EN

Translate:

  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR
  • FLOWERS AND ME
  • More
    • HOME
    • JUMBO REVERSE MORTGAGES
    • REVERSE MORTGAGE FAQ
    • IS IT RIGHT FOR ME?
    • PROS-CONS-CLOSING COSTS
    • WHAT ARE THE SAFEGUARDS?
    • WHAT IS HECM COUNSELING?
    • MANUFACTURED HOMES
    • FIRST TIME HOME BUYERS
    • PURCHASING WHAT NOT TO DO
    • FINDING THE RIGHT LOAN
    • POOR CREDIT -WE CAN HELP.
    • VA HOME LOANS
    • DOCUMENTS-UNDERWRITING
    • ADVISORS MORTGAGE INFO
    • CONTACT US
    • MORTGAGE LOAN ORIGINATOR
    • FLOWERS AND ME

EN

  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR
  • FLOWERS AND ME


Helpful Information ~ Reverse Mortgage Long Island.com

Advisors Mortgage 888-843-9797 or 631-804-9044

Purchasing - What Not to Do

Things You Should NOT Do When Purchasing a Home

 

 1. Don't change your job before applying for a home loan. 

Also, now is not the right time to become self-employed or to quit your job.


2. Don't buy a new car -- now is not the time.  

Financing any form of transportation with a loan increases your debt to income ratio. When applying for a mortgage, it's best to wait.


4. Don't buy furniture on credit before purchasing a home. 

Buying new furniture increases your debt-to-income ratio. If your ratio is excellent, there should be no problem. And if there's money in your bank account, this should not affect you. However, it is best to save your money and buy after closing. Of course, you need a bed to sleep in, so don't neglect the necessity for creature comforts.


5. Don't be late on your credit card payments or charge excessively. 

Your credit report is a picture of how you spend your money, so take responsibility so lenders can see how you manage your money.


6. Don't make large deposits into your bank accounts.  Lenders check for what is termed "seasoning", where you can show funds have been in your bank account for a couple of months. Gifts that do not have to be paid back are fine, but lenders may worry you borrowed the money which is not permitted in mortgage lending.


7. Don't lie on your loan application. Tell the truth on your application. Fraud is not taken lightly on mortgages. It's against the law.


8. Don't co-sign a loan for anyone.  If you co-sign for someone else, this will increase your debt-to-income ratio, and you also become responsible if the debt goes unpaid; this can hurt your chances of getting a mortgage.


9. Don't apply for new credit cards or personal loans while applying for a mortgage.  If you open new credit card accounts or obtain a personal loan, it shows more debt when underwriters review your application.  Also, when you apply for a credit card, an inquiry appears on your credit report and can temporarily reduce your credit score up to five points. It's just not a good idea to take out new credit when applying for a mortgage loan. 


10. Don't spend money that you will need for closing costs. Closing costs are a huge part of a new mortgage on a home that you need to consider. Be sure to hold money aside for closing costs that you'll lay out of pocket on a purchase. 


What Is a Home Appraisal?

An appraisal is an unbiased professional opinion of a home's value. Appraisals are almost always used in purchase and sale transactions whether residential or commercial.  They are commonly used in refinances. An appraisal is used to determine whether the home's value or contract price is appropriate when considering the home's condition, its location, and its features. Lenders who are refinancing a home are not going to lend a borrower money until they know that the home's value is worth the financing being provided. 


Get an Engineer's Report

Engineer's Inspection

This is a visual survey of the conditions of a home by a licensed and certified engineer. What examinations are done? The engineer examines the following: the foundation, the building structure, the interior, the exterior, the electrical system, the plumbing system, the mechanical heating and cooling system as well as insulation and ventilation issues. It can take a few hours to complete the inspection. 


Engineer's Report and Appraisal-What's the Difference?

An engineer's inspection focuses on the structural condition of a home whereas an appraisal required by your lender focuses on the value and the condition of the home. 


WHAT DO ENGINEERS DO?  

Engineer's reports are not required by lenders.  But getting an engineer's report is key to making the right decision when purchasing. Engineers inspect the foundation, the the walls, the ceiling, the floor structure, and the roof. The purpose of this inspection is to make sure  load paths and the passing of time have not caused any post-construction building problems. Engineers perform floor level surveys; mapping out the roof and ceiling framing; mapping out the foundation and floor framing, and documenting the locations of physical damage such as drywall, plaster and brick veneer cracking. The results of the evaluation are presented in a report complete with photographs and drawings and other information.  A structural inspection is especially important in the purchase of a home so you can be assured there are no structural defects you aren't unaware of prior to purchasing the home. 

FINDING THE RIGHT LOAN

Do Sellers Generally Make Repairs?

It's About WHO Will Do the Repairs

Many sellers are not keen on fixing costly and time consuming repairs revealed on an inspection or engineer's report.  You may have an eager seller that makes your life easier and is compliant, but buyers are not always in the frame of mind to fix something on a prospective house when they can buy a house that doesn't require repairs.  Now, if the costs are not too high, there are sellers who will consider fixing items found in the report. Things like caulking a bathroom tub, lights or fans that don't work, and things that don't require a lot of effort to repair or replace are some things a seller might agree on doing. But putting in a new AC unit or a new furnace might not be things they would be willing to do.  They would rather leave that up to the buyer.


What is Essential?

If there are safety issues such as mold in parts of the home that are removable or  electrical panels that can be fixed, something that could cause danger to the prospective homeowner or impose a future liability on the seller, the seller might make a move to do the repairs. Painting rooms, replacing carpet that you do not like are not things the seller would relish doing in order to sell his home. Now, that doesn't mean he might not spruce up his house just to sell it, but cosmetic changes or things you don't like are not going to be items that sellers jump at the chance to change. In other words, pleasing you has a limit.


Make a Short List

Don't go to contract signing with a list a mile long of things you want fixed. If you are negotiating a sales price with a seller, it's entirely possible he may reduce his price so you can do repairs yourself after you close.  But some of the items on your list may very well encourage the seller to do what you are asking if he truly wants to sell his house.  Repairs that are deemed essential can be easier to convince a seller to fix. Safety issues such as upgrading electrical panels or defective outlets or removing mold can generally get a homeowner to budge because the repairs would prevent harm to the buyer and future liability for the seller. Requests for repairs that are non-essential such as worn-out counter tops or new paint in a bedroom might not be greeted as enthusiastically by a seller.



 

Closing the Deal Sooner Rather Than Later


Sellers want their homes sold as quickly as possible. If you make a solid offer that is not outrageously reduced, you have a good chance of getting that home or at least negotiating a better price.  


Also, if you are pre-qualified and can prove to the seller that you are a worthy candidate for a mortgage, the seller may go the second mile to do some of the repairs you placed on your list. It all depends on what type of market exists at the time.  If it's a buyer's market, the seller may be easily moved.  


There's an old saying, "pick your battles".  So be smart, be wise, and there's a good chance you'll get that house if you keep up your confidence and just go for it! Feel free to contact Advisors Mortgage to receive answers to your mortgage questions, especially if you're thinking of buying you firsthome.  

Advisors Mortgage -  888-843-9797  or 631-804-9044  


POOR CREDIT? WE CAN HELP~ CLICK HERE

Advisors Mortgage -888-843-9797/ 631-804-9044

Drop us a line!

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We can help you with all your mortgage needs.

We love our customers. Whether a Reverse Mortgage or conventional or FHA or VA loan, we can help. 

ADVISORS MORTGAGE GROUP, NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, NY 11793

Whether you are looking to purchase a home or refinance your current home, use our contact form below to contact Advisors Mortgage!  We would like to help you find the home of your dreams or make your current home even better.

  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR


ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  -  Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker. Licensed by the New Jersey Dept of Banking and Insurance, Licensed by the Florida Office of Financial Regulation, 

 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. ,

 Licensed by Texas Dept. of Savings and Mortgage Lending,  

 IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044

Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. This website is not sponsored by FHA or HUD or any government agency.  



“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.    A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”



This website uses cookies.

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.

DeclineAccept