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How Much Money Will I Have To Pay Upfront To Buy A Home ?  
This is not an easy answer because there are two factors depend on what kind of loan you take and the amount of the loan, those are the 2 factors that will decide your down payment.  For an FHA Loan you will need to put down 3.5% where a Conventional Loan you will need to put down at least 20%.  The average cost of a home in Suffolk County is about $325,000 which would require a FHA Loan down payment of $11,375.  

You will also need to factor in closing costs, but you can also ask for a sellers concession or have the money "gifted" to you from a friend or family member.  This ranges again by the loan amount, and any mortgage broker is required by low to give you a good faith estimate of closing costs, this is why you should always choose a reputable bank.  Of course, Coldwell Banker Mortgage is more than happy to help and you will always be given all of your loan options.  

How Do I Know I'm Ready To Buy A Home ?  
The best way to know if you're ready to purchase a home is to look at your current situation.  You don't need to be employed with the same place for 2 years, you just need to have had a steady income in one field for the past 2-3 years.  you will want to run your credit and take a good look and make sure everything that is on the report is correct, if not you will want to have it corrected.  You will also want to make sure you have money saved up for a down payment, in some cases you can withdraw from an IRA penalty free for your first home.    Type your paragraph here.

Do I Really Need An Agent To Buy A House ?
No, you don't but there are 2 very good reasons you should ! The most important reason in my opinion is you will be paying for because it is built into the price of the home already.  It is also important to have someone working in your corner to help you through the process, and to have someone in your corner.  

Why Should I Buy Instead Of Rent 
It's a fact that in most markets, buying a home a significantly cheaper than renting.  Renting is money you will never get back, but buying a home is an investment in your future.  In most areas, if you can afford to rent you can afford to buy !
 


Kristin Schuster - Associate Broker 
Signature Premier Properties 
126 W. Main St, Babylon 
O: (631) 673:3700      C: (631) 357-9880

Your Common Questions Answered !