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I want to buy something small in brooklyn, but am not sure what I can afford/where to start

  • August 18 2010 - Flatbush
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Answers (4)

You should first go to a lender to get a preapproval. Down payments will also be based on the type or property you are buying. Are you planning to buy a cooperative apartment, a condominium, single family home or multifamily home? This will all figure into what you can afford. You qualify for a larger mortgage if you are buying a multifamily home since we consider the rental income of the property. A cooperative can require a down payment of 20% or more.
After you have discussed this with your loan officer and have qualified for a mortgage that will buy a home you are looking for in the neighborhood you want, you will go to a realtor that specializes in the neighborhood and type of property you want.
  • October 09 2010
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yes find a good broker, tell them your income, how much money you have to put down, and let them run your credit.  They will sit with you and a mortage broker and help you out.
  • October 09 2010
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I would start by contacting a lender and trying to get pre-qualified or pre-approved for a loan first, then you will know how much you can afford. They will run the numbers for you based on your credit score and any assets you may own.

Once you are pre-approved, you should contact a few local Realtors in the area you are searching for a home and interview each agent. Make sure you choose an agent that you feel comfortable working with and will work for you based on your needs and what you want to do with the property in the future.

Good luck.
  • August 18 2010
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Find a good local Realtor.  They have strategies and formulas that will help you figure out exactly what you can afford and where.  
  • August 18 2010
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