Home Staging New York: Top 10 Things You Need to Know About Today’s Mortgage Market

According to Rochelle Crespi, Senior Vice President at GuardHill Financial Corp., there are numerous factors today that are making it easier to purchase a home than most people think. 

1.   The first time home buyer credit of up to $8,000 has been extended to July 2010. 
 2.  Rates remain at historical lows.  Currently a 30 year fixed rate mortgage is at 4.625%.  A 5-year adjustable mortgage is at 3.75% (interest rate is adjusted annually after 5 years). 
 3.   FHA loans are available at up to 96.5% of the property value.  The maximum loan in metropolitan New York is $729,750 for a one family home or condominium.
4.   FHA loans are available with a credit score as low as 620.
5.   No-income-verfication loans are still available.  You can obtain purchase financing and refinancings of up to 60% of the home’s value.
6.   Foreign National loans are still available.  You can obtain purchase financing of up to 60% and refinancing up to 50% of the home’s value.
7.   Home equity loans are still available.
8.   All co-ops and condominiums are not created equally.  Know the statistics of the building in which you are purchasing, i.e., the number of units sold and the number of units occupied.  This could impact your ability to obtain financing. 
9.   Know your credit score.  A score of 740 or more will get you a better interest rate.  You can find your credit score for free by copying and pasting this url in your browser: www.freecreditreport.com.
10.  Millions of Adjustable Rate Mortgages will reset in 2010.  Start exploring your options now to refinance.
To learn more about your financing and refinancing options, you can contact Rochelle by email or phone at 646-519-7505.

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