SWR: Buying an Apartment

So how did you girls pick a morgatge company? How do you know which bank/lender will give you the best rates?
Does it cost money to apply for morgatges?
Anyone else get a ARM - I was thinking a 7/1 might be right for us, since we will eventually want to upgrade for a house....

Help, we want to buy as soon as we are back from our honeymoon and don't know where to start.

Our realtor actually recommend a mortgage company when i bought a few years ago. We checked them out and we're very pleased. Doesnt cost to apply

have you or fh gotten pre-approved yet. Before any realtor will take you seriously youre going to have to get pre-approved. FH did it, he applied online and got pre-approved for up to a certain amount.

We haven't gotten pre-approved yet.

So, for example, I should call ING and just get preapproved for a morgatgage before dealing with a realtor? How will we know if ING for example is giving us the best deal?

Denise, are you guys thinking of living in queens? That is where we want to buy...

i can't remember the site, but I used bankrate.com to check mortgage rates. There is also mortgagerate.com. I called a few banks b/c i didn't want to use a broker. I did end up with a broker because he got me a cheaper rate, and it worked out fine. My mortgage is with bank america - it doesn't cost to apply because you are paying them TONS in interest!

I bought an apartment right on the forest hills rego park border.

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Posted by Papillon25

We haven't gotten pre-approved yet.

So, for example, I should call ING and just get preapproved for a morgatgage before dealing with a realtor? How will we know if ING for example is giving us the best deal?

Denise, are you guys thinking of living in queens? That is where we want to buy...

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we are definitely living in queens, its where we also live now.

well maybe meet with a realtor and ask them about you getting pre-approved this way they'll see youre serious. Otherwise for all they know they can be showing you all these places and in the end even if you want it you might not be able to get it. This way you show them that you will be able to buy an apartment that you like.

You can check out a couple of places rates at the moment. Call up different banks and give them the info they'll need and see if youll be happy with what they give you...if you are not happy you can continue to look elsewhere for a better rate

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Posted by Espo22

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Posted by Papillon25

We haven't gotten pre-approved yet.

So, for example, I should call ING and just get preapproved for a morgatgage before dealing with a realtor? How will we know if ING for example is giving us the best deal?

Denise, are you guys thinking of living in queens? That is where we want to buy...

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we are definitely living in queens, its where we also live now.

well maybe meet with a realtor and ask them about you getting pre-approved this way they'll see youre serious. Otherwise for all they know they can be showing you all these places and in the end even if you want it you might not be able to get it. This way you show them that you will be able to buy an apartment that you like.

You can check out a couple of places rates at the moment. Call up different banks and give them the info they'll need and see if youll be happy with what they give you...if you are not happy you can continue to look elsewhere for a better rate

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SOme places tell you different things. I went to commerce and another bank and they both told me that we have to find the house first then get the pre apporval. I think they didn't know what they were talking about.

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Posted by Julybride08

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Posted by Espo22

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Posted by Papillon25

We haven't gotten pre-approved yet.

So, for example, I should call ING and just get preapproved for a morgatgage before dealing with a realtor? How will we know if ING for example is giving us the best deal?

Denise, are you guys thinking of living in queens? That is where we want to buy...

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we are definitely living in queens, its where we also live now.

well maybe meet with a realtor and ask them about you getting pre-approved this way they'll see youre serious. Otherwise for all they know they can be showing you all these places and in the end even if you want it you might not be able to get it. This way you show them that you will be able to buy an apartment that you like.

You can check out a couple of places rates at the moment. Call up different banks and give them the info they'll need and see if youll be happy with what they give you...if you are not happy you can continue to look elsewhere for a better rate

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SOme places tell you different things. I went to commerce and another bank and they both told me that we have to find the house first then get the pre apporval. I think they didn't know what they were talking about.

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fh just did it and we havent found anything. Even if you dont get pre-approved now you should at least get pre-qualified, both are different.

i worked with M&T bank and they were great and fast.

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Posted by Papillon25

So how did you girls pick a morgatge company? How do you know which bank/lender will give you the best rates?
Does it cost money to apply for morgatges?
Anyone else get a ARM - I was thinking a 7/1 might be right for us, since we will eventually want to upgrade for a house....

Help, we want to buy as soon as we are back from our honeymoon and don't know where to start.

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I went through my fh mothers office. She worked for a broker and it's the brokers job to figure out which bank to use. That's why you're paying him to make sure you get the best rate possible.


I was thinking about getting a 7-1 Arm bc we know we will not be in our condo for more than 7yrs and wanted to take advantage of the lower rate but there is not much difference in the rate according to my mortgage broker. You'd have to look at a 5-1 ARM or lower but then you're taking a risk.

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Posted by JnD110808

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Posted by Papillon25

So how did you girls pick a morgatge company? How do you know which bank/lender will give you the best rates?
Does it cost money to apply for morgatges?
Anyone else get a ARM - I was thinking a 7/1 might be right for us, since we will eventually want to upgrade for a house....

Help, we want to buy as soon as we are back from our honeymoon and don't know where to start.

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I went through my fh mothers office. She worked for a broker and it's the brokers job to figure out which bank to use. That's why you're paying him to make sure you get the best rate possible.


I was thinking about getting a 7-1 Arm bc we know we will not be in our condo for more than 7yrs and wanted to take advantage of the lower rate but there is not much difference in the rate according to my mortgage broker. You'd have to look at a 5-1 ARM or lower but then you're taking a risk.

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yeah true...i was trying to remember if i shopped around but no i didnt. We gave our broker all our info and he did all the work.

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Posted by JnD110808

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Posted by Papillon25

So how did you girls pick a morgatge company? How do you know which bank/lender will give you the best rates?
Does it cost money to apply for morgatges?
Anyone else get a ARM - I was thinking a 7/1 might be right for us, since we will eventually want to upgrade for a house....

Help, we want to buy as soon as we are back from our honeymoon and don't know where to start.

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I went through my fh mothers office. She worked for a broker and it's the brokers job to figure out which bank to use. That's why you're paying him to make sure you get the best rate possible.


I was thinking about getting a 7-1 Arm bc we know we will not be in our condo for more than 7yrs and wanted to take advantage of the lower rate but there is not much difference in the rate according to my mortgage broker. You'd have to look at a 5-1 ARM or lower but then you're taking a risk.

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Interesting, yeah I think a 5 year ARM is too low for us, it will be tough at first just to get into this place, so to be able to upgrade might take awhile! I guess I will have to get quotes for the ARM and the fixed rate and decide what is best for us.

Thanks ladies for all your advice. I can't wait to house hunt, I am obsessed with looking at places online and picking out furniture, etc.

hey it doesnt cost to apply for a mortgage, but closing fees are ginormous. You may want to look into ING they have extremely low closing costs.

I would strongly look at the consequences to an ARM.

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Posted by FutureMrsC

IMO you might want to be careful with the ARM...that is how a lot of people got into trouble with their mortgages recently which is causing the high rate of foreclosures. My FH is a mortgage rep for WaMu...I'm sure he would be happy to answer any questions you may have. FM me if you would like his info.

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exactly! this is why today all of these foreclosures are happening.