Home Buying in Schenectady>Question Details

queenna_love…, Home Buyer in Schenectady, NY

what is a good price for a 1st time buyer and/or renter?

Asked by queenna_lovely, Schenectady, NY Sun Jan 6, 2013

Help the community by answering this question:

Answers

5
Jeffrey Horn’s answer
A good price is like an opinion. . . Everyone has one; and they're all different.

1st time home buyers should first understand their ability to purchase by consulting a mortgage professional. As a realtor I have a duty of honesty. If someone is interested in buying, the very first question is, "Have you gotten a mortgage pre-approval?"

If you have a pre-approval, then the pre-approval may tell you you can purchase $300,000 worth of home. You may not want to spend the maximum you are approved for. The best guidance I give someone is to ask, "How much are you paying for rent currently?" If that price is extremely easy to pay then you have a good estimate of the lower amount of your total mortage payment. If that price is a challenge to meet then you have your higher monthly total mortgage payment amount.
0 votes Thank Flag Link Fri Jan 25, 2013
Depends on your overall financials and your comfort level, therefore if purchasing visit with any licensed loan officer; 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.
0 votes Thank Flag Link Sun Jan 6, 2013
Hi Queenna_lovely,

Your purchase price is dependent upon you, your income, credit, and what you are comfortable affording per month. The best person to decide that is a qualified mortgage originator or broker who works with a bank. If you need help, I would be happy to refer you to some excellent mortgage professionals to help you in your search.

As mentioned in your other question, I am a First-time Homebuyer Specialist. I come from a teaching background and thus, I enjoy working with first-time homebuyers to walk you through the entire process and explain any questions or concerns you might have. My services come at no cost to you since on a listed property, my fee is paid from the transaction costs at closing. I work every day from 8am-8pm so please don't hesitate to email me or call and we can get started together. I work in the entire Capital Region and live in Schenectady County myself. :)

I look forward to hearing from you!
All the best,
~Tori Romeo
NYS Licensed Real Estate Salesperson
Certified Buyer Representative
Bliss Properties of NY
tori@blisspropertiesofny.com
518-788-8865

All the best,
~Tori Romeo
NYS Licensed Real Estate Salesperson
Certified Buyer Representative
Bliss Properties of NY
tori@blisspropertiesofny.com
518-788-8865
0 votes Thank Flag Link Sun Jan 6, 2013
It is easy to choose a price. Just find a monthly payment that is comfortable for you and finance a loan that brings you at or below that threshold.
0 votes Thank Flag Link Sun Jan 6, 2013
That really depends on what your income is and your prospective continued employment. You can go to any number of websites and look up on a calculator to see how much home you can afford. You should also go to a band, credit union or mortgage lender and they can check your income and financial information to let you know how much you can afford. Then, you should ask the lender to pre-qualify you for a mortgage loan so that you can prove to sellers and realtors that you are a customer in good standing and one who will be able to actually purchase the home you may be interested in.
0 votes Thank Flag Link Sun Jan 6, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer