Actually the best answer is to check with the lender on your next purchase, if they are using the same closing attorney there is nothing wrong with leaving it in his escrow account, although it is a little unusual. If your new lender is using a different closing attorney then the first one should either give you a check ASAP or wire it to the next closing. Your new lender needs to source the funds you bring to the next closing so ask your loan officer how to handle it. Good luck,... more
Again another old question asked. Things have changed a lot in the last year, which is something that has lengthened the mortgage process. New disclosure guidelines have been put in place by government regulators that cause a waiting period between things like when an appraisal can be ordered based on when the Truth-in-lending statement is issued, to the newest change as of January 1st requiring a different form of good faith estimate. There are times when you can get a loan cleared to close in as short as 2 weeks, but it is more likely that the process will take a total of 45-60 days, depending on the mortgage process time frame as well as the time needed for title searches. Certificate of Occupancy searches are done in NY, but not elsewhere in the country, and these can take time.
New York is a different market in many ways, and how long it takes to get from contract to closing is only 1 of them.... more
FHA loans are quite common place since they still offer assistance with closing costs and have much lower down payment requirements that many conventional loans. If you were preapproved by a major bank or financial institution, they already ran your debt to income ratio with the information you provided them. They are required by law to provide you with an estimate of your costs and what your monthly payments would be. If and when you're ready to look at houses on Long Island, please feel free to contact me.
Ralph Windschuh
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com... more
Wantagh is nicknamed the "Gateway to Jones Beach" It's actually the last exit off the Wantagh Parkway before crossing over to beach side. Its a wonderful community with 5 Star schools, an awesome town pool, a gorgeous community park, and a marinia. The residence have a pride of ownership, and a real sence of community. The location is great for commuters as there is a centrally located LIRR train station, and is bookended by the Wantagh Parkway and the Seaford Oyster Bay (AKA135) making travel into and out of Wantagh a breeze. There are also several well know restaurants, and boutiques. Lastly there is the LIRR train musuem where not only can you tour the train on a Summer afternoon, but several other town events are held on the park like grounds. Wantagh is a great place to visit, and an even better place to live!!... more