Financing in Queens>Question Details

Queenofqueens, Home Buyer in Queens, NY

What are some ways for first-time buyers to save on their down payment and other initial costs?

Asked by Queenofqueens, Queens, NY Tue Apr 2, 2013

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Good morning Queenofqueens,

First step: get Prequalified by a Local Mortgage Banker to review costs and loan programs you would qualify for. The loan program determines the amount of the down payment alongside your unique financial situation as it fits into the mortgage Prequalification. Your Mortgage Banker will also review closing costs with you.

The bottom line is this: if you're buying a home in New York City, you're going to pay overall higher closing costs than elsewhere in the country. There's not a whole lot you can do to save more than a few hundred dollars here and there in your overall closing costs. The NYS Mortgage Tax alone for properties within New York City is 1.8%. You can't do anything to reduce that cost. While Lender fees may vary from one Lender to another, they won't vary by much more than about $1,000 or so (unless you're paying Points).

Find a great, experienced Mortgage Banker for high quality service, expertise and education. That's your best bet.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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0 votes Thank Flag Link Thu Apr 4, 2013
I'm doing a 1st Time Home Buyer Work shop may 25th at the Roosevelt Public Library. The workshop will show people how to get into a program that Has no PMI, No closing cost (paid by lender & not included into the loan) 100% Financing if you choose, credit score isn't a qualifying ratio, they focus on the last 12 months of your credit report, and it's a conventional mortgage product. If you would like to be registered for this free workshop email me. Also forget to mention this program was written up in the Wallstreet Journal, Daily News, CNN News, Fox 5 News, New York Post just to name a few.
0 votes Thank Flag Link Mon Apr 29, 2013
There are two major parts to closing costs, lender expenses and title related expenses. In the real world, there is very very very little to nothing you can do about title related expenses. On lender expenses, buyers should be smart when shopping for a lender. Though I always advice people to NOT shop for rates and fees, but rather shop for a dependable Loan Officer, fees and rates do vary from one lender to another and buyers should always be aware of it. You might get a low estimate from one lender who at the end might not even be able to approve you over something that other lenders are willing to work with.

If you'd like, I am always available to meet face-to-face in one of our Queens branches. We're very dependable and do not charge points, so our fees are low and extremely competetive to those lenders who are among the cheapest when it comes to fees. Our rates are also low and competetive to the market. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
0 votes Thank Flag Link Tue Apr 2, 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 answers to questions visit with any licensed loan officer; keep in mind that FHA loans require 3.5% down....
0 votes Thank Flag Link Tue Apr 2, 2013
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