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Are You A Homebuyer or Condo Purchaser Looking for the BEST New York Financing Mortgages?
In many ways, finding the best New York condo financing packages and NY home mortgages is like school. By doing thorough research, speaking with a New York mortgage broker and/or bank financial specialist, a New York homebuyer or condo purchaser can effectively find the best mortgage rates and the best New York financing products on the market. This is essentially the classroom part. The second part is to do your homework by applying for a New York mortgage pre-approval (not a prequalification of condo financing). And the best and most exciting part is finding the perfect New York home that fits your budget and that you can afford with the best New York mortgage finance package already approved. It’s as easy as this!
Step 1 in Finding the Best New York Preferred Lenders and Mortgage Brokers for Condo Presales
During most pre-construction New York condo development presales, a developer or builder may join forces with an established lender or financial institution to provide the best New York mortgage rates, terms and products to potential condo buyers. During the presales New York condo phase, homebuyers can select from a number of what they call New York preferred lenders or condo mortgage brokers who can shop for the best financing packages for you and your family. Often providing teaser rates (below average rates) for the first year or two, the best New York mortgage packages are definitely seen during the presales phase as developers and agents try to entice homebuyers into buying a new home within their financial means. Working with the New York homebuyer, the condo preferred lenders and New York mortgage brokers will provide a variety of finance products and packages with varying amortization lengths, rates and payment options, giving the NY condo purchaser a number of things to choose from. Of course, a good New York condo preferred lender will obviously recommend the best mortgage product that fits your needs and requirements in a home purchase, but ultimately, it is your decision on which financing package to lock into for your new New York home, which represents the single biggest investment purchase in their lifetime. It is often beneficial to go with the New York preferred lenders for pre-construction and presales condo purchases, as it is proven that you will get the best teaser rates and long term mortgage rates available in the market place. Your own mortgage broker or financial institution or mortgage lender may or may not be able to match those of the preferred lenders. Also, finding the best New York financing mortgage products through condo preferred lenders is also a great way for first time homebuyers to get the best packages and rates. Many preferred lenders in the New York real estate market provide great products for first time homebuyers and condo purchasers of presales condominiums.
Step 2 is to Get a New York Mortgage Pre-Approval and NOT a Home Finance Prequalification If Possible
There is a subtle yet important difference between a New York mortgage pre-approval versus a financing prequalification in the world of evolving real estate terms. For any New York condo buyer and home purchaser, having a mortgage preapproval is definitely very important, and more of a guarantee than a pre-qualification for financing can provide in the end. Basically, one is guaranteed financing (New York mortgage pre-approval) versus the other is not guaranteed (prequalification of financing). Which one would you want to have when it comes to a quick closing a dream home or New York condo purchase? A prequalification of home financing basically means that the bank, broker or lender has glanced through your profile and just name a financing amount that they would be comfortable with lending out to the condo buyer. In no way does the New York mortgage prequalification (or when a homebuyer is prequalified for a mortgage) mean that you will get that amount of financing quoted to you before your home search begins. A New York mortgage prequalification often requires a further application fo financing once you put an offer down on a new home, before the preferred lender, mortgage broker or bank lender will grant you a certain percentage of financing based on the real estate property. On the other hand, a New York pre-approval of mortgage will certainly secure you that much financing for a new home, making your condo search a much more exciting, less risky and stressful process. Knowing the amount of secured bank financing that you have is key to finding the perfect New York home. Often, a mortgage pre-approval in New York City requires a full application that includes submitting your tax returns, earned income, business income, liquid assets, other assets, credit, debt, car loans and other liabilities. The process for a New York mortgage pre-approval of home finance usually takes about a week.
Step 3 is to Find the Ideal New York Home for Sale
Once you have gone to school and done your homework in the world of mortgage financing and securing a suitable loan for your New York home, the fun can begin. While searching for your new home or condo, it is important to remember not to max out the total guaranteed pre-approved mortgage amount for your New York home purchase. Often, first time homebuyers will try to seek the maximum pre-approved mortgage amount and then go on to max it out, but try to live within your means and not stretch your finances too far if this is your first time. Remember that owning a New York home comes with other added financial responsibilities that the mortgage broker or preferred lender may not mention or drill into your head. These ongoing monthly expenses that all New York home owners need to budget for include condo fees, maintenance costs, property taxes, utilities, and insurance to name a few things that are not included in your New York mortgage payments. All in all, homebuying should be a fun process to find your dream New York home. By following a few simple steps and understand the mortgage products out there, the differences between a New York mortgage pre-approval versus a prequalification of mortgage financing and accurately budgeting your monthly expenses outside of your mortgage payments, condo buyers can increase their financial education and protect themselves from over committing.
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