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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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
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.
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!
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker â€“ NYS Dept. of Financial Services
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Coldwell banker reliable