Michael Campites

Mortgage Consultant NMLS#: 160086

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Phone: 631-656-6450
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In previous blog posts, we’ve explained the real estate closing process in New Jersey and the various costs that home buyers have to pay. Today, we’ll talk about some of the things buyers can do to prepare for closing day. But first, a quick definition is in order. Definition: You can think of the “closing” as the final step in the home purchasing process. It’s when you will sign all of the finalized documents relating to your mortgage loan and the transfer of the property. It’s also when you’ll receive the keys to your new place. How to Prepare for Your Closing Day As a home buyer in New Jersey, there are some steps you can take to help ensure that your closing process goes smoothly. Much of the paperwork will be done by other people, such as a title or escrow professional. But home buyers can be proactive here as well. Here are some steps you can take. 1. Start saving for closing costs and other expenses. It’s never too early to start putting money aside for your closing costs, and the more you can save the better. Most home buyers in New Jersey have to pay closing costs of some kind when they purchase a house or condo. You’ll receive an estimate of these costs when you apply for a mortgage loan, as well as a finalized list shortly before the scheduled closing day. Getting a head start on the saving process can help ensure that you’ll have the funds needed to close. 2. Try to keep your financial situation stable. When you’re being reviewed for a mortgage loan, it’s generally a good idea to keep your financial situation “static.” That’s ...

Buying a “fixer-upper” home in New York has its advantages. For example, homes in need of work are typically priced well below comparable turnkey properties that are move-in ready, so it’s a chance to save money. You also get to put your own finishing touches on the property you’re buying. There are many ways to finance the purchase of a fixer-upper home in New York. The FHA 203k loan program is one of the most popular financing strategies among buyers. But how does this program work, and what benefits does it offer to you  as a home buyer? Here’s what you need to know. FHA 203k: Rehab Loans for New York Buyers Some home buyers who purchase fixer-upper properties in New York use two separate loans — one to finance the purchase itself, and one to pay for the renovation work. But it can be time-consuming, challenging, and sometimes costly to obtain two different loans for one property. That’s where the FHA 203k program comes in. This program is managed by the Federal Housing Administration, which is part of HUD. According to the HUD website: “Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage.” These loans can also be used to finance the rehabilitation of an existing  home. (Due to their nature, they are also referred to as rehabilitation or “rehab” loans, and sometimes FHA construction loans. All of these terms generally refer to the same program.) Other important details of this program: FHA 203k loans are ...

For a lot of New York home buyers, the down payment can be the biggest hurdle to buying a home. But it might only be a perceived  hurdle. The truth is there are several mortgage programs available in New York that offer low down-payment requirements. Additionally, borrowers might be able to obtain gift money from a family member or borrower from a 401k. Those are just some of the ways you could buy a home in New York with little to no money down. Buying a Home With Little Money Down, Using FHA House prices across New York have risen steadily over the last few years.  As a result, many home buyers in New York are seeking ways to reduce their upfront, out-of-pocket expenses when buying a house. Some prefer to buy a house in New York with little to no money down. Here’s how you might accomplish that goal. Despite common misconceptions, you don’t necessarily need a down payment of 20% or more when buying a house in New York. There are mortgage loans available that offer a much lower upfront investment. The FHA loan program is one of those financing strategies that offers a low down payment. The Department of Housing and Urban Development (HUD), which manages this particular mortgage program, allows borrowers to make a down payment as low as 3.5% of the purchase price or appraised value. Even better, HUD allows FHA home buyers to obtain gift money from a third-party donor, such as a family member, a close friend, or even an employer. These funds can be used to cover some, or all, of the minimum required investment. This is one way you could buy a home in New York with little ...

Silver Bay Lending offers a variety of mortgage calculators for New York home buyers and homeowners who are in the market for a loan. This article provides an overview of the mortgage calculators we offer on our site, and how they can help you with your budgeting and planning. How much will my mortgage payments be each month? How much of a house can I afford to buy? How much income do I need to qualify for a mortgage loan in New York? These are some of the most common questions home buyers and homeowners have about mortgage financing. Fortunately, we offer several budgeting and mortgage calculators to help you answer these and other important questions. Overview of New York Mortgage Calculators You’ll find more than a dozen different calculators on our site. They are designed to help you in your research and budgeting process. Here’s a quick overview of some of the most useful calculators for New York home buyers and homeowners who need mortgage financing. Monthly Payments :  There are a lot of mortgage payment calculators available online. But many are limited in the sense that they only allow certain basic parameters, like the loan amount and term. We offer New York home buyers and homeowners a more advanced monthly payment calculator. It allows you to calculate your payments more accurately, by including variables such as home insurance, property taxes, and mortgage insurance. Affordability :  How much can you borrow for a mortgage loan in New York? This calculator allows you to calculate the amount you can afford to borrow in much the same way that a lender would calculate it. You can enter ...

As a home buyer or homeowner in New York, you have a lot of options when it comes to choosing a mortgage company. In fact, the idea of choosing one company out of many can seem overwhelming at first. Where do you even begin? Customer reviews are a great place to start. Using Customer Reviews to Choose a Mortgage Company As a mortgage shopper, you have several tools that can help you choose a New York mortgage company. Customer reviews should be at the top of your research list, and for several reasons. Unbiased reviews from current and previous customers can give you a better sense of how a particular mortgage company operates — and how it treats its customers. That’s something you can’t get from advertisements or other marketing materials, which are typically written by the company itself. Silver Bay Lending Has Many Positive Reviews For many years, Silver Bay Lending has been meeting the mortgage financing needs of home buyers and homeowners across New York. And in that time we’ve earned a large number of positive reviews from our customers (home buyers and homeowners). “Earned” is the key word in that last sentence. Good reviews don’t come easy. They have to be earned. A mortgage company earns favorable reviews from its customers by helping them accomplish their home financing goals in a timely fashion and with good communication. Our customers have taken the time write honest, heartfelt reviews of our mortgage company and staff. They do this for a variety of reasons — but mostly , it comes down to the fact that they were treated right along the way. As of April 2018, ...

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