HOW TO BUY A HOME IN NYC - 7 THINGS TO DO RIGHT NOW!! - PURCHASING IN NEW YORK CITY

For the last 4 years, I have been able to help many of my clients start building wealth and increase their net worth, by helping them purchase their 1st home in NYC.

I wanted to do this video to share 7 simple steps that you should take right now if you are thinking about purchasing a home in NYC in the next year or two.

Enjoy! Add me on Instagram: @Jenifertav - https://www.instagram.com/jenifertav/

For business, questions or one-on-one real estate investing consulting inquiries, you can reach me at - Jenifer.Tavarez@corcoran.com

I thought this would be a great informative video to share my love for education and passion for Real Estate.

1: Review your credit score
You going to want to check your FICO Score. Used by most United States lenders to determine whether or not to approve you for a mortgage. Once you have a copy of your credit report. Make sure everything looks good. If your credit score needs improvements, this is a good time to start paying off any credit card debts or settle any collections. Leaders will run your credit and it will determine your interested rate and loan approval.

2: Create a financial spreadsheet
To identify your purchasing budget. The rule of thumb is your monthly home expense should be 30% of your annual income. In your Financial Spreadsheet, you should include your income, savings, investments, assets, and current monthly expenses. Then find out your debt to income ratio (DTI Ratio). Lenders are looking for a DTI RATIO of around 20% to 40%

3: Identify what type of home you will be able to buy
Based on your personal situation figure out the best home for you. The types of homes you could buy in NYC are Co-ops, Condo, and House/Townhouses. Condos allow you to own Real Property. In a Co-op, you own Shares of a Corporation. In most Co-ops, you’re expected to stay long term. You can’t just lease out your apartment to whomever you want, or place it on Airbnb. Condos/Houses require 10% to 20% downpayment. Co-ops usually require a down payment of at least 20% to 25% Some ask as much as 50% and others won’t allow buyers to get mortgages at all. Co-ops are also looking for a debt-to-income ratio below 30% and 2 years of Post-Closing Liquidity.

4: SAVE MONEY
Probably the most important thing to do is to SAVE MONEY when you are thinking about purchasing a home. Buying a home in NYC is most likely going to be one of the most expensive things you buy. It is a huge accomplishment and an incredible investment. There are many ways to save money in NYC when your goal is to become a homeowner and start building wealth.

5: Do all your taxes and pay your taxes if you owe ANY!!
This goes for a W2 employee or a 1099 business owner. To get approved for a mortgage loan you will need to provide a copy of your last 2 years of tax returns. Mortgage lenders want to get the full story of your employment history. You will also need to provide employment verifications. Lenders also want to see stability, they want to see that you have been at your job or business for a couple of years. When you buy a home using a mortgage lender there will be an underwriter who will check all the information you have provided. If things do not check out, the lender will not approve your loan.

6: Get a Pre-approval Letter
Get a Pre-approval Letter to see exactly how much mortgage you have been approved to borrow. This letter shows both the broker and seller that you are serious in your pursuit of purchasing a property. You will also need this letter when submitting an offer. The Loan Officer will have you fill out an application, where you will need to provide personal information & documents. They will be able to give you an approved amount and match you to the right loan for you. A good loan officer could get you a pre-approval letter in about 2 to 3 business days.

7: Find a real estate agent
A real estate agent is going to help with your search. As a buyer, you DO NOT pay the broker any fee. The commission for both the seller’s agent and the buyer’s agent comes from the Seller 99.9% of the time. There is no reason why as a buyer you do not have a buyer’s agent representing your best interest. Having your own agent is going to add so much value to your purchase transaction and make your purchasing process easier for you. A good real estate professional also has a network of incredible real estate attorneys, mortgage lenders, inspectors, and contractors to refer you to if you need them. Our goal is to help you get to the finish line of you owning your dream home.

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Видео HOW TO BUY A HOME IN NYC - 7 THINGS TO DO RIGHT NOW!! - PURCHASING IN NEW YORK CITY канала Jenifer Tavarez Wong