Page 56 September 28, 2012
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Real Estate Mortgage Tips from your Local Experts “
The best time to buy a house is now. Interest rates are literally at an historic low. Whether you’re a first time buyer or someone looking for a second home on the East End, it’s a great opportunity to invest in real estate,” says Jim Whitehouse, Senior Vice President of Suffolk County National Bank in Riverhead. There are many reputable mortgage companies, but it’s important to really get to know the bank and broker before making a final decision. Suffolk County National Bank provides trained and knowledgeable experts with experience and insight of the market as well as the overall financial aspects of investing in a home. The right company will help guide you and your family’s future in the right direction. “Owning real estate has many benefits and should be considered a long-term investment for your future,” shared Whitehouse. Here are a few helpful tips to consider: TOP 10 TIPS TO HELP YOU GET YOUR RESIDENTIAL REAL ESTATE MORTGAGE 1. Familiarize yourself with the mortgage process. Meet in person or by phone with your mortgage officer so that you can review the steps and information required to obtain a mortgage loan. Ask questions and get answers up front! 2. Review your credit report. Understand how your credit score may affect your chances of obtaining a mortgage, or your rate and costs associated with the loan. 3. Quantify your cumulative income revenues. Your mortgage officer can explain how debt to income determines the loan you will qualify for and can afford. If applicable, learn how self-employment income is calculated to qualify. 4. Determine how much money you can put towards your down payment. Learn how your down payment affects your loan payment and the amount of interest you will pay over time. A down payment of 20% or greater often eliminates the need for Private Mortgage Insurance (PMI). 5. If your down payment will be gifted funds, make sure that this gift is verifiable. 6. Use an attorney that specializes in real estate, and specifically one that is familiar with real estate transactions in your area. 7. Utilize the services of a professional realtor, who will be invaluable to you throughout this process. 8. Ask your mortgage officer about special programs and grants that might be available in your area, or more broadly to specific mortgage applicants. 9. Be prepared to submit required documentation in a timely manner. Mortgage lenders are required by law to obtain specific documents to process your mortgage application. 10. Your mortgage officer is available to help you through every step
Jim Whitehouse, Senior Vice President of Suffolk County National Bank in Riverhead
in the mortgage process. Use your mortgage officer’s expertise to help make getting a mortgage easy for you! Source: Suffolk County National Bank, Residential Mortgage Lending. For more information, please contact 631-208-2244 or 800-764-7262, or visit www.scnb.com.
amagansett estates Q
uality, location and trust are key ingredients when it comes to hiring a builder or architect to create your dream home and, Kenneth A Yerves Jr., owner of Montauk Homes, LLC and part owner of Amagansett Estates, LLC is very familiar with building superior homes and rendering those dreams. Yerves has been in the business of building homes for over 25 years and is known for creating quality craftsmanship and elegant designs. His portfolio has grown over the years and his clientele has expanded in the past decade to the Hamptons. Originally from Bayport on the south shore of Long Island, Yerves gravitated like many of us to the beauty and openness of the Hamptons.
In 2004, he moved to Montauk and designed and built a bed and breakfast, The Dream Inn, which he enjoys with his wife Laureen. Since moving to Montauk, Kenneth has designed and built over 20 New Homes including a major renovation to one of Montauks most prominent main street stores. “I really enjoy giving people what they want and making the experience enjoyable for them” he shared. Yerves latest project is Amagansett Estates which he’s developing with an investor. The venture will include four individual homes, nestled on approximately one acre parcels of land, located just west of Main Street, across from the bank in Amagansett.
Kenneth teamed up with East End architect Fred Throo to design the homes. Throo’s architectural designs for Amagansett Estates were the perfect match for Yerves,as both are known for their tasteful custom workmanship and quality finishing touches. Amagansett Estates is an exclusive private community. The project is underway: breaking ground this fall and slated to be ready occupancy in late spring of 2013. For more information, please contact Montauk Homes, LLC at 631-668-4907.