So you’re ready to take the next step and buy your first home. You’ve met with a real estate agent and now you need to begin the mortgage process.
Recently, I had a chance to sit with Mark Fisher, the regional vice president of UNITED NORTHERN MORTGAGE BANKERS, LTD, and a Scotsman Guide Magazine Top 75 Loan Originators in the country.
Mark accredits his success to three key things; Relationships, Communication, and Honesty.
He believes that it is extremely important to communicate with realtors, attorneys, and borrowers before and during a transaction to keep things moving smoothly.
Obtaining a pre-approval is the very first step in the home buying process, take a look at the at what we learned with Mark below:
Why purchase a home?
- A place to call your own
- Great investment for your future
- Safety for your family
- More room to grow and enjoy
- Tax benefits
Renting vs. Owning
- 600,000 2-family homes
- Current payment approx.: $3,400
- Rental payment: $1,900
- Total monthly payment: $1,500
Who is involved in a purchase transaction?
- Attorney – Buyer, Seller, Bank
- Title Company
- Insurance Company
Starting the morgage process:
What determines your loan program?
- Credit History
- Verification of Income
- Verification of Assets
- Down Payment
- Property Type / Location
- Loan Amount
Loan Programs Available
- 3.5 Down, Seller Concession
- Renovation Loans
- 100% Financing,
- Seller Concession
- 3 – 20% Down,
- Possible Seller Concession
Need a NY Realtor and/or Mortgage Broker?
David Velez NY is a New York Realtor and Mark Fisher is a mortgage broker licensed in NY, NJ, CT and FL.