mortgage: Here Are The Keys To Buying Your First Home - 09/20/16 07:11 AM
The initial consultation with a first time home buyer is the most important part of the process.  A needs assessment not only helps me understand your needs, but it also helps you get focused.  
Take a minute, close your eyes, and imagine yourself alone, with only the online world to figure out the real estate purchase process.  Scary right?  The internet has SOOOOO much information.  I'm here to save you time and filter out the madness.  I'll bring my listening skills and you bring your questions!
Below I will detail the elements of a successful first time home buyer consultation so you … (0 comments)

mortgage: There Seems To Be A Disconnect Here... - 01/22/15 03:34 AM
 
 
I received a call from an executive at Zillow looking to see if I had a home buyer has not locked in their mortgage rate, and would appear on ABC news for an interview.  It seems they want to do a segment on either buyers that haven't bought in a long time or for the first time.  She told me their research shows that many buyers don't have the proper guidance and tend to jump into a decision without shopping around for a mortgage.  They usually go with the first person they meet and that pre-approved them.  
Another fact … (1 comments)

mortgage: Fannie Mae & Freddie Mac Unveil "Home Possible Advantage" - 12/12/14 12:40 AM

 
Fannie Mac and Freddie Mac announced a new program, Home Possible Advantage, this week that allows a 3% minimum down payment for first time home buyers.  One of the most popluar questions I get is "how much dow we have to put down".  Many buyers have great credit and income but don't have 10 or 20% saved for a down payment.  The FHA loan was always a great recommendation but now the playing field is opened up much more.  
There are a few guidelines you should know about in advance; The loans are geared to low and moderate income borrowers, … (1 comments)

mortgage: Tips To Improve and Maintain Your Credit Score - 01/20/14 09:30 PM
Your credit score plays a very important part in the home loan process.  Typically they range between 340-850 and are calculated by three reporting agencies, Transunion, Equifax, & Expirian.  The formulas they use may differ so your scores may vary.  Lenders lend money based on your level of risk, the better your score (700 or better) the more favorable your rate and options.    
They are essentially investing in your ability to pay back a loan.  The term "mortgage" refers to collateral, you are using as collateral to pay back a loan.  Your FICO score is calculated using the following formula; 35% is payment … (0 comments)

mortgage: The FHA 203K Rehab Loan, The New Fixer Upper! - 10/26/10 08:12 AM
Also known as as the FHA 203k loan, buyers have benefitted from this type of financing more then ever.  There are certain requirements to qualify for the program so I recommend speaking with an FHA specialist.  Your Westchester County Buyers Agent can provide you with more info or I can gladly recommend some if needed, just send me a message.Most buyers will need to obtain financing to purchase the home and additional financing to repair or fix up the home.  The 203K program addresses this problem by combining both into one loan.  To provide funds for the rehabilitation, the mortgage amount … (0 comments)

mortgage: 10 States With The Highest Closing Costs - 08/17/10 03:04 AM
Closing costs have risen an average of 36.6 percent compared to 2009, according to the Bankrate.com annual survey.The big increased was caused by the U.S. government requiring lenders to provide accurate good faith estimates of closing costs. Previously, lenders weren’t penalized for a bad estimate.On average, the origination and third party fees on a $200,000 purchase mortgage added up to $3,741.Here are the 10 highest states:1. New York, $5,6232. Texas, $4,7083. Utah, $4,6054. California-San Francisco, $4,566; California-Los Angeles, $4,4065. Alaska, $4,3276. Oklahoma, $4,2547. Pennsylvania, $4,2368. New Jersey, $4,1109. Idaho, $4,07710. Massachusetts, $4,025
In Westchester County Closing Costs Can typically be 3%-4% … (1 comments)

mortgage: 10 Things To Know Before Buying A Home - 03/16/10 01:27 AM
#1: Just because it's a buyer's market doesn't mean you should buy right now. Don't let the lucrative market dictate a buying decision if the time isn't absolutely right. Potential homebuyers need to ask themselves if they have a good credit score, if their job is secure and if they can stay in the home for a few years. If the answer to these questions is "no," it might make more sense to wait until life and finances are more stable.
#2: The cost of owning a home is more than just the purchase price. On top of a mortgage payment, … (3 comments)

mortgage: The IRS Clarifies What The First Time And Move Up Buyer Need To Claim The Tax Credit - 02/22/10 03:26 AM
The Internal Revenue Service has clarified which documentation taxpayers need to submit to claim the first-time and move-up homebuyer tax credit.While the IRS is still requiring the filing of Form 5405, it is not demanding that all parties' signatures be on the HUD-1 settlement document in areas where requiring both the buyer and the seller to sign the document isn't common. The IRS clarification says: "In areas where signatures are not required on the settlement document, the IRS has clarified that it will accept a settlement statement if it is completed and valid according to local law. ... The IRS encourages … (0 comments)

mortgage: 9 Common Real Estate Terms That Often Confuse Home Buyers/Sellers - 09/18/09 08:11 AM
9 Common Real Estate Terms That Often Confuse Home Buyers/Sellers
 
I wanted to take a minute and clarify some definitions of some commonly used Real Estate Terms.  I believe that as a Realtor it is my duty to educate you to use the correct terminology and understand the meaning.
 
1) Mortgage - This is one of the most commonly misunderstood words I come across.  Most people think that a Mortgage is a loan.  A Mortgage is a legal document that pledges a property to the lender as security for payment of the loan/debt.
  
2) Realtor - A Realtor, … (3 comments)

mortgage: New Truth In Lending Act Disclosure Requirements Home Buyers Should Know About - 08/01/09 02:44 AM
Revisions to the Truth In Lending Acts disclosure requirements took place July 30, 2009.  Many believethe new requirements will be a challenge for lenders to comply and also may cause delays for closings.  Only time will tell, but once again the process has become more complicated.  The new revisions are as follows.
 
• The new requirements apply to all mortgages secured by a borrower's home, including
primary and second homes and refinancings. Investor loans continue to be exempt.
• Lenders must give good faith estimates of mortgage loan costs within 3 business days
after the consumer applies for a loan … (0 comments)

mortgage: 7 Tips To Improving Your Credit Score - 04/10/09 01:28 PM
If your credit is shabby, you'll need to shore up your score to convince a lender you're worthy. Here's how to boost your point total:
Be on time. Before you worry about cleaning up what happened yesterday, get right with today and focus on your current bill-paying performance. Pay on time, and pay more than the required minimum payment each month on outstanding credit balances. Shrink your credit ratio. The credit-scoring process looks at the ratio of your debt to the total amount of available credit you have, so add up your credit limits to see where you stand. Your long-term … (1 comments)

mortgage: Jumbo Loan Limits About To Reset And What You Need To Know - 12/10/08 10:38 PM
For all that don't know, a Jumbo loan is a loan that is larger then the regular conforming loan limit of $417,000. Fannie and Freddie raised the amount to help stimulate buying activity. Jumbo rates are traditionally 1% higher then regular loans. For anybody needing a loan hire then $417,000 they would have to get a second loan usually at a hire rate. Since Westchester is a high cost area the loan limit will reset from $729,500 to $625,000 as of Jan 1 (read below) This is still good and it changes from state to state and market to market. Hope … (0 comments)

 
Christopher Pagli, "I Stay Open Until You Close" (William Raveis Legends Realty Group) Rainmaker large

Christopher Pagli

"I Stay Open Until You Close"

Tarrytown, NY

More about me…

William Raveis Legends Realty Group

Address: 38 Main St, Tarrytown, NY, 10591

Mobile: 914 406 9023

Email Me

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