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Financing in 11235 : Real Estate Advice

  • All97
  • Local Info3
  • Home Buying57
  • Home Selling15
  • Market Conditions1

Activity 4
Wed Feb 12, 2014
Frank Spaulding-Bey answered:
NYC Dept of Finance. If you provide me with the address to your property I can give you that answer right now.
0 votes 6 answers Share Flag
Tue Sep 25, 2012
Javier Meneses answered:
The best thing to do is meet face-to-face with a loan officer. He/she will guide you and let you know exactly what you need and can expect when doing a refinance. it's not much different than what you went through to obtain your initial loan, except this time there is no seller, so no sales contract and so no buyer's & seller's attorneys are needed. Banks will collect your current income documentation and assets, just like when you did your purchase (depending on WHEN you purchased).

The process is pretty much the same. What you NEED to know is what the new rate & terms are. This will allow you to compare the monthly payment you currently have to what the new one will be. You'll need to know the bank's fees and total closing costs so that you can determine just how much the principle loan will increase by. Knowing these things will help you evaluate and decide if refinancing is worth doing. What you want to avoid is banks who will promise low rates and low fees, but deliver the opposite. At the same time, you want to make sure the loan officer you're dealing with is someone who can deliver in a timely manner and will handle your loan responsibly.

If you'd like, I'm always available to talk or meet. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
(516) 606-9648
... more
1 vote 2 answers Share Flag
Sat May 30, 2009
Sean Dawes answered:
You can always go FHA and do 3.5% down and use the rest toward closing costs. The only real benefit of putting more down is if you can avoid PMI by doing 20% down.

0 votes 3 answers Share Flag
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