In this post, USDALoanInfoNewYork wants to talk about hiring a really good loan officer or Mortgage Lender in New York and the importance of doing that, especially when searching for a USDA Loan in New York.
We want to give you a real-life scenario that happened to a buyer who was searching for a mortgage lender in New York this week. This should serve as a sample to really drive home the point on how important it is to hire and make sure you get a really good loan officer.
USDALoanInfoNewYork believes that you should search for an honest mortgage lender, no matter where your house buying adventure takes you.
To get started with our Mortgage Lender example, we find ourselves taking a buyer call with what happened. One of our officers had just got back from vacation and found out that there was a problem with the USDA Loan in New York. The lender that the prospect had hired actually made an error which delayed three days of the process!
>>> WELCOME BACK.
WHETHER IT IS TIME TO OWN YOUR DREAM HOME, FINDING THE RIGHT HOUSE IS ONLY THE BEGINNING.
>> FIGURING OUT HOW TO PAY FOR IT IS EVEN MORE IMPORTANT.
JOINING ME NOW IS JEFF MCCARTHY AND PAT GOSA FROM FIRST BANK FINANCIAL CENTRE WITH SOME IMPORTANT QUESTIONS THAT YOU SHOULD WHEN YOU ARE LOOKING AROUND FOR A MORTGAGE LENDER.
GOOD TO SEE YOU GUYS THANKS FOR BEING HERE.
AS I MENTIONED FINDING THE HOME IS LIKE THE FIRST GOOD LIKE MOMENT.
THAT'S WHAT YOU GOT TO DO, BUT AFTER THAT, KNOWING THE RIGHT QUESTIONS TO TALK ABOUT WITH YOUR MORTGAGE LENDER OR SUCH IS IMPORTANT.
SO MANY PEOPLE SPEND YOU KNOW MONTHS LOOKING FOR THE DREAM HOME, THAT THEY ARE GOING TO RETIRE IN OR RAISE THEIR FAMILY IN, BUT A LOT OF PEOPLE DON'T TAKE THE TIME TO FIND THE RIGHT MORTGAGE LENDER FOR THEM.
IT'S ALMOST AN AFTERTHOUGHT FOR A LOT OF PEOPLE.
THAT CAN BE A BIG MISTAKE IN THE PROCESS.
>> WHEN SHOULD PEOPLE START LOOKING FOR THE RIGHT LENDERS? IS THERE A SPECIFIC TIME? >> I TELL YOU, SOONER THAN LATER BECAUSE, YOU WOULD HATE TO HAVE TIFFANY SOMEBODY FIND THEIR DREAM HOME AND FIND OUT LATER THEY DON'T QUALIFY FOR THAT MORTGAGE LOAN.
THE SOONER CAN YOU GET IN TO TALK TO A LENDER THE BETTER.
WHETHER IT IS YOUR FIRST TIME BUYING A HOME OR FOURTH TIME, OUR GUIDELINES ARE ALWAYS CHANGING, THE LOAN PROGRAMS CHANGING, SO IT'S GOOD TO GET IN AND TALK ABOUT YOUR INDIVIDUAL SITUATION WHETHER IT BE INCOME, CREDIT, DOWN PAYMENT WHAT HAVE YOU.
>> I KNEE BEING PRO APPROVED AND KNOWING WHAT YOU CAN AFFORD ARE IMPORTANT.
WHAT ARE THE VERY FIRST THINGS YOU SHOULD ASK YOUR LENDER? IF I COME IN TO MEET WITH YOU OR ONE OF YOUR SALES STAFF WHAT SHOULD I BASICALLY SAY? >> USUALLY.
PEOPLE HEAR FROM THEIR FAMILY AND FRIENDS AND SAY FIND OUT WHAT THE RATES ARE AND CLOSING COSTS ARE.
A IMPORTANT ASPECT OF COURSE.
MORE IMPORTANT IS REALLY, ASKING ABOUT THE DIFFERENT LOAN PROGRAMS THEY MAY QUALIFY FOR.
ALSO THEIR INCOME.
YOU KNOW WE HAVE TO SOURCE THAT.
IS IT JUST W2 INCOME, COMMISSION INCOME.
WE NEWS INCOME THEY ARE TRYING TO COUNT TO QUALIFY.
SAME WITH ASOCIETIES WE HAVE TO TRACK THOSE ASSETS A PAPER TRAIL WHERE ARE THEY COMING FROM.
THE SALE OF A HOME OR ASSET.
MONEY THAT IS GIFTED TO THEM.
WE HAVE TO NAVIGATE THROUGH ALL OF THAT.
THEN GIVE THEM A GREAT IDEA WHICH LOAN PROGRAM IS BEST FIT FOR THEM.
>> THERE ARE DIFFERENT LOANS THAT CAN HELP YOU THAT ARE SO IMPORTANT.
WHY DO YOU THINK IT IS IMPORTANT THAT A LENDER HAS EXPERIENCE? >> I THINK A LOT OF TIMES BECAUSE THEY ARE ASKING THOSE QUESTIONS.
THEY ARE ASKING ABOUT THE INCOME, THE ASSETS AND WHAT HAVE YOU.
THEY KNOW THE LOAN PROGRAMS, THE LOPE GUIDELINES.
YOU WANT SOMEONE THAT IS VERY EXPERIENCED IN THOSE TO ASK THE RIGHT QUESTIONS NOT SO MUCH THE CUSTOMER ASKING YOU THE QUESTIONS, BUT SO THEN YOU CAN CREATE THAT PRODUCT FOR THEM, THAT FITS THEIR NEEDS.
DO YOU SEE OFTENTIMES PEOPLE COME IN AND THEY DON'T REALLY KNOW WHAT TO ASK OR THEY DON'T KNOW WHAT THEY CAN AFFORD? >> EXACTLY.
>> I BET.
>> I REALLY SUGGEST PEOPLE TO GET IN AND GET PREQUALIFIED.
EVEN BETTER TO GET PREAPPROVED THEN IT GOES TO THE UNDERWRITER TO MAKE SURE WE HAVE ALL OF OUR DUCKS IN THE ROW.
>>> A LOT OF PEOPLE I WOULD GUESS JUST GO IT THEIR PRIMARY BANK.
THEY THINK OKAY I ALREADY HAVE AN ACCOUNT WITH THESE PEOPLE THAT WORKS.
I'M JUST GOING TO GO THERE BECAUSE I'M FAMILIAR WITH IT.
THAT'S NOT ALWAYS THE RIGHT DECISION.
CORRECT? >> IT VERY WELL COULD BE.
IT MIGHT NOT BE YOU'RE RIGHT.
DOES THAT LENDER USE GRANTS THAT ARE AVAILABLE TO FIRST TIME HOME BUYERS? DO THEY DO CONSTRUCTION LENDING.
COULD THEY DO PORTFOLIO LENDING.
DO THEY HAVE ALL OF THE COATS IN THE RACK SO TO SPEAK WITH THE DIFFERENT LOAN PROGRAMS OUT THERE AND DO THEY UNDERSTAND THEM IF THEY DON'T DO A LOT OF THEM THEY MIGHT NOT BE THE BEST CHOICE.
>> ARE THEY COMPETITIVE WITH THEIR RATES OF COURSE AND CLOSING COSTS.
>> LIKE YOU SAID THE FIRST THING PEOPLE THINK OF IS WHAT IS THAT PERCENTAGE AT.
THAT'S WHAT IS MOST IMPORTANT.
IT IS NOT ALWAYS WHAT IS THE MOST IMPORTANT PIECE OF IT ALL.
WHAT DO YOU GUYS THINK SETS YOU APART AT FIRST BANK FINANCIAL CENTER? >> FOR ME MY SALES TEAM.
WE HAVE AN EXPERIENCED GROUP THEY KNOW TO ASK THE RIGHT QUESTIONS.
THEY ALSO HAVE A PASSION FOR THE BUSINESS LIKE I DO.
THY THINK THEY WANT TO HELP THAT CUSTOMER HAVE A GREAT EXPERIENCE THROUGH THE LOAN PROCESS AND, NAVIGATE AGAIN, TO BE YOU KNOW LIKE A FUN EXPERIENCE TOO.
>> OWNING HOME IS STILL I THINK THE AMERICAN DREAM WHETHER IT IS A CONDO, A HOME, A TOWN HOME WHATEVER THAT MEANS TO YOU, OWNING I STILL THINK IS THE BIGGEST THING.
YOU HAVE A GREAT OFFER FOR PEOPLE WHO ARE WATCHING TODAY TO WORK WITH YOU GUYS.
>> WE DO FOR MORNING BLEND VIEWERS IF THEY GO TO FVFCWI.
COM/300 CLOSING THEY CAN DOWNLOAD A COUPON FOR $300 OFF CLOSING COSTS.
THEY CAN USE THAT MONEY FOR PAINT OR A RAKE, TO RAKE NEW LEAVES IN THEIR YARD.
WHATEVER THEY NEED FOR THEIR NEW HOME.
>>I LOVE IT IT'S GREAT YOU GUYS.
PEOPLE CAN COME IN AND MEET WITH ANY OF YOUR GREAT STAFF.
FIND OUT A LITTLE MORE ABOUT WHAT THEY ARE QUALIFIED FOR OR DIFFERENT TYPES OF LOANS THAT WILL HELP THEM GET THE DREAM HOME THEY HAVE ALWAYS WANTED.
>> HERE'S INFORMATION FOR FIRST FOR FOR FOR FIRST BANK FINANCIAL CENTER.
THERE IS A COUPON ON THERE AS JEFF MENTIONED FOR $300 OFF OF CLOSING COSTS.
MAKE SURE YOU DO THAT, GET THOSE $300 AND LIKE YOU SAID YOU CAN USE THAT FOR PAINT OR WHATEVER YOU WANT MAYBE TOWARDS THE NEW.
The Mortgage Lender wasn’t using the builders lender so what happened is the Builder was charging them $300 per day for every day they did not close.
The prospective client was getting hit with a $900 bill the good thing is they had a really good loan officer with a really good company and they basically stepped up to the plate and paid that bill!
Here, you might be thinking to yourself well yeah of course they should and you’re absolutely right. They should but, we have been on the end where these lending companies not they’re just like ‘hey we’re sorry this stuff happens it’s not our fault we’ll get the loan done as quick as we can’.
There’s situations, especially in this market right here in Pennsylvania that we’re in – meaning we are in a seller’s market – where, if you don’t close on time and there’s a backup offer that’s better than yours on a pre-owned home.
If that happens, they might just cancel the contract and they let it expire and take the other offer.
If you’re working with a builder or if it’s on a relocation company, there’s a per diem every day if you don’t close and it could wind up into hundreds if not thousands of dollars.
If you’re searching for a Mortgage Lender in New York, you need to make sure the lending company that you hire is:
-Understands the USDA Eligibility Guidelines
AND is someone who’s going to do the right thing. USDALoanInfoNewYork suggests that you always ask for references.
The best place to start is your real estate agent if they’ve been in the business a while they should have a really good relationship with a really good loan officer and mortgage lender company.
Mortgage Lenders in New York: Here’s how to Apply for a USDA Loan
Unfortunately, yes. Wait a minute, did you say USDA? As in, United States Department of Agriculture? We've heard of USDA Prime Steaks, but USDA Sub-Prime Loans? What are you talking about?We're talking about a previously almost unknown and little-used program founded in 1949 to encourage the development and sales of homes in mostly rural parts of the country by, see if this sounds familiar, not requiring any down payment on the loan.Just like the "low-doc" and "no-doc" and "interest only" loans of the mid-2000s, over which we still have a major hangover and which have certainly contributed to the record number of foreclosures we're seeing, any loan which requires no down payment means nothing at risk for the borrower except the possibility of bankruptcy or having a foreclosure on their record, and lots of people don't know how bad those can be unless they've been through it.When the program was first founded it made a lot of sense, but even in the current market, where lots of plans to increase business by not requiring down payments has all but completely blown up in the past two years, this program was bound to be discovered and amplified in a way that was never intended, so that since we began the financial crisis which seems to be trying to end, the program has attracted interest way beyond what it ever had before. Through September of this year, we're looking at almost four times the number of USDA-guaranteed loans than were approved for all of 2007.What does all of this boil down to for us? DON'T DO IT! Yes, I know, if you live in an expensive part of the country it takes forever to save up a down payment. If you go bankrupt, it takes ten years before that's no longer on your record, too.That's all you need to know about USDA loans. Instead, decide right now to live within your means, which includes saving and investing 20% of your gross income in a combination of your 401K and other market investments, some of which might eventually be in real estate investments if they are appropriate for you. If your means aren't enough, please be patient. Good investing is a lot more like watching paint dry than winning at the roulette table. Too bad that doesn't make for a very good movie!
10 Questions You Should Ask Your Mortgage Broker (Ep268)
There are many institutions that loan money to home buyers. Commercial banks, private lenders, credit unions, mortgage bank companies, insurance companies and pension funds. It can get confusing as things are always changing in the mortgage industry.
Policies, interest rates, mortgage programs, where the funds come from, and investors are all changing and can affect where, from who, and the type of mortgage you will get to purchase the property you have chosen. Certain entities may offer you better rates depending on your credit history, debt, income, and expenses. It is a good idea to shop many different resources so you can get the best deal possible.
The mortgage market is comprised of a primary and secondary market. These two markets work together to give money to a borrower and offer returns on investments to investors.
The primary market occurs on the retail end, meaning a mortgage lender sells directly to the consumer. You may use the services of a broker or loan officer in order to have this transaction run smoothly. This is the place where mortgages are originated and the money is given directly to the borrower. In the primary market, mortgage lenders make there money on processing fees. There are often many fees associated with getting a mortgage that the buyer is responsible for.
Because there can be many fees as charged by the mortgage lender, it is important to know exactly where your money is being spent. You should ask for an itemized report for every fee. Unfortunately there dishonest mortgage lenders and they will make up charges and fees that really don't have any effort or actual action behind them. This is how some borrowers can get scammed, and often they may not even know it!
The secondary market manages mortgages that have already been originated in the primary market. What occurs here is the mortgage lenders package many mortgages together and sell the notes to investors. Mortgage lenders replenish their cash reserves that can be used towards the origination of more mortgages. The investors make money off of the interest that is charged on the mortgages.
There are both private and public investors that buy these notes. Public investors include Fannie Mae, Ginnie Mae and Fannie Mac that are all government supported. Private investors may include banks, thrift institutions and other individual private investors.
The mortgage lender really has a circular pattern, originating loans, selling them to investors and then using that money from the sales to issue more loans.
Many times, you do not even know that your mortgage is going to be sold into the secondary market. However, the mortgage lender should always notify you of this transaction if the mortgage is sold to someone else. If you have questions about this process, you can ask your mortgage lender as to what his or her process is.
So when you purchase a mortgage, then you are working in the primary market. The secondary market is for mortgages that have already been originated by the mortgage lender and they are being bought and sold as investments for either private or public investors. This mortgage process keeps money flowing through the industry and makes more money available to the public to continue property.
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