Home Buying in Bronx>Question Details

butterbelly46, Home Buyer in Bronx, NY

I don't have a lot of money but I would like a home for me and my childern.I am thinking of 130-150 thousand dollars.

Asked by butterbelly46, Bronx, NY Sun May 12, 2013

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6
Javier Meneses’ answer
So the very first thing you need to do is meet face-to-face with a Loan Officer. It's important to determine what you qualify for based. On your credit, income and the amount of money you have available towards your purchase for downpayment and closing costs.

How did you come up with the $130-150k range? The only safe way for you to come up with such range is after you've gone through all your finances and determines what you qualify for, after you have an idea of what the monthly payments would be realistically, and get a good idea of what funds you need available to make such a purchase. Once you're able to factor in all these #s to your actual real life finances. Because you qualify for a certain amount doesn't mean you NEED to spend that much, and it's also possible that you can actually pay for a bit more than what you qualify for too.

Consider meeting with a Loan Officer and go through all the possible scenarios, become educated on all your options and and get a good idea of where you stand. You'll be able to make better decisions this way. I'm always available to meet in the Bronx if you need a reliable Loan Officer. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sun May 12, 2013
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 to determination qualification/check out your options....
0 votes Thank Flag Link Mon May 13, 2013
Good morning butterbelly46,

Here's the advice I have for you based on my 23+ years experience as a mortgage professional working with First Time Buyers. There's a definite process to follow, step-by-step, so that you have a quality experience. I have found that consumers who "up-end" the process---take the steps backwards---often run into difficulty and aggravation when shopping for their first home.

First steps:

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. (The Mortgage Banker can review your credit and give you a clear estimate of where you stand on your credit today. If your credit is less then outstanding here are some steps to help fix your credit:)



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.



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.



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!
Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Mon May 13, 2013
Are you shopping for a Home? It may seem backwards to shop for a mortgage before you shop for the house, but there are several reasons for doing this. Shopping for a mortgage will also help if you can get “pre-approved” for the amount you’d like to borrow. This means the lender has looked over your credit and financial statement and agreed to lend you the money. Sellers like pre-approved buyers because there’s less risk the deal won’t go through. First, you’ll find out how much you can borrow, which has a lot to do with how much house you can buy.

Whether you’re, buying, building or Re-Financing your dream home, you have a lot riding on your decision. Market conditions and mortgage programs change frequently, and I welcome the opportunity to serve your needs with quick and accurate real estate financing advice. I have the expertise and knowledge to help you determine the absolute best loan program to meet your objectives. Get my Top 25 Questions for FREE that you should be asking your lender before you choose them to secure a mortgage along with a FREE copy of The 8 Deadly mistakes to avoid when buying a Home. If you are already working with a lender, don’t be shy to give me call so I can price the same mortgage for you with less cost. What do you have to loose but your money?

Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations.. As always, you may contact me anytime by phone, fax or email for personalized service and receive expert advice from an FDIC member Bank Mortgage Banker who is responsible for the decisions on all mortgages coupled with over 17 years of experience in the industry.

I look forward to working with you! And making your dreams a REALITY
Lowell Sterling
Mortgage Banker
NMLS# 968898
LSterling@englending.com
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Fax: 214-614-4637
Bank of England Member FDIC /Dba ENG Lending: NMLS# 418481
0 votes Thank Flag Link Sun May 12, 2013
You should consider working with an agent who can assist u in finding the right home according to ur budget and needs feel free to contact me so we can discuss further

Ferhana Naeem
Coldwell banker reliable
Cell 7185171213
Office 7189213100
0 votes Thank Flag Link Sun May 12, 2013
You have already made the first step by deciding to find a home and come up with a price range. Give me a call and I will guide you through the rest. You do have a few options. I can be reached via email or phone. 646.588.1720 or bruce.mcintyre@pantigagroup.com
0 votes Thank Flag Link Sun May 12, 2013
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