MORTGAG E MORTGAG E CORNER CORNER

This week’s topic will be divided in two First, we’ll start with the continuation of the mortgage process, and second, as many readers requested, we will explain more about the programs and mortgage market updates.

For the past five weeks, we went through what a mortgage is and how it works. We clarified what the lender will look for when approving your loan and what you need to be able to qualify. We demystified the process of getting preapproved; the four C’s the lender will be looking at - Capacity, Capital, Collateral, and Credit We discussed what a cosigner/co-borrower is and how it will impact them Last week we explained what a credit score is and how it will affect your mortgage

You now have an idea of your budget, you know what the lender will be looking for to qualify and your likelihood of getting approved; you are ready to start looking for a house. No matter if you buy a house as a primary residence or for an investment, it is prudent to do your own research and due diligence. Every neighborhood is different, each place has its pros and cons Speak to a professional in the area to be aware of everything

Finding a property:

Once you have decided on the neighborhood and see a house that you are interested in, you should go see it yourself. If you like it and are ready to move forward, you will give an offer to the seller (usually through the realtor) on the price you are willing to pay.

Upon acceptance of your offer, you can begin working on the contract An attorney you trust should review it and ensure that everything is as it should be You will want a home inspection done to examine the house and structure, which will give the buyer an insight on the property’s condition.

Once you have a signed contract, you can begin working on the loan.

You will fill out a loan application; your loan officer might ask for additional documentation Your credit will be checked with a hard pull and then the loan will be sent to a lender.

The loan processor will register and submit the file, you will get disclosures to sign, and the lender will review your file to initiate an approval fficer NMLS #2060303

At this time the loan processor will order the appraisal What is an appraisal and why is it required?

An appraisal report is to determine the value of the property and if it's in a livable condition.

-840-3596

-683-1708 ch@themintcapital.com

When considering out-of-state property investments, don't let fear of the unknown or geographical distance hold you back. Instead, conduct thorough due diligence and secure a reliable property management company This approach will help you make informed decisions and ensure that your investment is well-managed.

Brocha Fischman Lic Real Estate salesperson Servicing NY, NJ, & FL 347-598-8084

Brooke@thehudsonrealtygroup.com

Ask $1.25mil

For more details please call/text 917-648-6303 email ari@eretzltd.com

ERETZ REALTY

718-256-9595 Ext 200 built 24x65 + 2 car garage. Del vacant. Please call or text Tzvi at 718 431-5842 tzvidan1@ gmail.com

ERETZ REALTY

718-256-9595 ext 207

Low Sts/low Aves 3 story brk hse, lrg owners dplx + 2 rentals, 25x55 built, Pvt parking, good condition Ask $2.8 mil

Also 14/55 3 fam + bsmt 25x100 lot , 25x60 built, brick. ONLY $2.9 MIL

For more info Call 646-543-1194 or email Nhandler@eretzltd.com

ERETZ REALTY

718-256-9595 ext 125

16th/low 50s Mixed use bldg. for sale. Retail, offices + bsmt in excellent cond. Priced to sell

18/60s 4 mixed use bldgs. For sale, 80 wide, Wont last,

ERETZ REALTY

718-256-9595 ext 122

New listing 16/50s 3 fm brk + cellar 20x62 Top apt vacant. No leases, pvt parking. REDUCED

50s/18 Lrg 2 fam det

12/40s 4 bdrm/2 bth condo in MIC. Very low taxes. Ask $1.25mil

Call for info or email sloevy@eretzltd.com

ERETZ REALTY

718-256-9595 ext 139

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