Home Mortgage & Refinancing Serving Locations Throughout New York State
Call us Today: 518-782-1202

Frequently Asked Mortgage Questions

How Do Mortgage Lenders Determine Your Qualifying Credit Score?

Posted in FAQs, First Time Homebuyers

In a typical mortgage application scenario, a home buyer will have 3 credit scores: one from TransUnion, one from Equifax, and one from Experian. If you’re applying for a mortgage, it’s important to understand your credit score and know which of the 3 credit scores provided will be used to determine your mortgage eligibility, as the numbers can vary significantly. Keep in mind that lenders will typically choose the middle credit score to use when determining your…

Continue Reading »

What is a Mortgage Broker & How Does it Differ from a Bank? [VIDEO]

Posted in FAQs, First Time Homebuyers

A home will likely be the largest purchase you make in your life. When it comes to financing that purchase, you have lots of options to consider. Government loans, conventional loans, fixed rate loans, adjustable rate loans and more – there are so many mortgage options to choose from. But while you’re considering your options in terms of home loans, you may also want to carefully consider the source of that loan. If you are a…

Continue Reading »

The What, Why & How of Mortgage Escrow Accounts

Posted in FAQs

Many homeowners who plan for a mortgage payment within their budget are unpleasantly surprised to discover their lender requires an additional amount, paid monthly, called ‘Escrow’. What is Escrow? Escrow is basically an account that is separate from your ‘mortgage payment’ where funds are deposited to specifically pay for items that relate to home ownership, such as property taxes and private mortgage insurance (PMI). It is typically an amount over and above the principal and…

Continue Reading »

Mortgage Down Payments & Private Mortgage Insurance (PMI)

Posted in FAQs, First Time Homebuyers

The Down Payment Hurdle: How Much is Too Much? For most first-time home buyers, saving enough money for a down payment is the biggest hurdle to owning a home. Traditionally, lenders have required a down payment of at least 20% of the home’s purchase price, which can be daunting for many. However, many lenders will now accept less than 20% of the home’s purchase price if the borrower also pays for private mortgage insurance (PMI). In…

Continue Reading »

What Are Closing Costs? Is There a Way to Estimate Them?

Posted in FAQs, First Time Homebuyers

Closing costs are various fees that are paid at the closing of your mortgage. Depending on the state you live in, the closing is where you’ll sit down with the seller and those involved in the home buying transaction, such as real estate brokers and lawyers, and you will sign all the paperwork and remit payments that officially transfer home ownership to you. You’ll walk out with the keys… and a bit less money in…

Continue Reading »