When I rented my first apartment in Astoria, I did not want to be a Tenant my whole life and pay my Landlordâ€™s mortgage. I longed to become a Homeowner.
Thatâ€™s why I found my way into the mortgage business in 1989 and soon afterward became a Homeowner. Here are the fundamentals any Tenant should know to prepare to become a Homeowner in the future, no matter when that might be.
â€¢ Credit: Establish 3 credit accounts, no more than 5. Pay your bills on time. Keep your balances to no more than 50% of your credit limit. Donâ€™t pay off the accounts in full. Keep balances active for 12-24 months. All of the above will provide both a good credit score and adequate credit history to qualify for a mortgage loan.
â€¢ Assets: A basic savings budget isnâ€™t hard to do. Pay your rent first in your budget; then set aside 10% of your income before taxes . Make it a budget priority and youâ€™ll still have money left over for entertainment and restaurants and clothing.
How much money do you need to buy a home? Many buyers spend no more than $25,000 to buy their first homes. There are loan programs with low down payment requirements and many real estate agents negotiate for their Buyers a â€œSellerâ€™s concessionâ€ to include the Buyerâ€™s closing costs (which are HIGH here in New York!) in the price of the home.
â€¢ Income: Two years consistent income is the basic requirement for either a salaried individual or a self-employed person. Income from Bonus, Commission, and Overtime is treated differently and is best discussed with your Mortgage Banker.
â€¢ Market Survey: it doesnâ€™t hurt to go out and get to know neighborhoods where you might like to buy a home. Visit open houses on Saturdays and Sundays. Itâ€™s okay that youâ€™re not yet buying; tell the Realtor at the Open House youâ€™re just beginning your â€œsurvey.â€ Youâ€™ll also get to know market prices for different kinds of homes. Itâ€™s okay to â€œwindow shopâ€ homes on the weekend at Open Houses!
I hope these fundamentals will help you better understand the path to homeownership is a process that, with preparation and dedication, you can move through easily. And if youâ€™re interested in getting Prequalified today to create an Action Plan for your future of Homeownership, call me anytime!
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For more listing visit:
Brooklyn Real Property, Inc.
Downtown Brooklyn Office
389 Atlantic Avenue (Bet: Bond & Hoyt Street)
Brooklyn New York 11217
9201 Flatlands Avenue (Corner of East 92 Street)
Brooklyn New York 11236
Please consider listing with Century 21 Achievers located near East Flatbush. Please give me a call at (347) 581 - 4453 and we can list your two apartments with NO CHARGE TO LANDLORD. I look forward to speaking to you. Have a great day!
Call us to discuss our tenant screening process that assists landlords. We have also some creative ideas to ensure that the interests of the lardlord are protected (additional security, second guarantor/signer etc).
David Rogoff and Bonnie Chernin
Fillmore Real Estate Branch #19
I'm a licensed real estate broker/owner of Kingsbridge Management Group,Inc. I'd like to tell you a little
about myself to see if we're the right fit to work together.I have been living in Brooklyn, NY for over thirty years
and in the real estate business for thirteen years, through the good time as well as the bad times.I've
worked in the in the investment bank industry as investment adviser,giving high networth clients like
yourself, showing them how to best allocate their money to get the best returns.So I know I'm able to rent the
two bedroom apartment for you.Give me a call at 917-586-0369 or email me.I'm looking forward to hearing
Michael L. Bryan
Kingsbridge Management Group,Inc
All of our listings are free.
Our fee consists of 1 months rent which is payed either by the tenant or by the land lord.
The benefit to paying the fee is the magnetic attraction renters have to no fee apartments.
We take the time to thoroughly screen our clients. What ever you choose we will support.
Steve Cast (347) 569-3899 Feel free to call me any time.
thank you Maria Caputo - Ben Bay Realty Co.
I work for citi-habitats, we are the biggest rental firm in NYC, and fourth largest sales company in NY. We list properties for no fee. However, by you paying a broker fee, whole or portion, gives renters incentive to rent your property over someone else's. Feel free to contact me at any point at 646-898-5184 or email@example.com.