Home Buying in 10462>Question Details

antionefields, Other/Just Looking in Poughkeepsie, NY

I am really want to be a home owner, what steps do i have to have in place in order to start this process?

Asked by antionefields, Poughkeepsie, NY Mon Oct 8, 2012

Help the community by answering this question:


Well the very 1st thing you should do is to meet with a Loan Officer. It is important to have everything in order when it comes to your financing. You need for a Loan Officer to review your credit, 2011 & 2012 tax returns, recent pay stubs and recent bank statements and determine how much you qualify for, or what you need to work on so that you qualify.

You want to already know what your budget is, what the monthly payments could, etc so that you know what priced properties to search for. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 740-4478
2 votes Thank Flag Link Mon Feb 18, 2013
As you can see from the responses below, meeting with a mortgage banker or broker is the first step. Once you are pre-approved, you will know how much funds you will need to have to qualify as well.

There are many different loan programs out there. If you qualify most banks offer the FHA loan which you can have as little as 3.5% of the purchase price which you could include up to a 6% seller's concession to cover closing costs. I recently attended a homebuyers seminar where mortgage bankers from united northern mortgage bankers were present and they stated the credit scored required by their bank was a 640 for the above program I mentioned. Hope this helps!

Jessica Colon
Licensed Sales Agent
Exit Realty Search

(C) 646-481-5565
(F) 646-607-3638
2 votes Thank Flag Link Thu Oct 11, 2012
Good morning Antionefields,

Here's my Primer for First Time Buyers in New York based on my 23 years experience helping First Time Buyers:

First steps:

1. Meet with a Local 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.

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
1 vote Thank Flag Link Fri Oct 12, 2012
The first step is to get Pre-approved in order to figure out if you qualify right now and if so for how much. At this point you will figure out if you have sufficient assets, credit and income to become a homeowner. You will also decide upon a financial comfort level, since you may qualify for more than you realistically are comfortable affording. Your next step will be to meet with a realtor and start looking at properties.
0 votes Thank Flag Link Mon Feb 18, 2013

There are some very important necessary steps to take before considering purchasing a home. The first and most important thing to do is get pre-approved by a lender. The more extensive the pre-approval the better of a view you have on what you will qualify for thus allowing to look for properties that directly match your criteria. Take the time and find a serious professional that has been working with home Buyers and let them go over important details of your search.

All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965

0 votes Thank Flag Link Sun Feb 17, 2013
Call your local Realty Executive office.
0 votes Thank Flag Link Sun Feb 10, 2013
Hi, the first two critical steps are to find a real estate professional that is knowledgeable and is a good personal fit for you to work with. This person can help you find other professionals who will be instrumental in helping you make excellent choices while selecting and purchasing the right home for you.

The second key step is to get pre-approved for a mortgage so that you can start looking and be prepared to make an offer quickly if you find a home you love. I personally think it's a good idea to get more than one rate quote. It's one of the biggest purchases most people ever make. We don't hesitate to get price comparisons for a car or other big ticket item and it's a great idea to do the same for a home as well. Your real estate professional can connect you to mortgage brokers and other professionals at all steps in the process of purchasing a home.

If you would like to talk in greater depth, please give me a call at 917-595-6546. All the best of luck in finding a wonderful home!

Laura Guarascio
Keller Williams Realty NYC Group
0 votes Thank Flag Link Sun Jan 6, 2013

If you have not done so, get in contact with a fantastic loan officer and make sure you get pre-approved for a loan. Without a pre-approval you are pretty much just window shopping and waisting your time. Find out what your buying power is and then start looking. Also make sure you have a fantastic agent to assist you in your search. Give me a call if you have more questions.

Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
0 votes Thank Flag Link Thu Dec 27, 2012
Your first step should be to sit down with a mortgage professional and get Pre-approved. This will allow you to find out how much you are eligible for but more importantly how much you want to spend. Your second step will be to sit down with a realtor and go over exactly what you are looking for in a property, establishing your "must haves" and "wants".
0 votes Thank Flag Link Sat Nov 3, 2012

I am happy that you are trying to make a decision on becoming a home owner, this is the first step to wealth. Buying a home is not as bad a process that you would normally think. There are a couple of steps involved i will go over the first few steps when trying to purchase a home.


there are a couple of steps in between these steps but for the most part this will be your most basic home buying process. Give me a call ass I would be more than happy to help you throughout this process.

Antonio Sanchez
BRONX, NY 10465

0 votes Thank Flag Link Sat Nov 3, 2012
The first step is tto either find yourself a good buyer broker and sit down and talk with them or meet with a mortgage lender and ask to get pre-qualified. I think it usually makes more sense to meet with a broker first as they will be able to guide you to a lender that will work well for you.

I've attached a link below that you may wish to check out, it's a blog I posted here on Trulia specifically for first time buyers such as yourself.

Here's a second link on how to find a great buyer broker regardless of where you live. You may need to copy and paste it into your browser. http://www.trulia.com/blog/LarryTollen/2011/09/how_do_you_ch…
0 votes Thank Flag Link Mon Oct 15, 2012
One other item which is important. When you receive a pre-approval/qualification from a lender, it may be for an amount that you may not feel comfortable with. I find that in addition to getting qualified, take time to work on your budget and see what you are comfortable with spending monthly. Your lender can always give you a lower approval if needed.

An important factor to also consider with the above, would be the tax benefits of home ownership which may allow you to afford more than you realize. Remember for the purposes of itemizing a primary dwelling, you can deduct R.E. Taxes, mortgage interest and pmi (there are limitations on pmi). Therefore, consult your tax preparer and give him/her your estimations for the above, and find out what your return would look like. This may allow for an increase in witholdings to make your monthly payment more affordable.
0 votes Thank Flag Link Mon Oct 15, 2012

I can give you step by step instructions on how to become a home owner, give me a call.

347 320 0673
0 votes Thank Flag Link Fri Oct 12, 2012

The first step in becoming a home owner is to get pre-qualified, that is the most important part. This allows you to figure out how much purchasing power you have. After this it is best to pick a professional real estate agent like myself to work with you. This process is best if work with an agent that can provide you with everything that you need like myself. But feel free to give me a call if you have any further questions on the beginning steps on purchasing a home.

Antonio Sanchez
Exit Realty Search
0 votes Thank Flag Link Tue Oct 9, 2012
Your first steps is to get your finances in order. Consult a loan officer to check where you stand.
Here is a video outlining the steps in homebuying process.

Good Luck
0 votes Thank Flag Link Tue Oct 9, 2012
Before you do anything else....either go to a bank, mortgage banker or mortgage broker (or all three) and get a FULL pre-approval. That means submitting tax returns, bank statements, payroll slips, etc. Anything short of that is NOT full pre-approval.

When you have a full pre-approval, you will know how much the bank will finance your purchase.

Best advice? Spend less!

If you are looking for a terrific Realtor to represent YOU in your search for a home AFTER you have your pre-approval, I will be happy to make that recommendation.
0 votes Thank Flag Link Mon Oct 8, 2012
If purchasing with a mortgage, 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...
0 votes Thank Flag Link Mon Oct 8, 2012
Get yourself a quality Buyers' Agent! You are contemplating making a MAJOR Investment, and you will need the best help you can find. SEE: http://www.trulia.com/blog/ellen_doc_stephens_realtors/2010/… for a more complete discussion of what a Buyers' Agent does.

The steps are:

1. Clarify what you want and need. If it helps, I will be happy to send you our Buyers' Preferences Questionnaire. Just send me your e-mail address to docs@kw.com.

2. Find a real pro agent.who does 4 or 5 transactions personally each month. A part-timer or newbie may be over their own head and not much help to you.

3. Get pre-approved by a strong LOCAL lender. (E-lenders advertise great rates, but frequently don't show up for closing.)

4. Be realistic. There are no perfect homes. Find the best one you can afford. It may take two or three jumps for you to acquire your "perfect" dream home. Start with the best you can find, and move up when market conditions are right..

5. Hire a great Professional Home Inspector. Even brand new construction has flaws. Better to know going in than to find out too late.

Good Luck,

Doc Stephens, REALTOR
Keller Williams Realty
(210) 764-9403
0 votes Thank Flag Link Mon Oct 8, 2012
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