Financing Process For Buying Staten Island NY Homes

There are several major steps in the real estate purchase process, and several relate to the mortgage. It can be confusing for both new and repeat home buyers. This blog details basic details about financing process for buying Staten Island NY homes and includes what you should know before initiating the process.

Financing Process For Buying Staten Island NY Homes

The Pre-approval

A pre-approval is a preliminary analysis of your finances and credit history to estimate what you may be able to obtain for a loan. It verifies that you meet the preliminary requirements for financing. Pre-approvals do not guarantee that you will ultimately receive financing, but is a typical first step in the mortgage process.

Formal Application

An application takes place typically after you have an accepted offer on a property. You may be required to furnish additional financial paperwork and information. The specifics on the property are also reviewed by the mortgage company. They will require a copy of the Purchase and Sales contract in order to continue. Your contract will usually specify that you submit an application within a specified period of time.

Home Appraisal

An appraisal is mandated by a mortgage company (although you are often billed the fee for it) to determine the current market value of the property. Appraisers will compare your property to others that recently sold in the area within a specific time period. An exact dollar amount is generated. Essentially, the value of the home must justify the amount that the bank is loaning to you.

Mortgage Commitment

After your personal information and the details on the property are reviewed, the mortgage company issues a commitment letter. This assures the parties that no major problems are present and that the mortgage company is fairly sure that the loan will receive full approval. There will be outstanding conditions included in the letter such as an employment verification and final credit check. It is therefore important not to complete major purchases or change your financial condition even after a commitment is issued as it may lead to a fall thru.

Clear to Close

A clear to close is basically the final approval for financing. It verifies that all requirements have been satisfied and that the mortgage company will submit the information to the closing agent. This may take place just days or hours before the anticipated closing date.

Settlement

The settlement entails signing of documentation and filing of documents into public record. Be sure to bring official identification and a money order or certified check for any monies due. Personal checks or cash are generally not acceptable. The exchange of funds occurs at or shortly after and the real estate will be officially yours!

Some Additional Advice

Deadlines are an important factor of any real estate transaction, so make sure that you know the deadlines and what you must complete to satisfy each condition. Working with a experienced mortgage consultant and real estate broker is very important. They can offer guidance and assistance, monitor deadlines, and ensure a less stressful experience. As a local real estate agent, I can provide guidance on the mortgage and overall real estate process. You may reach me, Gregory Diaz and Gina Guerriero, at S.I. Premiere Properties via phone at 718-408-1499 or email at gregdsells@aol.com.

Staten Island NY Spring Real Estate Market Information

Spring is usually a busier season for real estate. There are both an abundance of listings and buyers on the market. If you are considering buying or listing real estate, this article provides Staten Island NY Spring real estate market information

The Impact of Seasons

The Spring tends to be a less hectic time of year from a scheduling perspective. During the fall, children head back to school. Then arrives the winter season with gift shopping and social activities. The new year comes tax season. Only after that will schedules open up for many. There are longer daylight hours, the weather warms up, and people can achieve more during the spring and summer seasons. Because of this, Spring is a more active time of year for real estate.

Listing Abundance

Sellers often believe that their homes show better in the spring and summer and that this will lead to a higher selling price. They naturally start fixing up the outside of their home as the weather warms up and things begin to bloom. The longer days also provide a little more time for all of this. The Spring usually brings an influx of property listings as a result. This also leads to more competition, so sellers should carefully evaluate pricing their property correctly to accomplish a quick sale. They should also simplify the showing process. Buyers may pass by ones with difficult or inconvenient showing arrangements. With well thought out pricing and showing procedures, Sellers can take advantage of the Spring market.

Buyer Competition

Buyers also have more time to focus on their home search in the Spring and enjoy the availability of options on the market. It is essential for buyers to keep focused on their goal instead of looking to see each home for sale. The most desirable deals will go quickly because of the number of competing buyers. Those who stray too far from their primary criteria may end up missing out on the property of their dreams.

Staten Island NY Spring Real Estate Market Information

To make the most of the Spring real estate market, get information and guidance from a experienced real estate professional. For sellers, it is critical not to price too high or lose momentum. Buyers can remain up to date on newly listed homes with tools from a real estate professional and their direct access to the MLS system. It is also important for buyers not to lose focus and overloaded with the number of homes coming on the market. With a little guidance and support, you can achieve your real estate goals for this Spring. For more Staten Island NY Spring real estate market information, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties by calling 718-408-1499 or emailing gregdsells@aol.com