Rent vs Buy in New York>Question Details

ellen, Renter in New York, NY

I spend almost $5000 per month on rental in Flatiron. What could I get for that in a mortgage payment. I can put down 20%?

Asked by ellen, New York, NY Sat Nov 16, 2013

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For a personalized answer regarding qualification, the type of laon, amount down, etc., visit with any licensed loan officer; he/she can answer all your questions after your overall financials have been reviewed. 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.
1 vote Thank Flag Link Sat Nov 16, 2013
Hi Ellen,

My recommendation is to first speak to your banker or mortgage broker to ascertain how much you qualify for. This will determine the real amount you can borrow and, thus afford to spend. Your budget must be the first "need" at the top of your requirement list.

Depending on the monthly carrying charges you can get a great apartment up to $800,000. The key is to look for apartments with low to average carrying charges be them maintenance charges in a Co-Op or common charges and taxes in a Condo. This factor is key in your formula.

But, I sincerely recommend that, at these historically low interest rates, you buy a property so you can begin building your own wealth. Don't pay someone else's mortgage, pay your own.

Good luck!
1 vote Thank Flag Link Sat Nov 16, 2013
Please contact me to discuss your options. My name is Priyta and I can be reached at 917-499-6500. Thank you and good luck.
0 votes Thank Flag Link Tue Dec 31, 2013
If you buy a condo where monthly maintenance, real estate taxes and hazard insurance is $2000 then with the remaining $3000 per month in payments (for a total of $5000 per month that you currently pay), you can get a mortgage of about $600,000 based upon a 30 year fixed rate of 4.375%. Under this scenario you can look for something at a price of $750,000. My suggestion is you have a mortgage professional like myself look at your credit, income, assets, employment and other information needed to qualify some one for a mortgage.
If you need to discuss this further please get in touch with me.

Thanks

Sanjeev Ahuja NMLS # 148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Ph 917-517-2552
NYS Registered Broker, Department of Financial Services, Loans Arranged through third parties NMLS # 885573
0 votes Thank Flag Link Tue Nov 19, 2013
Hi Ellen,

I completely agree with everyone else. Your first step should be to speak with a mortgage broker. I helped a renting couple buy their first place last month. They were renting in Tribeca for $7k a month and didn't think they could qualify. I connected them to an broker with Wells Fargo and then helped them find a place that they now own. The place is increasing in value as more new development sprouts up in their neighborhood. I'd love to help where I can; just let me know.

Best,

Sean
0 votes Thank Flag Link Mon Nov 18, 2013
Hi Ellen. Yes, paying rent is paying off someone else's mortgage and they thank you for it , just not in so many words. As the two previous answer started, you really should talk with a mortgage professional. They will pre qualify you based on your income, credit and assets as to how much home you can afford. You can go directly to the Mortgage pro in the Bank you keep your money in for starters. You don't have to stay with that person if you want to work with someone else.

Once you know what you can comfortably afford, go for it. Good luck.
0 votes Thank Flag Link Sun Nov 17, 2013
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