For most people in the United States, the excitement of living in the nation’s largest city is a dream that doesn’t seem possible. Even though there are hundreds of towns and suburbs that are affordable to the average family, the idea seems too fanciful to most people to take seriously. But most people don’t aren’t aware of Harrison, New York. The town located just over the New York/Connecticut border has wonderful access to public transportation, so you can commute back and forth to Manhattan every day and leave the car at home, not to mention the fact that there are several major highways that service the Harrison area, too. And if you want to get out of the New York metropolitan area for the day, you have highways leading north and west right at your doorstep, too. It’s no wonder that the Harrison area is one of the fastest growing suburbs in the New York metropolitan area. If you already call Harrison home, you might be interested in learning more about a low-interest refinance to your mortgage or maybe even a home equity loan. If you are thinking about relocating to Harrison, you might be in need of a solid first mortgage. Here are a few tips for those looking to own a home in the near future.
Refinance
If you’ve already gone through the mortgage process once, you know all about the magic of the good faith estimate. Well, you’ll be happy to know that you get a good faith estimate with a refinance, just like you did with your first mortgage. If you missed the good faith estimate or if you went with a lender that was less than honest the first time around, let’s take a look at what a good faith estimate is and how you can use it to your advantage.
A good faith estimate is a piece of consumer legislation that was passed a few years back to help protect consumers from predatory lenders. The estimate must include every fee and cost that comes with getting your bank loan. For those of us who are shopping around for the best bank loan, they are like a golden ticket. By having a comprehensive list of every fee that particular lender will charge, you can compare and contrast between lenders and see which one is really giving you the best deal. However, some lenders will call one particular charge one thing and another lender will have the exact same charge, but with a different name. Also, while we’re all comparing fees and costs, don’t forget about the bigger picture. Interest rates and terms are still far more important over the long haul of your refinance than a few extra dollars in fees. The good faith estimate is a great tool that lets average consumers check their lender’s fees, but it isn’t the end all of mortgages.
First Mortgage
If you are applying for your first mortgage, you’ll be pleased to get your good faith estimate. By checking your good faith estimate, you’ll have a list of the exact cost of the loan process. Since you probably already have money set aside for your down payment and even a little to buy points if you are able to, it is a great comfort to know the bottom line when it comes to your loan.
Home Equity Loan
While a good faith estimate isn’t really necessary when it comes to a home equity loan, you should never feel that your lender is being dishonest with you. Remember, it is a big sea out there, and if you feel that a lender, even if it’s a lender you trust, is being less than forthcoming with you, keep fishing.
If you would like more information on getting a home equity loan, a refinance, or a first time mortgage, please fill out the form below and one of our experts will contact you.
