Home Loans
How Falling House Prices Can Help You Better Finance Your Home Purchase
(presented by www.refinance-refinance.net - mortgage lenders)
By James L Hunter
Homes are not selling as fast as they use to do in this country. And that holds true in the Big Apple as well. If your are going to pay 600K fora house in “only one Kinkos in the whole Brooklyn” or even in “no Starbucks around anywhere on your corner unless you live in a million dollar neighborhood” Queens than be my guest.
However its all about supply and demand. And nowadays its too much supply and not enough demand. But you won’t hear your realtor telling you that. Let me ask you, would you pay 100% retail for summer fashions at the gap in the fall? No! Why, because the demand is less for these things.
The same theory applies to housing prices. Interest rate have been rising and that has created a housing market that has less qualified buyers who can really afford to borrow at these rates. Or to put it short who can afford financing.
This makes demand for housing less it and drives down the prices which actually benefits the house buyer because now the housing market has less qualified buyers who can really afford to borrow at these rates so you can negotiate better on the price you want to pay.
What you need to do is find out beyond a reasonable doubt how much financing you qualify for. Find a desperate loan officer or mortgage broker who has not had a deal in 3 months who will charge you par on the back regardless of your credit. Make sure you get it in writing and ask to see his rate sheet for the bank he is going to submit the loan to. (That means the same rate as he gets from the wholesale lender who will actually provide the money) and make sure in your contract with the owner that you have that the owner will pay these fees as a seller’s concession.
Oh yeah and if the bank says you need a lawyer sign the contract before they will approve the loan you can get one for about 300 bucks at the title company who can easily facilitate the closing. New York tries to create obstacles for the do it yourself person. Don’t be pressured by them to pay more than you should. W!
orst cas
e scenario hire a lawyer who advertise his service for a flat fee which nowadays run around 750 dollars in New York.
To find an even better deal:
Forget a realtor trust me they are looking to get paid. Unless they are thinking along those lines I mentioned above than prepare to raped financially. Especially in New York were commission only workers will tell you anything to make that sale.
Or you can find a real estate investor who does this all day and buy his contract from the homeowner he has negotiated with. You can look in the newspaper under I buy homes, or on a message board forums like the Creative Investor or Creonline or join a group on meetup.com of like minded individuals to network with.
Just hire an inspector to make sure the property is in great shape, and Do not deal with fast talking characters neither.
You are looking for a bargain first, location second, and amenities like Starbucks and retail last. Which in New York qualifies every property outside of Midtown Manhattan.
Don’t be the sucker who buys that home at the top of its value and get stuck with depreciating value later.
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James L Hunter is a loan officer that can do mortgages in 48 states. He used to work in New York and to his knowledge was the only loan officer looking out for his clients best interest. He has a website online called Mortgage Secrets Expert that provides people with information on how to get an mortgage without losing your shirt in finance charges. How to get a cheap Mortgage]www.mortgage-secrets-expert.com/ p> Art |
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