Front Porch Today

Decide What You Want
The first step to take when buying your first home is to decide what you want. The best way to do this is to first reflect on the reasons you want to buy and write them down. Ask yourself questions like how long you will want to live there, does buying make financial sense, how much can you afford and will it meet your requirements, and don’t forget this one, are you willing to put work into a home if it requires updates? Next create a prioritized list of features and amenities that are important to you. This list should serve as your guide to searching for a new home, keeping in mind that the home you eventually purchase might not include every feature on your list. Three important factors to consider in your search are location, personal tastes, and budget. A real estate professional can provide a wealth of information on community characteristics including schools, shopping, dining and other neighborhood features that will play an important part in your final decision.

The last year and a half or so due to record low interest rates across the nation, The State of New York Mortgage Agency has priced themselves out of the mortgage industry. The good news…SUNYMA is Back in Business with rates  as low as 4.625% (as of the date of this writing, Dec. 14, 2009).

What is a SONYMA Mortgage?

The State of New York Mortgage Agency (SONYMA) products are for First-Time Homebuyers and offer five mortgage programs featuring competitive interest rates, low down payment requirements, flexible underwriting guidelines, no prepayment penalties and closing cost assistance while mortgage credit certificates feature a Federal income tax credit.  Each of these features are designed to make your home purchase more affordable. All SONYMA loans are financed through the sale of tax exempt bonds.

Well where do you start?

Today’s technology has made it very easy for a homebuyer to obtain information. Sources such as the internet, television and local publications are great ways to help make some decisions such as style of home, area and school district. One of the most important decisions you will need to make is your price range. A smart first step to take is to contact a mortgage broker to help determine what range is comfortable based on your lifestyle. Then, when you’re ready it is time to start looking.

Before running around, ask yourself this question: “Do I know what to do when I find my dream home?” In fact, finding that home is only part of the process. This is why it is important to take the time to sit down with a professional to plan for and learn the process. Even if you have bought several homes in your lifetime, it is still wise to rely on a more experienced guide who is often involved in several transactions per week. After all this is probably the biggest investment you’ll make in your life.

Begin by discussing your wants and needs with the Realtor of your choice. Together, you can select homes to view. Plan to take notes as you go from one house to the next. Discuss with your Realtor your likes and dislikes of each. Do not be afraid to ask questions or bring up objections. A Realtor is constantly getting information on new listings, one that may be just what you are looking for!