Monthly Archives: August 2013

Staten Island Real Estate

Staten Island homes for sale are at an all time low as far as inventory goes right now. This leads to values increasing through bidding wars and supply and demand. With rates inching up houses for sale in Staten island are not staying on the market for very long. As a matter of fact homes for sale in Staten island have been selling within days of their listing coming up on MLS feeds. Staten island ny real estate is a different breed due to the location and the toll (Verrazano currently $15.00). The body of water separating Brooklyn and Staten island seems to decrease market values. A home worth $500,000.00 in Staten Island is easily worth $750,000.00 in Brooklyn. That being said, for some reason Staten island is still the most desired borough out of all 5 boro’s. Staten Island real estate has outgrown the streets and highways and is in the midst of a big makeover. Stay Tuned.

Sal Criscuolo “The Mortgage Expert”   http://mortgagesSINY.com
Today’s Video Edition of this bloghttp://www.youtube.com/watch?v=fiM-vZxcz8I

Staten Island Real Estate Edition – 1111 South Avenue, Staten Island, NY 10314

 

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Some Facts from the “Mortgage Expert”

Getting approved for a mortgage is not rocket science but people do not seem to get it. As far as Mortgage Lending On Staten Island and Brooklyn (my two main area’s), potential home buyers seem to think that stretching the truth to their loan officer or mortgage broker will help them get to the closing able quicker. Nothing can be further from the truth. Actually the truth is that “if you are forthcoming with your Mortgage Broker or Bank Loan Officer” you stand a much higher chance of getting approved. We are the specialists and  most of us have seen the different scenario’s and understand that this is not only about numbers and low mortgage rates but it’s a visual business as well. We paint a picture for the underwriter and the underwriter determines the ability of the prospect to repay the mortgage. The more TRUTH and FACTS we are armed with, the better and smoother the transaction. CREDIT, INCOME, and AVAILABLE ASSETS make up a mortgage and you Mortgage Broker or Loan Officer will know how to assemble the particular items and paint the full picture of your eligibility. IF THEY ARE DOING THEIR JOB CORRECTLY. Although Staten Island Mortgage Brokers shop their loans to banks, they still have an idea of exactly what type of loan will and will not work.

The next hot spot I need to hit is Mortgage Rates. Mortgage Rates do not vary from bank to bank tremendously. With that being said, be sure to check your APR. This is the one common denominator by which you can comparemortgages, mortgage broker’s and mortgage bankers. Staten Island has over 200 mortgage broker’s or mortgage professionals so it’s very competitive. be sure to get all the facts on your rate and if it’s a low mortgage rate and it’s lower than what everyone else is showing, buyer beware. Until you have a signed loan rate lock in agreement, you have nothing. be sure to get the agreement once you are told you have been locked in. Good Luck and Happy Home Shopping.

Finding out the “True Value” of your Home

Finding out the value of your home on Staten Island, Brooklyn or the Tri-State area in general can be a daunting task. In my 15 years I have noticed (even with myself as a subject), that over 90% of homeowners in Staten Island and the tri-state area in general feel their home is worth more than it actually is. So when you are selling your home, how do you determine the value. Here are some common ways that people “TRY” to use to determine their value:

They go on sites like Zillow http://www.zillow.com and Trulia http://www.trulia.com (Big mistake) These sites are available as a profit center not a TRUE helpful tool to home buyers or seller. Yes it’s true they have some good information “BECAUSE THEY HAVE TO”. But buyer beware because truth is, they sell space to Realtors, Mortgage Professionals and other trade affiliates. The value you get from these sites is ONLY GOOD if outranked the information provided and conduct your own due diligence using them as a reference. Actually, if you click on a property, THEY LEAD YOU TO BELIEVE THE PICTURE OF THE REALTOR AND INFORMATION associated with the property is the actual listing agent WHEN TRUTH BE TOLD IT IS NOT. Okay enough bashing of the most used property value sites.
They call a realtor http://www.realtor.com and the realtor does a market analysis. This is great and if you TRUST TRUST TRUST the Realtor, I suggests you sign up right there and give them your confidence. Again TRUST !!!!! If you do not trust the realtor 100% and believe in their capability then you will go crazy and drive them crazy and it probably will not end up well. (you can read my previous post on questions to ask a realtor).
******Get an individual appraiser to come and appraise your home. THIS IS THE BEST METHOD to really determine the actual value of your home. They use a method and have software that is only available to them and they can make exact upward and downward adjustments to the value of the home depending on the condition of each aspect. WHEN THE APPRAISER COMES, walk the home with them and point out the positives and negatives THIS WILL ONLY HELP. The cost of an appraisal is $300 to $600 depending on the property and worth every dime. Now you know the value NOW YOU KNOW THE BENCHMARK OF YOUR SALES PRICE. My suggestion is take the value, add the realtor’s commission plus 10% (because everyone is a negotiator) and put it on the market.

Written by Sal Criscuolo “The Mortgage Expert”

Mortgage Broker Staten Island

Staten Island Mortgage Broker

We will give you a free comprehensive mortgage evaluation and guide you through the mortgage process through each step from pre-approval to closing. Our offices are located conveniently on Staten Island, in the corporate park (Next to the Hilton).

Call the Mortgage Expert Sal Criscuolo 718 869 4795 the Staten Island Mortgage Broker & Banker

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http://www.youtube.com/watch?v=prTiM5d0kTU

Finding a Great Realtor on Staten Island

Right now in Staten Island we are in a sellers market, Inventory is at a low and homes are selling swiftly. Add the fact that mortgage interest rates are rising and you have a great time to sell your home. Since i’m not a real estate agent my clients ask me about realtor’s agents etc. I pretty much tell them all the same thing. You MUST feel comfortable with the person you “hire” to sell your home. You have to trust their judgement, their honesty and most important their integrity. I suggest asking plenty of questions. Simple questions wwill lead to more questions and an opportunity to see how the agent works. A simple question like “How long have you been in the business?” may take alot of twists and turns depending on the length of time. Another great question is “What Are the Top Three Things That Separate You From Your Competition?”. Here is where you will see the honesty and the how this person has chosen their “Value Statement” and what differentiates them from the rest of the pack. I hope this helps you in your sales process.

Contact me for any additional information or to answer any questions you may have. http://mortgagesSINY.com

Staten Island Teacher Mortgage Programs For NYC Teachers

NYC Teacher benefits, offered by the mortgage expert, serve the interests of today’s NYC Teachers. We promises value, quality service and cost-savings that you deserve.

We are committed to improving the quality of life of working families through our unique products and services. We achieve our mission through:

  • Using the strength of unions and referral partners to create a large client base at discount costs.
  • Savings & Unique Programs: Quality programs and services promote better lifestyles for working families – including low rates, lender discounts, no points, personalized one on one service.
  • Service: Our entire staff support consumers and advocate your rights and the best services with our bank and affiliates. Our resources help members make informed decisions for themselves and their families.
    Read more about the Union Plus commitment to the labor movement and social responsibility here.

Staten Island Fire Department Mortgage Program For FDNY Families

NYC Fire Department benefits, offered by the mortgage expert, serve the interests of today’s FDNY families. We promises value, quality service and cost-savings that you deserve.

We are committed to improving the quality of life of working families through our unique products and services. We achieve our mission through:

  • Using the strength of unions and referral partners to create a large client base at discount costs.
  • Savings & Unique Programs: Quality programs and services promote better lifestyles for working families – including low rates, lender discounts, no points, personalized one on one service.
  • Service: Our entire staff support consumers and advocate your rights and the best services with our bank and affiliates. Our resources help members make informed decisions for themselves and their families.
    Read more about the Union Plus commitment to the labor movement and social responsibility here.

Staten Island Police Officer Mortgage Programs For NYPD Families.

NYC Police Department benefits, offered by the mortgage expert, serve the interests of today’s NYPD families. We promises value, quality service and cost-savings that you deserve.

We are committed to improving the quality of life of working families through our unique products and services. We achieve our mission through:

  • Using the strength of unions and referral partners to create a large client base at discount costs.
  • Savings & Unique Programs: Quality programs and services promote better lifestyles for working families – including low rates, lender discounts, no points, personalized one on one service.
  • Service: Our entire staff support consumers and advocate your rights and the best services with our bank and affiliates. Our resources help members make informed decisions for themselves and their families.
    Read more about the Union Plus commitment to the labor movement and social responsibility here.

Pre-Qualifications vs. Pre-Approvals When Purchasing a Home

The first thing a home shopper should do PRIOR to starting a serious home search is to look at mortgage options.  An experienced realtor will encourage buyers to speak with a lender and get “pre-approved.”  This benefits all parties involved by ensuring that prospective buyers can actually qualify for a mortgage on the homes they’re interested in.  Failure to do so WILL cause frustration and disappointment for any agent or buyer who naively regards today’s stringent mortgage process as a minor detail to be addressed after a sales contract is accepted.  No one likes surprises during the purchase process!
Two terms that are often (and incorrectly) used interchangeably are “pre-qualified” and “pre-approved”.  While their exact meanings will vary by lender, in most cases a pre-qualification is far less desirable and less clearly defined.
A Pre-Qualification typically means a buyer has spoken with a lender (who may or may not have pulled a credit report) and verbally discussed employment, liabilities, payment histories, and assets.  Actual verification of assets, income, and credit may not occur with a pre-qualification, and an automated underwriting system (Desktop Underwriter or Loan Prospector in most cases) likely has not been run.  While better than nothing, Pre-Qualification remains entirely dependent on a far more thorough process of verification and examination of a borrower’s credit, assets, and income.  At best, it’s a “probably.”
A true Pre-Approval, on the other hand, entails a strict review of the client’s credit, down payment capacity, income, and asset documentation.  Credit reports are thoroughly dissected, rather than just credit scores verified.  Veteran loan officers run prospective buyers though underwriting engines if they have any doubts concerning debt ratios, derogatory credit items, or employment history/income verification.  Once the system returns an approval, it too needs to be read in detail, as it will list specific requirements for final loan approval.  A lender who bases his pre-approval on mere credit scores and underwriting engine approval without fully examining it, risks his reputation and the satisfaction of the other parties involved.
Unfortunately, the ambiguity between Pre-Approvals and Pre-Qualifications can cause mismanaged expectations.  For example, a client that came to me recently, saying he was pre-approved with another lender, and that his salary was $X/yr.  He had already identified a home and written a sales offer.  His debt ratios were tight, but, based on the information he provided, he met Fannie Mae’s requirements.  Once his W2, paystubs, and tax returns were received, it became apparent that his “salary” included a number of incentives and other non-guaranteed items.  When I said we’d need to verify that the extra income was likely to continue with his employer, his comment was “the other loan officer didn’t ask me to break my income down.”  He also had two liabilities on his credit report that didn’t show monthly payments, and needed to be determined.  When asked about those, he remarked that the prior lender hadn’t mentioned them. Ideally, these issues are caught early enough in the process to address them, if not; they can result in extra processing time that delays closing.
If all parties involved are aware of the distinction, it helps everyone play their role to the best of their ability.  The listing agent who calls the mortgage originator to ask if the buyer’s income and asset docs have been examined clearly understands the differences between pre-qualifications and pre-approvals.  Conversely, the originator who contacts the realtor can better manage expectations by clearly defining their pre-qualification or pre-approval process.  Even clients, armed with this information, can request a thorough pre-approval rather than a cursory pre-qualification, and play a role in ensuring the best possible handling of their transaction.

S I Mortgage Expert

Staten Island Mortgage Broker

We will give you a free comprehensive mortgage evaluation and guide you through the mortgage process through each step from pre-approval to closing. Our offices are located conveniently on Staten Island, in the corporate park (Next to the Hilton).

Call the Mortgage Expert Sal Criscuolo 718 869 4795 the Staten Island Mortgage Broker & Banker Read the rest of this entry