Ladies whom own their own homes. I have a few questions TIA

Ladies whom own their own homes. I have a few questions TIA

My FH and I are looking into buying an apartment in Manhttan. I have never had to do this before and we are only in the preliminary stages. Do I have to pay a fee if the brooker aproached me about the sale? Or does the seller pay the brooker fee? Where's the best place to get a mortgage? We are going to need to be financed for at least 225,000. We are looking to put 10% down. Also, will I need a real estate attorney? I really appreciate any help you brilliant ladies can give me!

Re: Ladies whom own their own homes. I have a few questions TIA

hmm.. well it depends on the broker.. in Queens, they have what is called 'buyer's brokers' which works for the buyers.. I would ask the broker who approached you whether he/she is a seller's or buyer's broker (they are for the most part usually seller's broker).. in that regard, then the person who is selling the property pays the broker fee..

as for mortgage... I can rattle off all sorts of names to you, but your broker should have someone (both lawyer and a finance guy) who puts her deals together, so I would ask your boker..

if you would like to get approved on your own, and have pristine credit, I highly recommend Country Wide.. I also have someone else I use if you have ANY kind of credit..

any other help you need, please let me know.

Good luck!

Re: Ladies whom own their own homes. I have a few questions TIA

If you put 10% down I think you will either have to piggy back the mortgage for the other 10% or take PMI until you pay off up to 20%. Check with your realtor for a good mortgage person or ask around. Also, while asking, get some recommendations for real estate attorneys.

Re: Ladies whom own their own homes. I have a few questions TIA

Also, you should look into getting pre-approved, if not at least pre-qualified for the mortgage prior to putting in an offer. I know that is how people on LI want all their offers, from someone pre-approved. I would assume that is the same way in the city.

Re: Ladies whom own their own homes. I have a few questions TIA

Thansk! I really appreciate the advice. Me and Fh are clueless!

Re: Ladies whom own their own homes. I have a few questions TIA

Hi, we had to be pre-qualified before a realator would show use homes. We put 5% down for our jumbo loan and piggy-back a second mortgage for we would not have to pay mortgage insurance. We went through Wells Fargo for both loans. It is really nice because the second is an Equity line of credit, so after we paid it off we still had that money available to drawback on for home improvements or any time we needed it.

Talk to your realtor up-front about how pays the fees, it varies.

Good luck, house hunting is SOOO excited and stressful at the same time. Enjoy the experience!!!