Buying a House NEED HELP

[boldt]

Hey Guys recently got a promotion and my girl and I are getting married in September. Where do we start on buying a house?? We would like to buy before our wedding so we can get settled in before winter which in New York can now come in October.

I've heard 3x your salary is a where you can draw the line on what you can afford is that the case? we are in the Western New York area, good market b/c more people are leaving then coming in. You can find nice house in good school districts ranging from 120k to 200k that would go for atleast 350k to 500k in most other parts of the country. If that is the case we would have no problem affording a house worth 200k.

Should we try to go through a real estate company? girlfriends mom best freind is an agent or should we look for a house that is being sold by the owner?

Mortage(sic) I know nothing about them or how they work? can you get your taxes worked into it? taxes are going to range from 3k-5k annually? we are probably going to put nothing down or very little.

anybody recently done this and can lead me in the right direction? my biggest purchase has been my car but a 15k mistake is a lot easier to take then a 200k mistake.

thanks

[Snowman]

Originally Posted by boldt

Hey Guys recently got a promotion and my girl and I are getting married in September. Where do we start on buying a house?? We would like to buy before our wedding so we can get settled in before winter which in New York can now come in October.

I've heard 3x your salary is a where you can draw the line on what you can afford is that the case? we are in the Western New York area, good market b/c more people are leaving then coming in. You can find nice house in good school districts ranging from 120k to 200k that would go for atleast 350k to 500k in most other parts of the country. If that is the case we would have no problem affording a house worth 200k.

Should we try to go through a real estate company? girlfriends mom best freind is an agent or should we look for a house that is being sold by the owner?

Mortage(sic) I know nothing about them or how they work? can you get your taxes worked into it? taxes are going to range from 3k-5k annually? we are probably going to put nothing down or very little.

anybody recently done this and can lead me in the right direction? my biggest purchase has been my car but a 15k mistake is a lot easier to take then a 200k mistake.

thanks

I just recently bought a house... don't sweat it boldt...it is very fun home looking. I would go with the girlfriends moms friend though because you want someone that will be honest with you.

Yes you can get your taxes right into your mortgage if you prefer. I recommend this highly.

Also make sure you hire yourself a good home inspector. Go on your own on this even if you have 2 people inspect it because the bank usually sends an inspector also.

[ZIGGYSTARDUST]

The FIRST thing you should do Bolt is get in touch with a Real Estate Agent make sure she or he is a FULL TIME Realtor with over 5 years experience.. Selling Agents work free for the buyer ( In Pa. anyways) The agent then will direct you to a Mortgage Broker to find out what price range you are qualified for.. Cannot stress this point enough.. Its free and there are a huge amount of different programs out there for the consumer today.. The broker will then point you to the best program for you according to your situation.. ( first time home buyer ?) if so check out the first time buyer programs.. This is a must as it does no good to look at properties you cannot afford. Plus its hard to drop down to a lower price range after looking at nicer houses above your range.. Take advantage of your local Multi-list and a qualified Realtor as opposed to a for sale by owner.. This will probably be one of your largest investments of your life ( the first house is the MOST important as it is your building block for your next move ...buy the wrong house and its a financial nightmare for the second move.. Always amazes me when a layperson lets his financial future in the hands of a stranger ( for sale by owner) but spends hours researching the best grill to buy for the home before making a move.. Taxes in most states are required to be put directly into the payment if not do it unless you are highly disiplined.. Always get a home inspection when purchasing the home ( any good Realtor will have a list of qualified inspectors).. If you want contact Jack and get my e-mail and I can refer you to a local FULL TIME Realtor for no fee. We as agents work for the buyer for FREE so take advantage of this and get professional help right from the gate.. I would also get a refferal fee from the agent and would appreciate it.. ( No cost to you).. Can refer you to an agent anywhere in the world.. I spend typically 2 hours with a new customer prepping him before we even look at a home.. First step HIRE A REALTOR.. Not a friend who has just started if your girlfriends friend is full time thats the way to go but if she is a part time two homes a year seller drop her like a hot potato.. Its biz not a slight to her.. Look forward to hearing from you.. Myself been in the biz for over ten years.. GL...

[wacco]

Originally Posted by ZIGGYSTARDUST

The FIRST thing you should do Bolt is get in touch with a Real Estate Agent make sure she or he is a FULL TIME Realtor with over 5 years experience.. Selling Agents work free for the buyer ( In Pa. anyways) The agent then will direct you to a Mortgage Broker to find out what price range you are qualified for.. Cannot stress this point enough.. Its free and there are a huge amount of different programs out there for the consumer today.. The broker will then point you to the best program for you according to your situation.. ( first time home buyer ?) if so check out the first time buyer programs.. This is a must as it does no good to look at properties you cannot afford. Plus its hard to drop down to a lower price range after looking at nicer houses above your range.. Take advantage of your local Multi-list and a qualified Realtor as opposed to a for sale by owner.. This will probably be one of your largest investments of your life ( the first house is the MOST important as it is your building block for your next move ...buy the wrong house and its a financial nightmare for the second move.. Always amazes me when a layperson lets his financial future in the hands of a stranger ( for sale by owner) but spends hours researching the best grill to buy for the home before making a move.. Taxes in most states are required to be put directly into the payment if not do it unless you are highly disiplined.. Always get a home inspection when purchasing the home ( any good Realtor will have a list of qualified inspectors).. If you want contact Jack and get my e-mail and I can refer you to a local FULL TIME Realtor for no fee. We as agents work for the buyer for FREE so take advantage of this and get professional help right from the gate.. I would also get a refferal fee from the agent and would appreciate it.. ( No cost to you).. Can refer you to an agent anywhere in the world.. I spend typically 2 hours with a new customer prepping him before we even look at a home.. First step HIRE A REALTOR.. Not a friend who has just started if your girlfriends friend is full time thats the way to go but if she is a part time two homes a year seller drop her like a hot potato.. Its biz not a slight to her.. Look forward to hearing from you.. Myself been in the biz for over ten years.. GL...

Don't know about this Agent working for "free" non-sense. I paid my Agent 3% for working with me on finding a house in PA. But, now for some advice:

GO GET PRE-APPROVED FOR A HOME LOAN.
VISIT MULTIPLE BANKS YOURSELF ( LendingTree is a joke ).
GET YOUR CREDIT RATING ( Every U.S. citizen is entitled to 3 FREE credit reports in a life-time.)
CREATE A "CHECKLIST" and make copies of it. Take it with you to every home you look at and fill in the blanks. This makes your final decision on what home you want to buy ALOT easier as every checklist will have the same order in which you viewed every room in a home.

[Romanowski]

lol why would you buy into a market that everybody is leaving from

sorry that area will just get worse imo bro

gl

[ZIGGYSTARDUST]

Originally Posted by wacco

Don't know about this Agent working for "free" non-sense. I paid my Agent 3% for working with me on finding a house in PA. But, now for some advice:

GO GET PRE-APPROVED FOR A HOME LOAN.
VISIT MULTIPLE BANKS YOURSELF ( LendingTree is a joke ).
GET YOUR CREDIT RATING ( Every U.S. citizen is entitled to 3 FREE credit reports in a life-time.)
CREATE A "CHECKLIST" and make copies of it. Take it with you to every home you look at and fill in the blanks. This makes your final decision on what home you want to buy ALOT easier as every checklist will have the same order in which you viewed every room in a home.

If you paid a Realtor in Pa a fee of 3% to help you find your house you did not do your homework very well.. A small number of Realtors charge to help a buyer but most of them are clowns.. Way to many qualified Realtors work for the buyer for free and get paid by the SELLER.. You have been taken advantage of.. Sorry.. Contact a mortgage broker also visting multiple banks is old school and not productive.. The rate is what it is not much difference if any between them.. Its the closing costs that grab you.. Mortgage brokers look at banks all over the US and pluck the best rate ( and lets be real here nobody is lending money 1/2 point below anybody else.. at best looking for a 1/16th or 1/8) A qualified GOOD local honest Mortage Broker is the way to go in 99% of deals ( unless you do alot of biz with a local bank) He will tailor the loan to your wants and needs ( ie.. money available to be put down.. ect..)

[The Judge]

I think your bigger problem here is the fact that you are getting married.

[SecretStash]

If u are interested I am a licensed mortgage broker in all 50 states. Let me know if you need any assistance in getting pre-qualified.

We work very close with Fannie Mae and Freddie Mac with very large nationally known banks. About 500 in total.

We do also have FHA and VA programs available.

You can definitely get your taxes and Real Estate insurance rolled into your payment, and it is the best way to go considering most 100% finanacing programs require it anyway.

The most house I would tell you to buy would be something that fits into your current budget with payments....for instance I wouldnt go much over 150- 200% of your current rental expense or housing. Also are both you and the fiance' working?? If so combine your income levels and figure out what you definitely could afford to payout as a guarantee each month toward a housing bill. There are calculators and such on yahoo finance and other sites.


DR JACK is welcome to give you my email address if he allows.


Let me know if I can help you out with any options.


-stash

[iggs111]

I pretended to be a mortgage broker for like a week, job is brutal.

[boldt]

Originally Posted by Romanowski

lol why would you buy into a market that everybody is leaving from

sorry that area will just get worse imo bro

gl

1) b/c our families are here.
2) We both have good jobs and make good money why would I care about what others do?
3) buying a house is almost equal to renting
4) we like the area
5)Do you even know the area?

[Dr. Jack]

Stash - Do you write your mortgages like this?


DA 4.9% ovvvvvvvvvvvva. lol & j/k

[cptkirk321]

First thing you do is ask DrJack for the money to buy your house mortgage free, if I had the cash that the good ole doctor has I would burn mine, lol

[Chris46139]

Originally Posted by boldt

1) b/c our families are here.
2) We both have good jobs and make good money why would I care about what others do?
3) buying a house is almost equal to renting
4) we like the area
5)Do you even know the area?

This was the exact scenario that happened to me last summer. Got married this year bought a house with my girl last August in Niagara Falls. Great area especially since my whole family is right here too. My Mom is a real estate agent so she took us around a lot. Don't trust what houses look like on the web sites they usually look like crap once you get there. My advice is you can't look at too many houses and don't get frustrated when you don't find what you are looking for right away, keep looking and the right house will come along, especially in the market here. Hope all goes well in your search Boldt, good luck

[Romanowski]

I know business, why are you letting huffy boldty

Kodak, IBM, and every other busines that once was in Western NY is gone

if you bought a house in the area 20 years ago for 100k its still worth 100k

gfy

[sachsich]

Originally Posted by Dr. Jack

Stash - Do you write your mortgages like this?


DA 4.9% ovvvvvvvvvvvva. lol & j/k