Need some insight....

my husband and I currently rent a 2 bedroom apt in Astoria that we love, but we want to start looking into buying a condo/townhouse or home.... we're completely clueless as to how much you need to put down and how you can tell what you can afford. My husband works in Queens and I work in the city so we would love to be in the Queens, western sulfolk area... mainly Forest Hills, Bayside, that sort of area. Can anyone just share some insight on how you went about looking for a first home? I know the prices are high, and I'm sure if we have enough... thanks!

Re: Need some insight....

I would start by looking at mlsli - they have listings in queens as well. Look at the type of property you would want and then there is a mortage calculator to see what your monthly payment would be. They also list the Co-op fees sometimes if you choose to go that route. Taxes are there too so include that in you monthly payment as well as a about $1200 a year for insurance if it is not a co-op.

Basically you have to get an idea of what you would be willing to spend per month and how much you have available for a down payment. I think that most people put down at least 10% but I think that if you can put down 20% you can avoid PMI. If you put down 10% you can also avoid PMI by taking out a home equity loan in addition to the mortgage......

ETS - also take into consideration the tax savings on mortgage interest and property taxes....

Message edited 7/11/2006 10:58:18 AM.