If you’re planning to stay for a while and the monthly costs fit your budget, buying can make sense. You can build equity over time, but you’ll also be responsible for taxes, repairs, and maintenance. If your plans might change or you’re still saving, renting gives you more flexibility. We can look at both options and see what makes sense for you.

You don’t necessarily need 20%. Some buyers qualify for a conventional loan with 3% to 5% down, and FHA or VA loans may offer other options. The amount depends on the home, the loan, and your finances. A lender can walk you through what you qualify for and how much cash you’ll need at closing.
 
 
 
 

Your credit score can affect which loans you qualify for and the interest rate you’re offered. That can change your monthly payment and, in some cases, how much you need to put down. Lenders also look at your income, debts, savings, and the home you want to buy, so your score is only part of the picture.

Yes, and the type of property makes a big difference. A house in Bergen County, a NYC condo, and a NYC co-op can each come with different costs, paperwork, and timelines. Co-ops also have building rules and an approval process to consider. If you’re looking on both sides of the Hudson, I can help you compare what each option involves.
 
 
 
 

Yes. Preapproval allows you to search within an appropriate budget and act quickly when you find the right property. Many sellers also require proof of funds or a mortgage preapproval before seriously considering an offer.

Yes. Self-employed buyers and those with irregular income can qualify for a mortgage, but lenders may require additional documentation, such as personal and business tax returns, bank statements, profit-and-loss statements, and proof of consistent income. Because loan requirements vary, speaking with a mortgage professional early can help you understand your options and prepare the necessary documents.

You’ll need money for closing costs, which may include lender fees, an appraisal, title charges, taxes, and insurance paid in advance. Then there are moving costs and the expenses of owning the home, such as repairs, property taxes, insurance, and any condo or HOA fees. Your lender can give you an estimate based on the home and loan you’re considering.

The timeline depends on your financing, property type, negotiations, inspections, and legal review. After an offer is accepted, many financed transactions take approximately 30 to 60 days to close. Co-op purchases and transactions involving unusual title, appraisal, or financing issues may take longer.

The next steps generally include attorney review or contract preparation, inspections, mortgage application, appraisal, title work, and final loan approval. Before closing, the buyer usually completes a final walk-through to confirm the property’s condition. The exact process differs between New Jersey and New York.

Although inspections are not always legally required, they are generally recommended. An inspector can evaluate visible components of the property and identify potential concerns involving the structure, roof, electrical system, plumbing, heating, cooling, moisture, and other areas. Inspection rights depend on the terms of the contract.