loans: Understanding Asset Reserves - 10/06/13 03:30 AM
In order to qualify for many of today's mortgage products a buyer would need to have enough funds to cover down payment, closing costs ( this includes lender fees, attorney fees etc) and in many caese, asset reserves.  What exacgtly are asset reserves and how much in reserves are you required to have?More About Rob Spinosa gives a great explanation of asset reserves and how, even if not required, having several months of reserves goes a long way to strengthening your financial package and getting that loan approved.
 
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loans: Getting Ready to Meet with a Lender; What Questions Should You Ask? - 07/18/10 04:39 AM
Here's a great list from Susan Grant of some essential questions to ask when you meet with a lender.


10 Questions to Ask Your Lender
1. What are the most popular mortgages you offer? Why are they so popular?
2. Which type of mortgage plan do you think would be best for me? Why?
3. Are your rates, terms, fees, and closing costs negotiable?
4. Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment … (6 comments)

loans: After you apply for a mortgage.....Don't move til after close! - 07/08/10 04:55 AM
You found your dream home, you were lucky enough to get a mortgage commitment, what next? Here's some great advice from Larry Bettag.

Here's the deal Your credit will be re-pulled prior to closing!  Book it! Bank on it! Expect it! Last month we had about 1500 closings and two issues came up prior to closing.  One person had new credit because of a recent purchase and the other person had just "looked" into obtaining credit.  The real issue is this.  Don't do anything once you've applied for a loan.  After you've gone to closing,
then you can go purchase … (9 comments)

loans: 10 ways to murder your loan - 05/21/10 04:04 AM
In today's mortgage market, it's becoming harder and harder to secure that loan.  Alan May provides us with a super list of 10 things to know that can make make or break it for you.

Here's a handy list of 10 things you can do to kill your chances of getting a loan today.
1. The house just needs too much work.This applies to REO's, foreclosures, and short sales... sure they're good deal, but the financing can be rough.  Any broken windows, bad appliances, leaking roof, water damage, obvious mold, health or safety issues, structural problems and of course any … (4 comments)

 
Lora "Leah" Stern  914-772-4528, Real Estate Salesperson (Coldwell Banker, 170 N Main Street, New City NY 10956) Rainmaker large

Lora "Leah" Stern 914-772-4528

Real Estate Salesperson

New City, NY

More about me…

Coldwell Banker, 170 N Main Street, New City NY 10956

Address: Coldwell Banker Residential Brokerage, 170 N. Main Street, New City, NY, 10956

Office: (845) 634-0400

Mobile: (914) 772-4528

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Newest For Sale Homes in Suffern Suffern homes for sale Get this widget How Can I Help You? Interested in Buying or Selling a home?? Contact me and we can brainstorm our way to a closing together! Lora "Leah" Stern, Realtor Suffern Real Estate


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