226 W 150th st.
45 W 139th St
40 Pinehurst Ave.
Photo By: Mathew Henry
One of the most amazing aspects of working in real estate is the impact I can have on people's lives, especially first time home buyers. Buying a home is unlike other purchases. There are so many variables and moving parts it can be easy to overlook some very important steps to set yourself up for success. That's exactly why I thought it would be a good idea to present my best money saving tips for first time home buyers.
Put off any major purchases, pay off outstanding credit cards, and check your credit. Having good credit and a low debt to income ratio will not just help make sure you get the loan you want but it will affect the interest rate you pay and your board approval should you buy in a Co-op.
Get pre-approved. Find out what your purchasing power is. If you're buying in a co-op (and sometimes a condo) you'll also need to fill out a REBNY financial statement. Having these docs in place carries weight when you put an offer on a property. Some sellers won't even consider an offer without a pre-approval or financial breakdown so you'll need them eventually anyway.
Shop for financing as diligently as you shop for a home. Do the math. Saving even a half of one percent on a mortgage rate can save thousands and even tens of thousands of dollars over the life of a loan. You also want to lock in your rate now. Interest rates may be on the rise so the sooner you can lock in: The better.
List your “must haves” and “deal breakers”. Write down what traits your first home absolutely must have and list what your deal breakers would be. Include what price range it must fall into and stick with it.
Knowing what you want, what you can afford, and the significant role financing plays in the process can go a long way in helping you save money. Talk to a broker and make sure you're represented from the beginning!
If you are interested in becoming a successful real estate agent via Bohemia Realty Group’s real estate agent training program, Bohemia Realty Group and I want to hear from you! Come learn why everyone’s talking about how hot it is uptown.
If you're interested in joining The Letendre Team or interviewing personally with Brian, click here: Interview with Brian
A native New Yorker and current uptown resident, Brian prides himself on his taste, knowledge of NYC, and silly sense of humor. Moving doesn't have to be so hard!