Loan Pre- Approval

Once upon a time, buyers found their dream home and then went in search of a mortgage. The market is more competitive today. Buyers who arrange their financing first have a distinct advantage.

The pre-approval process will benefit you in the following ways:

• You will know in advance what your payments will be.

• You will have an estimate of your closing cost.

• You will not waste your precious time considering homes you cannot afford.

• You can select the best loan package without being under pressure.

• Sellers will find your offer to purchase more favorable if they know in advance of your ability to secure financing.

• You will have peace of mind.

THE BUYING PROCESS- STEP BY STEP

• Consultation to analyze needs

• Establish a working relationship with a Real Estate Agent/ Broker

• Get Pre-Approved by lender - Or decide to pay cash

• View new/resale homes with your dedicated agent

• Select a home

• Present an offer

• Acceptance of offer/ contract

• Inspections

• Update Mortgage application- Appraisal

• Underwriting- Conditions

• Loan Approval

• Title Company

• Assemble documents

• Closing & walk through

• Transfer utilities

• Moving Day

http://
New York City Classifieds

First - Time Home Buyers

5 Common First-Time Home Buyer Mistakes


1. They don't ask enough questions of their lender and end up missing out on the best deal.

2. They don't act quickly enough to make a decision andsomeone else buys thehouse.

3. They don't find the right agent who'swilling to help them through the home buying process.

4. They don't do enough to make their offer look appealing to a seller.

5. They don't think about resale before they buy. The average first- time buyer only stay in a home for four years.

FHA Loans:

Are you in the market for a new home? This maybe the time to purchase that home. A new Federal Housing Administration program will let first- time home buyers use their $8,000 tax credit for down payments or closing cost.

Read more about it at:

http://www.businessweek.com/bwdaily/dnflash/content/jun2009/db2009063_664304.htm?campaign_id=rss_daily

What's Going On With Mortgage Rates?

After speaking with my mortgage guru Dale Biaggi of Land/Home Financial Services INC. http://www.lhfinancial.com/ can reach him at dale@landhomeca.com

May 27, was the worse day for mortgage rates in a very long time. Fannie Mae pricing increased six times in oneday alone. Fannie Mae 30 year fixed rate jumped from 4.75% to 5.50%. Right now rates are in the range of 5.250% to 5.75%.

Don't get scared it is still a great time to purchase a home. Here are a few reasons why!

* First time homebuyers tax creditof $8,000
* Lowering Housing Prices
* There is a larger numbers of FHA lenders
* There is a lots of REO and Short Sale properties
* Rates are still at low

Take advantage of low rates. As always if you need help with your new home purchase contact S.A.C. Properties at info@s-a-c-properties.com

Searching For Properties?

If your looking for properties check out this website. Here you will be able to search for properties in the New York, New Jersey area.....
http://www.searchingnyproperties.com

Have fun!