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Hudson Valley

Purchasing a home

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Albany/HV: Your Home: Purchasing a home
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Buying a home can be a daunting endeavor, especially if it is your first time. So it is important to surround yourself with a team of people you can count on and trust to have your best interests in mind. Innae Park has more.

Buying a home can be a daunting endeavor, especially if it is your first time. So it is important to surround yourself with a team of people you can count on and trust to have your best interests in mind. That starts with the real estate agent that you choose.

Real Estate Sales Associate Beth Grzyboski says, "I think it's important to interview agents and get along with the agent you're working with. The agent should be there for them from start to finish during all stages of the transaction."

The next professional you should seek out is probably the most vital to the real estate transaction. This person will not only help determine what homes you should be looking at, but also how much home you can afford.

Mortgage Sales Manager Phil Reece says, “The process of being qualified is a review of three important factors: credit has to be above a certain bar; you also look at someone's income and their assets. Those are what we call the three C’s of underwriting: credit, collateral and capacity. That review is what will allow a person to get qualified for different loan products.”

Hopefully the only time you'll ever need the next person you'll add to your home buying team is when you're buying or selling a home. Remember, the mortgage is a contract and so you'll need a lawyer.

Attorney Daniel Glaser says, “My role is to explain all the paragraphs in the contract and explain what they mean to the client and more importantly what they don't mean. So, that if something does happen, they're not surprised. If you don't get a mortgage, this is what can happen. If there are delays from the other side, these are the options that we can take to stay on our time table.”

Once you find a realtor that is right for you, they will often recommend a few mortgage brokers and attorneys for you to contact and interview. This will be one of the biggest investments in your life, so it is important to work with people that will make it go as smoothly as possible.

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