Home Financing

In today's real estate market a buyer's first stop should be a meeting with a lender. At this meeting the lender will evaluate the buyer's income, assets and liabilities to determine that the buyer is credit worthy and what loan amount he/she qualifies for. Contact Randy to get more information about getting pre-approved.

5 Reasons Why Pre-Approval Gives Peace of Mind

You’ll know which loan type best fits your needs.
You will look at homes that you can afford.
You will be ready to make an offer when you find your dream home.
The Pre-Approval letter strengthens your offer to purchase by showing that you are qualified to buy.
There will be no surprises because you will know the amount needed for the down payment and closing costs.

In most cases, the lender will need the following information from the borrower:

Employment Information
Social Security number
Base Pay (pay stubs) – Overtime – Bonuses
Real Estate income – Interest income – other regular income
Value of real estate, life insurance, securities, bank accounts, automobiles and any other personal property
Total due and monthly payments for current mortgage, loans, credit cards, alimony/child support
Last 2 years’ W2s and federal tax returns
Bank Statements

Based on the above information the lender will be able to identify the best loan type for the home buyer and advise the buyer as to appropriate price range and what the monthly payment for the mortgage will be as well as what cash will be needed from the buyer to cover the closing costs. Click here to access an easy to use mortgage calculator.

The Buyer’s Closing Costs may include the following:
Click Here for a printable version of the Buyer’s Closing Costs

Sales Price:	_______________________________
Total Down Payment:	_______________________________
Mortgage Amount:	_______________________________

Closing Fees Payable in Connection with the Mortgage Amount:

Mortgage Application Fee	_______________________________
Credit Report Fee	_______________________________
Appraisal Fee	_______________________________
Origination Fee	_______________________________
Points	_______________________________
Flood Certification	_______________________________
Tax Service Fees	_______________________________

Items Required By Lender to be Paid At Closing:

Mortgage Insurance Premium	_______________________________
Private Mortgage Insurance (PMI)	_______________________________
Homeowner’s Insurance for 1 Year	_______________________________
Tax Escrows and Adjustments (1 Year)	_______________________________
Prepaid Interest	_______________________________

Title Charges:

Title Search & Examination	_______________________________
Lender’s Title Insurance Policy	_______________________________
Lender’s Attorney Fee	_______________________________
Buyer’s Attorney Fee	_______________________________

Government Recording and Transfer Charges:

Recording Fees	_______________________________
New York State Mortgage Tax (.80 of 1% - $30.00)	_______________________________

Additional Charges:

Property Survey	_______________________________
Home Inspections	_______________________________
Fuel Oil	_______________________________


Total Cash Needed to Close	_______________________________

Here are some things you should keep in mind:
■ Closing costs are not the same thing as the down payment. They are in addition to the down payment.
■ Not all of the above closing costs apply to every transaction.
■ There are some additional costs associated with some types of loans.
■ Sometimes a seller can be asked to contribute to the buyer’s closing costs.
■ Sometimes it is possible for the buyer to finance the closing costs.