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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.

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.

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.

Bad Credit Mortgage Lenders

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.

Loan Rates

>>> 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.

>> ABSOLUTELY.

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.

AND PREPARE.

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.

>> UH-HUH.

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.

FHA, VA.

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.

>> UH-HUH.

>> 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.

>> ABSOLUTELY.

>> 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.

5 Things to Look For in a Mortgage Quote