Posts Tagged ‘MORTGAGE LENDERS’

Tips for Successful Brooklyn Short Sales

Thursday, February 2nd, 2012

Short Sale  And Your Brooklyn Home

The reality of today’s real estate market means that there are many opportunities to purchase Brooklyn short sales.  While the process can still be confusing, it is increasingly common. Here are a few tips on how to make sure you leap through the extra hoops a short sale requires with ease and grace:

  • Avoid short sales with multiple mortgage lenders: Offers on Brooklyn short sales with two different lenders are at a much higher risk of being declined. The first mortgage lender will likely only allow a small percentage to go to the holder of the second mortgage – who will therefore be likely to veto a deal, on the hope that more funds would be generated in a foreclosure.
  • Check the Real Estate Agent’s Short Sale Track Record: Agents with experience in short sales are much more likely to be able to successfully navigate the system than those new to the vagaries of short sales.
  • Make Reasonable Offers: Short sales can be better deals, but they are unlikely to be magically cheap.  No matter what, the bank isn’t going to give the home away just to avoid foreclosure.  You want to put together an offer that makes the buyer and the bank happy.
  • Follow Up on the Details: With the bank involvement, there will be more negotiation and more detail.  Keep your i’s dotted and t’s crossed to make sure the process doesn’t stall.
  • Allow For Extra Time: Short sales are not a short process, so if you are truly in a hurry to close a deal, consider other options.

If you’re looking for a real estate agent with experience in Brooklyn short sales, give me a call.  I can help you navigate the system and close on your new home. You can reach me at call 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]

4 Types of Mortgage Lenders for Your Brooklyn Home Loan

Sunday, January 9th, 2011

One of the least understood aspects of Brooklyn home loans is the different types of lenders.  Many people assume they have to get a home loan from a traditional savings and loan.  Not so.  There are many different types of lenders.

Here are the main types of mortgage lenders and how they function:

1. Mortgage Bankers: Mortgage bankers are loan originators that operate with the sole objective to sell the loan they create to another source. Even though they will sell the loan they must have the ability to finance the loan in the first place and hold it until it is sold.

2. Mortgage Brokers: This type of lender does not originate loans for your Brooklyn real estate, they prepare the paperwork to submit to multiple lending institutions and get offers they will present to you to choose from. Their offers may come from any of the other types of mortgage lenders.

3. Banks and Savings & Loans: These are the most common traditional sources of mortgage loans.  They use the backing of their depositors to fund mortgages.  In turn, they use the money paid by borrowers to repay the depositors’ interest for allowing them to use the money as an investment.

4. Credit Unions: Credit Unions operate in largely the same way a bank or savings and loan does by using money from a pool of depositors to finance investments in the form of mortgages and other types of loans. The difference is that most credit unions are operated out of a collective pool of closely associated people generally through a work place or professional organization.

If  planning getting into the Brooklyn real estate market to buy a home to always get Pre Qualified by a lender before you start.

If you’d like help determining the best type of mortgage lender for your Brooklyn real estate purchase, give me a Charles D’Alesssandro of Fillmore Real Estate call today at (718) 253-9600 ext 206 or email me at [email protected].