Home Buying in 10541>Question Details

Julia, Home Buyer in Mahopac, NY

What would be the first step to take (besides saving money) to buying a home?

Asked by Julia, Mahopac, NY Fri May 14, 2010

My fiance and I are continuously saving money and are unsure of what we can really afford. Also, we see alot of forclosures that seem to be great deals and almost feel like we may be missing out on some of them. We are not sure how near or far we are from purchasing but know that we want to buy in the mahopac area if possible. Any and all guidance is appriciated.

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8
Hi Julia, The best thing that you can do is talk to your bank about gettting pre-approved for your new home. When meeting with your bank express to them that you are interested in purchasing a home for the first time. This is a clear indication of a first time home buyer and maybe will raise a flag to the loan officer to offer any first time home buyer programs in your area.
Once you have met with your loan officer and have a clear indication what you can afford on a monthly basis, you are now ready to contact a Realtor in your area. Make sure when looking for the Realtor they show the system and tools they will use to find you the best property for both of your needs. I wish you the best of luck.
2 votes Thank Flag Link Fri May 14, 2010
Hi Julia,
Get your finances in order - this is your absolutely number one priority. Other than saving for a down payment you need to make sure you have a good credit because that will affect what kind of mortgage you will qualify for. It is good idea to run credit reports for you and your fiance to make sure there are no mistakes there. In addition to the downpayment on a house (as little as 3.5% with FHA loans) you will need enough cash to cover the closing costs. You might want to talk to a mortgage professional who will explain to you different types of mortgage products, run your credit history and be able to advise on any financial-related matters for buying a house.
From that point on (or while you are doing all of the above) - think about your "wants and needs". What are you looking for in a house? From basic information such as bedrooms, baths, sq footage to styles and conditions of houses. Visit some public open houses - see you like. Find a buyers agent who will be working with you and guide you through the actual process. And HAVE FUN - it is an exciting time to be a first time buyer!
My office is in Somers, but I live in Mahopac myself. Feel free to email or call me if you have any more questions or if I can be of any help with your search!

Best regards,

Natasha Pazdzerskaia
Coldwell Banker
Email: NatashaP@cbmoves.com
Cell: 917-846-2949
Website: http://www.natashap.net
1 vote Thank Flag Link Fri May 14, 2010
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
NMLS#3528

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0 votes Thank Flag Link Wed Feb 6, 2013
Julia, Speaking with a mortgage broker would be your first step in the homebuying process. Once you know what you qualify for you will have a better understanding of what you can then its important to find a realtor who is knowledgeable in the Mahopac market. Gigi Finan, Houlihan Lawrence Mahopac office gigfinan.houlihanlawrence.com, gigisellsnyhomes.com
0 votes Thank Flag Link Sun May 16, 2010
Hi Julia,
Many great answers to your questions. I would encourage you to first contact a mortgage broker to find the price at which you may obtain a loan for the home of your dreams. Once you know that figure, there are many web sites available to look at homes in Mahopac. I would recommend the web site, Houlihanlawrence.com to find homes. Once you find several to your liking in your price range, I would be happy to help you visit them. We can make appointments and go from there. Please contact me with any questions you may have.
Linda Salinger
lsalinger@houlihanlawrence.com
0 votes Thank Flag Link Fri May 14, 2010
Hi Julia,

The first thing to do is to sit down with a lender to see what you are approved to buy. Once you have done that and have a pre-approval and a budget then you can work with an agent in finding your dream home. Single family homes in Mahopac start at $105,900. Condos start at $215,00 and co-ops start at $79,000. I can recommend a lender to you who works in the Westchester - Putnam County area. His name is Christian Babcock and here is his link:

http://christianbabcock.com/

Robin Lynch
Keller Williams Realty Group
914-315-6182
0 votes Thank Flag Link Fri May 14, 2010
Plus 1 for Natalia's answer and I'll add; After you have been Pre Approved for a mortgage and know how much you can afford to spend. You will then need to select a Buyers Agent to represent you. This does not cost you money and will save you both Money and Frustration in shopping for a home.

I'd be happy to sit down with you and discuss all your options ad have one of my agents assist you with finding your first home.

Till then, be sure to check out: http://stlawrenceproperties.listingbook.com
Web Reference: http://www.slpnyct.com
0 votes Thank Flag Link Fri May 14, 2010
You can start by visiting with any qualified loan officer(s) first--see if you qualify, see exactly what your budget can handle and check your credit score--their scoring is different--ask for a mortgage pre-qualification/approval letter, you will need when making offers. Contact a few different realty offices, interview a couple of agents, and choose the one you like best--then go from there. Do keep in mind that not all foreclosures are such great bargains, therefore don't overlook traditional sales, as some may turn out to be a better buy.
0 votes Thank Flag Link Fri May 14, 2010
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