I have specialized in New Haven Buyer Agency for 15 years and could aquaint you with the issues and ammenities of theProspect/Canner/East Rock neighborhood which abuts Yale University off Whitney Ave...David Carr..203.654.2905... more
Rates do vary from one lender to another. I can also tell you that with your credit scores you should be n the neighborhood of 3.25% or so fixed for 30 years and paying ZERO points, in fact this rate often allows us to give you what's called lender credits which is money that can be used towards your closing costs. Rates and fees are different from one lender to another even if you're comparing two bankers or two brokers or a broker to a banker.
I always advise people to not only shop rates and fees, but rather a reliable and trust worthy Loan Officer. I want to advice you that in June of 2013, there will be HUGE changes to the FHA program that'll make it more expensive for you the buyer. Consider speaking to an FHA experienced Loan Officer to pre-approve you.
Feel free to contact me if you need help from a reliable Loan Officer. Good luck!
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648... more
You are wrong regarding FHA down payment. FHA is now 3.5% down and MIP( PMI) is required regardless of the percentage down. There are income limits for CHFA, therefore you should consult with your Mortgage Loan Officer as there are exception to the rule.... more
Well I must be the worst agent in the world. I advise my clients to spend less than what they're qualified by their lender. My advice is always spend as much as you are comfortable with knowing you will be making payments for the next 30 years.
I would caution you about taking home buying shows with a grain of salt. Many of them are partially scripted. And the most popular show 'Househunters' is an outright twisting of the truth. In fact the 'buyers' have already bought a home and they're being shown comparable homes. But for the sake of TV the outcome is known even before they shoot one foot of film.
And for every $1,000 more a buyer spends on a home, the agent profits approximately an additional $10 to $20. And the home STILL has to appraise, the homeowners have to qualify and the underwriter has to approve it all.
Just remember, in the end the decision is yours as to how much you should spend. And if you have an agent that doesn't understand, find another agent.... more
There is no relation between assessed value and market value. Assessed value is a value placed on your home by the town to figure out what your real estate taxes will be. Your real estate agent can provide you with recent comparable property sales to help you determine an accurate market value.
Betsy Purtell, Realtor
Coldwell Banker Residential Brokerage
Cheshire, CT 06410
A couple of you mentioned it will not have a negatvie affect for a limited amount of time. How much time would that be? Suppose we don't find a house we like within that timeframe, would we have to get pre-qualified again? And would it in turn ding our credit again?... more
You can also ask the lenders for a good faith estimate before you choose who to use, that will give you the best idea of all the closing costs. You can always ask for a closing credit from the seller when you make an offer in the contract too. I would be more than happy to assist you further, Julie Lucia, Showcase Realty, 203-578-5631; firstname.lastname@example.org... more
Yes it's possible and yes, it's common.
4 ways to pay mortgage insurance
1) Lump sum up front paid cash (or a seller credit)
2) Lump sum rolled into loan amount
3) Absorbed by higher rate (a seller credit could buy the rate back down and effectively pay for it)
4) Paid monthly as part of payment
Any good loan officer can help you determine which works best for you.... more
As you can see from all the responses you are getting regarding your housing question for the Yale area, there are many REALTORs who can help you with your search. I am extremely familiar with this area and while I do not work this area exclusively, I have sold and rented many homes, condos and apartments in the area. When chosing a REALTOR you should be looking for a professional, who works full-time and has a good handle on the current market. In CT we have buyer agency, unlike New Jersey. With a Buyer Agent you will have someone who is working on your behalf to help you find your new home and will be able to negotiate the best deal on your behalf. Buyer agency is required by law in our state, so you should expect that you will be asked to sign a buyer agency agreement once you pick your agent. Once you are under the agency agreement you will be required to work with your agent exclusively for the term of your agreement. Take the time to interview agents, and select the one who suits your needs and style the best. The best transactions happen when you have an agent you like and trust. Feel free to contact me with further questions or if you would like to interview me. Thank you. Gillian Goldrich, Coldwell Banker Residential Brokerage 203-816-5285 - Licensed in CT... more
You should have been informed up front by your agent that the buyer was also his/her client, or had asked him/her to represent them as well. It is then your choice as to whether you are comfortable with dual agency. All parties must agree in writing, and we have specific dual agency forms for this. If someone is not comfortable, then it is possible for another agent to be assigned to represent one party. This would be called designated agency. If that is not desireable then the buyer can find another agent of their choice to represent them. The fact that you were not made aware until two weeks into the negotiation is a serious legal and ethical issue.
Dual agency has potential for conflict of interest and even moreso with a Hubbard Clause offer. I, as an agent, would not be comfortable as a dual agent and would decline in favor of an alternative.... more
At this point, if the home is in Forclosure it would be up the lender as to when they release it for resale. We as agents can only keep an eye out to see when it becomes available. If you are interested I can help with that just let me know.