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 Bela 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. Use the mortgage calculator.

The Buyer’s Closing Costs may include the following:
       Download this form

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.