limardi jay, Home Buyer in Buffalo, NY

Advice on Purchasing First Home. . .

Asked by limardi jay, Buffalo, NY Tue May 20, 2014

Im currently saving so I can hopefully purchase a home in the near future.
I just don't know if it's in the realm of possibilities.
I don't know how to figure out all the costs to see where I need to be-down payment, morgage, insurance, home inspection, taxes, realtor costs, savings for the fixes. . .
I guess I'll describe the type of home I'm picturing:
Multi Family Home, Quiet Neighborhood, newer roof, updated electrical and plumbing. Fenced yard. Dry Basement/if any. Laundry. 2 bds 1 bath (ideal 3/2) Separate Utilities.
Bonuses: Garage, newer furnace/hot water tank, eat in kitchen, newer windows. . .
Now a magic wand is waved and the morgage is under 250.00 a month (the lower the better)
How do you get approved for a morgage?
How much should you save for a down payment?
How much should you save for other costs associated with the purchase?
And how much should you save for fixing costs?

Thanks
Jay

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Answers

3
Terry McCarl…, Agent, Cape Coral, FL
Thu May 22, 2014
You should speak with a lender who can review your credit, income etc...and let you know how much of a mortgage you will qualify for. They can also provide you with a good faith estimate of the costs involved including down payment, closing costs and pre-paid expenses.
0 votes
The Maxian C…, Agent, Williamsville, NY
Thu May 22, 2014
Hi Jay,

The first step is to interview real estate agents, and find one that you are comfortable with. There is no cost to you to use a buyer's agent. A good agent can explain the process, review numbers, refer you to a great mortgage broker, find you a property, negotiate the deal for you, handle the closing process with your real estate attorney, and make the process fun and easy. Call or email us if you want to go over the process from start to finish - we love working first time homebuyers!

Jennifer Maxian
Jennifer.maxian@huntrealestate.com
(716) 946-6112
0 votes
Bob Scholz, Agent, Depew, NY
Wed May 21, 2014
Buying your first home can be scary. The first thing you need to do is to find a real estate professional you are comfortable with. Check out their services and experience. They should offer to represent your interests as a buyer's agent and be able to explain what that means. Be on the lookout for a buyers agent that has a written plan for helping you find, secure and close on your first home. There are basically 6 steps in purchasing, be sure your agent understands their role and yours in these steps
1. Planning
2. Shopping
3. Purchasing and negotiating
4. Working out contingencies
5. Follw-up from contract to close
6. Closing coordination
0 votes
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