Originally founded as a getaway from the hustle and bustle of New York City, Garden City has managed to build up its own busy atmosphere while still maintaining its small-town appeal. Garden City, a village with just over 20,000 people, is located on Long Island, less than an hour from Manhattan. The village thrives as a small suburb, with its community-minded residents working to keep the history and tradition of the area intact. Garden City was once home to Roosevelt Field, where Charles Lindbergh took off for his famous trans-Atlantic flight, and other well-know aviators, like Amelia Earhart, also used the field. Roosevelt Field has since been transformed into a shopping district, and the area is complete with restaurants that will satisfy the tastes of even the pickiest eaters. Garden City offers the complete package to those who decide to make it their home.
Mortgage Loans
If you are ready to purchase a home in Garden City, then you need to find a respectable and experienced lender to guide you through the process. Here are some questions to ask when searching for lenders:
How long have they been in business? You want someone who knows what she is doing, and you will most likely find this in someone who has been in business for a while. Aside from being the most knowledgeable, experienced lenders also usually carry a good track record.
Are they personable and easy to talk to? Since you will be working closely with this person throughout the lending process, it is important to get someone who you have a good rapport with. You need someone who you feel comfortable talking to and asking questions of, and they should always be willing to answer honestly.
Are they a full-service lender? Full-service lenders provide you with service from the beginning to the end and can often help you with other financial areas and lending needs, too. These lenders can come in handy, especially when you find someone you like and would prefer to deal solely with that person.
Once you have decided on a lender, you need to ask yourself about your lending needs. Following are some questions to keep in mind.
What kind of loan am I looking for? If you are a first-time homebuyer or looking to purchase a new home, then you will need a new mortgage. If you already own a home but are interested in changing your loan type or duration, then a refinance will be the thing for you. And if you are simply looking to get a little extra cash through your home’s equity, then a home equity loan or line of credit is what you need.
How long do I want to repay my loan?If you are getting a new mortgage or refinancing an existing one, then you will need to choose a term. Thirty and fifteen years are standard for mortgages, but there are other payment plans available. Home equity loans usually come with a ten or fifteen year note.
What costs will be associated with my loan? Your new mortgage, refinance, or home equity loan or line of credit will probably come with fees that you will be responsible for. The closing cost is the biggest one, but you may have appraisal fees, credit report costs, and document preparation fees, to name a few. Check with your lender about which fees will apply to you.
How much can I handle?You need to take an honest look at your financial situation and budget, and figure out how much you can borrow for your mortgage, refinance, or home equity loan. Talk to your lender about how much your monthly payment will be. You don’t want to get in over your head, so borrow within your means.
If you are ready to start finding out the answers to these questions, then complete the form below. One of our lending experts will contact you to discus your mortgage, refinance, or home equity options.
