Home Buying in Huntington>Question Details

John M., Real Estate Pro in Huntington, NY

Looking to buy a home for the first time.

Asked by John M., Huntington, NY Sat Feb 8, 2014

Where do I begin in the home buying process? I heard that seeking financing from the major commercial banks is not such a good idea. Any thoughts?

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BEST ANSWER
John, some commercial banks have a bad reputation among other Real Estate professionals because of how "picky" and "slow" they are. This might be the case with some lenders and not the case with others. At the end of the day what you should be looking for is a reliable lender who can deliver without all the hassle at a competitive rate, fees and terms that work for you. This might happen with a large commercial lender, a local correspondent lender or even a mortgage broker. You need to sit with these people and see what they can offer you and go with who you feel most comfortable with and have the most confidence on getting you to where you want to be. I'm always available to meet with you and pre-approve you and help you understand the process and everything involved. Feel free to call or email me anytime. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • jmeneses@snb.com • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
2 votes Thank Flag Link Sat Feb 8, 2014
John,

The very first step, of course, is to get a FULL PRE-APPROVAL, not a pre-qualification. Having a full pre-approval will make you almost as good as a cash buyer.

Banks have certain packages that you must fit. Mortgage brokers, look for a bank that will fit your profile. Mortgage Banker/Brokers not only look for a place to fit your profile, they have their own "bank" that can also fund your mortgage.

So, you have lots of choices. I will be happy to supply you with names and contact information for all of the above. You should NEVER have to pay anything to get a pre-approval. If someone is asking for money, run!

Once you know exactly what you qualify for, look for a home that is less! Do not spend your full allowance. It is important to have money to fix up the house your way, vacation, go out to dinner, the movies, etc. Just because you qualify for more does not mean you have to spend it.

When you have your financing capability in place, that is when you start looking for a home...NOT BEFORE!

We at Gladstone Group would be delighted to assist you in your search...let us know when you are ready.

gail@GladstoneGroupRealty.com
631-425-6150
1 vote Thank Flag Link Sat Feb 8, 2014
Hi John
Congratulations your on for an adventure. The question you ask about whether to use a bank for the mortgage finance or a "mortgage Broker" is a good one but a little hard to answer without knowing a little more about your personal finances. With new regulations in place beginning January 1, a lot of options have dropped out of the field. Generally if you are a salaried employee with at least two years of verifiable income , by this I mean they will want your income tax returns a "Bank Mortgage" would be OK. Any other scenario will require a Mortgage Broker.
Your first step is to speak to a mortgage person of your choice, or if you like we can recommend banks and brokers who participate in our transaction cloud. (These professionals include , Attorneys, banks, mortgage brokers, title companies and engineers, they agree to participate in our system of putting the transaction in the cloud for transparent viewing by both the buyers and sellers) This approach is fresh , new and honest. At Better Homes and Gardens Real Estate we proudly proclaim we have no affiliations with any one bank ,broker or attorney.
Beware of Realtors who have part or full ownership in a Mortgage Company or Title Company these affiliations often blur the line between your best interests and theirs.
Your next step after finding out what you can afford, its time to pick an area with the qualities you require like transportation , schools , relative etc. Thats where your work with a realtor should begin. He or She will add value to that aspect of your adventure and do the leg work to narrow down your choices.
I believe I have gone beyond your question so if you wish to begin feel free to call my office at 631-427-0010 and I will explain much more about this process and match you up with the perfect agent.
thx
John
1 vote Thank Flag Link Sat Feb 8, 2014
Actually, the best rates can be obtained not from banks but from Credit Unions. There are several of them here in the Huntington area. I would check them out if I were you.

Tom Moser
Keystone Realty USA
East Northport, NY

Long Island's Commission Rebate Realtor
http://RefundAtClosing.com
1 vote Thank Flag Link Sat Feb 8, 2014
Your first step should be to get pre qualified for a mortgage. Generally speaking when you deal with mortgage brokers you get better service as they try to earn your business. They have more than one lenders mortgage programs and rates to chose from. At a minimum you should have the following when you meet with the mortgage consultant whether at the commercial bank or mortgage broker:

1. Current one month paystubs.
2. Two year W-2's and complete tax returns.
3. Two months bank statements/retirement account statements/brokerage account statements.

Your credit report will also be pulled by the mortgage professional.

If you need any assistance in this respect my contact information is given below.

Thanks
Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
1 vote Thank Flag Link Sat Feb 8, 2014
Hi my name is Vanneth Joseph-Gonzalez a Real Estate Agent. What sort of questions do you have? I will be happy to help you throughout the whole process. Call me now for more information. 516-909-7969 Thank You.
0 votes Thank Flag Link Thu Feb 13, 2014
Contact a mortgage broker and get a pre-approval. This will give you an indication of the properties you can afford.
0 votes Thank Flag Link Sun Feb 9, 2014
Hi John, I wrote an e-book for first time home buyers which explains the process including where to begin, if you drop me an e-mail I'll be glad to send you a free copy.

Thank you


Tom Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
http://www.SuffolkFreeCMA.com
http://www.NassauFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803
0 votes Thank Flag Link Sat Feb 8, 2014
Always good to start with selecting an experienced buyers agent who can guide you through the entire process and supply you with all of the necessary steps of purchasing your first home. A pre-approval is essential to obtain so that you know what price point to even start looking in and is necessary prior to negotiating any offers. As a buyers agent I can supply you with qualified mortgage brokers who can walk you the process step by step.
0 votes Thank Flag Link Sat Feb 8, 2014
Actually, the best rates can be obtained not from banks but from Credit Unions. There are several of them here in the Huntington area. I would check them out if I were you.

Tom Moser
Keystone Realty USA
East Northport, NY

Long Island's Commission Rebate Realtor
http://RefundAtClosing.com
0 votes Thank Flag Link Sat Feb 8, 2014
If purchasing with a mortgage, 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 begin by visiting with any licensed loan officer; you can start with the bank you currently do business with, any other banks, any credit unions, any mortgage brokers, or ask people you may know for referrals. Also choose an agent to work with, he/she will be your best guide. You can check http://www.mlsli.com for available area properties.
0 votes Thank Flag Link Sat Feb 8, 2014
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