Just a Few Reasons For Buying S.I. NY Real Estate This Year

It is a bit difficult to think about buying a home due to the negative news on the real estate market. When you review the facts, it is actually a very good time to purchase real estate. Here are reasons for buying Staten Island NY real estate this year. Reasons For Buying Staten Island NY Real Estate This Year Reduced Interest Rates Mortgage rates are at an all time lows. Most buyers secured fixed rates under four percent during recent months. Mortgage rates have a big impact on recurring mortgage payments. By acquiring a low rate, home buyers spend less money on a property or are able afford a higher prices home. Rates may not remain low for very long, so buyers may want to act sooner rather than later to to fix in a low rate for the length of their home loan. Home Price Trends The downturn in the real estate market means that listing prices are lower than they were at the peak of the market. Similar to stocks, it is better to purchase at a low price than a high one. Real estate generally increases in price over time. By purchasing on the low end, there is much more potential for price increases. The Ability to Upgrade to a Bigger Home When real estate values decline, it is actually the best time to upgrade to a more expensive property. Buyers can lose money in selling an existing home, but the savings on the more expensive home should be more than that loss. Many buyers are realizing that the lower prices offer a rare opportunity afford a home of their dreams. Renting Comparison Rental rates are high even though housing prices are low, leading to less of a gap between renting and buying. Buying provides tax advantages as well for mortgage interest, municipal taxes, and other expenses. When you also consider the ability to build equity over time, home buying provides both savings and long term growth potential. Help With Buying Real Estate in the Staten Island NY Area There are many reasons for buying Staten Island NY real estate this year. If you are ready to benefit from decreased prices, low interest rates, and the other advantages of purchasing a home, start by finding a mortgage professional and real estate buyer agent. Contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties 718-408-1499 for additional details on the local market and assistance with your property search needs.

Information On Renting Vs. Buying Staten Island NY Real Estate

There are several considerations when evaluating renting vs. buying, and it could differ based on the real estate market and your personal finances. The Information On Renting Vs. Buying Staten Island NY Real Estate below can help you make an informed decision on which alternative is beneficial to you. Renting Vs. Buying Renting Staten Island NY Real Estate Renting is a preferred decision if you do not intend to live in the neighborhood for an extended period of time, are uncertain about employment security, have poor credit, or basically do not want to maintain a residence. Unless the real estate market is good and/or is rapidly increasing, it traditionally takes five plus years to see equity in a piece of real estate. If the economy is on a downward trend or you are undecided on how long you plan to stay in a house, renting could be the safer option.Job security is another consideration. If you rent, you can adjust to a job loss by changing to a less expensive apartment and thereby lowering recurring expenses. A home mortgage is not as easily reduced. If you have bad credit, that can result in higher mortgage rates, making purchasing a property a less appealing option to begin with. Lastly, taking care of a property takes time, energy, and money. There are general costs related to home maintenance. You may decide that taking on those repairs are not what you want or not possible for your lifestyle. Buying Staten Island NY Real Estate Purchasing has many perks such as potential tax deductions for mortgage interest and local taxes, creation of equity over time, and control over your amenities. In most cases, purchasing a home costs the same as or less than renting. If you plan to remain in the area for an extended period of time, properties also typically builds equity for a beneficial return on investment. A declined market is a great time to purchase since prices are low and the potential for increasing values is higher. Lastly, buying a home allows you to alter the space. You can change appliances, flooring, fixtures, and other amenities to create a unique space. These factors make real estate ownership extremely appealing both personally and financially. Information On Renting Vs. Buying Staten Island NY Real Estate Calculate the cost of renting vs. buying (based on existing real estate prices and mortgage interest rates). When home prices drop, rental costs do not necessarily follow, so a poor real estate market may be the optimal time to buy. The above information on renting vs. buying Staten Island NY real estate is meant as a general introduction. Before deciding what to do, contact a real estate agent for accurate details on the real estate market and a mortgage consultant on interest rates and estimated payment totals. Only with accurate information will you develop an informed decision. Please do not hesitate to call SI Premiere Properties at 718-408-1499, for all your real estate needs!

Basic Information On Staten Island NY Rental Provisions

When purchasing rental real estate or renting a home yourself, it is helpful to be aware of the typical provisions. As either a landlord or a tenant, you have certain obligations. The information below includes basic information on Staten Island NY rental provisions. Categories of Tenancy Tenancy can be at-will or by lease. There are advantages and disadvantages to each, but the major difference related to the time frames. Leases note definite time frames while tenancy-at-will is more indefinite. Before offering a particular type of tenancy, property owners normally assess the impact of the time of year (i.e. colder weather), the cost of replacing tenants, and other similar situations. Obligations of Each Party Both landlords and tenants maintain particular obligations to fulfill. For example, landlords must maintain a safe and clean (as defined by law) living environment. Tenants must submit rentals payments and not damage the home beyond normal wear and tear. Additional provisions can be outlined in the rental terms, although some conditions may either be required by law or prohibited. Ultimately, it is critical for both landlords and tenants to understand their rights and to understand all terms in an agreement before accepting it. It is possible for particular items to be adjusted to reflect the needs of both parties. Handling of Deposits One of the key terms in any rental agreement involves deposits. A security deposit can be required to cover expenses related to damages. Rent for the last month is also sometimes required to stop tenants from using security deposits for the last month or to facilitate 30 days advance notification for vacating the home. Receipts should be written for every deposit for accurate record keeping. Staten Island NY laws can specify maximum amounts, where money is deposited (i.e. into an interest bearing escrow account), and when deposits must be given back to tenants. Basic Information On Staten Island NY Rental Provisions This article includes only some elements of Staten Island NY rental provisions. It is provided merely as a basic overview and must not be interpreted as legal guidance. Connect with a local Staten Island NY lawyer for actual legal guidance. Comprehensive resources regarding Staten Island NY rental provisions may also be found on the official state website. Subscribe to our website for further information on this and similar topics.

Details On Staten Island NY Home Casualty Loss Tax Deductions

The federal government offers a tax deduction for property casualty losses. This is an itemized deduction, so applicability depends on the personal finances of a taxpayer. Deductions decrease taxable income and the amount of tax due, and can therefore be useful to a home owner. This blog provides details on Staten Island NY home casualty loss tax deductions. Definition of a Casualty Loss The IRS considers a casualty loss as the "damage, destruction, or loss of property resulting from an identifiable event that is sudden, unexpected, or unusual." It may relate to natural disasters such as floods or man-made ones such as fire. There are other restrictions offered in IRS Publication 547: Casualties, Disasters and Thefts. Deduction Tips Applicable Tax Year If the loss occured during an presidentially declared disaster, then you can resubmit your tax return from previous years to deduct the damage. This will likely lead to a tax refund. Otherwise, property owners must delay until the next tax filing. Deduction Amounts First and foremost, the deduction is only applicable to costs not reimbursed by insurance and other resources. The sum of a deduction is calculated by the decrease in market value of real estate caused by the damage or destruction, the income of the home owner, and a few other factors. Federal and state tax laws can differ. About Details On Staten Island NY Home Casualty Loss Tax Deductions Always touch base with accountant on deduction qualifications, determining amounts, and adapting to federal and state returns. This blog includes details on Staten Island NY home casualty loss tax deductions and is intended to make you knowledgeable on potential deductions. It does not at all guarantee that you will be able to use deductions on your specific tax return.

Energy Tax Credit Overview For Staten Island NY Real Estate Owners

Homeowners who make energy efficient improvements may be able to take advantage of tax credits. Credits directly reduce the tax owed and will, as a result, save money. This article offers energy tax credit overview for Staten Island NY real estate owners. Types of Tax Credits The Wind, Solar, Geothermal and Fuel Cell Tax Credit This tax credit can be applied to existing properties and new construction, as long as it is used as principal residences. The credit is not valid for investment properties. Homeowners may apply a credit for 30% of the actual cost of repairs completed during the calendar year. The items below qualify for the tax credit •Geothermal Heat Pumps •Solar Panels •Solar Water Heaters •Small Wind Energy Systems •Fuel Cells (up to $500 for each 0.5 kilowatt capacity; other restrictions apply) Energy Efficiency Repairs This credit covers building components, insulation, windows, skylights, doors, roofs, air circulating fans, furnaces, and hot water boilers. There are specific requirements for each item, so check the tax laws before applying the credit. There are maximum deductions on certain items such as windows. Only upgrades on principle residences may be used and all products must have at least a 5 year lifespan. In general, the credit is for ten percent of the purchase price up to a maximum of five hundred dollars. Once a tax payer reaches the five hundred dollars mark, no additional amount may be taken in any tax year. This is an overall limit and not a recurring one. Energy Tax Credit Overview For Staten Island NY Real Estate Owners With all tax credits, keep receipts to confirm amounts. Also keep the manufacturer and model number of all products as some have specific criteria under the tax laws. If you are uncertain of how to figure out this credit or have a lot of credits in your tax return, look into consulting with a tax preparer. Advanced energy tax credit overview for Staten Island NY real estate owners is offered at the Energy Star website. The information in this blog was prepared by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties as is meant only as an introduction.

Staten Island, NY First Time Buyer Information

Buying real estate for the first time may be somewhat scary. The Staten Island NY first time buyer information below will clarify some things. Real estate is a major financial investment and buyers should enter with as much information as possible. Before Purchasing Select a Reputable Mortgage Company Speak with a local lender and ask for a pre-approval. The options and requirements may differ from one company to another. Evaluate the services and closing costs to identify the best option. Getting this information in advance may help you understand the estimated up-front and monthly costs of property ownership. This also helps determine your price range. Find a Real Estate Expert Find a real estate professional to help with your home purchase. Choose one that best suits your needs. Experienced agents will help explain the options, submit contracts, and facilitate a smooth transaction. This guidance can be a huge help first time buyers. Steps in the Real Estate Process Real Estate Viewings Only see properties within your budget. This prevents the heartache of wanting a home that is not possible for you to purchase. Home viewings can be time consuming, so sticking to your range will also preserve valuable time. Legal Paperwork Real estate professionals can provide information on contracts and help you negotiate them, but they do not practice law. If you require legal counsel, consider hiring a local real estate attorney to interpret terminology and add any necessary language. It is important that you sufficiently understand the terms and requirements of any contract prior to signing them. Inspections Do not rely on an inspection to address price or change purchase terms as they may not find any issues at all. Also avoid negotiating clearly visible issues. Such strategies often fail and may cause you to waste the money spent on the inspection. In cases where defects are uncovered, homeowners may agree to address defects, compensate you for them, or refuse to do nothing at all. Fair items have a better likelihood of being negotiated. Final Walk-Thru Shortly before the closing, you may have the chance to walk thru the property one final time. It is a good idea to make this after the sellers have moved out. Resolve any issues before signing closing paperwork as you may have few options afterwards. The Closing You must have acceptable identification for the closing. Any amounts owed must be certified. Have your checkbook ready for any unpredictable changes. After the closing, the real estate is officially yours! Additional Staten Island NY First Time Buyer Information The property purchase process will be less intimidating with some advanced knowledge. For assistance with your home purchase and additional Staten Island NY first time buyer information, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties by calling 718-408-1499

Lender Good Faith Estimates For Staten Island NY Real Estate Buyers

The Consumer Financial Protection Bureau is in charge of overseeing and applying laws relating to finances. The Real Estate Settlement Procedures Act (RESPA) is a federal law that specifically pertains to real estate and loan transactions, including mortgages. One of the guidelines by RESPA is the stipulation that a Good Faith Estimate (GFE) be supplied to all customers who apply for a mortgage. This article provides facts on lender good faith estimates for Staten Island NY real estate buyers. Good Faith Estimate Defined A Good Faith Estimate includes closing costs, loan percentages, and other costs related to getting a home loan from a certain lender. It is intended to allow real estate buyers to analyze options offered by individual lenders and to outline the total charges involved with getting a mortgage. Mortgage companies are required to furnish a Good Faith Estimate within 3 days of a loan application. What Can Vary In Good Faith Estimates Various fees in GFEs are administered directly by a lender while others (such as recording charges) are decided by municipalities where the paperwork is filed. Mortgage company determined items, such as underwriting costs, vary from one lender to another and comparing GFEs is how you will notice those differences. Remember that a GFE is only an estimate calculated by facts available during the mortgage application. Some charges may not increase, some may change by a limited percentage, and others may be driven by your purchase price or other factors. Ask your mortgage professional about which charges can increase or decrease if you are concerned about increases. Making Sense of Lender Good Faith Estimates For Staten Island NY Real Estate Buyers Although GFE documents have been improved in recent years, it may still be somewhat difficult to comprehend. Ask your lender or lawyer to go over the figures in the GFE and make sure that you understand it before proceeding with a specific loan. If you would like to be connected with a local lender for guidance about lender good faith estimates for Staten Island NY real estate buyers, contact Gina Guerriero or Greg Diaz(Broker Owners at S.I. Premiere Properties) at 718-408-1499

An Overview Of Staten Island NY Real Estate Transfer Taxes And Who Pays Them

When properties are bought in Staten Island NY, real estate transfer taxes (sometimes called deed recording taxes) are levied. Different from annual real estate property taxes, transfer taxes are due only once at closing. It is helpful for home buyers and sellers to be familiar with what a transfer tax is and how much it may affect money needed at closing. The following is an overview of Staten Island NY real estate transfer taxes and who pays them. Staten Island NY Real Estate Transfer Taxes and Who Pays Them The transfer of real estate means a grant, sale, exchange, assignment, quitclaim, contract for sale, or other conveyance of ownership in title to real property. In Staten Island NY, buyers take on the burden of real estate transfer taxes. The sum of Staten Island NY real estate transfer taxes is based on the market value of the piece of real estate and the tax rate of . It is included as part of closing costs for buyers and is commonly required before the deed put on record. The determination of the tax is often the task of the closing agent and is noted on the settlement statement. An Overview Of Staten Island NY Real Estate Transfer Taxes The amount of tax paid is based on the applicable rate when a closing completes and the deed is put on record. From time to time property taxes may increase. Suggested increases are often a source of controversy. Check with a real estate professional for relevant details on tax rates. You may also want to consult your accountant on whether real estate transfer taxes aredeductible on your federal and/or local tax return. An overview of Staten Island NY real estate transfer taxes and who pays them, as provided above, is strictly a basic overview. Contact Gregory Diaz and Gina Guerriero (Broker/Owners) at S.I. Premiere Properties by calling 718-408-1499

Home Insection - Interpreting Results

Home inspections can be a challenging step in the home purchase process. Buyer emotions are normally high and there is a large amount of information to process. Understanding how inspections function will make it less difficult to handle when the time comes. The following is detail on reviewing Staten Island NY inspection results. What Inspections Entail Inspections provide buyers an opportunity to evaluate the major systems in a residence, look more closely the home condition, and understand how everything in the home works. Buyers should hire a licensed inspector to assist with this process. They commonly inspect the electrical, heating/cooling systems, roof, plumbing, appliances, floors, windows, doors, and structure of a property. Inspectors carry out differing approaches to these tasks, but most will check the full exterior and interior of a home and prepare a full report. Buyers should follow the inspector during this process and see as much as they can about the home. If any issues are found, buyers should see the area in question for themselves and get a full explanation of inspector assessment. Remember that although inspectors attempt to perform a complete assessment of all areas of a home, they cannot see through walls and other invisible areas, so inspections always have several limitations. Home Defects When buyers visit a property, they normally only catch the most visible problems. A trained inspector will uncover problems that may not have been obvious or disclosed and detail those items in a report. Buyers must then understand the depth of the problems. Again, attending the inspection will facilitate this. Suggestions for Work to Perform Normally included in inspection reports are basic recommendations to home owners. These are not in fact pressing issues, but rather ideas that will protect against future problems or enhance the functionality of a home. For instance, an inspector may suggest that the exterior grading around a home be changed to lower the chances of moisture entering a foundation. Evaluating The Report Buyers must carefully read inspection reports and distinguish issues from suggestions. Buyers can try to negotiate issues in a piece of real estate, but it is difficult to ask sellers to perform upgrades. Homes are generally priced based on their age and features, and certain elements of a home simply come with its age. If upgraded with all modern systems and features, it would likely sell for higher than its current price. For items that are serious issues, a negotiation process must be completed. Detail On Reviewing Staten Island NY Inspection Results Discuss the results with your real estate agent for suggestions on the next step you should take. Keep in mind that inspection reports include both defects and general suggestions, and that trying to receive upgrades is almost never successful. Inspections are not a time to renegotiate price but rather to resolve serious problems that were not previously known. Discuss different options and expected outcomes with your agent. This detail on reviewing Staten Island NY inspection results was offered by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties. Contact Gregory Diaz for additional information on home inspections and other procedures in the home buying process.

Staten Island NY Home Inspection Tips

A home inspection is an assessment of the physical structure and all major systems by a licensed professional. It commonly includes an examination of each visible aspect of the interior and exterior of a home. A professional home inspector has usually inspected thousands of structures and is therefore abreast of all the factors of home construction, heating and other major systems, and how they all should function. Even a capable home buyer may not have the expertise of a proficient inspector. Below is information on Staten Island NY home inspection tips for home buyers and sellers. Staten Island NY Home Inspection Tips Home Buyer Tips Home buying is a significant investment that you should not approach blindly. An inspection identifies the condition of a home and necessary repairs. You may find that most defects are minimal and can be easily fixed, while others may tell you not to buy a specific home. Alternatively, an inspection can also confirm that a property is in great condition. Negative or positive, having this critical knowledge will help you make better real estate purchase decisions. A buyer agent can help you analyze and negotiate inspection items in a way that is reasonable yet at the same time protects your best interests. Home Seller Tips Sellers may obtain home inspections to consider necessary repairs in their property before trying to sell it. A renovated home listing may sell better than one that is not. If you choose not to correct all of the problems uncovered in the inspection, be aware that you are required to disclose any known defects to potential buyers. This is not necessarily a bad thing since the buyer would ultimately uncover those items during their own inspection and would likely negotiate the repairs or request monetary compensation. By providing the information in advance, buyers can take it into account when making an offer, saving you the trouble of negotiating with them after the inspection. Costs and Other Considerations The cost of an inspection usually depends on the size of the home. Additional fees may apply for detailed testing of things such as radon. Fees can also vary based on the expertise of the inspector. Review the qualifications of an inspector related to training, experience, and professional certifications. Even with the expense, an inspection is important when compared to the large financial commitment that you will be making in the home. For additional guidance on Staten Island NY home inspection tips and tips for home buyers and home sellers, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties by calling 718-408-1499 or emailing gregdsells@aol.com.

Ideas For Remodeling Green In Staten Island NY

Consider an eco-friendly technique to your rehab project. Green building involves using certain materials and practices that are beneficial to the environment and for your health. The following are some ideas for remodeling green in Staten Island NY. Thinking Green When It Comes to Materials Buy materials made locally in the surrounding areas. This results in less use of fuel for transportation. Local materials are typically better adapted to the particular climate of the area. Also use recycled materials to help decrease the amount of trash in land fills. Consider products such as bamboo and cork as they are durable and easily manufactured. Also evaluate what products are made of and choose items with low volatile compounds. This will help improve indoor air quality. Eco-friendly materials can be easily selected for your renovation project. Energy Efficient Appliances Energy efficient alternatives will not only preserve the environment but also save on gas and electric bills. Windows and doors can be purchased in energy saving models and when carefully installed can minimize air leaks. Appliances such as dishwashers and high efficiency washers can save significant water usage over hand washing. For all appliances, consider Energy Star rated models that use less electricity. Think about other materials that may have energy efficient options such as low-flush toilets. Each will make a small contribution to maintaining natural resources and saving you money. Recycling Practices During your renovation, consider giving away items rather than throwing them away. Most items can be re-used by others. You can also implement general green concepts to your daily living by staying away from products with large amounts of chemicals that impact the environment. Reduce waste by not leaving water running when brushing your teeth and recycling rain water for gardening. Recycling and reducing waste are great ongoing practices. Ideas For Remodeling Green In Staten Island NY Going green can make your house more comfortable, save on natural resources, and lead to lower utility costs. For a little extra effort, it offers a worthwhile return. Natural resources are quickly depleting and we all need to do our part by implementing some easy green concepts to remodeling projects and daily living. This advice on ideas for remodeling green in Staten Island NY was provided by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties.

Green Insulation Options For Staten Island NY Properties

Green Insulation Options For Staten Island NY Properties Building green means considering energy efficiency and the specific materials used in a property. Minimizing the expense of heating and cooling a property decreases energy consumption, saves money, and also results in a more comfortable living space. Insulation is thus an important element of going green, but there is more to it than selecting a option with the best insulation ability. Below are a few other things to consider for green insulation options for Staten Island NY properties. Environmental Impact of Products When reviewing green materials, it is important to know how it is created and installed. These all have environmental impact. Some products, such as plastic-based rigid or blown foam insulation, use less energy to create and emit fewer green house gases than traditional options. The application process will also use a specific amount of energy and other resources. These factors should be weighed against the effectiveness of the insulation for an accurate picture of how green an option is. Additional Thoughts The climate and various areas in a property must also be examined when identifying insulation materials. Properties in warmer temperatures have different requirements than those in extreme climates. Furthermore, no single product will accommodate every space in a property. For example, attics are more open whereas walls have obstacles and complex areas. Thus, a option that fits an attic may not work in a wall. Using Green Insulation Options For Staten Island NY Properties There is no individual alternative that adapts to all uses. You must look into how well a product insulates, the environmental impact of creating it, the climate of an area, and various areas where insulation is required. Consult with your builder or contractor for guidance on the best green insulation options for Staten Island NY properties. They retain valuable building knowledge and experience with using different options.

For Sale By Owner Pricing Dangers For Staten Island NY Sellers

Sellers normally evaluate listing a property on their own with the sole intention of saving money. Experience has proven that it may actually result in less savings than hoped,... for sale by owner pricing dangers for Staten Island NY sellers. Below are a few things for sellers to consider before deciding sell their own home. Proper Pricing The real estate market is continually changing. Pricing can impact market time, what price it sells for in the end, and whether it sells at all. Real estate professionals have the knowledge and experience to help homeowners with listing price based on the particular property, location, and desired timeline, and to adapt pricing as necessary for fluctuating market conditions. Property Comparisons It all starts with picking comparable listings. Sellers generally commit several errors at this step. 1. Considering the value of homes in the neighborhood from years past. 2. Referring to the value of their own home from a previous market analysis. 3. Selecting varying styles or types of homes (i.e. comparing a ranch to a colonial). 4. Pulling up active listings that are incorrectly priced or not moving. Referencing incorrect listings for comparison will result in incorrect values and typically overpricing. Adjustments to Value Another aspect of pricing is applying adjustments for varying amenities. It is nearly impossible to come acorss two identical listings, so changes are generally calculated for interior space, amount of land, and features such as garages, bathrooms, fireplaces, condition, and upgrades. Sellers tend to reference the price spent on upgrades. However, the market value of most repairs do not often match the price paid for them. In fact, some expenses will not add any value. Real estate brokers are educated on what appraisers may calculate for adjustments and will calculate those accordingly for pricing. For Sale By Owner Pricing Dangers For Staten Island NY Sellers Incorrectly priced homes can cost sellers considerable energy and money. Listings may sit on the market with no activity or with interest from buyers that are strictly wondering why the price is so high. additionally, buyers have a negative view on properties that have been marketed for extended time frames and are likely to pay less even if the price is later reduced. In a declining market, a home can naturally drop in value by the time it actually sells. All of this leads a for sale by owner home to go for significantly less than it may have with the proper help of a real estate professional. That expense can be higher than what a seller estimated to save by doing it alone. This For Sale By Owner Pricing Dangers For Staten Island NY Sellers information was published by Gregory Diaz and Gina Guerriero at S.I. Premiere Properties.

Streamline Refinancing VA Loan Programs In Staten Island NY

Borrowers with VA mortgages have the option to easily refinance to a reduced interest rate through a special program. This is often called IRRRL which stands for Interest Rate Reduction Refinancing Loan. Any VA approved mortgage company can assist with this program. Below is an overview of streamline refinancing VA loan programs in Staten Island NY. Benefits of VA Streamline Refinancing An appraisal, credit check, and closing costs are not mandated by the VA, although there is a loan funding fee payable. These are the most significant benefits of using the program. However, some lenders will include an appraisal or credit check as part of their own financing criteria. Closing costs are usually billed by mortgage companies, but the types and amounts may vary from one mortgage company to another. The VA allows their funding fee and any lender closing costs to be added to the loan so that homeowners can refinance without spending any money out of pocket. There is also an option to roll in the expense of energy improvements for the home. Qualifying for a Refinance For streamline refinancing with this program, the existing mortgage must be a VA loan. The interest rate on the new loan must also be lower than that of the old loan (the one exception to this guideline is when refinancing from an ARM to a fixed rate). Homeowners are not allowed to receive any proceeds from the refinance of the loan and no other loan, other than the original VA loan, may be included in the new loan. Veterans must also verify that they have occupied the real estate as a primary residence. More qualification criteria can apply based on individual lenders. More on Streamline Refinancing VA Loan Programs In Staten Island NY Homeowners with VA loans may return to their existing loan company or use a new one. Many mortgage companies are VA approved and can help with streamline refinancing. The above information is offered only as an introduction. This information is considered accurate but is not guaranteed. It was gathered based on information available at the time the article was written and is subject to change without notice. Always speak with a local consultant for current information and guidance. For a list of companies offering streamline refinancing VA loan programs in Staten Island NY, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties at 718-408-1499 or gregdsells@aol.com.

Benefits Of VA Loan Programs In Staten Island NY

Veterans may obtain VA loan programs provided by private lenders but guaranteed by the VA. The guarantee protects mortgage companies from loss up to a certain amount should a homeowner defaults on the loan. With this guarantee, mortgage companies are able to provide veterans options not readily obtained through other financing. The following is an overview of the benefits of VA loan programs in Staten Island NY. Benefits Of VA Loan Programs In Staten Island NY The best features of VA loan programs are the options for no down payment and no mortgage insurance. Buyers can finance the full price of a home being purchased, assuming the appraisal supports the figure and the individual lender does not require otherwise. VA loans also allow veterans to purchase a property by eliminating the added cost of mortgage insurance, which is typically required in home loans with less than twenty percent down. Other important benefits are... •Similar closing costs to other loans. •VA mortgages are assumable. •No pre-payment penalty. •Ability to finance or reduce the VA funding fee for the home loan. Obtaining VA Loan Programs To obtain a VA mortgage, buyers must meet several criteria. The first set involves their actual service - when time was served, type of service, and amount of time served. The second set involves the normal credit report and financial considerations by mortgage companies. Veterans may contact any mortgage company offering VA financing to confirm eligibility and obtain a pre-approval. With a pre-approval in hand, veterans may then begin viewing homes within their price range. Once a listing is selected, an offer should be submitted contingent on VA financing approval. With a purchase contract, buyers can then submit an actual application and lock in an interest rate. Once the loan is approved, the next step is the closing. After closing, the loan is reported to the VA. Veterans can only have one current VA mortgage at any given time. This article is merely a brief overview of the benefits of VA loan programs in Staten Island NY. To be referred to a local mortgage company providing VA loan programs, contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties at 718-408-1499 or gregdsells@aol.com.

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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.

TAKE A LOOK AT SI PREMIERE PROPERTIES BUSINESS LISTINGS

THRIIVING  BUSINESS                           
LOCATED IN THE HEART OF                           
BUSY TOTTENVILLE!!                           
SO MANY POSSIBILIITIES                           

OR TAKE OVER EXISTING BUSINESS                        

ASKING $34,999 TAQUERIA OAXACA                        
167 MAIN STREET                            



                   YOUNG BUSINESS IN                              
     AWESOME LOCATION WITH             
  HEAVY WALKING TRAFFIC        
           RIGHT IN HEART OF                     
          HERALD SQUARE!!!!                      
- 1271 BROADWAY -            
$199,000  "CRISP"         

                 
                 LAUNDROMAT LOCATED                              
             IN VERY BUSY "DOWNTOWN"                        
 STATEN ISLAND AREA BEING           
 REVITALIZED DON'T LET THIS               
OPPORTUNITY PASS YOU BY!!!              
$50,000 - STAPLETON                 

JUST LISTED IN BEAUTIFUL BROOKLYN NEIGHBORHOOD!!

JUST LISTED, LEGAL 2 FAMILY ATTACHED HOUSE WITH FULL FINISHED BASEMENT WITH SEPARATE ENTRY AND 3/4 BATH. BRAND NEW CAR PORT FOR OFF STREET PARKING (BOLD!) IN ONE OF BROOKLYNS MOST SOUGHT AFTER NEIGHBORHOODS!! WALK TO ALL SHOPPING AND TRANSPORTATION. HOMEOWNER WANTS
TO HEAR ALL OFFERS!!!! HOME IS IN "AS IS" CONDITION!! PLEASE CONTACT GINA GUERRIERO BROKER/OWNER OF SI PREMIERE PROPERTIES 917-733-7428 OFFERED AT $699,000