East End Real Estate: Mortgage Tips from Local Experts

The best time to buy a house is now. Interest rates are at historic lows. 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 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.