Buy Your First Home in Manhattan
Even If You Don't Know Where to Start
Buying a home is exciting! Touring homes, imagining how your life will unfold in a brand-new landscape, exploring beautiful neighborhoods... but there are a lot of other things that go into the homebuying experience, like qualifying for a mortgage, negotiating an offer, and signing a lot of legal paperwork. The whole process can seem quite intimidating if you're new to the experience. But fear not! If you're a first time home buyer in Manhattan, BRP Associates is here to help you out! We want to make sure you find the perfect home in just the right location, and we'll be with you, every step along the way! The first step? Getting acquainted with the home buying process. Here's what you need to know.
Types of Mortgages
It's a pretty common misconception that there are only one or two options for choosing a mortgage. In fact, there are hundreds! Not every loan will fit every buyer, but you do probably have more options than you think—even if your credit isn't perfect or you don't have a huge down payment saved up. Here are a few of the most common types of mortgages used today.
What Do Mortgages Include?
There are four main components to a mortgage payment, often abbreviated as "PITI."
Going Loan Shopping and Getting Prequalified
Now that you know a little more about loans, it's time to sit down with some lenders and start chatting! Here's how to get started.
You don't have to work with a real estate agent, but it's highly recommended that you do, especially as a first-time buyer. There are a lot of finite details that go into buying a home, plus a lot of complicated-sounding legal jargon. Real estate agents offer a LOT of other great benefits, too, like knowing where to search for homes based on your particular wants, needs, and budget, and being able to negotiate on price and terms. Agents also know how to handle things like home inspections and appraisals, and even understand the more complex requirements of specific specialty loans. Best of all—you don't pay for an agent! That's right—agent commission for the buyer's agent is paid by the seller, not the buyer!
You found the perfect house, and now it's time for your and your agent to sit down and discuss your offer. It's important to work together to determine a price you can comfortably afford but will also be a realistic offer for the seller to accept and will not be dismissed against any competing offers the seller might receive.
Offer, Negotiate & Sign
Still Have Questions About Buying Your First Home in Manhattan?
We bet you do! Buying your first home is no simple process, and though we have tried to provide as many important details as possible, there's still much to ask and learn. So don't wait—contact us today and ask away! Want to do some more reading? We have plenty of resources to help you out.