Most likely, you’re not an all cash buyer.
The majority of Long Island home buyers need a mortgage! It’s the most important part of the real estate transaction. Without a mortgage, you can’t buy a home. With that said, shopping for a mortgage should be of the utmost importance.
All mortgages are not created equal. Treat the mortgage process as a integral part of the process and you will even save money. In other works, don’t just use the first mortgage professional you find online! Shop around.
Here’s 3 important things you should know that will help you secure the right mortgage for your needs:
- Shopping around for a mortgage doesn’t hurt your credit score. Shopping around for a mortgage with multiple lenders is highly recommended. Even though credit inquires do impact your credit score, there is an exception when credit inquiries come from mortgage lenders. Any inquiries made in the 30-day period prior to scoring your credit are usually ignored. And inquiries outside of that 30-day period that fall within a typical shopping period are counted as only one inquiry.
- The minimum down payment is not 20 percent. The 20 percent down is the amount necessary for a buyer to avoid paying private mortgage insurance. Most loan programs require as little as 5% down. If you’re a first-time buyer, there are programs available to help you with your down payment.
- Condos have special requirements. If you are buying a condo, make sure you are working a mortgage professional that is familiar with the lenders underwriting criteria. Many condo transaction are delayed by last minute surprises.
Talk to your Realtor about getting a mortgage. They will be able to recommend a mortgage professional that best fits your needs or will be able to point you in the right direction as to where to find one.
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