Home Buying in Brunswick>Question Details

Ashley Benar…, Other/Just Looking in Troy, NY

How to buy your first home?

Asked by Ashley Benardo, Troy, NY Wed Sep 19, 2012

My boyfriend and I are 23 and we have full time jobs, we want to buy our first home. But we have no idea how. My boyfriend has great credit; If that helps. Thanks for your help :)

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8
Ron Thomas’ answer
When a Realtor represents a BUYER, it costs the Buyers nothing:
They are paid by the SELLER.
The Buyer's Agent owes FEALTY to the Buyers, even though they are not paying him.

Your Agent will guide you through the process;
Help find the financing,
Finding the perfect home,
Paperwork, and DISCLOSURES,
Guide you through The Offer, with Contingencies and loopholes,
Times and limitations,
Escrow procedures and Closing.

Talk to a Realtor
2 votes Thank Flag Link Wed Sep 19, 2012
Hi Ashley
Have you begun the process to purchase your first home?
Teri Cranston
Realty USA
Associate Broker
376-8532
http://www.tcranston.com
0 votes Thank Flag Link Thu Jan 24, 2013
Good info below - Congratulations on your decision to buy! It is a great time to do so. Good luck!
0 votes Thank Flag Link Wed Sep 19, 2012
Call knowledgeable, seasoned, reputable top producing agents, like myself and my husband who have been listing and selling real estate for almost 15 years. We work with a top notch team of experts (banker, attorney, inspection) who enjoy helping first time buyers and explaining the entire process for purchasing your first home. I would be happy to meet with you to go over the entire process with you both at your convenience. Please check out our website http://www.homescapitaldistrict.com. Please give me a call or send an email with any question you may have. Thank you.
Teri Cranston
Realty USA
Associate Broker
376-8532
0 votes Thank Flag Link Wed Sep 19, 2012
Good afternoon Ashley,

Happy times buying a first home! I've been helping First Time Buyers like you here in New York for 23 years as a mortgage professional.

Here's the advice I have for you as to the best process:

First steps:

1. Speak with a Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for. Mortgage Bankers are Licensed and you'll find a much higher level of service and expertise than you will find at a regular bank.


2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
.
0 votes Thank Flag Link Wed Sep 19, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore begin by visiting with any licensed loan officer; also choose an agent to work with, he/she will be your best guide.
0 votes Thank Flag Link Wed Sep 19, 2012
The first step that you should take before viewing homes is to talk with a finance company or bank to get pre-approved. Most of the time they are able to get this done within a short period of time, and that will show you the values that you should be staying within. I recommend meeting with them and making sure that there are no automatic red flags, ie. debt to income ratio, lack of funds (enough to close), etc. The issue that I've been running into lately is new buyers living at home, and the banks not financing due to payment shock, this is a new term that I've dealt with a lot recently.
0 votes Thank Flag Link Wed Sep 19, 2012
Ron gave you excellent advice! Hire a buyers agent and they will be able to guide you thru the process.
0 votes Thank Flag Link Wed Sep 19, 2012
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