Financing in 13903>Question Details

Eduardo, Home Buyer in Binghamton, NY

Their is a particular property i am interested in buying i am able to put down almost the entire purchase price but need a small loan to complete it.

Asked by Eduardo, Binghamton, NY Sat Jan 26, 2013

I have a credit rating that is fair how easy will it be to get a loan with interest rates that are not to pricey.

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Gail Gladstone’s answer
Eduardo,

Please call Brian Tom of Cliffco Mortgage Bank. His number is 516-448-2434 or email him at btom@cliffcomortgage.com.

Brian will be able to answer your question and hopefully provide you with the mortgage you are seeking.

gail@GladstoneGroupRealty.com
845-522-5808
0 votes Thank Flag Link Sat Jan 26, 2013
Eduardo,

Yes there are many options that you can go to purchase this property. Again you would need to start with talking with a mortgage person. There are many options for financing, give me a call and I will give you a few names of people to call and talk with.

Dawn M Roessing
dawn@exitfac.com
Cell: 607-343-5982
0 votes Thank Flag Link Sat Jan 26, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore for a personalized answer, visit with any licensed loan officer.
0 votes Thank Flag Link Sat Jan 26, 2013
Hi Eduardo,

You need to speak to a lender and get pre-approved for a loan. It is a free process and you will find out exactly how much you are qualified to borrow on what terms.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty NYC, LLC
450 7th Ave Suite 1501
New York, N.Y. 10123
Off: 212-757-8268 x 220
Cell: 917-991-2528
Fax: 212-239-4538
MRichman@KianRealtyNYC.com
KIANRealtyNYC.com
0 votes Thank Flag Link Sat Jan 26, 2013
I am checking out a loan from the FHA i need to consider the fact that my financial situation could change i need advice on finding a adjustable mortgage.Is this that type?
Flag Sat Jan 26, 2013
Dear Eduardo....It seems that you would be in a good position to purchase. The first place to start would be your banking institution. It probably would only take a few minutes to sit down with a lending officer to make an evaulation for pre-approval. I hope this help and best of luck to you.
Lisa Barrows
Licensed R. E. Salesperson
Exit Realty Front And Center
607-760-9925
0 votes Thank Flag Link Sat Jan 26, 2013
You have a number of options, but first go to the lender of your choice & get Pre-qualified for a mortgage. Without a Pre-qualification letter most sellers will not consider your offer. Lenders also have minimum mortgage amount requirements to make it worth their while.

If your cash available for purchase is 90-95% of the asking price, try offering a simple cash purchase. No financing hassle and lower closing costs. Really depends on the market value.

OR ask the seller to finance the balance for a short term. With your large down payment , the seller should be able to pay off any mortgage balance, pay closing costs and walk away with some cash in pocket with limited risk. They will want a copy of your credit report, so check it out before making your offer.
0 votes Thank Flag Link Sat Jan 26, 2013
Congratulations of saving almost the entire purchase price!!!! Trulia has a mortgage page on their site (www) is below.

http://www.trulia.com/mortgages/NY/

Best of Luck,

Josh Barnett, Realtor
Metro First Realty
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sat Jan 26, 2013
The only way to know is by calling a lender who can run your credit and review your entire application. You say your credit is "fair". Please don't share any personal details online of course.
But a mortgage broker needs these details to assess whether any problems you may have had in the past might cause you not to get a loan - even a small one- today.

Best of luck :)
0 votes Thank Flag Link Sat Jan 26, 2013
Hi Eduardo,
You should be able to do that. Give m a call or text and I'll connect you with a local lender.
Regards,
Suzanne Krause 607-760-3366
0 votes Thank Flag Link Sat Jan 26, 2013
Thank you i will give you a call i am looking for as much help as possible with purchasing a home which will be a first for me.
Flag Sat Jan 26, 2013
Eduardo,

As long as your credit score is at least in the mid 600's it shouldn't be too difficult if as you write you'll be putting down well over 50% . Just speak with a couple of local lenders and I'm sure you'll find yourself a good offer for a mortgage. You may want to consider only taking a 15 year note if the amount your borrowing is relatively small as this will get you a better rate.

I wish you all the best.
0 votes Thank Flag Link Sat Jan 26, 2013
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