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Buying a Home

Whether you've spent years in preparing to buy a Home and you're unsure if you can afford it, the questions surrounding home buying could feel endless. Buying a home is Exciting and often can be an overwhelming experience, particularly if you are buying your first home. Coney Marciano can help you through the Home buying process and assure that you find the right home for you, at the right place. 

Setting a Time Frame

There are lots of variables in the home-buying process, this includes the time it would take you to find and to buy your new Home as well. A typical home search process may take two to three months, including the mortgage approval process, comparing and evaluation properties, making an offer and the closing process. The loan process typically takes 30-45 days.

Perhaps one of the most intimidating aspects of buying a Home is the mortgage approval process. Coney is here to help and guide you through this. There are many ways for you to prepare early and it could make the process smoother. Start by making sure your budget is under control. 

First, make a list of all your monthly expenses. Compare this with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances . Start gathering documents you may need, such as 1702 forms, income tax returns for two years, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs. Getting several offers will allow you to compare loans and get the best deal. 

Determining how much you can afford


A general guideline to consider is that most Buyers typically purchase a Home that costs about 1.5% to 2.5% of their current annual income. For example, someone earning P2.150M/ $50,000 a year might purchase a home for 3.22M/ $75,000 to 5.375M/ $125,000. The mortgage should be about 28% to 30% percent of  your gross monthly income.