The process of buying a home in New York City involves a series of steps in four phases:
1. The Finances
2. The Search
3. The Contract
4. The Close
Phase 1: Preparing Your Financial Profile
After sitting with you to outline the home-buying process from start to finish, we will guide you through every step with trusted referrals to mortgage brokers, lawyers and inspectors, as well as vital experience in getting all the documents in order.
Clean Up Your Credit
Credit scores help banks evaluate the risk of lending to individuals. Use a reputable website to access your credit details without damaging your score and explore ways to improve it, if necessary.
Calculate Your Savings
Expect to pay as much as 20% of the sale price for a down payment, along with associated closing costs. For a complete breakdown of costs, refer to pages 33-36 and connect with your real estate attorney.
Get Pre-Qualified
To help you estimate your price range, a loan officer will inquire about your employment status, income, assets, debts and projected down payment to determine if you qualify for a loan and at what amount.
Get Pre-Approved
After getting pre-qualified, you can work with a lending institution to receive a pre-approved loan statement (typically valid for 60 days), which estimates the amount that you will be able to borrow. You will be asked to submit additional financial documents, including pay stubs, bank statements and tax returns.
