Mortgage Broker North Valley Stream, NY
North Valley Stream, New York's #1 solution for mortgage loans. Our mortgage brokers in North Valley Stream are working hard to get you qualified and approved for your dream home!
North Valley Stream, New York's #1 solution for mortgage loans. Our mortgage brokers in North Valley Stream are working hard to get you qualified and approved for your dream home!
Swipe Solutions works hand-in-hand with North Valley Stream based mortgage companies and brokers. We have been helping clients in the surrounding New York areas since 2016. North Valley Stream mortgage brokers and lenders can offer you access to residential home loans and home buyer information in minutes.
We are connected to a large North Valley Stream mortgage lender network, offering prospective buyers access to conventional, FHA, VA, and USDA loan programs. We also connect buyers with down payment assistance programs and provide guidance on first-time home purchasing and loan refinancing.
It is finally time to own your own home in New York's beautiful scenic landscapes and safe neighborhoods. Our loan programs for first time homebuyers in North Valley Stream, NY make it easy to afford your down payment and move into a new home now. Plus, we also have mortgage brokers in Oceanside and North Tonawanda!
Our North Valley Stream mortgage team is committed to providing families with the highest quality financial services, combined with the lowest rates and fees available. Whether you are purchasing a New York dream home, refinancing an outstanding loan, or consolidating debt, our highly experienced North Valley Stream mortgage team can help you find the right loan program at the lowest rate, no matter what your home financing needs in New York may be.
First, you'll need to have a good credit score. The higher your credit score, the better interest rate you'll be offered. You'll also need to have a down payment of at least 3-5% of the loan amount. And finally, you'll need to have a steady income and employment history.
If you're not sure where to start, you can check with your North Valley Stream bank or North Valley Stream credit union first. They may be able to offer you a good interest rate on a loan. Online lenders may be able to offer you a lower interest rate because they don't have the overhead costs of a traditional bank.
Once you've found a mortgage broker in North Valley Stream, NY you're comfortable with, you'll need to fill out an application. Be sure to have all of your financial information handy, including:
The lender will also need to know about any debts you have, such as credit cards, student loans, or car loans.
Once you're approved for the North Valley Stream mortgage loan, you'll need to sign the paperwork and agree to the terms.
Make sure you understand everything before you sign. Once you've signed, the North Valley Stream mortgage broker will send the money to your closing agent. The closing agent will then pay off your old debts and transfer the title of the house into your name. Now you're the proud owner of a home in North Valley Stream, New York!
Getting a mortgage loan in North Valley Stream when you have bad credit can be difficult, but there are a few North Valley Stream-based mortgage brokers who specialize in bad credit home loans. It may take some time and effort, but it is possible to get a mortgage with bad credit.
Mortgage lenders in New York are required by law to check your credit score when determining whether to approve your loan application. Banks and other lenders use your credit score to set the interest rate for a loan, so the lower your score, the more you'll likely pay.
The best mortgage rates in North Valley Stream are reserved for the borrowers who present the lowest risk.
Lenders consider other factors, as well, including loan-to-value (LTV) and debt-to-income(DTI) ratios, but credit scores are especially important.
The examples below are based on North Valley Stream, NY loan amount averages for a 30-year fixed loan in the amount of $300,240 — 80 percent of the New York median existing-home price as of January 2023, according to the North Valley Stream Association of Realtors, reflecting a 20 percent down payment.
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| FICO score | APR | Monthly payment | Total interest paid |
|---|---|---|---|
| Note: APRs in North Valley Stream, New York as of January 2023 Source: myFICO loan savings calculator |
|||
| 760–850 | 4.826% | $1,580 | $268,552 |
| 700–759 | 5.048% | $1,621 | $283,166 |
| 680–699 | 5.225% | $1,653 | $294,945 |
| 660–679 | 5.439% | $1,693 | $309,332 |
| 640–659 | 5.896% | $1,775 | $338,717 |
| 620–639 | 6.415% | $1,881 | $376,909 |
There is more than $100,000 difference between a 4.826 percent APR and a 6.415 percent APR in interest over the life of the loan. Although this example doesn’t go below 620, the data is clear: Credit scores lower than that result in even higher financing costs for mortgage loans in North Valley Stream.
Unlike the big banks, we understand your options then find the best mortgage lender in North Valley Stream, NY to suit those needs. You get a great rate because the mortgage lender wants to win your business.
North Valley Stream’s Mortgage Broker can help you accomplish your home loan goals with:
North Valley Stream's Mortgage Broker offers a variety of home loan products and programs ranging from low down payment mortgages to 90% LTV million dollar cash-out refinances.
Being approved for a mortgage loan in North Valley Stream will depend more on how the lender assesses your risk than your credit score alone. Your eligibility will be determined by credit score, income, and other factors.
There are three main points you should consider when it comes to qualifying for a mortgage in North Valley Stream, NY. Most North Valley Stream mortgage brokers refer to this as the 3 C's. Credit, Collateral and Capacity.
Your credit score is an indicator of your likelihood to make things work, even when money is tight, so the higher the better. If you believe you have a score in the upper 600 range, you are looking good.
Collateral has to do with your down payment. Around North Valley Stream there are two major options, one is with Fannie Mae/Freddie Mac and called "Conventional Financing" while the other is Gennie Mae and called "FHA Financing".
Conventional requires a minimum of 3% if you have moderate to low income (under 100k/yr) or 5% down for those over the income limits.
FHA only requires 3.5% for their down payment and does not have income limitations. For people with low down payments, FHA is by far the most common method of purchasing a home.
North Valley Stream Jumbo loans start at anything above $726,525. Because of the high price point for North Valley Stream, the median purchase price in 2018 has hovered right around $550,000. The thing to note about loan limits is they have to do with the amount you are borrowing, not buying. For example; you are purchasing a home for $825,000 but have a $100,000 down payment. This would put your loan amount into the conforming high-balance limit because you are only borrowing $725,000.
North Valley Stream mortgage brokers and lenders are subject to state supervision, which ensures that borrowers are not subjected to excessive interest rates or predatory mortgage lending tactics.
In North Valley Stream, NY, first-time homebuyers may receive public assistance with making their down payment. The Federal Housing Administration (FHA) governs the standards of all home loans and current mortgage rates in New York. However, many lenders obtain licensing to grant mortgages through the Nationwide Multistate Licensing System and Registry (NMLS).
Using a local mortgage broker in North Valley Stream, New York can have several benefits for local residents. One key advantage is that a local broker will have a deep understanding of the North Valley Stream housing market and the specific mortgage products and options that are available in the area. This can be especially helpful for first-time homebuyers or those who are unfamiliar with the local market.
Another benefit of working with a local mortgage broker is that they can provide personalized and convenient service. They will be able to meet with you in person to discuss your mortgage needs and guide you through the home-buying process. This can be much more efficient and stress-free than working with a large, out-of-state lender.
In addition, local mortgage brokers often have strong relationships with local lenders and can help you secure the best mortgage rates and terms for your situation. By choosing a local mortgage broker, you can support the local economy and receive the personalized and expert guidance you need to navigate the home-buying process.
Getting pre approved for a home loan is a lot easier than you may think. There are only two steps and if you are a list oriented person, the process is a breeze.
First you should find the North Valley Stream loan officer or mortgage broker you want to work with, once you have had a chance to speak to a couple and have weighed the pros/cons of each you can move onto step two, the application.
Most applications can be completed online or, if you prefer, over the phone during the first step. Filling out the online paperwork should take less than 15 minutes and it will only ask questions you’re sure to know the answers to, make sure to supply the documentation the loan office lists out for you in the phone call/follow up email so they can thoroughly review your qualifications.
Mortgage broker fees in North Valley Stream, NY can vary widely and can be shown in a way that some would say are 'hidden' so make sure to ask your loan officer about ALL of the fees their office charges.
A couple major fees that you will see are: loan officer origination charges, processing fees, credit report fee and underwriting fee. If the loan officer responds to you with, the fees are paid by the lender, this is not them dodging the question. In most cases, the Loan Origination fee is paid to the loan officer directly by the lender, however the processing, credit and underwriting fees can still be added to your total out of pocket costs as they are typically not considered a mortgage broker fee.
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