Does anyone know of a good bank to get a morgage from? Who do I call?? Please let me know any info. you can give from someone who has recently bought a home!
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Call fleet Morgage...thats is where we got ours...there is an office in suffolk county which is my husband 's first cousin...
or call Washington Mutual
I not getting excited yet - let's see if we can get the morgage!
It is insane what you have to pay to get a house these days!!!!
We are going to have an empty house!
We had to spend our furniture money to get this one!
Thanks for the info. - I really don't know what you do after your offer is accepted.
Hilda Gamba at Ideal Mortgage Bankers -- Fabulous!!! She was wonderful with me and with 2 close friends of mine. She is also FAST!! I HIGHLY reccommend her! Please tell her that Ayanna sent you! They are a bank NOT brokers so you can trust that what they say they will do they will do. Her number is 516-663-0500 and they are in Carle Place.
Good Luck!
Ayanna
Joe Purschke at Waterfield Mortgage - also not a broker - got us a mortgage in a huge huge rush. Explains everything and a great guy. 631.753.3030 He's in Melville. Also not a broker - they are a bank and will not sell off the servicing rights to your loan. He is awesome...
When we went through the house purchasing process just over 2 years ago, we went through First West .. and they quickly sold off our mortgage before we even made the first payment after closing. In our first year, we were transfered a handful of times. Fleet was the last to sell us off. The company we ended up with was then taken over by Washington Mutual, and luckily we`ve been settled with them for a while now. It gets really annoying when the mortgage is traded off .. and you have to make sure to inform the insurance company.
Anyway, Washington Mutual has been good to deal with, though we didn`t go through the process with them, we just ended up with them. But, we have been close to refinancing .. the rates have just been pretty unstable over the past couple of months, which has made us postpone because of the uncertainty. The rates are low, but refinancing can be tricky and is not always the best thing to do.
Anyway, Anthony Basile in the Hauppauge office was really great in answering our questions and even gave us his web page with calculators to work out different variables so we would have a better understanding of knowing just what to expect in terms of prices for the refinancing. There is lots of information there, which you might find useful no matter who you go to for a mortgage.
http://www.wamuloans.com/anthony.basile
His phone number and other info in also right on this page.
Oh, and as for furniture .. don`t worry about that. Get the house first, and take your time finding furniture. We`ve been in our house for 25 months, and we still don`t have livingroom furniture. We have a country kitchen table, from our apartment, in the dining room, and we have our old Sleepy`s futon bed with a dresser we bought from IKEA, both also from the apartment, as our bedroom set! With the house two years ago, and the wedding just a few months ago, we`re now somewhat financially recovered from both big expenses, so we`ve been able to go out shopping for furniture, but haven`t found anything we really like.
Congratulations
Where is the house, if I may ask.
Our Mortgage Broker was:
Bill Wasley
SL Brooke & Company, Inc.
5 June Court
White Plains, NY 10605
(914) 993-9089
He will come to you and meet you to explain his services. His fee is paid by the bank, the only costs are the usual credit report ($50) and property appraisal (I think $75). He is super nice and how is works is that they search many banks and try to get you the lowest interest rate at the time you are ready to lock in. So they really do all the leg work. We ended up with Chase at 7%- no points, but that was back in July 2001. Rates are even better now.
Thank you everyone for all of the information -
The house is in Floral Park - and we truly love the house!
We have looked at about 70 homes - and people have told me that you will know
We have bid on about 11 homes and we never came close. Now I know why -
in this market if you want it you will have to go as high as you can!
On the other 11 homes we would never budge on our price. I guess that was b/c we didn't truly love the home. We walked into this one and would of done anything to get it.
But... now we have to see if we can get approved for it -
We are using every penny we have to buy it - I am going to have an empty house - we don't have a dime for furniture -
This is nothing like the wedding - this is very stressful and I am so worried about being able to meet the morgage every month -
I'm also not getting to excited b/c until we close I know anything can happen.
Please say a prayer that we get approved!
Thanks to everyone!!!!!
(I assume its Floral Park Nassau), If you can get in at a decent price, its worth it. I grew up not too far from there and have many friends and family still living there. My brother-in-law's home value tripled since he bought 5 years ago.
Then you have to get mortgage and an attorney. The mortgage person needs to ultimately complete everyting so that you can get a Commitment Letter. This is important because a Pre-Approval means diddily:)!! In the meantime, your attorney will draw up a contract on the property that will be forwarded to the sellers ( or maybe it's vice versa:)!!). At any rate, you go back an forth until all the terms are acceptable to both parties. Once accepted you give the sellers attorney the downpayment check... Then you wait for the committment letter. Very little goes wrong after that... Before that can be a stressful hell!! You are CONSTANTLY asked for more documentation on your financial life than you ever thought you could gather!!! Then you may be asked for repeats of some stuff!! That's why you want it to be done as QUICKLY as possible... For us, we had our letter in hand and we were ready for closing within 5 weeks from start to finish with our mortgage people!!! The contract part took us 2 1/2 months!!! We went back and forth!! It's challenging--but it is sooo worth it in the end.
Good Luck!!
Ayanna
Junebride - that's what happened to us!! We just KNEW it was the one! And it was over our original budget but we didn't care!! It is worth every extra penny and I LOVE our house!! One reason things worked out for us was because we could close 3 weeks after we made the offer..Joe Purschke and our attorneys were able to make everything happen in just 2 1/2 weeks!!! It was incredibly stressful, but surprisingly easy...only one visit to the mortgage guy and one visit to the attorney! It wasn't too painful! Fingers crossed that everything goes well - just be prepared at closing to sign your life away!! You will never sign your name so many times!!!
just go with him?
Someone I work with said ask them for an estimate on the costs - Did you do this?
Where did you buy?
I'm paying more then what other homes for sold on the block which worries me - but from what I have seen out there - this house seemed worth the extra money- it is so insane the prices -
Junebride, we got two quotes, but Joe was clearly the nicest, quickest and most helpful. We didn't have a lot of time to spend shopping around...the deal was contingent on us being able to close in less than a month. We trusted Joe implicitly. Also, since our loan wasn't too complicated, the costs were going to be fairly the same. I guess we were just more worried about not getting ripped off - and in the business I'm in (mortgage finance) we were more comfortable going with a bank than a broker. Just a personal preference. You can call around and get quotes - or go online and get a bunch from a bunch of different banks just to see the range. To be honest, the monthly payment was right so we just went with Joe.
We bought in Massapequa and believe me, we spent more than we thought we originally would, but considering the area, the condition of the house, and the fact that we really wanted it, we thought it was reasonable. In fact, they had offers higher than ours, but we were the only ones who could guarantee a quick close so they ended up going with us. The comfort is that real estate -- especially in a good area -- will hold its value or increase over time. I still monitor the classifieds and I know that the value of our house has actually only increased since we purchased it -- mainly because of some improvements we made. Prices in our area have not deflated so that is comforting to us...
It's nervewracking but, keep your confidence - you will get through it!! Feel free to email me if you want more info - [email protected]...
