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Asked by Rundownrenters, Lynbrook, NY Wed Jul 8, 2009

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Lenny Bobrow, Agent, Woodmere, NY
Wed Jul 8, 2009
It is a great time to buy your first home. You should be eligible for the $ 8000 First Time Home Buyers Tax Credit if you close by November 30.

Your lender is the one in the position to give you the rates. They are dependent on so many factors.

Since your credit is so good you probably do not need a mortgage broker - start with the bank you do your banking at and go from there. Be sure to get rates and fees from more than one lender. Remember, you are shopping for money.

This link will give you a lot of infomation on the $ 800 Tax Credit and Home Buying:

If I can be of any assistance, please do not hesitate to contact me, I am in your area.

Good luck!

Donna Galinsky
Pugatch Realty Corp
0 votes
Joel Youngs, , Jacksonville, FL
Wed Jul 8, 2009
Trust me when I say this,Look into your future. Are you going to have children? Do you like to travel?Have you thought about upkeep? My rule of thumb is,always try to put down 20% and by all means,,finance 15 yrs not 30. Don't get stuck in the house poor rutt that most of America is in... Injoy your life !
1 vote
Lenny Bobrow, Agent, Woodmere, NY
Sun Dec 23, 2012
Javier this is over 3 years old. Hoping they are in a house already!
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Dec 23, 2012
It sounds like you'll be at 10% down payment on a Conventional loan, I'd say you'll be around 3.5% for a 30 year fixed and a 2.5% for a 15 year fixed loan. I can also tell you that it's a bit difficult to get these sort of answers online. It's always best to meet face-to-face with a Loan Officer. There are several things that we would need to look at in order to determine if you and your wife are fully qualified to finance. Here's another good piece of advice, DON'T SHOP INTEREST RATES, SHOP FOR REPUTABLE & DEPENDABLE PROFESSIONALS!

Feel free to contact me if you're in need of a good Loan Officer. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
(516) 606-9648
0 votes
Thanks Javier...things were put on hold, as we enrolled our 5 hear old in Kindergarten. Turns out we are zoned for one of the better elementary schools in the city, so we are staying....until the fall or if I find another job that pays more.
Flag Tue Feb 19, 2013
Debra (Debbi…, Agent, Livingston, NJ
Wed Dec 19, 2012
psst - Eleanor - this question was posted in July of 2008 - I highly doubt anyone is going to call you now!

I am going to assume that by now they are homeowners...........
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Eleanor Sams…, Agent, Valley Stream, NY
Wed Dec 19, 2012
It is best to consult with a mortgage professional. They will be able to give you the best answers for your specific questions about credit, income and your ability to purchase a home in the 300,000-400,000 range. If you have not purchased a home yet, now is the perfect time to buy. You may call me at 646 201 0564. We can discuss both financial options as well as the perfect home for you and your wife.
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, ,
Wed Sep 12, 2012
First steps:

1. Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

2. Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

3. Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

4. Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Good luck!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
0 votes
mvd1, Home Seller, Lynbrook, NY
Wed Sep 12, 2012
Hi Renters,

Come to 38 Lakeview Ave, Lynbrook, on Sunday, Sept 16 from 1:00-3:00pm. This is a good starter house for you.

0 votes
Debra (Debbi…, Agent, Livingston, NJ
Sun Dec 6, 2009
Since you asked this question back in July......have you bought? Hopefully, you're all settled in your new home! ( Are you even still here reading responses???)
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Joshua Zarga…, Other Pro, Lynbrook, NY
Fri Dec 4, 2009
Lynbrook is a great place for you to purchase a house.
We at Pugatch Realty have a loan officer available to help you.
and under the same roof you ask for Joshua and I will help you find your dream home.
Joshua Zargari
516- 599 3569
0 votes
olatoyosi ad…, Agent, Plainview, NY
Sat Jul 11, 2009
Your credit score is good. You can close and handle the mortgage for $400k as you are earning $90k total. I will hazard a guess and say that your inrerest rate may be 5.20 - 5.5% no more.
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Gail Gladsto…, Agent, 11743, NY
Wed Jul 8, 2009
When you reach out to a mortgage broker/lender, don't go for a's not enough.

As for a full LENDER Pre-approval with only two contingencies...Contract & Appraisal.

This will put you in the same class as a cash buyer and get you the most consideration. Have ready your past tax returns (probably 3 years), pay stubs, etc. It's worth it!
Web Reference:
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Jul 8, 2009
Direct your question to any qualified loan officer, see exactly what your budget can handle--you will need a mortgage pre-qualification anyway before you even begin shopping--keep in mind you need to be prepared so that when you see that perfect house, you will be ready make that offer. If you need assistance feel free to call or e-mail.

0 votes
, ,
Wed Jul 8, 2009
If you found a home today, you could probably expect a 30 yr fixed rate in the 5.25-5.75% range. However, shopping rates now doesn't do you much good because you can't lock in a rate until you have a purchase agreement.

Do yourself a favor and interview 2 or 3 loan officers who come from a reputable lender and get quotes from all of them. What you will likely find is that they are probably all pretty close in rates and fees unless someone is just trying to low ball things because they know you can't lock in today (shady by the way). Once you come to the realization that most reputable lenders are about the same you can make your decision on who you work with based on your comfort level and the level of service they can provide you. Trust me you'll sleep a lot better at night and it will save you lots of time and headache

Best of luck
0 votes
Susan Agrano…, Agent, East Meadow, NY
Wed Jul 8, 2009
Your credit scores are in a very positive range. In addition, your mortgage amount would be under the maximum amount of $417,000 which means it would not be necessary to obtain a jumbo loan. That would keep your interest rate lower. There are a couple of routes you can take in applying for a mortgage which I would gladly review with you as well as the tax credit that you may be eligible for. Please call me anytime on my cell phone 516-509-5069 and I will be happy to assist you.
0 votes
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