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Featured News
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Written by Anessa V. Cohen
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Thursday, 16 June 2011 10:13 |
 There are still a number of prospective buyers out there shopping for houses, assuming that because they want to purchase a home and are mentally prepared for this hurdle, the rest will automatically fall into place.
But, given all the specific steps entailed prior to a home purchase, one cannot possibly include the word “automatic†in any of its categories.
Finding the home a buyer has decided will suit him is obviously one step. Checking out this home with a qualified home inspector is another. Following this up with retaining a lawyer to represent you for the contract and sale—yup, definitely an important step in the purchasing transaction to-do list.
But what about that mortgage that you, the buyer, are going to need to complete this purchase? What have you done to make sure that you are qualified for the financial assistance you will need in order to purchase this house?
Have you sat down with a mortgage consultant or a financial advisor to check that you actually qualify for the purchase you are attempting to take on? Have you checked the money that you have available for the down payment and the funds necessary to close that loan on time, making sure that at least 5 percent of the funds are in your name?
Are there enough monies sitting in your bank accounts for more than three months before you go to contract? Monies that include enough for down payment, mortgage, and additional cushion so as not to be left with empty pockets when the first of the month rolls around after closing with the new house?
Now I have an even more important question for you. Have you made sure that all monies being used for the purchase of your new home can be documented, with no unexplained large deposits showing in your bank accounts? Monies used to purchase a home must be sitting in a bank account prior to contract for at least three months. Anyone thinking that once they come up with a house they want to purchase will have time to first scrounge around for whatever monies they might need, is in for a rude awakening.
Making sure that your money is in place and ready at any time should be the first order of business for anyone even contemplating a house purchase. When those monies are ready and sitting in a bank, progressing to step two—shopping for that perfect home that you can afford—will be a smoother transition.
Anessa Cohen lives in Cedarhurst and is a licensed real-estate broker and a licensed N.Y.S. mortgage broker with over 20 years of experience, offering full-service residential and commercial real-estate services (Anessa V Cohen Realty) and mortgaging services (First Meridian Mortgage) in the Five Towns and throughout the tri-state area. She can be reached at 516-569-5007 or via her website, www.AVCrealty.com. Readers are encouraged to send questions or comments to anessa.cohen@AVCrealty.com.
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