Buying a Home

Are you looking to buy a Bronx Home?  Then you came to the right place.  Bronx homes for sale are all on BronxPad.  We are dedicated to helping people find the right home that fits all of their needs and wants.

Buying a home is an exciting process and is what many consider to be the American Dream.  That dream is attainable for all if given the right strategy. You might be ready today, next month or next year. It all comes down to some basic factors.

  • Credit Score
  • Down Payment
  • Your Real Estate Options

Credit Score: It is important that you build your credit score to a level that will be acceptable to lenders. Some lenders are willing to lend to those who  have a low score but is gainfully employed and has shown a consistent pattern of paying bills on time.  It is key that you speak to a lending professional that can give you guidance on your Credit Score Strategy.  If you already have a great score then you will need to do your due diligence on which lender you will get your loan from.  Since your score is high then you have options. Make the lenders compete for your business.  Having a Realtor can give you some basic guidance on which lenders are the most competitive.

Down Payment: This is a key factor. Most people believe that they always need to have 20% of the purchase price for a down payment.  Thankfully that is not the case.  The FHA allows for loans starting with as little as 3.5% down with a possible concession of 6%.  Lenders can also provide you with options for loans that are less than 20%.  What does this mean? Well if you are looking to buy a $400,000 home with a loan backed by the FHA then all you would need is $14,000 for a down payment. Closing costs can be additional but that is where the 6% concession comes into play. Note that there will be a PMI ( Private Mortgage Insurance ) required if a down payment is less than 20%.  This is an insurance policy that will back the difference up to the 20%.  Sounds confusing? It really isn’t but it’s key that you speak to a lender.

Real Estate Options:  Finding the right home is a full time job!  Take a moment and think about this.  In the Bronx there are thousands of homes for sale with more coming on the market every day.  You need to identify what type of house you are most interested in and in what neighborhood.  Compare the prices of these homes and include factors such as cost per square foot, condition of property and other factors that might apply. Then you need to schedule a tour of these homes around your schedule and the sellers schedule. There are so many aspects and logistics involved that it makes sense to hand over all this work to a Realtor who will dedicate their time to helping you find the right home.

Your Team:  These are the people that will make the purchase of your first home smooth.

  1. Realtor
  2. Lender
  3. Property Inspector
  4. Real Estate Lawyer

Finding the right Bronx home for sale really is a full time job and working with a  Realtor will reap you a tremendous amount of benefits.  Your Realtor works for you!  Their job is to help you make your purchase and to make a hard process look easy.

When you are ready to start looking at Bronx Homes then feel free to use the free search tools to the right and if you see a home you like give us a call.

Additional Pages you might like

Joel Rivera
Keller Williams Real Estate Salesperson
BronxPad Founder

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