If you’re thinking about taking the plunge into homeownership, before you even start looking, talk to a qualified mortgage professional to get preapproved for a home loan. Armed with that information, you can make better decisions on the type of  Brooklyn real estate you can afford to buy.

Follow these steps to get preapproved for a mortgage:

1)      Get referrals. Ask family, friends, neighbors and your Brooklyn real estate agent for referrals to a lender with whom they have had a good experience. Talk to several lenders to compare service, rates and other options.

2)      Review your credit report. If anything unexpected appears on your report, do what you can to resolve the issues before you apply for preapproval.  Lenders will review your credit report before preapproving you for a home loan.

3)      Provide financial information to the lender. This usually includes documentation of your income, recent statements for all your checking and savings accounts, assets and debt (for instance, credit card debt and car payments).

Even though the preapproval process is rigorous, obtaining a preapproval still does not guarantee that the lender will ultimately fund your loan. Lenders still need to look at property appraisals, verify your information and potentially check your credit again before agreeing to give you a mortgage.

Preapproval helps you narrow the focus of your Brooklyn real estate search to properties that are within your financial reach. It also helps you check out lenders to find one that is the best match for your situation. When you find the Brooklyn real estate of your dreams, you’ll be ready to move to the next step!

If you’re looking for more information on the home buying process, I can help. Give me a call today at Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]

Should you be marketing to first-time home buyers in order to sell your Brooklyn real estate? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has a wealth of information on first-time home buyers and will help you figure out if you should market to this large and important group of buyers.

Here are the stats (courtesy of AgBeat.com) you need to know about first-time home buyers before selling your Brooklyn real estate:

• Long-term survey averages show that 4 out of 10 buyers are typically first-time buyers. This segment is critical to a housing recovery because they help existing home owners sell and make a trade.
  • The median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study.
  • The typical first-time buyer purchased a 1,570 square foot home costing $155,000.
  • First-time buyers who financed their purchase used a variety of resources for the down payment: 79 percent tapped into savings; 26 percent received a gift from a friend or relative, typically from their parents; and 7 percent received a loan from a relative or friend. Nine percent sold stocks or bonds and 8 percent tapped into a 401(k) fund.
  • Ninety-four percent of entry-level buyers chose a fixed-rate mortgage. Fifty-four percent of first-time buyers financed with a low down payment FHA mortgage, and 6 percent used the VA loan program which requires no down payment.

What this Information Means to You

If you’re selling an existing, entry-level home, you’ll most likely be selling to a first-time home buyer with a median age of 31 and a median income of $62,400. First-time home buyers are most likely to get a fixed-rate, FHA mortgage. Gear your marketing toward that buyer to have more success.

If you’re ready to sell your Brooklyn real estate, whether it appeals to first-time buyers or other types of buyers, I’ll market it to get it sold quickly and for as much as possible. Give me a call  Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate for more information. at 718/253-9600 ext 206 or email me at [email protected]

If you get a mortgage for more than 80% of your Brooklyn real estate’s fair market value, your lender will require that you pay Private Mortgage Insurance (PMI). PMI payments are expensive at about 0.5% to 1% of the entire loan amount on an annual basis.

Obviously, it would be a good thing if you didn’t have to pay PMI. To help you achieve that goal, here are several tips to avoid paying PMI on your Brooklyn  real estate:

Save for a big down payment: The easiest way to avoid PMI is to have a down payment of at least 20% of the value of the home you want to purchase.

• Borrow to get 20% down: Check with friends and family for down payment assistance. You can offer repayment with interest and still never pay as much as you would have to for PMI.
• Get a Second Mortgage: Getting a second mortgage to cover the difference between your down payment on your first mortgage and the 20% threshold for your PMI can make a substantial difference in your monthly payments. Talk to a qualified mortgage professional to discuss your options.
• Pay More Interest: Some lenders will waive PMI if you agree to a higher interest rate. Again, discuss your options with a mortgage professional.
• Consider a Less Expensive Home: This goes back to being able to hit that 20% threshold. As we’ve all seen in this tough economy, stretching beyond your means can have dire consequences if your circumstances change. Consider if you really need that extra bedroom and extra expense. If you haven’t saved enough to afford an expensive home, downsize your expectations and buy within your means.

If you’d like a referral to an outstanding mortgage professional or need help finding Brooklyn real estate that fits your budget, give Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

If you are on the verge of buying Brooklyn real estate, you’ve probably heard the term Private Mortgage Insurance (PMI). Mortgage professionals talk about it a great deal, but you may be asking, “What is it exactly? And why should I care?”

Private Mortgage Insurance Defined

PMI is required by lenders if the down payment of a purchase is less than 20 percent of the home’s value. It protects the lender if the borrower defaults on the loan. It also makes the lender more apt to loan, even if the down payment is as low as 3%, because in the long run, the lender’s investment is protected.

You Pay For It

Unlike other types of insurance which you pay to protect your interest in an asset, you pay Private Mortgage Insurance to the mortgage company to protect its interest in your new Brooklyn real estate. (Note that PMI is not usually tax deductible. Check with a tax professional for details. )

Make It Go Away: PMI Can Be Terminated Once You’ve Paid Down Your Loan

Once you pay down your mortgage to the point where it hits the magical 80% of the original purchase price or appraised value, whichever is less, you can request cancellation of PMI. The Homeowners Protection Act requires that loans made after 1999 include notifications to the borrower when you arrive at this point in your payments.

Your PMI payments must be automatically canceled once you pay down your loan to 78%. At closing, and on a yearly basis, you should receive information from your lender about when you can request cancellation.

Whether you’re ready to buy Brooklyn real estate or need more information before taking the plunge, I can help. Give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

If you’re sitting in your apartment right now thinking: I wish I could paint it, but my lease doesn’t allow it, maybe it’s time to talk to a Brooklyn real estate agent about purchasing a new home.  Before you rush off to the store to look at paint samples or, more importantly, sign on the dotted line of any mortgages, consider the pros and cons of buying.

Pros

1. Financial Investment: Given the gloomy news on foreclosure rates across the country, it is easy to forget that buying Brooklyn real estate is also a means of saving and investing.  The money you pay in rent to your landlord goes to your landlord; the money you put toward a mortgage goes toward building equity in your home.
2. Pride of Ownership: By buying a home, you will be able to paint the interior walls any color, renovate to your heart’s content, put nails in the walls and know that it is truly your territory. As a homeowner, you have a level of control over your environment that renters lack.
3. Putting Down Roots: Purchasing Brooklyn real estate is a commitment to a community, akin to staking a flag in the ground.  You’re not just passing through, if you own your own home.  Most mortgages are 15 to 30 years.  Certainly, you can sell before that time is up, but with closing and moving costs and an uncertain market, the era of flipping houses for fun and profit is at a close. Buying your first home may involve considerations on other long-term decisions such as where you want to raise your children.

Cons

1. Additional Expenses: Even if the mortgage you secure on your home is less than your current rent, home ownership comes with a lot of extra bills. You may not have considered the cost of yearly real estate taxes, insurance, repairs, and maintenance.  If your water heater dies as a renter, your landlord is required to replace it.  As a homeowner, you’re looking at the time and expense of getting it replaced yourself.
2. Less Flexibility: Rental leases often include provisions for leaving before the termination of the lease.  So, if you’ve decide to accept a job offer in Paris, while you might lose some money in security deposits, you can sever your connection relatively easily. That’s not the case with a mortgage.  You are responsible for the payment on the mortgage whether you live in your home, rent it out while you’re in Paris or leave it vacant. Buying [city] real estate is a serious, long-term commitment.
3. Less Time: With most apartments, someone else is raking the leaves, shoveling the snow, mowing the lawn, and replacing that broken water heater.  As a homeowner, those duties would fall to you or someone you hire to tend to those issues.

Whether you’re ready to stop renting and buy a home or you need more information before taking the plunge, I can help. Give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected]

With Halloween right around the corner, you’re probably planning costumes, decorating for fall and maybe becoming aware of eerie home happenings that you wouldn’t normally notice. While the prospect of living in a haunted home could be scary to some, the idea of selling spooked Brooklyn real estate might be even more horrifying!

Rumored ghosts and past suspicious incidents could result in your home being moved from buyers’ purchase lists to their black lists. If you or your neighbors believe your home is haunted, take the following ghost-busting tactics into consideration before you put it on the market.

Follow the law – If you think your home is haunted, consult with a Brooklyn real estate agent to ensure you’re following the law. Every state’s legal procedures are different. You could be obligated to notify potential buyers or face legal ramifications down the road — or you may not have to utter a word.

• Squash the rumors – If you don’t think your home is haunted but others do, it falls into the category of stigmatized property, which includes all houses with perceived problems. Talk openly and lightheartedly about the rumored problems, and put an end to scary stories. Also, host a ton of open houses so buyers can experience the home’s aura for themselves.
• Seek out professional haunting help – Believe it or not, some mediums make a living from clearing houses of negative energy, ghosts or whatever you want to call the eerie feeling people get inside your home. If your Brooklyn real estate agent can tout that you’ve had your home cleansed of negative energy by professionals, you might be one step closer to a closing date.
• Reduce and be rid – You might just have to bite the bullet and reduce the price drastically. The goal is to entice an investor who isn’t planning on actually living in the home, but has other plans for it.

If the cat’s out of the bag about your home for sale being haunted, please call me at Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected], for more ghost-busting information.

Price Adjusted !

Located just a few short blocks from Brooklyn’s

Marine Park and close to transportation,this all brick

legal two family is just waiting for it’s next owner!

Features include!

• Legal two family home
• 3 Spacious bedrooms
• Hardwood floors
• Front and rear patio’s
• Private Driveway Garage
• Spacious rear Yard
• Walk in apartment one bedroom
• Eat in Kitchen
• Full size Family Room
• Bright Sun Drenched Rooms

For more on this property and others check it out here at www.Brooklynrealestatesales.com

Marine Park, Brooklyn Three Bedroom  Co-op

Price Fixed to $128,800

Three Bedroom coop in the Marine park community of Brooklyn.

Spacious apartment with lots of closets. Just blocks from transportation,

Shopping, Banking and the pleasure of the park.  Call today for more information and an exclusive showing.

For more information on this Brooklyn Property and more Check it out here

Whether you have questions about the above
 Brooklyn New York homes for sale,
or looking for something else I can help.
 Call Me Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate
  at 718/253-9600 ext 206
or email me at [email protected].
 I’ll give you a free home price analysis to determine how much your home is worth.

With the rent on Brooklyn apartments on the rise and mortgage rates being at a long time low, Is now the time to buy your first Brooklyn home ?  For some Brooklyn tenants the rent will cost as much as owning on one of these spacious C0-0p apartments or maybe less ! Check it out!

Why Pay Rent When You Can Own !

Located in Brooklyn’s Graves end section

This beautiful Two bedroom Co-op is conveniently located  close to transportation as well as shopping

A first floor unit that is spacious as well as sun drenched in the daytime the maintenance is reasonable

and the reduced price flexible . Check it out here

Bay Ridge Brooklyn

1 Bedroom apartment in prestigious Shore Road, Bay Ridge.

Spectacular views of Harbor from every room.Large living room, open new EIK, s/s appliances,

granite counters & ceramic floors, foyer can be used as FDR or office.

Master sized bedroom, parquet floors, express bus downstairs, laundry & Super on premises.

Steps to Promenade, Pier, Bike paths & Park.

Close to Finest Restaurants, Cafes & Pubs in Bay Ridge. A must see! Click here for more details

Marine Park, Brooklyn, Three Bedroom Co-op !

Three Bedroom coop in the Marine park community of Brooklyn.

Spacious apartment with lots of closets.

Just blocks from transportation,

Shopping,Banking and the pleasure of the park.

Call today for and exclusive showing. Check here for details

Walk to  Brooklyn’s Flatbush Junction

Located in the East Flatbush section of

Brooklyn this one bedroom Co-op features

spacious and sunny rooms with a large sunkin

living room ,low maintenance and

priced below market. For more details ,Check here

Wonderful Fort Greene one bedroom co-op for sale. Large L-shaped living & dining room.

Spacious bedroom, lots of closets. This co-op is bright & airy.

Maintenance includes Gas & Electric. Great Fort Greene location!

Check out the details

Whether you have questions about the above Brooklyn New York  home for sale, or looking for something else I can help.  Please give Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate a call today at 718/253-9600 ext 206 or email me at [email protected].  I’ll give you a free home price  analysis to determine how much your home is worth in today’s market.

Are you a Brooklyn real estate investor or home buyer who wants to buy a short sale in order to get a great deal?  Unless you’re a seasoned short sale buyer, it’s not as easy as you may have been told.  In fact, there are so many steps to the process, this blog post only covers the first five.

1. Hire an experienced Brooklyn real estate agent. The first thing you want to do is find a real estate agent who is knowledgeable about buying short sales in your local market.  Unless you’re already a short sales expert, you need an experienced agent to guide you through the process because most homes that are listed as short sales never even make it to closing due to problems encountered along the way.  In fact, some stats show that as few as 1 in 10 short sales make it all the way to closing.
2. Get your financing in order. How are you going to pay for the property?  Before you do anything else, have your financing in order.  In a short sale, the lender often moves at a snail’s pace, but you have to be able to move quickly.  Once an agreement is worked out, the lender may require that you close in as few as 20 days.  That’s not enough time to shop for a mortgage.
3. Search for short sales. Your agent will have access to all the homes up for sale as short sales.  Let him or her help you sort through the homes to identify those that fit your needs and are most likely to make it to closing.
4. Research the short list of short sales. Have your real estate agent (see how much work this agent is doing for you?) research the short list of short sales you’re interested in to find out how many mortgages each of them have and how much money is owed.  If you find that there are a lot of loans against a property, your best bet is to move on and find a short sale with only one loan.  Additionally, your experienced agent can steer you away from homes with lenders who are difficult to work with on short sales.
5. Be prepared to pay close to market value. This may sound ridiculous to you because you’ve heard that short sales are an amazing bargain.  Yes, some short sales are priced very low, however, that does not mean the lender will accept that super-low price.  Typically, the short sales that actually make it to closing are going to be priced close to current market value.  Have your real estate agent research pending sale comparables to determine what the current market value is for the short sale you’re thinking of buying.

If you’re interested in investing in Brooklyn real estate, I can help you find the true bargains, whether they’re short sales, foreclosures or just well-priced real estate.   Give me a call Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected].

Just Reduced to Sell!

All brick three family home with large walk in basement

great income with driveway and garage! ASKING $599,000

Check it out here

Marine Park Brooklyn! Two family

Price Reduced!

Brick house with 2 bedrooms over one bedroom.

Brick, semi-detached two family.Call for details.

Check it out here

Price Reduced!

Three Bedroom co-op in the Marine park

community of Brooklyn Spacious apartment with lots of closets.

Just blocks from transportation,  Check it out here

Walk to Prospect Park & Botanical Gardens.

Lefferts Garden Brooklyn – 3 story, 2 family limestone. 6 Bedrooms,

3 baths, hardwood floors, fireplaces, skylight,

pocket doors and other original details.

Walk to Prospect Park & Botanical Gardens.

Check it out here

Whether you have questions about the above Brooklyn New York  home for sale, or looking for something else I can help.  Please give Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate a call today at 718/253-9600 ext 206 or email me at [email protected].  I’ll give you a free home price  analysis to determine how much your home is worth in today’s market.