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Financing in Schenectady : Real Estate Advice

  • All98
  • Local Info7
  • Home Buying22
  • Home Selling5
  • Market Conditions8

Activity 4
John Burke, Real Estate Pro in Austin, TX
Wed Sep 7, 2016
John Burke answered:
Hi Cathy,

No, that's not common. I would do your pre-approval contingent on the sale of your current home which means you would have to sell your current home before you can close on the new one. Unless you can qualify for both mortgages and you're comfortable with that as an option.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
Apply Online:
NMLS# 787231
... more
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Trevor Curran, Real Estate Pro in Great Neck, NY
Mon Jul 30, 2012
Trevor Curran answered:
Good morning Elizabeth,

Often I meet clients who think their credit is, as you say, "not so good." When I review their credit we find they actually qualify for a mortgage loan!

You mention not fully paying off credit cards. Let me strongly caution you NOT to pay off your cards! In today's lending environment we definitely want to see accounts open and active with balances. I recommend speaking with an experienced Mortgage Banker to get properly prequalified. The Mortgage Banker will review your Income, Assets, and Credit. If you are not qualified due to your credit score, your Mortgage Banker can recommend a course of action to improve your credit and become qualified in the future.

Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE:

I am a Licensed Mortgage Loan Originator in New York State working for a Direct Lender. I have been helping First Time Buyers as a mortgage professional for 22+ years. If you wish to explore this further, I'd be happy to help!

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
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Carl, Other/Just Looking in 12205
Fri Feb 19, 2010
Carl answered:
PSS> For your reading enjoyment I sold a 3/1 property at ~800 sf, ~7500sf lot size , no garage, no fireplace, no carport, newer (4 yr old) boiler w/ no central ac,. older roof (10 years+), newer kitch & bath,. for $155k - closing on Nov 30 2009. was in 12205 zip, right down the street (maybe 4-5 miles driving) in Maywood area.. ... more
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Suzanne Walk…, Real Estate Pro in Oklahoma City, OK
Thu Nov 8, 2007
Suzanne Walker answered:
At least 1 year due to seasoning requirements. And, IF a lender will due it prior to 1 year you can bet you pay big bucks for it.

Ultimately, what establishes the value of a property is what a seller is willing to sell it for and buyer is willing to able to pay for it. Thus, the underwriter will question the sudden appreciation of the property. In the current lending market I'd say be prepared that they might make you 'prove' the property has appreciated as much as you say it has. ... more
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