I would be happy to work with you and go over some important details that home buyers should understand before beginning the home buying process, keep in mind that choosing a experienced realtor with knowledge will help you make the right decision on where to move based on certain criteria. Please give me a call so that I may go over these important details with you.
Exit Realty Search
Licensed Real Estate Salesperson
3928 E. Tremont Avenue
FAX: Â Â 347-202-4966
Paul F. Marzolla
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Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Paul F. Marzolla
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
The home mortgage market is reeling from no-money down loans made in the past few years, so lenders aren't looking to add more to their books.
If you have money saved in an IRA account, taking advantage of the first-time homebuyers' provision for these accounts will allow you to withdraw up to $10,000 without paying the 10 percent penalty tax. You may also be able to borrow money against your 401(k) or 403(b) account.
I'm not sure you need an interest-only 30-year fixed-rate loan. The difference between the interest-only payment and the fully amortized payment (principal plus interest) would be about $60 a month. The typical interest-only loan becomes a fully amortized loan after a period of time, generally after five to 10 years, and your payment will increase accordingly even if you have a fixed interest rate.
It's common for an interest-only loan to have a higher interest rate than a comparable conventional loan. That interest differential would reduce the monthly savings from the interest-only option.
You can use Bankrate's compare rates feature to find today's mortgage rates for conventional and FHA loans. Forearmed with this knowledge, you don't really need to work with a mortgage broker to shop rates
Read more: http://www.bankrate.com/finance/mortgages/do-homework-before
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