First Time Home Buyer
First Time Home Buyers Guide
Homeownership is a dream comes true for many people. It is part of the quintessential “American Dream”. It will also, for many, be the largest, most complicated, and most important transaction of their lives. A transaction during which errors, resulting from inexperience or lack of information, can lead to thousands of dollars lost.
Through the internet, more data than ever before is available for potential first time home buyers. This wealth of data comes at a cost however as it relates to its proper interpretation. Assessing local real estate market conditions and determining the accuracy of the available data is one of the key functions of a real estate agent.
Hiring a Martino Realty Real Estate Agent will NOT cost a home buyer anything, as the sales commission from the home sale is split from the listing agent.
Ready for Owning Your First Home?
Owning your own home is not as simple as renting an apartment but expanded benefits. You will be responsible for the payment taxes, mortgage payments, any home owner’s association fees, all utilities, home maintenance and repairs. It is crucial that you fully understand the extra financial and personal time costs that you would be responsible for, and the burdens that may be associated, especially as a first time home buyer.
It is especially true for first time home buyers, that choosing a real estate agent to assist you with your purchase, will not only likely save you thousands of dollars but also considerable amount of personal time
What Home Price Can You Afford?
Perhaps the most important part of deciding whether you are ready to buy your first home is determining what price you are comfortable paying so that you will not end up being excessively burdened by your monthly mortgage payments. This is a crucial time to REALISTICALLY ascertain your available financial assets, your current debts/obligations, the stability of your current and future income, and your week to week spending habits.
Determining how much you are able to contribute towards your down payment and what monthly mortgage payment amount you are comfortable with is the next crucial step, as this will be a determining factor on the size of the mortgage you can realistically pre-qualify for, and thus the price of a home that is most affordable to you.
What House and Location Attributes are Important?
At this point, you should start considering what is it specifically that you absolutely require of your future home. How many bedrooms will you need, will you need an office, proximity to your place of employment, easy access to public transportation, proximity to schools or retail shopping, easy access to highways, and anything else that is crucial to your routines.
By going through this process and speaking with your real estate agent, you will be able to narrow down the list of local regions in a given market that best suit your needs.
Pre-Qualifying for a Mortgage
Almost all sellers of Staten Island real estate will require a pre-qualified potential buyer to accept any offers for the property that may be given.
The process of pre-qualification involves a meeting with a mortgage professional such as a mortgage broker, to discuss in detail, your current financial situation, what size mortgage a bank may pre-qualify you for, and what documents you will need to submit in order to complete this process.