A prequalification loan letter is not as good as a preapproval loan letter because the information provided by you to the lender is not verified. You basically let them know your income and debts allowing the lender to come up with a quick estimate of how much you can borrow. Read more
Making a mortgage payment is similar to paying yourself because the money goes into building equity of your real estate property. After paying off the mortgage, the real estate property belongs to you 100%. Buying a home is a long term play. Common mortgages are 15 years to 30 years Read more
Besides the monthly mortgage payments that home owners are responsible for, there are additional costs to home ownership: Condos and co-ops have a monthly common charge to cover building maintenance, staff salaries, and reserve funds. With single family home ownership, it helps to maintain an emergency fund to pay for Read more
When like minded individuals pool their resources together towards buying a Flushing home, the joys and responsibilities of home ownership are shared. In theory it is very easy to split a property into 50/50 ownership to make home ownership a reality. However, before splitting such a large purchase as a Read more
Model homes are often shown to potential buyers for condos and homes that have not yet been completed. Once completed, the condos and homes are generally delivered without the full furnishings and same appliances as the model homes. When viewing the models regardless of the listed prices, ask how much Read more
Coming up with 20% for a down payment helps you avoid having to buy private mortgage insurance (PMI). For down payments less than 20% of the purchase price, the mortgage lender will require you to buy PMI. Why is the 20% important? It is a measure to indicate that you Read more
The Federal Housing Administration (FHA) provides insurances to lenders who offer mortgages to borrowers making low down payments of 3.5% of the sale price. Features of FHA loans: Low down payment with a minimum 3.5% of the sale price Easier to qualify than a conventional loan. Low credit score is Read more
Co-ops target home buyers who intend to live in their co-op purchase as a primary residence. Buying a co-op requires a board package of 2-3 years of tax returns, references, and a board interview because co-op boards look for potential like-minded shareholders who buy into the co-op community. These become Read more
A rebate real estate agent will be your main point of contact and available to answer any questions or point you to other real estate professionals. His main goal is to help you complete the home purchase starting from the initial search of a home that matches your criteria and Read more
Start with Zillow and Trulia to get the final price of recently sold homes 3 to 6 months ago. Narrow the homes sold to a 6 block radius of the area where you want to buy at. If you are looking for a 3 bedroom house, make sure the home Read more