what is the process i have to take to purchase a condo?

Asked by Marisela Reyes, Bronx, NY Tue Apr 30, 2013

what do i have to do ?
what documentation do i need?
how much money do i have to put down?
interest rates?

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Answers

10
Trevor Curran, Mortgage Broker Or Lender, Great Neck, NY
Tue Apr 30, 2013
Good afternoon Marisela,

First steps:

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.

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.

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.

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.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote
Bryant Mero, Agent, Bronx, NY
Wed Sep 25, 2013
Good afternoon Marisela,

There are a few very important steps to keep in mind before you begin your search for a condo. You first need to be qualified. If you haven't already and the $60,000 you are referring to is a price you are just comfortable with, you will definitely want to sit down with a mortgage broker who will only take 15-30 minutes of your time to properly qualify you for a loan. You will then be able to look at properties that directly match your criteria. Do your research, whether here on trulia or elsewhere to make sure you choose the right Real Estate Professional that will always keep your best interest in mind and provide you with exceptional service. If you have any further questions, feel free to contact me at the number provided below.

Bryant Mero
EXIT Realty Search
917- 327-7870
Bryant@exitrealtysearch.com
Certified Buyers Representative

If you thought my answer was helpful please give me a "Thumbs-Up" or "Best Answer"

Good luck!
Web Reference:  http://bryantmero.com/
0 votes
Christina Ha…, Mortgage Broker Or Lender, Morristown, TN
Mon May 6, 2013
Marisela:

You need to sit sown with a mortgage lender who will pre-qualify you based on your credit, income, and assets. Then you should get yourself a buyers agent to help you find properties that suit your budget and needs.

Have a great day;

Christina Solorzano;
CEO & SR Credit & Mortgage Consultant of
Everlasting Credit
Ex-Mortgage Broker of more than 10 years
http://www.everlastingcredit.com
0 votes
Antonio Sanc…, Agent, Bronx, NY
Fri May 3, 2013
Marisela,

Hello, the very first step that you should take is to find an agent that will be able to guide you through the entire process smooth and efficiently. Many agents will tell you that you should get pre-approved first which is very important but choosing the correct lender is also very important, so when looking for a condo it is also important to see which approved lenders the condos are currently accepting making sure that you do not have to do multiple pre-approvals thus brining your credit score down. Please give me a call and I may better assist you with more questions that you might have.


Sincerely, 
Antonio Sanchez
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
CELL: 347-320-0673
FAX:    347-202-4966
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Apr 30, 2013
***Step 1: Meet with a Loan Officer and get pre-approved. This is a process that involves a Loan Officer reviewing your credit and the following documents:

1. 2011 & 2012 tax returns with W-2s
2. 4 most recent pay-stubs
3. 2 most recent bank statements to all accounts
4. ID

These documents are required from all individuals who will be in the loan. In addition to reviewing these documents, the Loan Officer should also be asking for other detailed information, mainly about your employment and rental history. You should ask questions and address any concerns you might have. Loan Officers should be able to present you with all your mortgage options and discuss estimated monthly payments and give you a good idea of what type of money you'll need or what you qualify for based on your overall financial situation.

There are several different ways you can go about financing a condo or any other property for that matter. What loan program you'll use? What down payment you'll need for down payment and what interest rates you'll be subject to? These can only be answered by taking initiative and meeting with a Loan Officer.

***Step 2: Begin searching for a condo. You can also shop for a condo in different ways. I find that the best way is to find a Realtor who can get to know your needs and priorities and use all their efforts and tools to help you find a condo that works for you and falls within your budget.

If you're in need of a reliable Loan Officer who is experienced with condo lending, I am always available to meet face-to-face in our Brooklyn offices. Good luck to you!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Apr 30, 2013
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, therefore begin by visiting with any licensed loan officer; also choose an agent to work with, he/she will be your best guide....
0 votes
Nirmala Cara…, Agent, Bronx, NY
Tue Apr 30, 2013
Hi Marisela,

Here is a brief response to your questions.

1. Meet with a loan officer / mortgage broker, to get prequalified. They will review your last two years tax returns, bank statements, debt, income and can determine how much you can afford to purchase. You can then contact a local realtor to begin your search.

2. The amount you have to put down will determine on the development and the bank, you can put as low as 3.5% down of the purchase price to 20%

3. The interest rate will be based on the type of loan, down payment (FHA, Conventional, 15 year, 30 year etc.

If you have any additional questions, please do not hesitate to contact me.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes
Bruce McInty…, Agent, Bronx, NY
Tue Apr 30, 2013
Hi Marisela please give me a call. There are many different steps that we must take prior to getting to that point. All condos are different and will only take certain types of loans. There are a slight few in the Bronx that will accept an fha loan and you will only be required to put down 3.5 percent. Please give me a call or send me an email so that we can discuss further. I can be reached via phone or email at 646.588.1720 or at bruce.mcintyre@pantigagroup.com
0 votes
Bruce McInty…, Agent, Bronx, NY
Tue Apr 30, 2013
Hi Marisela please give me a call. There are many different steps that we must take prior to getting to that point. All condos are different and will only take certain types of loans. There are a slight few in the Bronx that will accept an fha loan and you will only be required to put down 3.5 percent. Please give me a call or send me an email so that we can discuss further. I can be reached via phone or email at 646.588.1720 or at bruce.mcintyre@pantigagroup.com
0 votes
Bruce McInty…, Agent, Bronx, NY
Tue Apr 30, 2013
Hi Marisela please give me a call. There are many different steps that we must take prior to getting to that point. All condos are different and will only take certain types of loans. There are a slight few in the Bronx that will accept an fha loan and you will only be required to put down 3.5 percent. Please give me a call or send me an email so that we can discuss further. I can be reached via phone or email at 646.588.1720 05 at bruce.mcintyre@pantigagroup.com
0 votes
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