Home Buyer Guide | 2# Requirements to Buy Home | Home Buying NYC
How to Buy your Home and all You Need to Know As You Start the Search.
Hello, I'm Riccardo Ravasini from Rava Realty.
This is the 2nd video of the Rava Realty's Home Buyers Guide.
The Home Buyers Guide is a video guide about Home Buying and the process of buying your home in New York City and US in general.
In This video we are going to talk about: Requirements to Buy Home, what I need to know before to start the search.
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How to buy your home and all you need to know to make this very important decision.
If you have a pile of cash and you don’t need financing, that’s great!
If you need a mortgage in order to buy the property, you need to get pre approved by the lender before anything else.
Without pre approval, it would be like going to shop for a beautiful dress (for your partner or with your partner) without knowing how much you have in your wallet. Would you do that? ..right, YOU NEED TO KNOW WHAT YOU CAN AFFORD and be comfortable with the estimated future payments.
With the pre approval under your belt, you will achieve two important goals:
your buyer broker will know that you are for real, you are serious about buying a property, and will therefore take you seriously and provide you with a great service;
you will be ready to submit an offer when you find the property you love; the best looking and best priced properties will always move between FAST and SUPER FAST..so you need to be ready to jump on the opportunity when you see it. It’s important to have all your ducks in a row as your agent presents your STRONG OFFER that will make the seller go WOW..this is the one.
Make sure you are talking with a mortgage broker or mortgage officer that is well versed in the specific market: NYC in our case. Lenders don’t charge for a pre-approval and pre approval letters are usually good for 60-90 days.
Should you use a bank or a mortgage broker to get a mortgage? It depends!
Banks are better because…
If you have an existing relationship with a bank, you could qualify much easier since the bank already has access to your financial information. And given your existing relationship, you could get a more competitive quote.
Mortgage Brokers are better because…They can in some situations offer more variety or options than a bank, since brokers are not tied to one specific lender or bank.
SO..GET READY AND KNOW WHAT YOU CAN AFFORD!
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