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Looking for the Top Mortgage Lender in New York City?

When you’re searching for your first home, you’re also searching for your first mortgage lender.

Now, it’s difficult to make specific recommendations on lenders because it’s way too tough to stay up to date on the many thousands of lenders who work in the New York State Area

However, USDALoanInfoNewYork can give you some very useful tips for how to approach your search for a lender.

When you’re looking for a mortgage lender you want start off by talking to a mortgage broker who has a good reputation in your area.

How's it going everyone? Matt Leighton, welcome back to another video.

In this episode, we are talking mortgages,lending.

I'm here with Rich Conlon from Atlantic CoastMortgage.

Say what's up Rich.

Hi, Rich Conlon, Atlantic Coast Mortgage.

Loan Officer.

Born and raised in Vienna, Virginia.

Love the area.

Still live in the area.

Just here to help out with my man Matt andhelp answer any questions.

Awesome, whenever someone has a mortgage questionfurther than "What is the rate?", I just tell them to talk to Rich.

I know a little bit about mortgages.

Buttoday we're talking about the top mistake people are making when they're applying fora loan.

You see all these loan commercials.

It's funny, when we get the primer, one-sheeterson the list of things NOT to do.

One of them is like, "Don't go and buy a boat".

Don't buy a new car.

I'm thinking to myself, nobody in the historyof loans has ever gone under contract and then bought a boat the day after.

I'm sure it has happened.

But it obviously is not the number one mistakepeople are making when they're trying to buy a home.

That's where Rich comes in.

Rich, you're on the spot here.

What is the number one thing people are doing,that they shouldn't be doing when they're applying for a loan with you guys? It's simple, it's before you even get to contract.

It's just waiting until the last minute toget pre-approved.

We understand circumstances sometimes that'sjust how it is.

The big thing is, after meeting your agent,talking about price ranges and goals, the next step, it can't hurt to just reach outto a lender or two or three and start identifying what you can actually qualify for.

That's the best thing.

The earlier the better.

Main reason is that it allows time to findany potential pitfalls that can come back in the underwriting process a week beforeclosing.

Last minute surprises are the worst.

Nobody wants that.

Getting pre-approved early is always better.

It allows time to figure out if there areany extra hoops to jump through.

That just gives you better piece of mind.

When you're out with your agent.

Definitively what you can and can't qualifyfor.

In addition, we always like to provide youwith estimates on homes that you're going to go see so when you're looking at them,the wheels are turning.

What are my payments going to be like? There's a ton of benefits to getting preapprovedearly, rather than waiting for the last minute.

And it is beneficial from the very beginningall the way to settlement.

It will make your transaction much more transparent,seamless, and less stressful.

It takes a village.

And it just helps when everything is linedup.

Yeah certainly execution is the number onething.

You can look online at how to apply for amortgage, what pitfalls to avoid, how to do this, how to do that.

At the end of the day, actually going out,going on your lender's website and getting preapproved.

You know when I'm working with buyers, I alwaysask two very important questions.

Number one: are you already working with areal estate agent.

Very important.

I've not asked that in the past and it's comeback to bite me, believe it or not.

Well, it's very easy to believe actually.

And number two, are you pre-approved witha local lender? If you are looking for homes and you are notpre-qualified, you are not a serious buyer.

You are wasting your time.

You might say "well, I'll just get a letteronce I write a contract, it's fine".

Well, my buyers already have that letter andthey will beat you to the punch and get their offer in before you.

Nobody likes to get bad news.

You don't want to waste your time fallingin love with something that you ultimately don't qualify for.

We find that our clients 99% of the time arepre-approved early just makes your guy's time much more efficient and you know what youcan qualify for.

All of your processes are so streamlined justto a T that if you do them, you will get qualified, you will have your letter.

The reason you screw up is you go off astray,you don't return calls, you don't return emails.

We're a referral-based company so communicationis key.

Delivery, setting expectations and obviosulymeeting those expectations.

Pre-approvals we can do in as little as 24-hoursand especially in this market.

Spring time, summer time, that's what it takes.

Speed kills.

That's how we like to operate.

And communicating to you and your agent sowe can all move quickly.

Awesome, there you have it from Rich Conlon,Atlantic Coast Mortgage here in Northern Virginia.

If you have any questions about the top mistakeor any mortgage and lending related questions, I'll list Rich's information in the descriptionbelow.

Thank you very much for watching.

Until next time, create a productive day.

Take care.

You should also, at the same time, talk to a regional lender, a credit union (if you belong to one or you can join one) and a small local bank.

Each of these different types of lenders will offer different loan programs at different prices.

You should also ask friends and relatives who they’ve used for their home loans and how the experience went.

But emphasis is on the experience.

I have a great friend who once asked her sister for a lender recommendation, and the sister gave her a name and my friend had this horrific experience.

And when she went back to her sister to see what kind of experience her sister had had with this person, the sister confirmed that she, too, had a horrific experience.

“Hello! Why did you give me that lender’s name?” my friend asked, and the sister said, “Well you weren’t specific that you wanted someone good.

Sounds like a Seinfeld episode, right? And yet, this kind of stuff goes on all the time.

So here are some questions you should ask the person providing the recommendation that will help separate the wheat from the chaff:

    1. Did the lender repeatedly ask for the same documents?
    2. Is the lender organized?

A good lender should enable you to close on a home within about forty-five days – unless there’s some real serious problems with the house – so make sure to ask your friends and relatives if their lenders were able to meet that standard.

Mortgage Lenders Near Me

It may sound obvious, but it’s a good idea to look for a lender who specializes in making residential loans and has a reputation in your area for coming through with these loans.

Banks that aren’t generally known for their mortgage lending can be tougher to work with than some of the really big lenders.

And while you may be thinking to yourself, “I want to avoid the big banks,” you’re probably going to end up with one anyway.

Even if you go with a mortgage broker, that mortgage broker may actually work with a whole bunch of big lenders to fund your loan.

Above all, you need to find a lender that helps you understand the mortgage application process in a way that makes you feel comfortable and secure.

This is a huge decision.

You’re going to finance this property for the long run, and you want to do that with the right kind of partner.

And I just want to give a shoutout to anybody who is closing around October of 2015.

If you are, please watch the videos that I’ve made on the TILA-RESPA changes that are coming your way.

Right now they’re scheduled to go into effect October 3rd of 2015.

If you are looking to close around that, either before or after, you may have to build in some extra time to make sure that you don’t get caught up in all the craziness that’s going to go on I think when TILA-RESPA actually goes into effect.

Mortgage Principal

If you are looking into buying a home, a home mortgage might be the most viable option for you. It is an important investment which will affect you for a considerable portion of your life. A home mortgage is a loan which you can take out when purchasing a primary or investment residence. When you get a mortgage usually it will take 20-30 years to pay off the principal as well as the interest. You will get a bill every month, thereby paying off the loan over time.

There are two kinds of interest rates when it comes to a home mortgage: fixed and floating. If it is fixed it will remain the same throughout the years. If it is floating, however, the interest rate may be subject to change depending on a number of factors in the economy. The Federal Reserve sets the FFR (federal funds rate) which affect mortgage rates. If you are someone with good credit you have a much better chance of getting a lower interest rate on your mortgage.

There are a lot of advantages which come when you take out a mortgage to buy a home. The first and most obvious is that you will be the proud owner of a home without paying a lump sum of money. You won't have to pay the full amount of the house up front, which can be much more convenient because generally houses are a very large purchase. You can then use the other money which you are saving for other projects and investments. Mortgage loans also improve your credit score and reduce tax liability. You may also get a home equity loan to get some needed cash if you are in a bind. There are a lot of ways you can benefit from our services.

You can experience all of these advantages when you get a home mortgage with a professional. Instead of finding your own way through the financial world trying to get the right mortgage from you, you can utilize options and talk with professionals in order to find the right plan. Professional home mortgage lenders genuinely care about your financial future and they are happy to work with you and cater to your unique financial situation. As a borrower you will be given more options when it comes to your real estate purchases.

By coming to a professional firm you can also benefit from refinancing your home and you get cash back. If you have a lot of equity you can do a cash-out refinance. This can be a very useful tool, one which they offer, and will allow you to use that money when you are in a financial bind or you are doing some other important project and lack the financial means.

As mortgage lenders they will offer you all of the services and the choices of any other business in our field, but you can also count on our knowledge and expertise. Those working for these firms are truly dedicated to your financial needs. You can't go wrong selecting our mortgage lender firm, because these professionals guarantee quality service.

Mortgage Lenders - How to Choose the Right One For You