Tag Archives: Mortgage loan

Convert your 30 year fixed rate to a 20 year fixed rate

Convert your 30 year fixed rate to a 20 year fixed rate and save your self 1000’s of dollars in payments.

Example
If you took a loan out 4 years ago at 300,000

Existing loan amount 284,368

30 year fixed rate 5.625% payment 1726.97

20 year fixed rate 4.125% new payment 1742.00

You’re save 6 years of payments 124,272.00 for $15.03

Now that’s a return on your investment!

If you interest, contact Thomas Christensen With Mortgage Banker at Guaranteed Home Mortgage at tomcmortgage@gmail.com 

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Real Estate – Interest Rates at Historic Lows Again

Interest Rates at Historic Lows Again!!!!

        We May Never See This Opportunity Again
        Don’t Miss Out
        Call, Email, Fax

Foreign Buyer Loan Programs

          $1,500,000 to 75% LTV (Primary Homes)
        $1,500,000 to 70% LTV (Second Homes)
        $3,000,000 to 60% LTV (Primary & Second Homes)

        60% LTV for Interest Only on all ARM Products
       
In addition, we offer Traditional Loans under the following parameters…

        Non-Warrantable Condos HSBC will be the first to lend in a building        
        Stated Income Loans for Self-Employed Borrowers
          Interest Only Loans Available for all ARM Products

Soft Market Designation for New York City has been removed…
  Loan Amounts offered to the following LTV’s and Amounts…V
 to $2,000,000
% LT   80% LTV to $2,000,000
          75% LTV to $3,000,000
          65% LTV to $4,000,000
          60% LTV to $5,000,000
       
**Larger loan amounts available through Private Bank

Please feel free to email or call regarding any deals or scenarios you are working on or looking into.  It is my pleasure to assist in any capacity.

Sincerely,

Craig Greissman
Premier Mortgage Consultant  |  HSBC Bank USA, N.A. – Mortgage Sales
1790 Broadway, New York, NY 10019
NMLS ID: 60362

_______________________________________________________________
Phone.     212-378-4812
Fax.         212-642-4042
Mobile.     917-553-1847
Email.       craig.b.greissman@us.hsbc.com
Internet.    Apply Here

 

 

NYC real estate – Pros and Cons of FHA Loans

What is FHA loan? The definition from Wikipedia is “A FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower’s behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well. The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers. Over time, private mortgage insurance (PMI) companies came into play, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI. The program has since this time been modified to accommodate the heightened recession”.

The disadvantage to use FHA loan is:  An FHA loan may not offer enough money if you need a large mortgage. In addition, the upfront mortgage insurance premium (and ongoing premiums) can cost more than private mortgage insurance. Especial in Manhattan most properties are apartments. Not all the buildings got approval for using FHA loan. Therefore use the local mortgage broker to get better loan for you.

NYC Real Estate – An Advice for Purchasing Home

I am constantly running into prospective home buyers who want to purchase a house but they haven’t a Pre-approval letter from lender.

They talk with me to persuade me to take them out looking for a house! But when the subject of their CREDIT and MORTGAGE APPROVAL comes up, it may answer like, “I believe everything is fine, let’s just go house shopping first and after I found the property I like, I will pursue the Mortgage!” But the disappointment would be like this, those house hunters either lost the chance to purchase the home they like due to the timely of the pre-approval process or they can’t qualify for a Mortgage for this particular home that they like so much.

Why need pre-approval before search:

-Do not wasting your time
-You will know how much money that you will be eligible to borrow
-You will know what price range you can afford
-You will action quickly, when you find the home you love
Seller will be more likely to accept an offer from a pre-qualified buyer.
-If you see some errors on your credit report, you can resolve them right away

The fact is, most of us, unless we are paying cash, will need a Mortgage and Mortgage Approval! Why not deal with it up front so that the path is clear for your next home purchase. PressThis to read Tips for Reinforce Credit Score to Buy your Dream Home.

 Other Useful Article:

–          How to Get Pre-approval

Foreclosure – Rescue Insolvent Homeowner

Are you finding it more and more difficult to pay your monthly mortgage payments on time? Are you struggling and afraid of foreclosure? If so, FEAR NOT, because a SHORT SALE, while not the most desirable, is much more desirable than a foreclosure.

Regrettably, foreclosures often occur due to unexpected events, such as a job loss or serious illness. And if the worst does occur, foreclosures are extremely damaging. Not only does the lender take your home away from you, but the lender has the option to place a judgment lien against you for the debt owed plus costs for the foreclosure auction. Your credit report will take a disastrous hit too. Those foreclosed on will take a hit of 200 to 300 points, depending on the overall condition of credit. This means that a FICO score before foreclosure of 680 could suddenly dip as low as 380. And to top it all off, buyers who want to buy another home after foreclosure will end up waiting at less 10 years before a lender will make a reasonable mortgage offer.

On the other hand, a short sale can save you from the worst of the worst. While a short sale will also adversely affect your credit score, perhaps even lowering it as much as 200 points depending on your credit condition and mortgage payment history, the effect of a short sale on a credit score can be overcome relatively quickly, especially if you keep a few credit cards and keep them current. On average, the short sale only remains on a credit report for up to 7 years. The owner must also keep in mind that they may be subject to a deficiency judgment for the difference between the loan amount and the amount paid. In general, a trustee’s sale wipes out the right to a deficiency; however, the lender does have sole discretion on whether to pursue a deficiency judgment. Probably the biggest advantage of a short sale is that the wait-time before buying another home is much shorter than those who foreclose. In fact, Fannie Mae guidelines allow short sale sellers to immediately apply for a new mortgage if the seller had kept payments current and had no 60-day late pays or greater on record.

Short sales are popular for the number of advantages it has over foreclosures. The biggest challenge you may face is getting your lender to agree to a short sale, though lenders have been more eager to agree as of late. The best solution will be to pursue a short sale as soon as you realize you are falling behind in payments and won’t be able to catch up – the greater the amount you have in arrears, the less likely the lender will agree to a short sale.

To start the short sale process, the owner needs to present: a hardship letter, 2 years of tax returns, 2 year of W-2’s, a financial worksheet, a signed authorization from lender, 2 recent bank statements, 2 recent pay stubs, and a list agreement with a real estate agent.

Because short sale laws and regulations differ from state to state and the benefits of a short sale will depend on your individual situation, it is very important to consult qualified professionals before making a decision. An experienced short sales agent with access to an experienced attorney who will negotiate for you with your lender is important and advised. For past three years I have processed short sales, bank-owned properties and foreclosed properties in Florida. With my success, I have obtained the trust and satisfaction of many customers, prompting them to become loyal repeat customers and reward me with referrals. I hope to do the same with you.

If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com, I work for The Voda Group, the AWARD-WINNER group from Prudential Douglas Elliman.

To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

Other useful topical:
New York Homeowners: Sale your home at TOP Dollar
Tips for Staged the home Appeal to the Buyer

New York, Manhattan Neighborhood – some mistakes the 1st time buyers will make

Purchase a home could be very confusing. Sometimes turn a happy time into a stressful, overwhelming experience. Especially, if you are the 1st time buyer, those warning below, could help you to receive a hassle-free real estate purchase process. I can also show you Tips for 1st Time Homebuyers.

1) Forgot to check your credit score
It is very important that you have to check your credit score before your house hunt. If there are any errors on your credit report and you can resolve them right away. Improve your credit or fix your credit in order to get loan interest rate as low as possible.

2) Didn’t talk to a mortgage lender to get pre-approval
Many 1st time home buyers spend a lot of time researching homes without knowing how much they can afford. One of the first things that 1st time buyers need to do is pre-approval loan from the lender. It’s important that you are pre-approval for a loan before you begin your home search. It is not only save your time when you start to search the property in New York City, but also let you understand what kind apartment that you can afford. When you find the home you love, you’ll be able to take action quickly. Sellers will be more likely to accept an offer from a pre-approval buyer.

3) Mistakenly believe short sale or foreclosure property is bargain deal
Some home buyers believe that any properties under short sale or foreclosure would be a great deal. But the truth is those properties are still have to sell under the market value. The lenders always send BPO or appraiser to appraise the properties. Only if the home has significantly damaged, it will sell at cheap price. However, you need put money to renovate the property. Also short sale or foreclosure need lender to approval the sale. Sometimes you won’t hear from the lender for a long time after you offer the property. Usually could take as long as more than 90 days. Today some bank will respond faster than other, but it still could be very frustrating experience for buyer. However, if you buy the home from a motivated seller, you will have good deal and fast closing.

4) Failing to hire the right real estate broker and right mortgage broker
Buyers should rely on knowledgeable Real Estate Broker to help you to find your next dream home. The right buyer’s broker would not only find the right house for the buyer, but also negotiate the bargain price for the buyer. The buyers’ broker will look out for buyers’ best interests. The right mortgage broker will search the best deal loan for the buyer.

5) Failing to consider additional expenses
Home depreciation and property tax should be added to home-buyer’s budget. You should find out what the real estate tax for your property is. And you should have extra money for the home repair.

6) Not realistic
One of the particular mistakes that first time home buyers have is not realistic. Most the 1st time buyer would have big wish list with very limit fund. They usually are very picky on the property. Some others are too emotional when they see the property that they like. They are willing to pay the highest price to get the property. However, after while you would have lived that property, you would gradually find out this property wouldn’t worth the price that you had paid. So don’t discourage if you lose out the home that you make an offer on No matter how much you’ve fallen in love with the home. Today is still a buyer’s market. To get the right price for your dream home.

7) Failing to include a mortgage contingency clause in the contract
Some buyers want to have the home as their own right away. They didn’t put mortgage contingency clause into the contract. They assume that they will get a loan because they have a pre-approval. But that not always a case. If you couldn’t get a loan, you will lose the deposit.

8) Skipping the inspection
In Manhattan, if you purchase co-op or condo, usually you don’t have to do inspection. However, you have do walk-through by yourself. You have to do it very careful before the closing. If you find something wrong before closing, you still can get some deal on the closing table. But if you find anything after the closing, you have to spend your own money to fix the problem. So please be more serious to do the walk-through.

Manhattan Real Estate Market is very unique. The entire purchase process is different than anywhere else in the world. If you are interesting to have a FREE consultation, if you have any question about sell real estate in Manhattan, contact me directly Diana Wu at 516-320-0231 (cell) or email me at diana.wu@elliman.com.  

I have the privilege and pleasure to work with The Voda Group at Prudential Douglas Elliman. The Voda Group has been the top, award winning sales team at Prudential Douglas Elliman since 2003. Our team’s hard working will help your real estate goal extremely successful. To learn more about our custom-designed marketing plans, visit my website at:  http://www.elliman.com/real-estate-agent/diana-wu/4623 to receive a complimentary valuation of your home, or to discuss any real estate related topics, please contact us today.

Reaching out to others in the real estate community and sharing ideas is the goal of this blog, so please do not hesitate to reach out to me. All comments are welcome. Also, please feel free to email me at anytime at diana.wu@elliman.com

Other useful topical:
• What You Can Get For Your Money – The Neighborhoods of Manhattan
• 5 Tips for Purchasing Real Estate in Manhattan
• Manhattan Real Estate Glossary – Types of Rooms
• Renting vs. Owning
• Manhattan Real Estate – Now is the Best Time to Buy
• New York Homeowners: Sale your home at TOP Dollar
– Tips for Staged the home Appeal to the Buyer

• BUY Manhattan Apartment – perfect wedding gift