner in just a few weeks. Book a consultation. It's absolutely free. We'll start with education just like we did with Rachel. I'll explain the process, discuss your options, and create a personalized plan for your home buying journey. Because here is the truth. Every expert was once a beginner. and becoming successful is getting the right guidance and taking action. If Rachel's story inspired you to start your home buying journey, smash that like button, subscribe for more first-time home buyer guidance, and comment below with what's been holding you back from buying your first home. I'll personally respond with advice on how to overcome those obstacles. Let's turn your home ownership dreams into reality, just like we did for Rachel. I'll see you in the next one.