mortgage broker ?
We are looking for a mortgage broker that will help us get pre-approved for a mortgage. Does anyone have any suggestions? Or any positive experiences they have had with mortgage brokers? We will be buying in Brooklyn.
We are looking for a mortgage broker that will help us get pre-approved for a mortgage.
Does anyone have any suggestions? Or any positive experiences they have had with mortgage brokers? We will be buying in Brooklyn.
There are closing grants available for first time home buyers in certain neighborhoods. You’ll have to go through a program such as Neighors Helping Neighbors. (you’ll find them if you google them) It was a great experience for me. And they will help you through the process.
I also used Frank Gooden and he is very nice, but gave me bad advice about locking in my heloc – although you can’t really blame him for not knowing that all the interest rate slashing would have no effect on lock-in rates – that in fact they have continued to go up since I first inquired in early September.
I would call Chase…they seem to have the best right now…been shopping around forever…and finally stuck with them.
I used Rick 917 593 7788
“HSBC has a great program (communityworks program) that is about 60 bps lower than normal 30yr fixed rates. currently 5.35%. Large parts of Brooklyn qualify for this rate.”
Someone on this forum always recommends this program, but describes it inaccurately. I called and spoke to people there. It’s not (just) the neighborhood that has to qualify. It’s the applicant. Yes, you have to be a first time buyer. You also have to be so poor that you should not be taking on a brooklyn sized mortgage debt regardless of the rate they offer.
we love Victor Angel.. have used him twice now, great guy
Victor Angel, Managing Director
The Manhattan Mortgage Company
100 Remsen Street, 1A
Brooklyn, NY 11201
P 718-596-6425 x 1080
vangel@manhattanmortgage.com
we love Victor Angel.. have used him twice now, great guy
Victor Angel, Managing Director
The Manhattan Mortgage Company
100 Remsen Street, 1A
Brooklyn, NY 11201
P 718-596-6425 x 1080
vangel@manhattanmortgage.com
The first comment was right. Pre-approvals are marketing tools. Even if they check your credit, etc., they are not an obligation to lend. Banks will only lock in rates when there is an actual application on the table. The banks will need to manage their interest rate risk and that cost them money. They won’t hedge until the deal is in the application stage. The best way to encourage a seller is to have more cash (eg down payment) in the deal. That way they know that lenders will feel they are in a more secure position when they lend.
My undertsanding is that you need to be a first-time buyer for the HSBC prgram, though, right? I can’t refinance through them, can I?
I agree with 12:05. HSBC has a great program (communityworks program) that is about 60 bps lower than normal 30yr fixed rates. currently 5.35%. Large parts of Brooklyn qualify for this rate.
Check them out. I got a 40yr fixed rate @ 5.125% about 3 years ago.