Archive for the ‘Home Loans’ Category

What are the Best Mortgage Questions You’re Afraid to Ask?

Friday, May 15th, 2020

It doesn’t matter if you’re a first-time homebuyer or an experienced homebuyer. Homebuyers always have mortgage questions. And there is no mortgage question your mortgage lender hasn’t already heard. So whether those questions make you feel uncomfortable, naïve, or even stupid, ask them. Remember what your dad told you? “There is NO stupid question except for the one you didn’t ask.” Don’t be afraid to ask the awkward questions.

Mortgage questions
There are no stupid mortgage questions. And there are none your mortgage lender hasn’t already heard. So ask!

Find a Mortgage Lender Who has Your Best Interest in Mind

I’m all for transparency. But not wanting to ask uncomfortable mortgage questions of a complete stranger or a new acquaintance is quite understandable. I mean, who wants to “lay all their cards out on the table,” with someone they just met?

But you can’t shock a mortgage lender! Remember, they’ve heard it all before. And that means they have the answers to all those awkward mortgage questions, too.

Before we share a few examples of awkward mortgage questions, here is a key piece of advice. Only work with a loan mortgage lender who feels like a friend, someone who truly has your best interest in mind.

Yes, opening up about your personal life and finances is scary. We’re reluctant to reveal what we really care about because it makes us feel exposed and vulnerable. But strong financial relationships are built on trust, emotional trust. Since you need a strong relationship with your loan officer, open up to them with complete honesty. See Vanguard’s 2017 research.

So find and work only with a loan officer who is happy to answer all of your mortgage questions. No matter how trivial your mortgage questions may seem to you, a great loan officer will be glad you asked and will help you make financial decisions you’ll be confident with.

Best mortgage questions

Awkward Mortgage Questions Aren’t as Scary as You Think

1. “Will I lose my deposit, and can I still qualify for a home loan if I lose my job before or during the homebuying process?”

Above all, it’s important to be upfront about everything. If you fail to disclose that you lost your job before closing, you increase your risk of defaulting on your loan and foreclosure.

Verification of employment and income plays a huge part in getting prequalified and approved for a mortgage. Your mortgage lender looks at your debt-to-income ratio, your W2s for the past two years, your credit history, and more.

When someone loses their job before or during the homebuying process, the mortgage lender:

  • Recalculates earnings
  • Submits a new mortgage application
  • Provides new options

Your new financial situation will give you two options to consider.

a. Qualify for a smaller loan and buy a house in that price range

b. Still qualify for the same loan amount if you have more than one job or a low debt-to-income ratio

Homebuying Tip: Show sellers you’re a serious buyer. Get prequalified. Prequalifying before you start house shopping helps you find and get into a home faster.

2. “Can my ex be removed from my mortgage after I get divorced?”

Everything comes into play in divorce – mortgage payments, utility bills, home size, and family living arrangements.

There are two options to resolve this:

a. Sell your house

b. One spouse can buy out the other

The easiest option is selling your house and dividing the profits.

But if one of you wants to keep the house, one spouse must buy out the other and an agreement on the amount of the buyout must be determined. To determine the amount of the buyout, subtract the cost of selling from the home’s appraised value to equal the amount of equity leftover. Then split this amount between both parties. The spouse keeping the house will pay that amount to the other.

If a spouse chooses to use a mortgage refinance to pay the buyout amount agreed upon, the other partner is removed from the home’s title. Fannie Mae lets a partner borrow up to 95 percent of the home’s appraised value in a buyout.

3. “Does my husband/wife have to be on the loan or deed?”

Signing mortgage papers

Your odds of qualification based on credit score, employment history, and income are greatly improved when both of you are on the loan application. But in the United States, both spouses’ names are not required to apply for the loan. So, if your partner’s debt or credit score could hurt you, it might be wise to leave them off the loan or deed.

But know this, your non-borrowing spouse may still need to get a credit check during the mortgage process. If this is what you choose to do, you are solely responsible for the mortgage. Your name will be the sole name listed on the deed. And you will be solely responsible for the mortgage payments.

And if you decide to add your non-borrowing spouse’s name to the title, you can. Use a quitclaim deed.

You can also choose to add your partner’s name to your mortgage later on with a mortgage modification or by refinancing your mortgage. By refinancing your mortgage (taking out a new loan to replace your current mortgage), you will apply for a new loan again as co-borrowers.

If you choose to add your spouse to your mortgage later on, let your mortgage lender know that you want to do so. They’ll either decline or accept.

4. “What happens to my mortgage if I file for bankruptcy?”

A mortgage lender cannot change your loan terms or raise your rate if you file for bankruptcy.

If you file for Chapter 7 bankruptcy, you may be at risk of losing your home.

But if you file for Chapter 13 bankruptcy, you may be permitted to keep your house and continue paying your monthly mortgage.

Again, now is the time to talk with your mortgage lender. It is their job to find ways to work with you to either modify or reaffirm your loan. Then you can continue paying on and living in your home.

5. “I owe back child support. Does that matter?”

Back child support

Yes, it does. If back child support has gone to collection or judgment, it will factor negatively into your mortgage prequalification. Back child support shows up as a negative on your credit and makes you appear to be a greater risk to a lender. Do not skip talking to your mortgage lender about this.

Also, discuss how paying down your child support debt improves your chances of getting approved for a home loan. Show your mortgage lender how you’re managing your debt. Get a court-approved repayment plan or proof of payment and show it to them.

And if you are able to, pay the debt in full. This will ease the burden on your credit and make you eligible for an FHA or VA loan.

6. “I received a letter from my lender because I didn’t pay my property taxes. What do I do?”

If you don’t or can’t pay your property tax bill, your local tax office charges monthly interest. Penalties for overdue payment may also be charged. When this continues month after month, eventually a tax lien is placed on your property. Now you can’t sell your home until the tax bill is paid.

So what do you do if a tax notice or a letter from your lender shows up in your mailbox? Contact both a tax attorney and your mortgage lender ASAP. Even when you are making monthly mortgage payments, failure to pay property taxes is considered an “event of default.” And this could put you at risk for foreclosure.

There are relief options available to help you get back on track. Ask your mortgage lender about these:

  • Making late payments
  • Requesting a tax deferral
  • Establishing a payment plan
  • Taking out a property tax loan to pay down the debt in monthly installments

7. Why do you need to know where the money deposited in my account comes from?

Large deposits that are unrelated to your earnings require explanation during the mortgage approval process. To make sure the large deposit came from an acceptable source, the underwriter asks for verification. Confirmation of a large deposit is another way for an underwriter to find out if you’ve taken out a new loan or line of credit.

New loans or lines of credit potentially affect your debt-to-income ratio and the loan amount you can afford. And mortgage lenders will always tell you not to take out a new loan or line of credit when you’re trying to buy a new home.

8. “Do I have to stick with the real estate agent I started with?”

Mortgage questions

Poor communication, lack of experience, weak negotiating skills, personality clashes, and more happens. And buyers break up with their real estate agent after the contract’s been signed. Know this: you’re making the investment. It is well within your rights to switch agents while in escrow. But how can you keep this from being awkward?

  • Go to the brokerage and request another agent
  • Select another agent from another brokerage
  • Ask your mortgage lender for a Realtor Partner referral

Sometimes an early termination fee is required in your listing contract.

But document each time you feel the ball was dropped to provide “proof” of your dissatisfaction with your agent. Most agents appreciate an honest explanation from a client as to why their services were terminated. And that’s fair. You can’t improve upon something you did or the way you did it when you don’t know about it. Right?

And there’s always the possibility of problems or miscommunications getting resolved before a breakup happens. Nonetheless, it’s well within your rights to terminate representation without providing an explanation.

9. “Will my mortgage be sold to another company after I buy a house?”

Selling a loan to a servicing company is commonplace and a way many lenders stay in business. By selling loans to servicing companies, the funds a lender needs to take on new borrowers are freed up. Plus, this allows a lender to continue offering affordable loans with competitive rates.

A lender has the right to sell your loan to a servicing company at any time. But in order to do so, you as the borrower must be notified no less than 15 days prior to the transfer. When a servicing company takes over your mortgage, there’s not much you need to do at all. Your mortgage terms and payment (with the exception of adjustable-rate interest) remains the same. You just send your mortgage payment to a new company every month.

Since mortgages are either 15 or 30-year mortgages, yes, it’s likely yours will be sold to another company. Lenders aren’t always able to service every home loan they fund. If they were, outstanding balances could add up to billions of dollars in available funds. This is why borrowers’ loans are bundled and sold to investors, like Freddie Mac and Fannie Mae for example, based on risk level.

10. “What do I do if my mortgage company loses my payment?”

It’s happened. People pay their mortgage payments by check, and they get lost in the mail. If yours has been lost in the mail, or you think your mortgage company or loan servicer lost your payment, contact their customer service department immediately. Your lender will help you track down your payment and get it credited to your account.

When paying your mortgage payment by check, your bank can see if it has cleared, verify when it was sent and deposited, and where, for proof of payment. Contact them if your payment is truly lost. And if your bank cannot verify that this check was processed, place a stop payment on the check. Then, call your servicing company. Inform them of the situation and let them know you are sending another payment.

Paying online and making sure each mortgage payment goes through each month prevents miscommunication and keeps your loan from going into default.

11. “If I can’t make my mortgage payment, what should I do?”

If you can no longer afford your mortgage, contact your mortgage lender. They want you to keep your home as much as you do. They’ll ask about your financial difficulties, whether they are permanent or temporary, and why you can no longer make your payment. Then, they’ll assess your financial situation and offer solutions that can help you. Your lender will explore mortgage refinance, loan modification, a repayment plan, mortgage assistance programs, forbearance, or short-selling your home before you’re faced with foreclosure or bankruptcy.

The Consumer Financial Protection Bureau also recommends meeting with a free HUD-approved housing counselor to receive professional guidance that can help you to avoid foreclosure.

Get Answers to Your Mortgage Questions

And the answer to the question, “What are the best mortgage questions you’re afraid to ask,” is all of them!

Don’t hesitate to ask your mortgage questions. Find a great mortgage lender and get the help you need from them each step of the way.

If you want help finding a great mortgage lender, contact me, Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate. With 30 plus years of experience in the real estate industry, I can help.

Our office is completely shut down and committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9600 ext. 1901 or by email at [email protected].


Charles D'Alessandro

Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 1901

How to Find the Best Mortgage Lender with Confidence

Saturday, February 29th, 2020
Best mortgage lender
Dreaming of buying your first home? Find the best mortgage lender with confidence! Here’s how.

Finding the best mortgage lender on your journey to homeownership is important. But it can be challenging, especially if you are a first-time homebuyer. It’s a big deal because picking a lender is an important part of the home buying process. And finding the best the right mortgage is crucial. Here’s some excellent information from NerdWallet to help you navigate this part of buying a home with confidence.

5 Things You Need to Know to Help You Find the Best Mortgage Lender

NerdWallet says, “The best mortgage lenders for first-time homebuyers embrace government loans, offer low down payment options, charge reasonable fees, and help you find financial assistance programs.”

1. Know Your Credit Score and Financial History

Lenders judge you on your credit score and financial history to determine your ability to get a mortgage and the interest rate you’ll pay. So you need to know it. Knowing your credit score allows you to determine your loan options.

Credit scores of 620 are good, and the higher, the better. Scores of 740 or more will help you get the lowest interest rates. But it’s not impossible to get a mortgage with a credit score that’s in the 500s.

Find out the credit score you need to buy a house here. But keep in mind, you may be able to borrow more than what you can actually afford to pay each month. So don’t overextend yourself from the get-go!

2. Inquire About First-Time Homebuyer Programs in New York

Some lenders and state housing finance agencies partner up in order to help first-time homebuyers. Then they can help you with rate discounts, a down payment, and closing costs, or educational resources to help you get into a home. Isn’t that nice to know? So do your research on assistance first-time homebuyer programs here in New York.

Take note: Not all lenders participate. So be sure to ask.

3. Look for Lenders Who Offer Government-Backed Home Loans

Why? Because most of the time, FHA, VA, and USDA loans offer relaxed income, credit, and down payment requirements. And this allows for easier qualification. But check out this list of homebuyer loans and programs! You could rack up some big savings if you don’t rush through this process.

  • FHA loan
  • VA loan
  • USDA loan
  • Fannie and Freddie
  • State first-time homebuyer program
  • Home renovation loan
  • Good Neighbor Next Door
  • Dollar Homes

And on another note, not all lenders offer FHA, VA and USDA home loans. Their options may be limited. So, when you do your comparison shopping, always ask about availability.

4. Ask for Quotes to Compare Interest Rates

Ask several lenders for quotes (at least three), and let them compete with each other for your business. One of them will rise to the top of your list with a lower rate and lower fees. You’re looking for APRs (annual percentage rates) to get a better picture of what you’ll end up paying over the life of the loan.

You’re also looking for fees when making lender comparisons. Application, appraisal, title, and loan origination fees affect closing costs. And they vary widely depending on the lender.

Again, don’t rush through this process either. Mortgages have pages and pages of details that loan officers know how to get through quickly. Ask for clarification as needed through every step and make sure you have all the facts. Choosing a loan that matches your needs and your budget with confidence isn’t something you should feel rushed through.

5. Get Preapproved

Getting preapproved before you begin house hunting helps you in three ways:

  • Proves a lender is willing to loan you a certain amount of money
  • Signals to the seller that you are a serious buyer who they can rely on
  • Helps you look for homes within your budget

Compare preapproval options, too. Some lenders provide approval online in minutes. Others require a phone call or that you visit a local branch office to pick up your documents in person.

Be prepared. You may run into preapproval barriers. If you have a low credit score or inconsistent income, ask lenders before you apply if they’re willing to work with you on this. Some lenders will gladly help you find errors and discrepancies on your application which could get you preapproved.

Lacking Confidence in Your Search for the Best Mortgage Lender?

Are you stumped trying to find the best mortgage lender? When you’re a first-time homebuyer, shopping for a mortgage lender can get overwhelming. Just take time to compare all your options, no rushing through the process. You’ll buy a home with confidence and save money, too.

Contact me, Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate with questions you have about finding the best mortgage lender. I can help. Call (718) 253-9600 ext. 206 or email [email protected] today.


Charles D'Alessandro

Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 206

Do You Know How to Qualify for a Mortgage?

Saturday, June 15th, 2019
Qualify for a mortgage
Home ownership is more of a possibility than most people realize. Find out how you can qualify for a mortgage and start shopping.

If you don’t know what it takes to qualify for a mortgage, you’re not alone. This lack of knowledge prevents people from even trying to purchase their first home. Is this you? If so, understanding the whole process better will clear up a lot of confusion. Read on to find out how to qualify for a mortgage and which type of loan is best for you.

Down Payment Requirements

Are you wondering how much of a down payment you need to qualify for a mortgage? Most people are. In spite of all the mortgage information available online, a lot of it is insufficient. So many still overestimate the down payment needed to qualify for a mortgage. The answer used to be 20 percent. But nowadays you can qualify for a home loan with a low down payment. Some types of mortgages even require no down payment! And no, this isn’t some special offer for first-time home buyers only.

Here are some down payment guidelines for different types of home loans:

  • VA loans and USDA loans require no down payment
  • FHA loans are one of the most popular types of home loans. They require 3.5 percent down with a 580 credit score. If your credit score ranks 500-579, your FHA loan will require 10 percent down
  • 203k loans also require 3.5 percent down
  • A Conventional 97 loan requires only 3 percent down
  • Conventional loans require anywhere between 5 percent and 20 percent down.

Credit Score Requirements

How’s your credit score? Do you know the credit score you need to qualify for a mortgage? Again, most people don’t. And many can’t recall what their current credit score is even after checking it recently. Your credit score is one of the biggest factors in determining whether or not you qualify for a mortgage. And of course, an excellent credit score gives you lots of worry-free wiggle room in qualifying for a home loan.

A credit score of 680 or higher is ideal when you’re in need of getting approved for a home loan. Some lenders require a credit score of 640 while others will accept lower credit scores.

Each of the loan programs listed above have a set minimum qualifying credit score requirements.

  • VA loans and USDA loans require a credit score of 620. For VA loans, some lenders may  be able to approve a credit score of 580+
  • FHA loans require a 580 credit score
  • 203k and Conventional loans require a credit score of 640
  • Conventional 97 loans require a 620 credit score

But what if you have bad credit? If you need to improve your credit score to qualify for a mortgage, click here. Learn how to improve your credit score by 100 points in 30 days.

Mortgage Document Requirements

In order for your lender to process your loan, you must produce several documents. So be prepared ahead of time and get the following ready now:

  • W2’s from the past 2 years. You should have at least 2 years of income from the same company or industry documented
  • Pay-stubs for the last 3 months
  • Bank statements for the past 3 months
  • Tax returns for the previous 2 years
  • A list of your debts and assets
  • Divorce decree if you have gone through a divorce
  • Additional income documentation

Basic Guidelines for How to Qualify for a Mortgage

If you want to qualify for a home loan, follow these basic guidelines:

  • Prove your income is sufficient and consistent
  • Have at least 2 years of documented income from the same company or in the same industry
  • If you earn commissions, average your income from the last 2 years of tax returns

What income is considered “qualifying income”?

  • W-2 income/salary income from part-time jobs
  • Income from a second job
  • Overtime and bonuses
  • Seasonal jobs
  • Self-employed income
  • Alimony and child support (Documentation for this is required)
  • Non-qualifying VA income
  • Income from the lottery gambling
  • Unemployment pay
  • Single bonuses non-occupying co-signer income
  • Unverifiable income
  • Income from Rental Properties

Homeownership is a Possibility!

So if you are one of the 20 percent of consumers who believe a down payment of 10 percent or less is not enough to purchase a home, think again! There are mortgage financing options available that don’t require a 20 percent down payment. Providing you are a creditworthy prospective buyer, lenders now offer safe, sustainable loans with as little as 3 percent down. Obtaining a mortgage isn’t as difficult as it used to be. Homeownership is truly a possibility!

Contact Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate. Call (718) 253-9600 ext.206 or email [email protected] With 30-plus years of real estate experience in Brooklyn, he can answer your questions about how to qualify for a mortgage.


Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 206
[email protected]

Which One of the 5 Types of Home Loans Will Work Best?

Friday, June 15th, 2018

Home loans

Knowing the pros and cons of home loans can alleviate the overwhelm financing can cause.

Buying a home is an exciting endeavor! The financing, however, can be a little overwhelming. But knowing the “in’s and out’s” of home loans can help subdue or even eliminate the overwhelm financing brings. So do your homework. Find out about the five types of home loans, and the different upfront and long-term costs of each. Then you’ll be able to confidently choose which loan will work best for you.

5 Types of Home Loans and Their Pros and Cons

  • Conventional loans
  • Jumbo loans
  • Government-insured loans
  • Fixed-rate loans
  • Adjustable-rate loans
  1. Conventional Loans

There are two types of conventional loans: conforming and non-conforming. Neither are insured by the federal government. Conforming means the loan amount falls within maximum limits set by Fannie Mae or Freddie Mac. Non-conforming means the loan amount doesn’t fall within the maximum limits set by these government agencies.

When you put down less than 20 percent of the sales price on a conventional loan, lenders require you to pay private mortgage insurance (PMI).

If you have strong credit, a stable income and employment history, and a down payment of at least three percent, a conventional loan is ideal for you.

Pros

  • Can be used for a primary home, second home, or investment property
  • Overall borrowing costs tend to be lower than other types of mortgages, even if interest rates are slightly higher
  • Can ask your lender to cancel PMI once you’ve gained 20 percent equity
  • Can pay as little as three percent down for loans backed by Fannie Mae or Freddie Mac

Cons

  • Minimum FICO score of 620 or higher is required
  • Must have a debt-to-income ratio of 45 to 50 percent.
  • Must pay PMI if your down payment is less than 20 percent of the home’s purchase price.
  • Documentation is required to verify income, assets, down payment, and employment.
  1. Jumbo Loans

Jumbo mortgages are conventional home loans with non-conforming loan limits. This means the home price exceeds federal loan limits. For 2018, the maximum conforming loan limit for single-family homes in most of the U.S. is $453,100, according to the Federal Housing Finance Agency. In certain high-cost areas, the price ceiling is $679,650. Jumbo loans are more common in higher-cost areas and generally, require more in-depth documentation to qualify for one.

If you are an affluent buyer purchasing a high-end home, a jumbo home loan makes sense for you. To qualify for a jumbo loan, you should have good-to-excellent credit, a high income, and a substantial down payment (well above 30 percent). Many reputable lenders offer jumbo loans at competitive rates.

Pros

  • You can borrow more money to buy a home in a pricier area
  • Interest rates tend to be competitive with other conventional home loans

Cons

  • Down payment of at least ten to 20 percent is required
  • A FICO score of 700 or higher is required, although some lenders will accept a minimum score of 660
  • Debt-to-income ratio cannot be above 45 percent.
  • Must show you have assets that equal ten percent of the loan amount in cash or savings accounts 
  1. Government-Insured Loans

Although the U.S. government isn’t a mortgage lender, it does help Americans become homeowners. Three government agencies back loans: The Federal Housing Administration (FHA), the U.S. Department of Agriculture (USDA), and the U.S. Department of Veterans Affairs (VA) are three government agencies that back loans.

  • FHA loans

FHA loans are popular among mortgage borrowers. They help make homeownership possible for those with small down payments and less than pristine credit. A minimum FICO score of 580 is required to get the FHA’s maximum 3.5 percent financing. However, a credit score of 500 is acceptable with at least 10 percent down. If a homeowner puts less than ten percent down, the FHA requires two mortgage insurance premiums. One mortgage insurance premium is paid upfront and the other is paid annually for the life of the loan. Note: This can increase the overall cost of a mortgage.

  • VA loans

VA loans provide flexible, low-interest mortgages for active duty and veterans U.S. military members and their families. They do not require a down payment or PMI. Closing costs are generally capped and may be paid by the seller. To help offset the VA loan program’s cost to taxpayers, a percentage of the loan amount, known as a funding fee, is charged on VA loans. This fee, as well as other closing costs, can be rolled into most VA loans or paid upfront at closing.

  • USDA loans

USDA loans help moderate- to low-income borrowers buy homes in rural areas. To qualify for a USDA loan, you must purchase a home in a USDA-eligible area and meet certain income limits. There are even some USDA loans that do not require a down payment for eligible borrowers with low incomes.

If you have low cash savings, less-than-pristine credit, and cannot qualify for a conventional loan, a government-insured loan is ideal. Compared to other types of loans for military borrowers, VA loans tend to offer the best terms and most flexibility.

Pros

  • Help you finance a home when you don’t qualify for a conventional loan
  • Credit requirements are more relaxed
  • A large down payment is not required
  • Available to repeat and first-time buyers

Cons

  • Expect to pay mandatory mortgage insurance premiums that cannot be canceled on some loans
  • Higher overall borrowing costs
  • More documentation is required, depending on the loan type, to prove eligibility
  1. Fixed-Rate Loans

Fixed-rate loans keep the same interest rate over the life of your loan. This means your monthly mortgage payments always stay the same, and that’s a great thing! Fixed loans typically come in terms of 15, 20 or 30 years.

If you plan to stay in your home for seven to ten years, the stability with monthly payments make a fixed-rate mortgage ideal for you.

Pros

  • Monthly principal and interest payments stay the same throughout the life of the loan
  • Precisely budget other expenses month-to-month

Cons

  • Pay more interest with a longer-term, fixed-rate loan
  • Takes longer to build equity in your home
  • Interest rates typically are higher than rates on adjustable-rate mortgages
  1. Adjustable-Rate Mortgages

Adjustable-rate mortgages (ARMs) lack the stability of fixed-rate loans. Their interest rates go up or down with market conditions. ARMs may start out with a fixed interest rate, but after a few years will reset to a variable interest rate for the remainder of the term. If you are considering an ARM, look for one that caps how much your interest rate or monthly mortgage rate can increase. This will help you avoid financial trouble when the loan resets.

There is a certain level of risk associated with an ARM. You must be comfortable with that risk before obtaining one. An ARM may be ideal if you don’t plan to stay in your home for many years, saving you a lot in interest payments.

Pros

  • Lower fixed rate in the first few years of homeownership
  • Substantial amount of money on interest payments saved

Cons

  • Monthly mortgage payments could become unaffordable, resulting in defaulting on the loan
  • Home values may fall in a few years, making it harder to refinance or sell your home before the loan resets

It Pays to Know the Pros and Cons

From the very beginning of your house hunting efforts to closing day, then on to the day you sell your home or pay off your mortgage, it pays to know the pros and cons of home loans. The type of home loan you choose to obtain will make a big difference in costs upfront and long-term.

With over 30 years of experience in the Brooklyn real estate market, Charles D’Alessandro is a Brooklyn Real Estate Agent you can trust. He’ll help you understand the differences and benefits of home loans so you can choose one that’s best for you. Ready to enter the real estate market in search of the perfect home? Contact Charles D’Alessandroyour Brooklyn Real Estate Agent with Fillmore Real Estate at (718) 253-9600 ext.206 or email [email protected] today.

Resource: 5 Types of Mortgage Loans for Homebuyers at Bankrate.com


 Charles D’Alessandro

Your Brooklyn Real Estate Agent

718-253-9600 ext. 206

[email protected]