how the heck do u figure out how to buy a place? if i want to buy a 400k place, what's the first step? who figures out my loans and how much?

Asked by Caitrinosullivan, Hoboken, NJ Sun Sep 11, 2011

down etc?

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15
Diane Maxon, Agent, Jersey City, NJ
Thu Jan 31, 2013
The first step would be to consult a mortgage broker and find out how much you can be pre-approved for. You'll then be in a position to look for homes in your price range. Your realtor can then help you narrow down the available homes until you find one you are interested in buying.

I would be glad to help you through this process. I specialize in first time home buyers and would love to hear from you.
0 votes
Tom Costagli…, Agent, Hoboken, NJ
Wed Jan 30, 2013
Hi Caitrin, that's a great question. It depends on if you're paying cash or if you need a mortgage. If you're paying cash you have to show proof of funds. If you're using a mortgage, you should speak to a mortgage broker to see how much you qualify for. One mortgage broker I've worked with many times and is very knowledgeable about the Hoboken area is Michael Mundy from Pinnacle Mortgage. Give him a call at 973-985-9948 and tell him I sent you.
Once you speak to Michael, email me or call and I'll show you some properties that fit your criteria. I look forward to hearing from you.


Enjoy the rest of your day,
Tom

Tom Costagliola - sales associate
NJAR CIRCLE OF EXCELLENCE AWARD
RE/MAX Gold Coast Realty
56 Newark st.
Hoboken, NJ 07030
Office: 201-795-5200 ext. 325
Fax: 201-795-1245
Cell: 201-978-5979

check my website for more properties and info:
http://www.yourhobokenhome.com

And remember, I meet a lot of people from referrals
so please pass my name and number to someone you
know who may need assistance in renting, buying or
selling a property. I'm here to help.
Thank you!
0 votes
Brian Rayl, Agent, Dallas, TX
Tue Sep 13, 2011
http://brianrayl.com/buyers/real-estate-buyers-guide-steps-t…

Check out that link. It will give you a step by step how to guide in your home purchase.

Best of luck to you,

It's more than real estate. It's RAYL-Estate!

Brian Rayl
Keller Williams Elite - Dallas, TX
972-949-4222
Brian@Rayl-Estate.com
http://BrianRayl.com
0 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Sun Sep 11, 2011
You can put as little as a 3% down payment when buying a home with a mortgage loan using conventional financing, 3.5% using FHA (0% down with VA financing if you are an eligible Veteran, or also 0% down with USDA Rural Housing financing but you need to buy in a rural area - which Hoboken is not).

You'll want to speak to BOTH a real estate agent and a loan officer, one can come before the other, but if you are planning on using a mortgage loan then before you get too invested in a particular home then you'll want to know if you can actually qualify for the mortgage you'll need to buy it... and that is where going over your full situation with a mortgage loan officer is going to be important. There is a lot of bad information about mortgages out there, so when you select your loan officer you'll want to interview several and make sure the information they are telling you makes sense (if you are confused, then that is not a good sign that loan officer will be a good fit - no matter who they are recommended by). To help lessen the chances of misinformation, you'll want to be prepared with knowing your situation inside out so you can get accurate feedback on what your chances of approval will be (the web reference includes a list of information you should be prepared with when you speak to a loan officer). Then once you find that loan officer you feel ever-so-comfortable with, you'll want to go through the loan pre-approval process.

How do you find that loan officer? That is tough, as I've read here at Trulia and everywhere else, a lot of people have problems qualifying for the loan after they've been pre-approved, or just are generally confused about the process, even at the closing table (real estate agents & loan officers at fault).

I suggest explore at least 3 options, and preferably at least 1 mortgage broker, 1 mortgage loan officer who works for a bank, and also one that would work at a smaller direct mortgage lender (not a broker, and not a bank, just a mortgage lender who arranges loans and sells them afterwards - usually to the banks)... it wouldn't be a bad idea if you had the time to interview up to 6. That way you can get a feel for how each does business, because not every mortgage broker is the same as another mortgage broker, etc.

You'll want to ask what the pre-approval process entails and how long it takes. Will the underwriter who will be allowing your loan to close be the person reviewing your file as part of that process? Will it just be the loan officer reviewing your information? Will they even ask you for documentation?

You'll also want to ask what types of programs they offer, and once your documentation has been thoroughly examined you'd want to get what options would then apply to you, as well as ask what your loan officer thinks would be the best loan program for your situation. Ask about the other program that would be 2nd best (as if the first one didn't exist), so you can realize why the loan you are being suggested would be the best.

You'll want to ask what type of fees & costs you could expect to incur along the way (credit report, earnest money deposit, home inspection, appraisal fee, lender & 3rd party closing costs, etc.), how much those costs are estimated to be, and when they are expected to be paid (at the time the service is performed, at closing, etc). You'll want to ask how much of a down payment you'll need, and if you have to provide it or if a family member or relative can gift it to you. You'll want to know how much extra money you would need to have beyond those costs & down payment, which are called "reserves" (ie. 2 months of reserves = 2 times your proposed housing payment), some programs don't need them but a lot do. You should also consider yourself how much you want to have on hand after you close on the home, it will vary depending on your comfort level but personally I feel at least 6 times the proposed housing payment is a safe plan.

You'll also want to ask what type of loan terms can they offer you if you were to lock in your interest rate today (you should ask all lenders you are considering this question on the same day so you can have an exact comparison, as interest rates fluctuate day-to-date and even can be intraday).

You should also ask when & how they will be available - are you someone who likes to discuss things after the normal work hours on the phone? In person on a Saturday? Through email? Someone where or not where you live?

There are more variables to think of, some will have greater importance to you and others will not, however I believe that you will have a feeling of pure comfort inside of you when you have found the loan officer who will be the perfect fit. You will leave the conversation having a full understanding of the road ahead and what is expected of you, as well as you'll feel the loan officer has left no stone unturned when going over your situation, listening to and addressing your needs.
0 votes
Cynthia Hous…, Agent, Flanders, NJ
Sun Sep 11, 2011
Hi,
The first step is to find a good agent they will have a referral for a mortgage rep, that can give you information on payemnts and finacing options.

I do know of a fantastic agent in Hoboken if that is where you are looking ?
let me know if you would like me to pass the agents contact information on to you.
cindyhrmax@yahoo.com
Cindy
0 votes
Diane Maxon, Agent, Jersey City, NJ
Sun Sep 11, 2011
I think that the first step is to contact mortgage broker, or a real estate agent who can refer you to a mortgage person. The mortgage person will review your financial data and advise you as to how large a mortgage you will probably qualify for. The mortgage broker will also let you know how much the monthly payments will be for different mortgage amounts, so you can decide how much you'd like to spend within your approval range.

At that point, you can begin working with an agent who will show you properties in your price range. The danger in starting the process of looking before you know what you can afford is that you may fall in love with a property beyond your price range, which can spoil for properties you actually can afford.

I specialize in first time buyers, so I would love to work with you. Please contact me if you'd like to move forward.
0 votes
Gertrud Borc…, , Hoboken, NJ
Sun Sep 11, 2011
Since you are brand new to the process I would suggest sitting down with several agents who service the Hoboken market, and get a sense of the level of knowledge and understanding that agent has. Once you feel comfortable with an agent, work with that agent do go through all the steps of the buying process. The agent will help you get pre-qualified for a mortgage, find you a home, find you an attorney, a home inspector and get to the closing without drama and worries.

Buying a home should be a pleasant experience! Best of luck!
0 votes
Steve Salzer…, Agent, Hoboken, NJ
Sun Sep 11, 2011
Connect with a local agent to review the purchase process and comperable sales in the building and area. Also connect with a local lender to review your financials and the process of securing a loan. Then once qualified for a mortgage, and educated on the property value you'll be able to be confident and comfortable enough to submit an educated offer.

I'll be glad to help guide you with everything. Let me know if I can be of service. If you'd prefer to speak to a few clients as references before commiting to working with myself I'll be glad to share a few names and numbers.

Regards,
Web Reference:  http://hudsonnow.com
0 votes
Tom Costagli…, Agent, Hoboken, NJ
Sun Sep 11, 2011
Hi, those are great questions. First, you should talk to a mortgage broker to see what sort of mortgage works best for you based on your income and assets. For example, you don't want to be looking at homes that cost 400k when you can only afford 300k. Second, you should find an agent in Hoboken that you can show you some properties. Your relationship w/your agent is very important. I would suggest interviewing several agents to see which one is the best fit for you. Sometimes the busiest agent in town isn't necessarily the best one for you. Think about quality not quantity. Most agents have websites where you can check their credentials and more importantly see feedback from former customers they've worked with.

Best of luck w/your search!
Enjoy the rest of your day,
Tom
_________________________________

Tom Costagliola - sales associate
NJAR CIRCLE OF EXCELLENCE 2010
RE/MAX Gold Coast Realty
56 Newark st.
Hoboken, NJ 07030
Office: 201-795-5200 ext. 325
Fax: 201-795-1245
Cell: 201-978-5979

check my website for more properties and info:
http://www.yourhobokenhome.com
0 votes
Alireza Memar, Agent, Fort Lee, NJ
Sun Sep 11, 2011
First step, you need to find a mortgage specialist in order to find out how much you qualify for.The mortgage person will tell you how much down payment,points and all fees related, it is always better to consult more than one mortgage broker so you have better idea.Second step will be look for a realtor to assist you in the process of find a house from there and on the realtor would guide you to the all process.
You can also find a detaliled information on the link below.

http://www.nj.gov/dobi/division_consumers/pdf/buyingahome.pdf

If you need any more information you can email me @ rsanmar@aol.com or call me at 201-403-8728.

Good Luck!
0 votes
Galina Khodik…, , Hoboken, NJ
Sun Sep 11, 2011
your first step and most important is to get preapproved for a mortgage. When you get that done you will have more of an idea what your payment will be. Then with that letter you are then free to find a real estate agent to help you look at places. Figure out what your wish list would be ie: do you want a fixer upper or a ready to move in, location etc. then you can narrow down your search with your agent and not waste time looking at places that you would have no interest in. This will save your time and the real estate agents :)
good luck and if you need furthur help give me a call
201-888-5911
0 votes
Darren Giord…, Agent, Hoboken, NJ
Sun Sep 11, 2011
You need to contact a Real Estate Agent that works in Hoboken, knows the market, prices, inventory. An Agent that has a Team around them (Attorney's, Mortgage Brokers, Home Inspectors) that will make the buying process worry free so you can get a great place.

I can and will help you.

Call me.

Darren Giordano
DGiordano@BrianDavidRealtors.com
201-723-3300
Web Reference:  http://www.gioMOVES.com
0 votes
Albert Rapop…, Mortgage Broker Or Lender, Cranford, NJ
Sun Sep 11, 2011
The first step is to get pre-approved. During the preapproval process, your credit will be checked and your income verified. The amount of your maximum loan depends on your debt-to-income ratio which determines how much of a home you can afford. I would be happy to assist you with this and answer any other questions that you may have. Feel free to call me at 201-809-9905.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Sun Sep 11, 2011
Your first step is to visit with any loan officer, after reviewing your overall financials--income, credit, debt, etc., a determination on qualification can be made, the type of loan, how much, etc.; 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. Thereafter interview in person a few agents from different realty companies, then choose the one you like best, and go from there; he/she will be your best guide....
0 votes
Dp2, , Virginia
Sun Sep 11, 2011
You need to do some homework. First, you should do some reading about the process of buying a property. You don't need to master every detail. You simply want to get a high-level understanding of the process and the players. Second, if you opt to work with an agent (which is a pretty good idea), then you'll need to interview a few, and select the one with whom you can best relate. Finally, your agent will help walk you through the buying process.

At a certain point, you might also want to have a real-estate attorney to review your documents. Yet, some people are just fine without doing that.
0 votes
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