The first-time buyer guide for Rochester, NY.
The things many buyers wish someone had told them sooner, in plain language. Read it in order, or jump to what you need today.
1. Your credit score is not a life sentence
Your score is a snapshot of how you are handling credit right now, and it can change. Pay every bill on time, keep card balances low compared to your limits, and check your credit reports for mistakes. You can get your reports free every week at AnnualCreditReport.com, and checking your own credit does not lower your score.
2. Start a "My Home" folder
When you are ready to talk to a lender, having your papers in one place makes everything faster. Start collecting:
- Your last 30 days of pay stubs
- Your last 2 months of bank statements
- Your last 2 years of W-2s and tax returns
- A copy of your photo ID
- Proof of any other income, like benefits or child support
3. Be careful with new credit
Opening a new store card or loan can lower your score for a while and add a monthly payment that changes how much a lender will lend. If you are in the middle of buying, it can cause problems right before closing. Closing old cards is not always helpful either. When in doubt, call your lender first.
4. Your rent history still counts
A steady record of on-time rent helps show you can handle a monthly housing payment, especially if you do not have much credit history. Keep proof of at least the last 12 months of rent payments: bank statements, canceled checks, money order receipts or payment app history.
5. Know your real monthly cost
Two homes with the same price can have very different payments. Property taxes in Monroe County can vary a lot from one town or school district to the next, and taxes are usually built into your monthly mortgage payment. Take the yearly taxes on a listing, divide by 12 and add it to your estimated payment.
Homeowners insurance is part of that cost too. The age of the roof, furnace and electrical system can affect the price, and many Rochester homes are older. Once you find a home you are serious about, get at least two insurance quotes right away.
6. Why a buyer agreement protects you
Before touring homes with an agent, you will be asked to sign a written buyer agreement. It spells out what your agent will do for you, how long the agreement lasts and how your agent is paid. Ask about every line before you sign.
7. Earnest money and contract deadlines
When your offer is accepted you will usually put down earnest money, a good-faith deposit. Your contract also has deadlines for things like inspection, attorney review and your mortgage. Acting the right way and on time is what usually protects your deposit, so put every deadline in your phone calendar the day you sign.
8. The final walk-through
Right before closing you will usually get a final walk-through. Check that agreed repairs are done, that lights, faucets, toilets, the furnace and appliances work, and that nothing new is damaged. If something is wrong, tell your agent before you sign anything at closing.
Common questions
Does checking my own credit lower my score?
No. Checking your own credit reports does not lower your score. You can get your reports free every week at AnnualCreditReport.com.
What documents should I start gathering?
Most lenders ask for your last 30 days of pay stubs, your last 2 months of bank statements, your last 2 years of W-2s and tax returns, a photo ID, and proof of any other income.
Is earnest money an extra fee?
No. Earnest money is a good-faith deposit. If the sale goes through it normally counts toward your purchase, and it is usually held by a neutral party, not the seller.
This guide is general education, not legal, tax or lending advice. Talk with your attorney and lender about your own situation.