EN

Translate:

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

EN

  • HOME
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS AND CONS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • MANUFACTURED HOMES
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • ABOUT KATHIE ADLER
  • 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 use your money wisely.


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 borrowers 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 find, but lenders may worry you borrowed the money.


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 can hurt your chances of getting a mortgage.


9. Don't apply for new credit cards while applying for a mortgage.  If you open new credit card accounts, it shows more debt when underwriters review your application. It's not a good idea to take out new credit cards while applying for a mortgage loan.


10. Don't spend money that you need for closing costs. Closing costs are a huge part of a mortgage that you need to consider. Be sure to hold money aside for closing costs. 


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 takes 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. 


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
image329

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 those 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/replace. 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 as wanting to do 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 in that home are not going to be items that sellers jump at the chance to change.


Make a Short List

Don't go to contract with a host of things a mile long that need fixing.  Pick the things you feel are necessary to satisfy you and entice you to buy that home. Choose the things that are make or break priorities for you. If you are negotiating a sales price with a seller, it's entirely possible he may reduce his price so you can do those 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 or practical 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 repair could prevent harm to the buyer and preclude 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 priced, you have a good chance of getting that home.  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 on your list. It all depends what type of market it is.  It it's buyer's market, he may be easily moved. 


Learn More

This is a content preview space you can use to get your audience interested in what you have to say so they can’t wait to learn and read more. Pull out the most interesting detail that appears on the page and write it here.

POOR CREDIT? WE CAN HELP~ CLICK HERE

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

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

image330

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

REVERSE MORTGAGE LONG ISLAND

3330 Park Avenue, Wantagh, New York 11793, United States

888-843-9797 or 631-804-9044

ADVISORS MORTGAGE GROUP, LLC  Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793  -- 

CALL NOW: 888-843-9797 or 631-804-9044

Licensed Mortgage Banker. Licensed by the New York State Department of Financial Services, Licensed by the New Jersey Dept. of Banking and Insurance -  FOR CONCERNS OR COMPLAINTS, PLEASE CALL ADVISORS MORTGAGE:   800-778-9044 


NOTE: 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.


NOTE:  © No part of this site, [DOMAIN NAME], may be reproduced in whole or in part in any manner without the permission of the copyright owner. Site formerly Reverse Mortgage Helpline.

 

“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.”