Home Buying in 11219>Question Details

Sosa955, Home Buyer in 11219

what is the first step to buying a home for the first time?? what are the basics (money wise)?? Is a downpayment absolutely necessary and how much?

Asked by Sosa955, 11219 Fri Oct 15, 2010

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18
Work it backwards: Basically most banks are looking for a 20% down payment. So a home for $500k would require appx $100k down and your monthly payment will be appx $2400. If that fits your budget & savings contact a mortgage specialist for a more detailed quote and let them pre-qualify you as a buyer.
Then you will know exactly where your true budget lies. Also consider a condo with lower down payment requirements & aggressive or opportunistic financing opportunities. Again speak to a mortgage specialist - Try Larry w/GFI at 7183395700 x-103 or laboudi@gficap.com
Then contact your RE agent/broker.
1 vote Thank Flag Link Mon Oct 18, 2010
Get a good Realtor who will walk you through the process. They will help you with finding a great lender and inspector for your transaction. That's why we exist -to help! Good luck

Chuck Wartman
ChuckWartman.com
0 votes Thank Flag Link Thu Aug 9, 2012
Hi my name is Israel and I am an agent in New York.
I am new to answering answers in Trulia.
But I will do my best.

The first step is to sit with a banker. I think it is better to sit with a private banker. He will give a more personal relationship. Interest rates also usually better. And will take less time to close.
I can recommend some in NY, but it's not a problem to find.

Usually you ill need to have a good income (50k - 90k+ /year)good credit score(680+).

I think it's better to buy two or three family. It really helps the purchase amount / and helps pay the loan.
But is up to you.

About the downpayment Now there are loans with 3.5% Down.
I think Even if you have more put only 3.5.

I hope I helped. If not understanding something you can call me : 612-598-6298
0 votes Thank Flag Link Thu Aug 9, 2012
Take a deep breath ! Then I suggest get a team together. Banker for the mortgage, Lawyer for the process of buying and a good Real estate agent that is knowledgeable to the area you are looking on.
0 votes Thank Flag Link Thu Jul 19, 2012
I agree it, the first step, get pre-quqlified for your local Bank or a finantial institution, they will let you know much they can lend you in a pre-approval letter. Then, search for a Real Estate Agent , a good one, we will find the right place for you. Thank you and good luck!


Carlos E Lozano
0 votes Thank Flag Link Thu Jul 19, 2012
The first step is to 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.

If you read on, I'll give you the next three steps I always recommend to first-time home buyers.

Step 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.

Step 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.

Step 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.

I hope this helps.

Good luck!
Trevor Curran
NMLS #40140
0 votes Thank Flag Link Thu Jul 19, 2012
A down payment is almost always required, but I had a client recently who got a loan with just 10% down. She has excellent credit and a secure job, but not much cash, and yet she is a new homeowner.

Although it can be done that way, it's best to plan on 20-25% down payment. Remember that closing costs are a big expense as well.

My blog, gothamcityhomes.posterous.com, has a post explaining how to get a pre-approval letter from a lender, and a list of Manhattan and Brooklyn based sources:

http://bit.ly/aPvdYM

I also have an FAQ on my blog about buying an apartment in New York. It's focused on apartments, but much of the information applies to townhouses, free standing homes, and other kinds of property as well:

http://bit.ly/bm79FF

Karla Harby
Charles Rutenberg Realty
kharby@crrnyc.com
0 votes Thank Flag Link Sun Oct 17, 2010
Sosa955
Just be ready to ask and anwser some of this questions.
Follow the link bellow for more information and if you have
a question fell free to contect me.
Lets say that you do sell right now, the tax break is only one of the
things you will not take advantage to buying now. .the specifics
depend on you and your situation.
Here are the basics:
1} great prices
2} low inters rates
3} appreciation
4} There are several loan programs
5} lower closing costs, waived application fees
Just to name a few.
FAJARDO DELACRUZ
Century Homes Realty Group LLC
My Direct # 347-932-0609.
0 votes Thank Flag Link Sat Oct 16, 2010
Great! Congratulations! Buying a home and realizing the American Dream is one of the best things you can do for yourself and your future. However, you need to get educated. It's important to know what you're doing because any and all surprises in real estate usually cost you money. First, is speak to a qualified, honest mortgage broker or bank loan officer about what you can afford and qualify for. Then, find a good realtor to assist you as a buyer's agent - they will work for you instead of the seller. You may want to see if there are any buyer seminars being offered in your area. There are also grant programs out there for people who qualifiy. I would be happy to assist you or answer any additional questions you have. Good luck!

Ralph Windschuh
Associate Broker
Certified Buyer Representative (CBR)
Senior Real Estate Specialist (SRES)
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties
Top 2% of Century 21 Agents Nationwide
0 votes Thank Flag Link Sat Oct 16, 2010
The best place to start is to get pre-approved. Once you do that you'll know exactly how much house you can buy. When you have your pre-approval, then start your search for an experienced realtor who will assist you with finding a home in your price range and in the neighborhood you like. Trulia is a great place to start your realtor search.
Money wise, you will need some reserve cash for an appraisal, a home inspection, closing costs, etc. Your loan officer can give you an estimate of the cash you'll need.

Best of luck to you!
Web Reference: http://www.DesariJabbar.com
0 votes Thank Flag Link Fri Oct 15, 2010
First time home buyer tips
Are you a first time home buyer? Here are some helpful tips to get you started on the right path.

1. The first step before you do anything is to find out how much money you can borrow from a bank/mortgage company. Check with different lenders to see who can get you the best deal. Once you know what you can afford, then you can begin to plan.

2. Determine what you need in a home, not necessarily what you want in a home. Make a list of those needs to give to your Realtor. When you are searching for homes you will find that it is very rare to find a home that has absolutely everything you are looking for. If you stick to what you actually need, you will have better success in your search.

3. Research areas/communities that are of interest to you. Determine what things are important such as schools, proximity to shopping, restaurants, and local activities. Drive through the communities to get a feel for what they are like.

4. Learn as much as you can about the process of buying a home. Some local Realtors or lenders will offer first time home buying seminars. If you can find one in your local area it would be helpful to attend. If you cannot attend a seminar, look on the Internet for a home buyers guide such as the one at Bankrate.com - http://www.bankrate.com/brm/news/real-estate/BuyerGuide2004/…

5. Select a local Realtor to help you begin your search for a home. You can search Internet sites such as Realtor.com or Homes.com, but a Realtor has access to all of the homes in the local MLS. They can provide you with information on the home, the area and answer any questions you may have. A Realtor can show you properties of interest.

6. Learn about the contract and what is involved. Your Realtor can take you through step by step the process of a contract. After it is signed by buyer and seller, it is called an executed contract. Then you would want to get a home inspection. If everything is fine with the inspection, then you can go forward towards closing.

7. Know what happens at closing. Again, a Realtor can walk you through what to expect at closing. You will need to have money for closing costs such as title search, processing fees, taxes, and insurance.

Buying your first home is an exciting and overwhelming experience. So make sure you are prepared.

Tammy Hayes, Realtor, Sandals Realty, Punta Gorda, FL tammyhayesre@gmail.com
0 votes Thank Flag Link Fri Oct 15, 2010
First things First Mortgage Banker ! If I can help in any way please do not hesitate to call or e mail me any time.
0 votes Thank Flag Link Fri Oct 15, 2010
Sossa955 you are getting a lot of great answers to your question. I hope all the advice will help you make a informed decision.
0 votes Thank Flag Link Fri Oct 15, 2010
First, talk to a lender and see if you can get pre-APPROVED, not pre-qualifed. Being pre-qualified isn't really worth much. You want a pre-approval

If that goes well go find an agent who works exclusively or primarily with buyers in your area.

http://www.naeba.org

good luck
0 votes Thank Flag Link Fri Oct 15, 2010
Not knowing your overall financials, credit, etc., do visit with any qualified loan officer first, see if you do qualify for a mortgage, how much, the type of loan, etc., after reviewing all your financials you loan officer can make a determination as to qualification--the type of loan that best suits your needs will determine the downpayment amount--then go from there.
0 votes Thank Flag Link Fri Oct 15, 2010
I agree with the other agents who have posted a answer to your question. I would suggest you speak to a loan officer in order to see what programs are out there that will fit your specific needs.
0 votes Thank Flag Link Fri Oct 15, 2010
Dear Sosa955:

The lost important first step would be to get your pre-qualified for a mortgage through a mortgage banker. You will need to show then your last 2 years tax returns and/or W-2s, last three months bank statements and allow them to run your credit in order to do it properly. Then they will be able to tell you how much you can borrow and how much your monthly mortgage payments will be. Then you have to factor in your real estate taxes and homeowners insurance costs on a monthly basis in order to determine your entire monthly living expense.

Once you do that you will know your budget and how much you can spend on a house at which point you can go looking at properties that are in your price range. I would look at properties up to 10 or 20% above your price range because sometimes the prices on homes can be negotiable.

Right now interest rates are very low and qualified buyer can get a rate of about 4.25% for a 30 year fixed loan. That means that you would pay $4.92 for every thousand dollars you borrow ($100,000 = $492.00 per month). Prices are also low so it is a great time to buy.

With regard to the down payment, if you are qualified you can go as low as 3.5% down and veterans can go with no money down! You will also need money for closing costs which can amount to up to 6% of the loan amount, however the closing costs could also be borrowed so theoretically a buyer can purchase a home if they have the 3.5% to put down and borrow the rest.

If you want more info take a look at some of the articles in my "Brooklyn Real Estate Info Blog" here:
http://www.homegain.com/blogs/mitchellsfeldman-507663

If you want give me a call and I can give you a lot more info that would be helpful to you and/or I can show you properties that would be good for you and in your budget. I can also help you get yourself pre-qualified if you like. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Oct 15, 2010
The very first step is to speak with a mortgage broker, a mortgage broker/banker and a bank and find out how much they will pre-approve you for.

Second step is to put together bank statements, payment stubs, 3 years of income tax returns and submit them to the broker/lender of your choosing for a FULL PRE-APPROVAL that is subject ONLY to appraisel and contract.

When you have a full pre-approval in hand, find a Realtor in the area you are looking who is prepared to act as your buyer representative and start finding a place to live.

If you have any further questions about the process, feel free to contact me at gail@gailgladstone.com or call 631-425-6150.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Fri Oct 15, 2010
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