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<h3>What Is a Jumbo Loan?</h3>Also known as non-conforming conventional mortgages, jumbo loans are mortgages used to finance high-value properties that fall outside the standard limitation of traditional conforming loans. This limitation is set by Fannie Mae and Freddie Mac, the federally backed home mortgage companies created by the United States Congress to provide liquidity, stability and affordability to the mortgage market.<h3>How Does A Jumbo Loan Work?</h3>Fannie Mae and Freddie Mac were created during the Great Depression to ensure that mortgage lenders had enough funds to lend to American citizens attempting to buy a home. The Federal Housing Finance Agency (FHFA) regulates these two government-sponsored enterprises (GSEs).Fannie Mae and Freddie Mac are authorized to purchase loans from lenders only if they meet specific requirements that would protect them from major financial loss if the borrower doesn’t pay the quota. One of those requirements is that mortgages can’t exceed the conforming loan limit established annually for each U.S. county by the FHFA.If the price of a home exceeds the local conforming loan limit, it requires a jumbo mortgage. These loans cannot be guaranteed by “Fannie and Freddie” and, therefore, the lenders are not protected from losses if a borrower fails to pay.&nbsp;<h3>Requirements For A Jumbo Loan</h3>Financial institutions are usually very prudent when considering applications for jumbo loans; they always make sure that the applicant will be able to repay the entirety of the loan. Consequently, jumbo mortgages come with stricter credit prerequisites than conventional mortgages.&nbsp;Some of the requirements that a lender often seeks from its borrowers in order to approve a jumbo loan may include:&nbsp;<ul><li>Large down payments</li><li>High credit scores</li><li>Greater cash flow</li><li>Higher interest rates</li><li>Additional assets</li><li>Higher closing costs</li></ul><h3>Contact Us For Your Jumbo Loan Today&nbsp;</h3>At <a href="https://superiormci.com/" rel="noopener noreferrer" target="_blank">Superior Mortgage</a>, we make the jumbo loan process a stress-free one. If you are considering buying a luxury home, investment property, or vacation home, our team is the right choice for you!&nbsp;We have been serving New Yorkers for over 30 years and are known for our experienced and friendly services. We don’t turn our customers down and always find a way to assess and fulfill your needs.&nbsp;To see your full loan options or start the process, <a href="https://superiormci.com/contact-us/" rel="noopener noreferrer" target="_blank">contact</a> us today!

What to Know About Jumbo Loans

<h3>FHA Mortgage</h3>An <a href="https://superiormortgage.ferociousmediaweb.com/programs/fha-mortgage" rel="noopener noreferrer" target="_blank">FHA mortgage</a> provides homeowners with a fixed and adjustable-rate program; the downpayment or closing costs on the property may be a gift or a 401K loan. When applying for an FHA mortgage, there are no income limits, a credit score can be as low as 500, and it is not limited to first-time homebuyers.Additional details to know about an FHA Mortgage include:<ul><li>A 6% Seller Concession is allowed</li><li>Grants are also allowed</li><li>Foreclosure (or short sale) is okay after three years of discharge</li><li>Bankruptcy is okay after two years from the day of the discharge</li><li>1-4 family properties are okay (condos are okay, too, if approved)</li><li>Flexible ratios are involved</li><li>203K loans are available</li></ul><h3>FHA - NHF Sapphire Program</h3>For low-to-moderate income homebuyers, the <a href="https://superiormortgage.ferociousmediaweb.com/programs/fha--nhf-program" rel="noopener noreferrer" target="_blank">FHA - NHF Sapphire Program</a> is available. This grant program helps to make a down payment and/or closing costs much easier since it provides 3.00% or 4.50% off the first mortgage total loan amount so that it’s possible to make that payment.Unlike a standard FHA, some of the program’s basic requirements include but are not limited to:<ul><li>620 minimum FICO, DTI (up to 50%)</li><li>Income limits: 115%of Area Median Income</li><li>The borrower must occupy the property as the primary residence</li><li>A minimum of one borrower must have Homebuyer Counseling, and more</li></ul>As for some of the benefits of the FHA - NHF Sapphire Program, members can look forward to:<ul><li>Seller credit of 6% is allowed</li><li>The borrower(s) is not required to be a first-time homebuyer</li><li>No repayment of the DPA Gran is required</li><li>The grant can be used for the down payment and/or closing costs</li></ul><h3>FHA Alternative</h3>Another option for those eligible for an FHA loan is the <a href="https://superiormortgage.ferociousmediaweb.com/programs/fha-alternative" rel="noopener noreferrer" target="_blank">FHA Alternative</a> loan. Thanks to Freddie Mac Home Possible® and Home Possible Advantage Freddie Mac Home Possible and Home Possible Advantage, the FHA Alternative loan offers low-to-moderate-income borrowers and first-time homebuyers a flexible source of funds, as well as low down payments.Additional details to know about an FHA Alternative loan include:<ul><li>The borrow’s funds are not required for the down payment on a 1-unit residence</li><li>The borrowers are not required to be first-time homebuyers</li><li>A homeownership educations course is only necessary for first-time homebuyers</li><li>1-4 unit primary residence</li><li>As little as 3% down payment for fixed-rate; 1-unit purchase or rate/term refinance</li><li>As little as 5% down payment for ARMs or 2-4 unit purchase or rate/term refinance</li></ul><h3>Residential and Commercial Loans in New York</h3>Family-owned and operated <a href="https://superiormortgage.ferociousmediaweb.com/about-us" rel="noopener noreferrer" target="_blank">Superior Mortgage Co., Inc.</a> has been serving the Hudson Valley for over 30 years, specializing in residential and commercial loans. If you’re purchasing a home or refinancing your current home, or you need a home equity loan (even if you have credit problems), call us at (845) 928-2845 — we look forward to helping you!

Understanding Your FHA Options

Over the course of a 30-year mortgage, you may end up paying more than twice the amount of your principal. The rest goes towards paying interest. That interest is money in the bank’s pocket, not in your bank account. Prepaying your mortgage is paying extra principal, especially during the early years of your loan, meaning that your house will be paid off that much sooner, and you will pay less total interest over the life of the loan. It could put you that much closer to retirement.&nbsp;<h3>What are the Steps?</h3>I. Evaluate whether prepaying is right for you. In the short term think of prepaying your loan as investing, but investing in a large, illiquid asset. That is, you must sell the house to get the money out again. If you have a low interest rate and you are making good returns on investments, it may not be worthwhile. If other debts are costing you more or if you have little or no savings, focus on those priorities first. The long term prepayment is by far the best thing to do. When the mortgage is paid off 100% of the money you would have paid can now go for investments.II. Find out the interest rate on your mortgage and the remaining balance. If it isn’t on your statement, call your bank or whoever is carrying your mortgage to find out.III. Use a mortgage calculator (there are many available online or <a href="https://www.wikihow.com/Create-a-Mortgage-Calculator-With-Microsoft-Excel" rel="noopener noreferrer" target="_blank">make your own</a>) to find out how much you are paying in interest over the life of the loan.<ul><li>Look for a calculator that gives you an amortization schedule, preferably with a graph of interest and principal paid over time.</li><li>Look for a calculator that will let you run scenarios and see what happens if you prepay at various rates.</li></ul>IV. Decide how much you will prepay. There is no one right answer to this question. Here are some possibilities:<ul><li>Prepay a certain percentage of your income. One or even half a percent might be small enough to be painless and still make a big dent.</li><li>Prepay a certain amount each month. Choose a nice, round number that seems right to you.</li><li>Pay a monthly amount that you were paying before on a different loan. If you just paid off a car loan or credit card, put that amount towards prepaying your mortgage instead.</li><li>Continue to pay the monthly amount that your mortgage cost before refinancing, even though the new monthly payment is less.</li><li>Pay the amount of a raise you have just received. The advantage of choices like these is that they keep the rest of your finances the same as they were before. You will not notice that new, “extra” money is going elsewhere.</li><li>Make one extra payment per year. Divide your monthly payment by 12 and pay that much extra each month. Don’t wait until the end of the year or rely on your memory.</li></ul>V. Phone your bank or mortgage company and verify that any extra payment will get applied immediately toward paying down the principal. They may ask that you enclose a form letter or add a memo to each check to this effect. Prepaying a mortgage is still uncommon enough that some companies don’t seem to know what to do about it.<ul><li>Check that your first couple of payments went to the right place. Read your statement after the first extra payment and verify that the payments are being correctly applied against your principal.</li></ul>VI. Automate your payment. The mortgage company may be able to do this for you, or if you have online bill pay with your bank, you can make either a separate payment or an increased payment automatically that way. While you could theoretically make the extra payment manually each month, it is probably easiest to automate it once and let the bank remember the new schedule for you.<ul><li>Make sure to include your account information and prepayment instructions with your payment.</li><li>It may help things get processed correctly if you send a separate check or payment for the part you are prepaying. If you are using an online bill pay service, simply set up two payments at the same time each month.</li></ul>VII. Look into a biweekly payment plan. Many people prefer this option because it is simple and lines up with their biweekly paycheck schedule. With a biweekly payment plan, you simply pay half the monthly amount every two weeks. This has the effect of paying one extra payment per year. Set up a biweekly payment plan through your mortgage company or through an independent service. A phone call or two should be enough to set up the payments.<ul><li>With this choice, you must generally set up a plan specifically.</li><li>Make sure, if you are paying biweekly, that the mortgage company knows what to do with the extra payments.</li><li>Ask whatever institution sets up your biweekly plan whether the payments get applied immediately, and don’t sign up if the answer is no. Some companies, especially third party services, withdraw the funds biweekly and only make the additional payment at the end of the month or year, earning interest on your money in the meantime.</li><li>Expect a setup fee of a few hundred dollars, and ask what the fees will be before you sign up. Although this sounds like a lot of money, the money you save over the life of the loan will be much more. If you still don’t like the fee, set up an automatic transfer yourself.</li><li>You do not necessarily need to pay someone else to set up your payments for you once you have calculated what they need to be. It’s free to do it yourself, and you will save more money (the fee associated with this plan).</li></ul>Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Superior Mortgage Co., Inc. at 845-883-8200 or email sales@superiormci.com for additional information. Let us help make your dreams a reality.&nbsp;ctto: https://www.wikihow.com/Prepay-Your-Mortgage

How to Prepay Your Mortgage?

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In lending, pre-approval is the pre-qualification for a loan or mortgage of a certain value range. Although, to a typical consumer, &#8220;you&#8217;re pre-approved&#8221; means &#8220;you already passed the approval process and therefore are guaranteed to be immediately granted the loan.
<h3>I. PROOF OF INCOME</h3>
Proof of income is a document or set of documents that someone, like a lender or landlord, requests to verify your income and determine your ability to pay
<h3>II. PROOF OF ASSETS</h3>
Full documentation means that you have proof of everything — income and assets — that you&#8217;ve put down on your application.
<h3>III. EMPLOYMENT VERIFICATION</h3>
The practice of verifying the employment eligibility and past work history of current or potential employees. Employers often verify employees prior to hiring or promoting them, to ensure that the employee&#8217;s employment history, education, and other details match the information provided by the employee.
<h3>IV. DOCUMENTATION</h3>
loan documentation. credit-related documents, including the loan contract, financial statement, business plan, documents of the lender&#8217;s security interest, and other papers that are used by the lender in evaluating creditworthiness of a prospective borrower.
<h3>V. ACCEPTABLE CREDIT</h3>
Acceptable Credit Support means Acceptable Collateral and Acceptable Letters of Credit (including the proceeds of any Acceptable Letter of Credit); provided that Acceptable Credit Support does not include any Bank Credit Support that is not Retained Bank Credit Support.
<h2 class="_04xlpA direction-ltr align-center para-style-body" style="text-align: center;">&#8220;CONTACT INFORMATION&#8221;</h2>
<h2 class="_04xlpA direction-ltr align-center para-style-body" style="text-align: center;">WE ARE HERE TO HELP MAKE YOUR DREAMS IN TO REALITY!</h2>
LISA FERRARA
PRESIDENT &#8211; 914-755-3942
lisa@superiormci.com
MAX OZKURAL,
VICE PRESIDENT &#8211; 845-928-2845
max@superiormci.com
KEI KULLBERG
BRANCH MANAGER &#8211; 845-238-7673
kei@superiormci.com
LYDIA SYMOSKEVICH
LOAN ORIGINATOR
lydia@superiormci.com
ISHA O&#8217;GRADY
PROCESSOR
isha@superiormci.com
ROSETTA RICHARDSON
PROCESSOR
rosetta@superiormci.com
<hr />
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Superior Mortgage Co., Inc. at 845-883-8200 or email sales@superiormci.com for additional information. Let us help make your dreams a reality.

Things Needed For  Pre-Approval

Home refinancing is a great way to lower your mortgage interest rate and reduce your monthly payments. However, if you’ve never gone through a home refinance, then there’s a ton to know. Before you apply for a refinance loan, check out the home refinance articles, guides, and additional resources.
Learn about refinancing your mortgage. Refinancing a mortgage is in some ways similar to getting your first mortgage, with a few important differences. Since you already own the home, you don’t have to go through a pre-approvals process or find a Realtor and a home to buy. Unfortunately, you’ll still have a lot of paperwork to do, but savings thousands of dollars over the life of the loan is worth it.
Determine if Refinancing is Right for You.
There are tools like mortgage calculators to determine whether a mortgage refinance loan will save you money. Factor in your current interest rate, future interest rate if you have an adjustable loan, and closing costs. If you want to take cash out, include that amount in your new mortgage balance for the calculations. Remember, refinancing creates a new loan, usually with a full loan term. If possible, you can make extra payments to finish the loan at the same time as your original loan, and that will save you more money than the calculator predicts. For the calculation, assume you’ll only be able to pay the amount due.
Check Your Credit Reports and Scores.
<ul>
<li>Even if you already own a home, your lender will still use your credit scores and credit reports to determine which rate you qualify for.</li>
<li>Order scores and reports for each spouse if both of you will be on the mortgage.</li>
<li>You want to get best rate possible. Ideally your scores should be above 720 to get the absolute best rate, but 680-700 will get you a good rate.</li>
<li>You can still refinance if your scores are low, but it might cost you more, especially if your scores were high when you got the first mortgage.</li>
<li>Carefully review your credit reports for errors. 80% of all reports have errors.</li>
<li>Common errors include listing accounts that don’t belong to you, late payments that weren’t really late, and items that were supposed to be removed.</li>
<li>Follow the instructions at each credit agency to correct the errors.Next, do what you can to fix black marks like recent defaulted loans, recent collections, and high credit card balances.</li>
<li>You may have to spend a little more money to accomplish this, but it’s worth it if it saves interest on your mortgage, which will ultimately cost you more over 30 years.</li>
</ul>
Research Rates, Fees, and Lenders.
<ul>
<li>Before you contact any lenders, research current interest rates and fees for the type of loan you’re interested in. Comparison shop to see which banks is offering the best rates. Note the terms, closing costs, and whether or not the rates are fixed or adjustable.</li>
<li>In addition to rates and fees, check reviews of the lender online and at the Better Business Bureau. If the lender has a history of making late property tax or insurance payments or providing poor customer service, find a different lender.</li>
</ul>
Contact Your Current Mortgage Servicer
<ul>
<li>Your current lender wants to keep you as a customer. If they still own the loan, they may be able to modify your current loan to a lower rate with just a little paperwork and a low fee.</li>
<li>Unfortunately, most lenders sell their loans to larger mortgage servicers, so it’s unlikely that you’ll be able to take advantage of this.</li>
<li>If you want to pull cash out, refinancing is the only option.</li>
<li>If you can’t modify your loan, your lender or mortgage servicer may offer a streamlined refinance.</li>
<li>You’ll get a new loan at a better rate, but with fewer fees and a little less paperwork.</li>
<li>It may also take less time to close. Of course, you may not want to accept their offer if the rate is higher than what you found at other lenders.</li>
<li>Consider the closing costs when deciding which mortgage refinance loan will save you more money.</li>
<li>Using your current lender could save on closing costs, but a higher rate could cancel out the savings.</li>
<li>If you found a better rate elsewhere, ask your current lender to match it. If they want to keep you, they might do it.</li>
</ul>
Contact Other Lenders
<ul>
<li>If your current lender can’t get you the best refinance rate, contact other lenders about refinancing with them. Your goal is to find the best rates with the lowest fees and closing costs (without adding those fees to your loan balance).</li>
<li>Some lenders now offer refinance loans with 25 and 20-year terms so your new loan will end at the same time as your original loan.</li>
<li>If it will save you money and you can afford the payments, consider the offer.</li>
</ul>
Refinance. Refinancing to a lower rate can save you a lot of money over the life of the loan. A mortgage refinance loan can also help you get much-needed cash to remodel your home or pay down credit card debt. It’s not hassle-free, but saving money is worth the effort.
<hr />
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Lisa Ferrara &#8211; 914-755-3942 or Max Ozkural &#8211; 845-928-2845 or email lisa@superiormci.com for additional information. Let us help make your dreams a reality.
ctto: https://www.wikihow.com/Approach-a-Mortgage-Refinance-Loan

How to Approach a Mortgage Refinance Loan?

When you are ready to buy or sell a home, a realtor will provide professional guidance from a market perspective. Few of us have enough up-to-date knowledge and experience to pull this all together on our own. Thankfully, there are many fabulous agents who have the skills, capabilities, experience, resources, ambition and personality to get the job done to your advantage.
If you’re thinking that it can’t be that hard to put a sign out front and sell a home, you might have overlooked a number of important factors that impact a good selling experience. Buying also can look like an easy task. After all, you just drive around and walk through a few homes, right? Let’s discuss a few of the considerations when buying or selling a home and hiring the agent who’s up to the task. We want you to be successful in your endeavor. Let’s take a look.
<h2>First, let’s look at the selling experience.</h2>
The reasons for selling vary, and most carry with them some fairly strong emotions and/or high levels of stress. Even though the process is similar for most sales, results can range from horrible (as in the “I can’t wait to forget the whole thing and try to recoup and recover” kind of horrible) to those heartwarming cases that were nothing short of a made-for-TV miracle story line. What makes the difference? I’m sure the list would be long but a good attitude, some reasonable research, realistic expectations and a professional realtor you can count on are high on that list.
Unless you have a very good offer from a buyer who has serious interest in your home because they have always wanted it, hiring a realtor is a sensible starting point. Where do you find that person?
Some people ask that question because they don’t know any realtors. Others ask that question because they know many, including friends and family, and don’t know how to make the choice without hurting the feelings of those important people in their lives. Interview your people, but then, rely on your honest opinion and gut feeling after conducting interviews, calling references and making comparisons.
Selling your home and buying another are serious financial decisions and can’t be taken lightly. Think of it as a business decision, and it might be a bit easier on your nerves. Once you ask good questions and make comparisons, the best choice will usually stand out. There’s no guilt in making the decision that is best for you.
<h2>Here are some basic considerations when looking for a realtor who will help you cover all the bases, stay focused and get a good price for your home.</h2>
<h3 id="eal">A. Real estate agent search and interviews</h3>
You can find a realtor by asking trusted friends, colleagues and family for referrals. Also, <a newstitle="ask for a referral on HOMEiA.com" href="https://superiormci.com/">ask for a referral on Superiormci.com</a>. Ask about their selling experience with that realtor and include questions on areas of concern. Then, interview the agent and ask direct questions. Some possible questions are:
1. How long have you been in real estate? 
2. Are you in real estate sales full time or part time? 
3. What percentage of your business comes from referrals? 
4. What was your dollar volume in sales in the last two years? 
5. What was the price range of homes sold? 
6. How many homes have you sold in the last year? In this part of town? 
7. What was the average days to a sale? 
8. For sale prices, what was the average percentage of your original list price? 
9. What do you like best about helping homeowners sell their homes? 
10. Do you have a team backing you up with paperwork and marketing? 
11. How would you market this home? 
12. Do you use a professional photographer? 
13. Will you be available during our expected sales cycle or will you be on vacation—or overbooked? 
14. What are your strongest skills in real estate sales? 
15. How do you communicate with your clients? 
16. How do you help your clients get the best price in this market? 
17. Ask about the realtor’s fees and contract to make sure you’re comfortable with the terms.
Interview several. You’ll find that a good conversation will help you compare realtors and their capabilities. If you have hesitation or feel it’s not a good fit, it probably isn’t. Experience, dedication, skills and personality all play a part in how well you’ll work together. And you will be spending a lot of time together. Communication will be important. Lack of it will cause stress—and possibly some challenging mistakes.
<h3 id="mpo">B. Important qualifications</h3>
Look for a realtor who has at least 2 busy years as a full-time realtor or 4 solid years as a part-time realtor. You’ll be a step ahead if you’re able to engage someone who has first-hand knowledge of your neighborhood or section of the city. Expertise in the local market will help you price correctly and highlight local features that are in demand.
The agent should be up to date on market trends and have good marketing and negotiation skills. Don’t be afraid to ask questions or specifically ask how a certain situation would be handled. You can also ask if they have earned awards in the industry which they’ll be happy to discuss.
<h3 id="nli">C. Online reviews </h3>
Check online sources for possible reviews for the agent and the company. You’ll get an idea of what it might be like to work with the realtor from client comments. You can also check the Better Business Bureau and Zillow.com to see how the company/agent is rated and if there are any registered complaints. Ask for at least 5 references for transactions like yours, call the clients and ask candid questions as well as open-ended questions, such as “what did you like most about working with this agent” or “what would have prepared you better for your sale.
<h3 id="eal">D. Realtor’s website</h3>
A real estate company website will provide insights into its business philosophy, market territory, agents and client reviews. The individual realtor will generally have a dedicated page or unique website for their own accomplishments and relevant information. These can be good indicators of your level of comfort with that agent and company. Be sure to ask about the individual realtor’s performance, rather than just that of the company. It’s the agent you will be relying on for guidance, clear and timely communication, market knowledge, attention to detail and accuracy.
<h2>Second, let’s look at the buying experience.</h2>
Buying a home is equally as important as selling. You want to find a location and house that will suit your lifestyle and align with your financial goals. Finding the best realtor for the job will be a key factor in how much you will enjoy the process or how stressful it will be. Again here, it’s well worth the effort and extra time to compare realtors and give yourself an honest opinion on which one will make the search successful.
<h3 id="eal">A. Real estate agent search and interviews</h3>
If it’s time for you to buy a house, many of the points in #1 above will apply here as well. Rather than focusing on the selling aspects, you can ask these additional questions:
1. What do you like best about helping clients buy a new home? 
2. How many transactions did you complete in the last year? In this part of town? 
3. How do you educate first-time home buyers? 
4. What is the average number of homes you show your clients before a purchase? 
5. What are your strongest skills? 
6. How do you help your clients find the home that best meets their criteria? 
7. What is your communication style?
Again, interview several agents. If you are selling and buying, be sure to ask questions for both phases to find a realtor who will be a strong advocate for you in both the selling and the buying process.
<h3 id="mpo">B. Important qualifications</h3>
Your realtor should be well qualified in residential sales. A commercial realtor will be extremely knowledgeable in business properties, but you will want someone working with you who has several years of experience in the residential arena. Look for a real estate agent with great reviews and a personality that works for you.
<h3 id="pec">C. Specific knowledge</h3>
Once you’ve narrowed your desired locations down, you can ask specific questions to find a realtor who has a good track record in the neighborhood(s) you are considering. With the agent’s market knowledge, you’ll find a wealth of information to validate your choice of neighborhood and find the best lot/location in the neighborhood. You can also expect current information on taxes or tax increases, possible assessments, growth or zoning changes, or plans for new nearby developments that may impact your purchase and future value of the home.
<h3 id="aki">D. Making the most of showings</h3>
When house hunting, you’ll want to create a list of features that must be present if you will spend time looking at the house. It might be an attached, double garage, four bedrooms, three bathrooms, and a large kitchen. Whatever your needs and desires, be sure the realtor understands that your list of items is non-negotiable, so you don’t waste your time looking at homes you would never buy anyway.
Depending on market demand and your motivation and timelines, the realtor should check new listings daily, so you don’t miss an opportunity. Be sure the agent is available to attend showings at the same time and days that you will be available. Ask what the process is for looking at homes and what type of advice the agent is likely to provide.
Buying and selling a home are important decisions for your lifestyle and your finances. There’s a lot to consider, and choosing the right realtor will make all the difference in your real estate experience. Your agent can be a valuable advocate, source of relevant information and your guide to success. Choose carefully to find someone who knows the area, has the experience, and will be there for you!
If you have enjoyed this article and gained some perspective about finding a realtor to help make buying and/or selling a positive experience, please share it with a friend who might also benefit. Thank you and best of luck with your next real estate adventure.
<hr />
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Lisa Ferrara &#8211; 914-755-3942 or Max Ozkural &#8211; 845-928-2845 or email max@superiormci.com for additional information. Let us help make your dreams a reality.
&nbsp;
ctto: https://homeia.com/key-factors-in-choosing-an-experienced-professional-realtor/

Key Factors in Choosing an Experienced, Professional Realtor

<h3 class="in-block">I. Obtaining a License</h3>
1. Check job prospects in your intended market. Check listings for open loan originator positions to see if the jobs you want are available and plentiful. Because your license is not transferable from state to state, you&#8217;ll want to become licensed in a place where you feel you can find work.
<ul>
<li>There&#8217;s little sense in becoming licensed in an area you only intend to work for a short time or one that has no job prospects.</li>
</ul>
2. Meet the educational requirements. Get your high school diploma or take and pass the GED test, which is the professional equivalent of a high school diploma. Use GED.com to find study materials and a test center near you. The test is only administered in person on certain dates, so study with a test date in mind.
<ul>
<li>A successful loan originator will have a basic understanding of math, and preferably deeper knowledge in accounting and business principles. To gain further knowledge in these areas, consider earning a college degree in a related discipline or taking online classes to sharpen your skills.</li>
</ul>
3. Take the prelicensure class. Find the prelicensure program in your area by visiting the Nationwide Multistate Licensing System &amp; Registry (NMLS) at <a class="external free" href="https://mortgage.nationwidelicensingsystem.org/" rel="nofollow">https://mortgage.nationwidelicensingsystem.org/</a>. This program is a required, specialized 20-hour class that will educate you about local and federal laws pertaining to being a loan originator as well as any ethics information.
4. Study for the NMLS test. Contact some classmates from your prelicensure class to form a study group to prepare for the licensing test. If you prefer to study alone, set aside some time to review your notes from class and make flashcards about key concepts.
<ul>
<li>Try different study methods to see what works best for you.</li>
<li>The NMLS has a test prep handbook available on their website.</li>
</ul>
5. Take the NMLS test. Register for the NMLS test online and find a test center near you. You may need to pay certain fees depending upon your state. Once you register for the test, you&#8217;ll have 180 days to take the test. You&#8217;ll need to pass this test in order to be a licensed loan originator.
&nbsp;
<h3 class="in-block">II. Working as a Loan Originator</h3>
1. Search for a job at an established brokerage. Search job engines online such as Monster, CareerBuilder, and your local newspaper for entry-level jobs. Established brokerages have good existing connections with clients and lenders, so by working there you can begin helping clients right away.
2. Complete on-the-job training. Most loan originators get trained in the nuances of their work by their employers. Actively participate in any new-employee training programs or workshops to learn as much as you can about being a broker at work. Ask questions of your coworkers and supervisors if you&#8217;re unsure how to interface with clients or have questions about loans.
3. Build connections with clients and lenders. Advance your career whenever possible by networking with lenders and other brokerage professionals. You can attend workshops for brokers, ask your boss to coffee for a professional development meeting, attend broker happy hours, go to client meet-and-greets and more.
<ul>
<li>The more connections you make, the larger your network will be when you need to change jobs, ask a professional favor, or negotiate a loan.</li>
</ul>
4. Take continuing education courses to keep your license current. There are some annual training hours you must complete to keep your broker license up to date in each state. Contact the NMLS to stay current on the latest developments on licensing and lending in your area.
<ul>
<li>Keeping your skills fresh will allow you to provide your clients the most up-to-date service.</li>
</ul>
<hr />
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Lisa Ferrara &#8211; 914-755-3942 or Max Ozkural &#8211; 845-928-2845 or email us at max@superiormci.com for additional information. Let us help make your dreams a reality.
ctto: https://www.wikihow.com/Be-a-Mortgage-Broker

How to Be a Mortgage Broker?

After years of ups and downs in the real estate market, the American Dream of owning your own home has become more and more of a stretch. The game has changed, and for some, the idea no longer carries much appeal. However, for many, the idea of home ownership still has value and is a definite dream, if not a goal. Often, the dilemma is how to save enough money for a down payment while managing your finances, credit score and other financial roadblocks such as student loans or bankruptcy.
To save for the down payment and the dream, one must have a realistic plan, determination and a fair amount of patience. In this article, we’ll discuss some ideas for making a plan and saving enough for the down payment to make that dream an eventual reality. Let’s get started.
<h2>A. Detail Your Dream</h2>
The first step is to visualize, verbalize and validate your dream. This isn’t about anyone else. It’s about you and your dream. If you have no desire to own a house and you don’t want to be tied down to property ownership, this is not for you—at least not now. However, if you can honestly say that you really wish you could own a house, call it home and make it your own personal paradise, you have a dream, and that’s the beginning of a goal. Now, you need a plan.
What I’ve learned about dreams, goals and plans is that they can be fun to think about, but unless you have a fairy godmother with a magic wand, they won’t materialize unless you do something to make it happen. Depending on the size of your dream, it can take a lot of time and a lot of work, but you can make it happen with reasonable expectations. This applies to home ownership. There’s always a way.
Take your time to really think about your dream. Don’t copy someone else’s dream or home. Write down what you would like in a home.
<ul>
<li>Where is it?</li>
<li>What is it like to live in it?</li>
<li>How large is it?</li>
<li>Do you live there alone or with someone?</li>
</ul>
The questions are endless. Get a good picture of what would make you happy and what would make your life enjoyable and less stressful. The less stressful part might help you think in terms of affordable, comfortable living rather than dreaming of a rock star’s mansion.
Once you have drawn an accurate, detailed picture of the home, think of the probable cost of that home, in that neighborhood. Then, decide on the down payment you’d like to have to make the purchase. Most people will strive for 20% down which will lower monthly payments. It should also provide a better interest rate and savings on private mortgage insurance. When the time comes, you’ll look for an excellent mortgage lender who will help you decide on the best options. For instance, sometimes a 18% down payment can give you better results than 20%.
The down payment amount will be your minimum savings goal. If you decide to re-think your choice of home to make the numbers more realistic, second versions are often even better than the first. Aim for the home you will be able to comfortably live in and afford. The idea behind this exercise is to get a solid idea of what you are working toward. Now you can look at real estate ads or talk with a realtor to find out what that style of home would cost in today’s market.
<h2>B. Make Your Plan</h2>
With your dream in hand and a good idea of the purchase cost and down payment, you can now make a plan to get there. Think about your timeline. When do you want to buy the home — in 7 years? by your 35th birthday? etc. To get a better idea of what is practical for you, divide the desired down payment by the number of years. That’s what you would need to save each year — with one major exception.
The exception is to add a cushion. These extra dollars may be needed for closing costs, maintenance, renovations, insurance, taxes, furniture, etc. Once you are determined to make this happen in a specific length of time, you will include money-saving ideas and possibly lifestyle changes that will support your plan. If you have daily reminders, like pictures of your dream home, expense tracking, a goal board, etc., it will be easier to stay on track.
I. Money-saving Lifestyle Changes
People can get creative when they have a goal that is meaningful. They are determined to get there within the set time, and they adjust their lifestyle and habits to ensure results.
<h4>Two methods that work are to increase your income and cut back on expenses. Here are some ideas that have worked for others and might work for you.</h4>
II. To increase income or create multiple streams of income:
<ul>
<li>When you receive extra money in the form of a raise, bonus or larger commissions, tax returns or gifts, save that money for your down payment.</li>
<li>Save wedding, anniversary or birthday money.</li>
<li>Work overtime, get a second job or a part-time job.</li>
<li>Find out what experience or education you need to be promoted, then make a plan to get it.</li>
<li>Ask for a raise by providing documentation of what you are doing to warrant it.</li>
<li>Look for a new job with an employer offering higher pay and better benefits.</li>
<li>Turn your hobby into a second income.</li>
<li>Teach a class through community education.</li>
<li>Join forces with a small business owner to conduct a workshop.</li>
<li>Open an online Etsy store; sell on eBay; sell your craft items online or at craft shows; sell clothes and accessories on Poshmark.</li>
<li>Organize a neighborhood garage sale weekend.</li>
<li>For couples, live on one income and save the other income (or as much as possible).</li>
</ul>
III. To save on expenses:
<ul>
<li>Move back in with parents, or with a sibling or friend, to save on monthly rent.</li>
<li>Rent a less expensive apartment so you can save more each month.</li>
<li>Find a long-term house sitting job so you can rent your space or give it up entirely.</li>
<li>Get an apartment caretaker position with apartment rent included.</li>
<li>Cut down on luxuries and name-brand products (understand your wants vs. needs).</li>
<li>Buy things on sale or clearance (only when you really need them).</li>
<li>Take in a roommate so you spend less on rent and utilities.</li>
<li>Save on energy bills by being aware of your usage and adjusting your habits.</li>
<li>If you can rent your current space as an Airbnb for occasional weekends, set that up.</li>
<li>Save by carpooling, taking a bus, riding your bike or walking.</li>
<li>Clip coupons and buy at consignment shops, thrift shops and garage sales.</li>
<li>Ask for discounts and reduced rates or switch to another provider for services.</li>
<li>Evaluate hair, nail and massage services for ways to cut back.</li>
<li>Keep your car rather than buying a new one. If well maintained, they last a long time.</li>
<li>Sell your car and buy a less expensive model that is dependable and less costly to maintain.</li>
<li>Cut back on your cable package or subscriptions you no longer need or use.</li>
<li>Shop for a less expensive phone and pricing plan.</li>
<li>Save fitness club expenses by dancing, swimming, playing a sport with friends, walking, and working out at home with the help of exercise programs and cheap equipment.</li>
<li>Plant a garden to save on fresh fruit and vegetables.</li>
<li>Inventory your groceries and stop buying unhealthy food and snacks.</li>
<li>Cook healthy meals at home; eat out less often.</li>
<li>Make your entertaining potluck instead of providing everything yourself.</li>
<li>Use your special skills to barter for another skill that isn’t your forte.</li>
<li>Cut back on your excess spending: vices, travel, entertainment, expensive hobbies.</li>
<li>Evaluate and track every purchase. Is it something you really need?</li>
</ul>
These ideas are a good start, and you’ll find other sources of income or ways to cut expenses once you focus in on it. It can be challenging, yet fun and encouraging, when you see the results!
<h2>C. Manage your debts and savings</h2>
If you have credit card debt, request a reduction in interest rate, then pay it off as quickly as possible to save on the interest. One good method for paying off credit card debt is to pay off the smallest balance first, then the next highest, and so on, until all are paid off.
Another method is to pay off the card with the highest interest rate first. It will be easier to reach your down payment savings goal once the credit card debt is gone, and it will help when qualifying for your mortgage loan.
Keep up with your regular savings account for those emergencies or larger expenses that come up along the way. It might be unexpected medical or dental bills, new tires for your car, etc. Having money saved for these types of issues will reduce future stress.
This could also be your slush fund that will help you once you move into your new house. There are always additional costs like appliance repair, roofing, landscaping, etc. Some experts recommend having a cushion to cover expenses for 6 months. You can work up to that over time.
In the meantime, keep up with your retirement savings plan. Be sure to take advantage of any matching programs your employer may offer. That is free money on the table; don’t miss out on it. Your financial advisor can advise you on strategies for your 401(k) plan and other retirement options.
<h2>D. Keep your eye on the prize</h2>
Knowing your goal and destination and having constant reminders will help you stay focused. Continue to save monthly and if something gets in the way, manage that and get back to your plan as quickly as possible.
Have a set amount of money deposited automatically from your paycheck to the down payment savings account each month. Automatic deposits hurt less because you aren’t as aware of the perceived loss and aren’t as tempted to use that money for something else. Be sure to set this up. It will help you achieve steady results. You’ll be even more motivated when you see the savings balance continue to increase.
Where do you keep the money you’re saving for the down payment? If your timeline is relatively short, it would be wise to use a traditional savings account, certificate of deposit or money market. Don’t use a risky program since you want the money to be there when you’re ready. You can ask your financial advisor about this as well. There are other investment options if the waiting time is lengthy.
<a newstitle="9 Steps to Buying a Single-Family Home" href="https://www.superiormci.com/">Finding and buying the right home</a> is an exciting task that takes a lot of planning. Being clear and realistic about your goals and timeline will help you put a plan in place to save for a down payment. There are many ways to cut back on expenses and boost your income and savings. You’ll find even more ways when you are focused on your dream of home ownership. A support team can also keep you on track. Ask for advice from your realtor, mortgage loan officer and financial advisor.
If you have enjoyed this article and gained motivation to set your goals and start saving, please share it with a friend who might also benefit. Thank you!

Save Up and Prepare to Buy Your First Home

<img loading="lazy" class=" wp-image-785 alignleft" src="https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Buy-a-House-Beginner’s-Guide-300x251.png" alt="" width="302" height="253" srcset="https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Buy-a-House-Beginner’s-Guide-300x251.png 300w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Buy-a-House-Beginner’s-Guide-768x644.png 768w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Buy-a-House-Beginner’s-Guide.png 940w" sizes="(max-width: 302px) 100vw, 302px" />
For a first-time home buyer, the process of buying a house can seem a bit intimidating. Yes, there are many steps to buying the house you’ll want to call home, and we can break it down into manageable pieces. As with any project, you’ll gain the confidence and desire to learn more, take it one step at a time and achieve your goals.
In this article, we’ll discuss those key steps to confidently buying your first home. We’ll also look at several professionals who can help guide you on the journey, so all the details are handled correctly and professionally. Let’s get started on your next adventure.
<h3 id="1-now">1. Know what you want</h3>
The best adventures start with some serious dreaming. Imagine where you’d like to go, how you’ll be spending your time and what means the most to you for lifestyle and convenience.
<ul>
<li>Where is the best location?</li>
<li>What will life be like in next 5-10 years?</li>
<li>What will you be doing?</li>
<li>How big is your family?</li>
</ul>
This is the first step. Dream about all the many factors in your life and how they will affect the decision of a location and style of home. Make a list of what will be important in your life and how the home can add to your level of enjoyment. You’ll want a location that will be convenient to friends, work, school, shopping and activities.
Look at a map and highlight those areas you will be frequenting the most. Then, draw a circle to indicate the area that would provide convenient access to your most-visited places. Check out the commute experience to see if it’s acceptable to you.
Once you narrow down the cities or suburbs that would align with your life’s activity, you can start zeroing in on specific neighborhoods. You’ll have time to dream a little here too, and the idea is to visualize what it would be like to live there and if it feels right to you. You can also check out the neighborhoods during different times of the day to see what’s going on and if it feels comfortable.
While you’re dreaming, throw in a little realism. Save what you can for a down payment, which can be from 3.5% to 20% of the purchase price. It’s also good to have some savings for those unexpected expenses that can come with home ownership. Saving is a good thing, but don’t get too nervous about not having enough. Do your best and, later, you’ll talk with your mortgage loan officer about creating the best plan for financing.
<h3 id="2-now">2. Know what you need</h3>
Even before you start working with a realtor, you can start thinking about what style of housing will be best for you. If you’ve been renting, you can make a list of what you liked about it and where you’re ready for a change.
Whether you want something quieter, more spacious or more private, make notes about your preferences and must-have features. This list will be valuable in helping you stay on track and find the right home for this stage of your life.
Typical options are a single-family home, condo or townhouse. They each offer something different. If you want privacy, a backyard and a garden, you might opt for a single-family home. Or, if you travel a lot, dislike yard work and cringe at outdoor maintenance projects, you might enjoy the convenience of a condo or town home.
Whether priorities include an attached garage, home office, tennis courts or fenced-in yard, you’ll know which style of home is more likely to fill your needs. Refer often to your list of priorities so you don’t miss out on something that was really important in favor of a feature that seems awesome at the time but might be unnecessary.
If you’ve decided that a single-family home is the best choice for you and your family, eliminate the other choices. If you know what you want and need, you won’t waste time looking at homes that don’t fit your criteria.
<h3 id="3-ort">3. Mortgage consultant</h3>
When buying a home, your guide for all things financial will be your mortgage consultant or mortgage loan officer. This person is a key player on your team and will start working with you in the early planning stages. Since most first-time home buyers need a loan to buy their house, there is work you can do ahead of time to make the financial piece less stressful.
An experienced mortgage broker will help you <a newstitle="Common Types of Real Estate Loans" href="https://superiormci.com/" rel="">find the best loan and rates</a>, even at times when you thought that would be difficult to accomplish. They have a full understanding of the various types of loans available, rate structure, how to qualify and how to work around any possible issues. You will check your credit report and credit score and gain tips to improve them if needed. For all of this, it’s best to start as soon as possible.
Be open and honest with this key adviser to find the best solutions for your future financial stability. Discuss your finances and any potential changes in your circumstances in the next few years. This could have a bearing on what level of commitment makes sense for you and how to avoid a possible financial burden. When applying for financing, it’s best to maintain your status quo. Don’t quit your job, don’t make a major purchase or don’t get another credit card. Your loan officer will explain this in more detail.
Getting pre-approval for a loan helps lessen the stress and removes those nagging questions from your mind, so you can focus on finding the right house in the right neighborhood. Another advantage is that, with pre-approval, your offer on a house will be more attractive to the seller than a competitive offer with no financing in place.
Your mortgage broker will help you understand what size loan you can afford (according to the lending institution), and you can decide (within those parameters) how much house you want to afford. There’s a difference. Take time to think about the mortgage payment and how it will impact other areas of your life. You might have other expenses coming up, such as education, travel or a new child. Factor in dollars for hobbies and recreation, and save for unexpected purchases like a new appliance, replacement shingles or major auto repair.
It’s really important to carefully examine how much you can spend on a house and still live the life you want. Working with your lender will help you come up with that number—that comfortable monthly mortgage payment—knowing that it will be with you for a very long time. This is a decision that will seriously affect your finances and happiness meter. Give it plenty of thoughtful consideration.
<h3 id="4-eal">4. Real estate agent</h3>
Your realtor will be your advocate and help you every step of the way in this major purchase. Your job is to clearly understand and express your priorities, so that your real estate agent can guide you and help you <a newstitle="The Beginner’s Guide on How to Buy a House" href="https://homeia.com/the-beginners-guide-on-how-to-buy-a-house/" rel="">find the best house at the best price</a>.
Now’s the time to <a href="http://superiormci.com">find that experienced realtor</a> and discuss your priority list, desired mortgage payment and timetable. This transaction will be one of your most important and most expensive. It’s essential that you <a newstitle="Key Factors You Should Look for in the Best Local Real Estate Agents" href="http://superiormci.com" rel="">find a realtor who knows the industry and the local market</a> and can work well with you as a client. If you don’t have a preferred realtor, ask for recommendations or, better yet, submit your request on HOMEiA.com and we will send you contact information and profiles for some of the best real estate agents in your area, at no charge.
<div></div>
Here are some questions you can ask the real estate agent in your interview:
<ul>
<li>How long have you been in business in this local market?</li>
<li>How do you work with clients to accommodate their schedule?</li>
<li>Do you have vacations or activities planned that will interfere with our search and transaction?</li>
<li>Do you have a team backing you up?</li>
<li>What is your communication style?</li>
<li>How many clients do you work with at one time?</li>
<li>How many clients have you worked with in the last 12 months?</li>
<li>Would it be okay with you if I contact a few of your recent clients for reference?</li>
</ul>
When you interview an agent, you’ll know if they are more interested in talking or listening. Look for an agent who will listen to your priorities and help you get the job done. During a conversation, you can quickly tell if you will work well together. It’s a long process, and you need someone you can count on, communicate with and trust. Choose the best person for the job, not the one you’ve known longest or the one that is a friend of a distant relative.
Once you’ve made that connection, you’ll work with your realtor to check neighborhoods in your desired area. Review your financial priorities, so that you can be clear with the realtor about your price range. It’s easy to consider moving up in price when you see a home with attractive features. However, sticking to your budget commitment and your list of must-have features will eventually get you a house that works for your lifestyle and your finances.
Be realistic when you look at houses. Look for the necessary features to make sure they are what you had in mind. Assess the condition of the house and possible expenditures needed to make it a home. Imagine what it would be like to actually live there. Listen to your intuition and have a little patience. With your realtor’s help, you’ll find a perfectly wonderful neighborhood and house in your price range.
When you find the home that meets your needs and brings a smile to your face, you will make an offer. Your realtor will help you make a fair and reasonable offer and will also handle any negotiations needed. Once the offer is approved, you’ll provide a deposit of earnest money. This amount varies per transaction and is placed in an escrow account until the deal is done.
The lender will also arrange for an appraisal of the property to make sure you’re not paying more than the actual value. The appraiser will visit the house, verify information, make comparisons with other properties and substantiate a market value.
At this point, there is a major sigh of relief because all your hard work has paid off in finding a home you would love to own. You’re almost there and have just a few more details to complete.
<h3 id="5-ome">5. Home inspector</h3>
Once you’ve made your offer, a home inspection is critical and requires much more than a quick look. This is your opportunity to find out the real facts about the house—those that will affect your satisfaction with the house and your bank account.
A professional home inspector is another key player on your team. It’s not a good idea to rely on opinions of well-meaning relatives or friends. If you don’t know a well-respected home inspector, ask for referrals or check online for favorable testimonials and reviews. It is well worth the fee to understand the condition of the home you’re buying.
A home inspector knows what to look for and will spend several hours checking out the condition of the home and taking photos. You should receive an extensive opinion in writing, highlighting important factors and possible expenditures or even problems looming on the horizon. This lengthy document provides facts, photos and professional opinion if you need to re-negotiate. It will also serve as a future reference when considering equipment or appliance replacement or renovation projects.
<h3 id="6-nsu">6. Insurance agent</h3>
Unexpected things do happen, and your insurance agent will talk with you about proper coverage for your new home. There’s more to it than with renter’s insurance, and a knowledgeable insurance agent will look out for your best interests. You are making a substantial investment in this property and need the proper protection for you and your family.
As with other agents, you can ask friends and colleagues for a good referral and check online for reviews. Your agent should understand the potential natural risks in your area and proper coverage for your home and belongings.
If you are buying a condo or town home, there are special considerations to be certain you are covered appropriately for the association insurance deductibles. For this, be sure to choose an agent who is educated and experienced in policies for associations.
The agent will ask a lot of questions about the house and your possessions to make sure you are covered sufficiently in case of a loss. It’s advantageous to meet personally with the agent, so you know exactly who you are working with and how to reach them. A good business relationship is much more reassuring than only a 1-800 number.
<h3 id="7-itl">7. newstitle company</h3>
Sealing the deal on a new house can induce that enthusiastic feeling of anticipation and adventure. You’ve thought it all through, made a great choice, received financing, had the home inspected and now your realtor and closer will guide you through the final details.
By this time, the seller has cleaned and vacated the property, and you have walked through the house to make a visual inspection confirming that it is in the expected condition and all agreed-upon components are still at the house.
The mysterious “closing” that people refer to is the meeting of all parties to close the deal. This usually occurs at the newstitle company’s office. The newstitle company has researched the newstitle to make sure you will have clear newstitle to the property. This means that no other person or organization has a lien or claim against it.
The closer explains all the closing costs and manages the documentation, signatures and payment process. Be prepared to sign a lot of papers! If you don’t know a closer, you can ask for recommendations from your realtor or mortgage broker. Or, look online for good reviews and rankings. Once all documents are signed and payment is processed, the seller turns over keys to the new owner—you—and the celebration begins!
<h3 id="8-ele">8. Celebrate</h3>
Now that you’re in your new home and it’s properly insured, say thank you to all those who helped you along the way. Maybe you’ll even give them glowing recommendations on their websites, Google Reviews or <a newstitle="Helps you find the Best Real Estate Professionals" href="https://superiormci.com/">Superiormci.com</a>. They’ll appreciate it! And, as you would for any joyous occasion, enjoy it to the fullest and take lots of photos for lifelong memories!
If you enjoyed this article and are ready to embark on your house-hunting journey, please share it with a friend who might also have interest. Thank you!
<hr />
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Lisa Ferrara &#8211; 914-755-3942 or Max Ozkural &#8211; 845-928-2845 or email lisa@superiormci.com for additional information. Let us help make your dreams a reality.
ctto: https://homeia.com/the-beginners-guide-on-how-to-buy-a-house/

How to Buy a House: Beginner’s Guide

What to Consider in Buying a House?

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Read more on our <a href="https://www.rocketmortgage.com/learn/covid-19-resource-guide?qls=PUB_qlcenter.0000119579" target="_blank" rel="noopener noreferrer">COVID-19 Resource Guide</a>.
Spring is typically considered the best time of year to buy or sell a home, but this year, real estate transactions are slowing to a halt. As the number of COVID-19 cases increases exponentially each day, stocks have dropped, businesses have closed, unemployment has risen, and millions of Americans have been mandated to stay at home. With the uncertainty surrounding our current situation, it’s no surprise that the housing market has also taken a substantial blow.
If you were planning to buy or sell a home now and are unsure of where you stand, you’re not alone. As federal and local governments continue to enact new rules for our new reality, it’s hard to know what to expect. To help you make sense of what COVID-19 means for the housing market, we’ve gathered the latest information on home purchase trends, so you can get a better handle on where you and the real estate industry are headed.
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<h2>How State Mandates Are Impacting The Real Estate Industry</h2>
Real estate transactions typically require many in-person interactions from open houses and showings to appraisals, inspection and closings. As more states enact shelter-in-place orders, there has been an extreme amount of confusion surrounding the real estate industry. While the rising number of COVID-19 cases has created plenty of uncertainty in its own right, the fact that individual states have been left with the task of setting new policies has aggravated the situation.
State officials have responded with varying levels of restrictive measures. The lack of alignment on business closures has left individual cities and states scrambling to determine what qualifies as an essential business. While supermarkets, pharmacies, banks, transportation and healthcare facilities clearly fall under the category of essential, there is little consensus as to whether or not real estate services should qualify.
In New York and California, real estate agents have been told that they must conduct business from their homes, which has led to a vast increase in virtual showings. All open houses, in-person showings and pitches have been explicitly banned. However, not all states are following suit. In Connecticut, Indiana, Illinois, Ohio, Wisconsin and Hawaii, real estate has been deemed an essential business, allowing all rental and sales transactions to proceed. In states like Massachusetts, Michigan and Louisiana, the industry’s status is still unclear.
“As coronavirus news continues to dominate the headlines and everyone looks to take social distancing seriously, buying and selling a home the traditional way with guided tours and handshakes is now out of the question,” says Corey Walters, CEO of <a href="https://twitter.com/homeworthy" target="_blank" rel="noopener noreferrer">Homeworthy</a>, a digital home-selling platform based in the Pacific Northwest. “Like so many industries across the country and world right now, the real estate market is sort of waiting with bated breath as rules and regulations continue to unfold.”
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<div class="unit-newstitle">Read More: <a id="onsite-rec:learn-middle-text-unit:0:0:false:2590560::text-list:default:414bc82b-c146-481b-a810-67d920c23e7e:0" class="recommendation onespot-rec" href="https://www.quickenloans.com/learn/mortgage-interest-deduction">Mortgage Interest Deduction: What You Need to Know </a></div>
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<h2>How COVID-19 Has Affected The Housing Market</h2>
Recently, the National Association of REALTORS® conducted a series of flash surveys to gain better insight into how COVID-19 has been affecting consumer behavior in the housing market. Having now conducted two surveys, the first on March 9 and the second on March 16, NAR was able to compare the results to determine how the industry’s pulse has changed over the course of a week. Their findings, as well as observations made about local housing markets, paint a clearer picture of how these unprecedented circumstances have affected real estate across the nation.
<h3>How COVID-19 Has Affected Real Estate Buyers</h3>
Between the NAR’s two studies, buyer interest dropped significantly. On March 9, 78% of REALTORS® reported there had been no change in buyer behavior. Only 16% of those surveyed noticed a decrease in buyers’ interest. However, by March 16, as schools began to close and social distancing guidelines ramped up, nearly half of agents claimed that buyers had become less inclined to purchase residential properties.
A similar trajectory was seen in New York City, which has not only the largest real estate market in the country but now also 10 times more COVID-19 cases than any other state. Open house traffic steadily declined before such gatherings were banned altogether. According to Fritz Frigan, executive director of sales and leasing for <a href="https://www.halstead.com/" target="_blank" rel="noopener noreferrer">Halstead Real Estate</a> in New York City, attendance at open houses across the Big Apple’s five boroughs dropped 42% between March 8and March 15, and a whopping 58% between February 23 (before the news had hit home) and March 15 (the day NYC public school closures were announced).
“When the lockdown was announced – it went into effect on this past Sunday – some brokers still scheduled open houses, but the number dropped dramatically,” says Frigan, whose Open House Index tracks weekly attendance throughout the city. “I counted approximately less than 800 open houses scheduled for that weekend. To give you a comparison, on a normal weekend, without the virus, we have between 5,500 and 6,000 open houses in New York City.”
Although the survey Frigan sent out this past Sunday only received 10 responses, six reported zero traffic, and four had only two people show up. As for the reason behind the dramatic drop in attendance, Frigan believes that the primary driver is “fear of infection, and not just from the buyers but also from the brokers and from the owners, who didn’t want strangers coming into their homes who may be infected.”
This sentiment is echoed by real estate professionals across the nation. “The housing market in each state we operate has clearly been impacted by COVID-19. However, we believe the impact to date is negligible compared to the upcoming months,” says Glenn S. Phillips, CEO and lead economic analyst for <a href="https://www.lakehomes.com/" target="_blank" rel="noopener noreferrer">Lake Homes Realty</a>, a 29-state real estate brokerage firm. “In the most recent few weeks, COVID-19 fears were minimized by most. At the same time, many were excited about the drop in interest rates. This leads these two factors to offset each other to some extent. Moving forward, the housing market will be far more influenced by COVID-19 than interest rates.”
Phillips’ insights are supported by NAR’s research into buyers’ feelings about the changing climate. Although lower mortgage rates initially increased buyers’ enthusiasm, according to 37% of REALTORS®, that enthusiasm began to wane within the 7-day period as concerns over the stock market correction increased. On March 16, the number of agents who reported that their buyers were motivated by lower interest rates fell by 9% as those who claimed that the stock market had caused their buyers to lose confidence increased by 15%.
<h3>How COVID-19 Has Affected Real Estate Sellers</h3>
As cases of COVID-19 increased across the country, sellers’ morale was also shaken. NAR’s studies show a clear decline in sellers’ confidence as news about the virus intensified. Although 81% of REALTORS®initially reported that sellers had kept their homes on the market, that number dropped by 20% on March 16. And 16% of agents noted that sellers had decided to pull their homes from the market, marking a 13% increase from March 9.
Considering how quickly the situation has escalated, the NAR’s figures fall short in elucidating the full effect COVID-19 has had on home sellers and the housing inventory. Through Frigan’s more timely NYC data, we can see a far greater impact.
According to Frigan, 1,778 properties’ status changed to either permanently or temporarily off the market in January. In February, as dozens of cases began popping up around the country, 3,047 properties were removed. As of March 25, 4,454 homes were taken off the market this month alone. “So, the number of properties taken off the market literally tripled in March when the disease started spreading in New York City,” adds Frigan.
For sellers who have kept their homes on the market, their behavior has become increasingly cautious. Of the REALTORS® included in NAR’s March 16 survey, approximately 60% said that sellers had taken extra precautions when showing their homes. These precautions include canceling open houses, restricting the number of showings and requiring buyers to remove their shoes and wash their hands or use hand sanitizer upon entrance.
<a href="https://www.linkedin.com/in/gina-corsini-mattern-ba658a10/" target="_blank" rel="noopener noreferrer">Gina Mattern</a>, a real estate agent and advisor for Willis Allen Real Estate in Del Mar, California, says that the last time she showed a property, “The house was vacant, which made the risk for all much lower. I opened the house (wearing gloves) prior to the buyers’ arrival. The buyers arrived 10 minutes later and let themselves in for a self-guided tour. The buyers locked the door upon departure. We did not have any contact with each other. I remained in my car until their departure.” Despite her careful measures, Mattern adds that she would not show a home that was currently occupied, given the increased risks involved.
However, contagions are not sellers’ only concern. Buyers tend to distrust homes that linger on the market, and during these times, the potential for listings to be considered stale is high. To help support sellers whose homes are currently being listed, the Real Estate Board of New York has decided to eliminate the “days on market” calculation from their listings. This move, which will likely be followed in other areas, is intended to assuage sellers’ fears that their homes will receive less attention from buyers once the market recovers.
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<h2>What To Expect From The Future Housing Market</h2>
Although there are some closings currently taking place throughout the country, the number of transactions has been greatly diminished by both the virus and orders to stay at home. Appraisers and inspectors have struggled to gain access to homes, and government recording offices have closed their doors, making crucial aspects of the closing process challenging to complete.
Amidst the growing concerns over COVID-19, the housing market has clearly come to an impasse. The spring selling season will not reflect the vitality it has in previous years. Most sellers will choose to hold off before putting their homes on the market, but those who cannot wait will list now and show their homes virtually. While the extreme shift in the industry seems alarming, the future may not be as bleak as some expect.
Frigan says that if there’s a dramatic drop in the number of COVID-19 cases and the stay-at-home order is lifted by mid-June or mid-July, “I firmly believe there will be a really strong push for new properties hitting the market and buyers will come in droves because everyone is now hunkered down and cannot do business. I think this is going to have an incredible effect on the strength of the market once the order is lifted.”
To learn about how the virus is affecting the mortgage industry and what you can do to protect your financial well-being, visit our <a href="https://www.rocketmortgage.com/learn/covid-19-resource-guide?qls=PUB_qlcenter.0000119579" target="_blank" rel="noopener noreferrer">COVID-19 Resource Guide</a>.
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Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Superior Mortgage Co., Inc. at 845-883-8200 or email sales@superiormci.com for additional information. Let us help make your dreams a reality.
ctto: https://www.quickenloans.com/learn/coronavirus-affecting-housing-market
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How COVID-19 Has Affected Real Estate and the Housing Market in the United States?

<img loading="lazy" class="wp-image-748 alignright" src="https://smadmin.ferociousmediaweb.com/uploads/2020/04/HOW-TO-ASSUME-A-MORTGAGE_-300x251.png" alt="" width="347" height="290" srcset="https://smadmin.ferociousmediaweb.com/uploads/2020/04/HOW-TO-ASSUME-A-MORTGAGE_-300x251.png 300w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/HOW-TO-ASSUME-A-MORTGAGE_-768x644.png 768w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/HOW-TO-ASSUME-A-MORTGAGE_.png 940w" sizes="(max-width: 347px) 100vw, 347px" />
<h2>HOW TO ASSUME A MORTGAGE?</h2>
Assuming a mortgage is a process by which you take over the payments on an existing loan rather than secure your own financing to purchase the house. Most lenders include a due-on-sale clause that prohibits a buyer from assuming a mortgage by making the note payable upon the transition of ownership of the mortgaged property. However, some loans, like VA, USDA, and FHA loans, are inherently assumable. If you&#8217;re thinking about taking over someone else&#8217;s payment, make sure you know how to assume a mortgage before you sign any paperwork or hand over any funds. Assuming a mortgage is not limited to &#8220;underwater&#8221; mortgages.
<h3>I. QUALIFYING TO ASSUME THE MORTGAGE</h3>
1. Learn whether you are permitted to assume the loan. Certain types of government-backed loans are much easier to assume than conventional loans. In most cases, you must meet the qualifications of the government agency in order to assume the loan.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-1">[1]</a>
<ul>
<li>Conventional loans usually prohibit assumptions;<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-2">[2]</a> however, a bank may be willing to allow you to assume a mortgage if the current owner is in a financial bind that jeopardizes the payback of the note.</li>
<li>Additionally, if the buyer has the potential to add a large down payment to the current loan, the lender may be more likely to allow the assumption of the loan.</li>
<li>Always talk with the lender, a real estate professional, and a lawyer to ensure you can assume the loan.</li>
</ul>
2. Decide whether assumption of the mortgage is a good idea. There are certain situations where you may want to assume a mortgage. For example, when you assume a mortgage you keep the interest rate that the original owner has on the loan. If interest rates have risen, then assumption may make financial sense.
<ul>
<li>People also assume mortgages when awarded a property in divorce or as a gift in a will.</li>
<li>An assumption can also save you time. Typically, it only takes 30 days to approve a mortgage assumption.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-3">[3]</a></li>
</ul>
3. Find out how much it costs. You will have to pay the owner for the equity that he already has in the property. For example, if the owner has $140,000 remaining on a mortgage but the selling price is $200,000, then you need to come up with a down payment of $60,000 to cover the equity that has built up in the house.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-4">[4]</a>
<ul>
<li>Furthermore, the lending company may expect you to put a substantial amount of money down in order to qualify you for the assumption.</li>
<li>Assumption fees also apply, depending on where the property is located. Average assumption fees can range from $562-1062 or more.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-5">[5]</a></li>
<li>Also understand that assuming the mortgage does not necessarily mean that you will be able to have identical terms as the current mortgage terms. Lenders often have the ability to alter loan terms if the loan is assumed, which could negate any benefit from assumption. Be sure that you understand precisely the terms of the mortgage before assuming it.</li>
</ul>
4. Check whether you can obtain funds. If you need to make a down payment, then you should figure out how to come up with the money. If you do not have the necessary amount in cash, then check if you can borrow the money from a bank or credit union.
<ul>
<li>You should approach a mortgage assumption in a similar fashion as buying a house with traditional financing.</li>
</ul>
<h3>II. ASSUMING THE MORTGAGE</h3>
1. Request an application from the lender. In order to assume a mortgage, you must qualify with the current lender.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-6">[6]</a> Without the lender’s consent, you cannot assume the mortgage.
<ul>
<li>To start the process of assuming the loan, request the assumption package from the current lender. The seller should let you know who this is.</li>
</ul>
2. Gather financial information. Along with your application, you will have to submit proof of your financial condition. For example, you may need to provide evidence of pay stubs, as well as W-2 or other tax forms, some going back several years. You will also need information on the year and make of any vehicles you own, as well as the value of retirement accounts, life insurance, and other real estate.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-7">[7]</a>
<ul>
<li>You may also need to get the current property tax statement for the property.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-8">[8]</a></li>
<li>Employment references will probably be requested. Find the address and the telephone number for any employer you have worked for during the past several years.</li>
<li>The self-employed will need personal and business tax forms going back at least 2 years.</li>
</ul>
3. Complete the application. You will have to fill out many forms: an application with the lender, a real estate agent agreement, paperwork with a newstitle company, and other necessary forms. To see an example of an application packet to assume a mortgage from Bank of America, click <a class="external text" href="http://promo.bankofamerica.com/mortgage_assumptions/files/application_package.pdf" rel="nofollow">here</a>.
<ul>
<li>You will also have to complete an authorization to release information. This authorization allows the bank to call employers and others to double-check your financial information. This form should be in the packet as well.</li>
<li>You should keep a completed copy of the forms in a safe place, such as a home safe. Also keep copies of any financial information you submitted along with the completed form.</li>
</ul>
4. Answer follow-up questions and complete forms. After you submit an application, your credit scores will be pulled. You will also be sent forms mandated by the Real Estate Settlement Procedures Act. You must fill them out and mail them back.
<ul>
<li>Your completed application will then be forwarded to a Senior Loan Processor, who may call with follow-up questions.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-9">[9]</a></li>
<li>If you have questions, you should always contact your Senior Loan Processor.</li>
</ul>
5. Sign an assumption agreement. Typically, this agreement is between the seller and the buyer. Depending on the loan, the bank or a government agency (such as a governmental housing authority) may have to sign the agreement as well.
<ul>
<li>You can also sign this agreement before applying with the lender. In this situation, the agreement should state that it is contingent on the buyer being approved by the lender to assume the mortgage.<a href="https://www.wikihow.com/Assume-a-Mortgage#_note-10">[10]</a></li>
<li>Always be sure to sign a release from liability for the seller. If this form is not completed, then the seller will still be liable on the mortgage should the new mortgage holder not make payments. A real estate agent should also have this form.</li>
</ul>
6. Attend the closing. Anytime a house sells, whether you assume the note or not, you should have a closing process to sign all of the documents. However, with an assumption, the closing costs will be significantly less than with a conventional mortgage.
<hr />
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Superior Mortgage Co., Inc. at 845-883-8200 or email <a href="mailto:sales@superiormci.com">sales@superiormci.com</a> for additional information. Let us help make your dreams a reality. 
ctto: https://www.wikihow.com/Assume-a-Mortgage

How to Assume a Mortgage?

<h2><img loading="lazy" class="wp-image-741 alignleft" src="https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Refinance-Your-Mortgage-300x251.png" alt="" width="328" height="274" srcset="https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Refinance-Your-Mortgage-300x251.png 300w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Refinance-Your-Mortgage-768x644.png 768w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Refinance-Your-Mortgage.png 940w" sizes="(max-width: 328px) 100vw, 328px" /> HOW TO REFINANCE YOUR MORTGAGE?</h2>
There are lots of benefits to refinancing your home if you understand the terms of the loan and know a little bit about your future financial outlook. Simply put, refinancing is paying off your current mortgage and creating a new mortgage with more favorable terms. You can adjust your mortgage to pay more per month so that the life of your loan is shortened. Or you can adjust your mortgage to pay less per month so that the life of your loan is lengthened. Both can be advantageous if used properly, and both can be hazardous if used recklessly. This article is designed to give you the information you need in order to make the decision about what&#8217;s best for your financial future.
&nbsp;
<h3>I. DOING YOUR HOMEWORK</h3>
1. Know what will influence the rate that you will receive. Here are the elements that will determine the rate you will receive:
<ul>
<li>Loan size</li>
<li>Your credit score</li>
<li>Paid points</li>
<li>Loan to value ratio</li>
<li>Your mortgage product</li>
<li>The term length of your loan</li>
</ul>
2. Understand that advertised rates are not reliable. Experts say that when mortgage refinancing companies publish their rates, it is most likely that only about 10% of applicants get to use them. The displayed low rates are used to lure people. It&#8217;s not always wise to fall for them.
3. Know the costs associated with refinancing. It probably doesn&#8217;t make sense to refinance if the costs and fees associated with refinancing are bigger than the amount of money you would have saved after refinancing. Figure out up front how much you&#8217;re likely to be charged for refinancing. It is not uncommon to pay between 3% and 6% of your principal in fees. Shop around for the best rates, as many lenders may not charge an application fee, origination fee or points.<a href="https://www.wikihow.com/Refinance-Your-Mortgage#_note-1">[1]</a> Some possible fees you could face include:
<ul>
<li>Application fee: $100 &#8211; $300</li>
<li>Appraisal fee: $300 &#8211; $700</li>
<li>Loan Origination fee: up to 1.5% of the loan principal</li>
<li>Points: up to 3% of the loan principal. One point is equal to 1% of the total mortgage amount.</li>
<li>Inspection fee, Attorney Review fee, Survey fee, and newstitle Search and Insurance fee: 
$1,500 &#8211; $2,500</li>
</ul>
4. Find out whether your lender has a prepayment fee associated with your current mortgage. Some lenders will charge you a one-time fee if you decide to pay off your existing mortgage early. Why is that? Because the lender stands to lose a certain amount of money if they can&#8217;t make extra money off of interest payments.
<ul>
<li>Know, however, that some states have banned prepayment fees. Mortgages insured or guaranteed by the federal government, as well as loans insured by federal credit unions, are also barred from levying prepayment fees.<a href="https://www.wikihow.com/Refinance-Your-Mortgage#_note-2">[2]</a></li>
<li>How much can you expect to pay if you encounter a prepayment fee? Prepayment fees generally weigh in at one to six months&#8217; worth of interest payments.</li>
</ul>
<h3>II. MODIFYING THE LENGTH OF YOUR MORTGAGE</h3>
1. Lengthen the term of your mortgage to reduce your monthly payments. If you desire smaller monthly payments on your mortgage, consider lengthening the term of your mortgage. Expect to pay more money (primarily in interest payments) over the course of your mortgage. Know, too, that you&#8217;ll make payments for a longer period of time. This isn&#8217;t always the most prudent move, but for many people, it&#8217;s the difference between holding onto their home and giving it up.
<ul>
<li>Say your existing mortgage is for $200,000 on a 30-year fixed at 6%. After three years, you get the option to refinance at 32 years and 6%. You&#8217;ll be paying $134 less per month, but the total cost of the mortgage will rise to $111,791 over the life of the loan.</li>
</ul>
2. Shorten the term of your mortgage to reduce the total interest paid. People who shorten the terms their loans spend less time paying off their mortgage. The tradeoff is that their monthly payments increase. At the same time, because they&#8217;re trading in a longer mortgage for a shorter one, they spend less on interest payments in the long run.
<ul>
<li>Say your existing mortgage is for $200,000 on a 30-year fixed at 6%. After three years, you get the option to refinance at 15 years and 5%. You&#8217;ll be paying $319 more per month, but you&#8217;ll ultimately be saving a whopping $109,211 over the life of the loan. If you can manage the extra $319 per month, it&#8217;s definitely worth refinancing.</li>
</ul>
3. When deciding whether to lengthen or shorten the term of your mortgage, balance out your short-term needs with your long-term needs. Refinancing your mortgage is a serious financial undertaking. Whether you want to lengthen or shorten the term of your mortgage, it&#8217;s a good idea to investigate why, taking both your short- and long-term needs into consideration:
<ul>
<li>For example, if you&#8217;re lengthening the term in order to pay $100 less monthly, but you&#8217;ll pay $100,000 more over the life of the loan, you&#8217;re literally mortgaging your future in order to bankroll the present. See if you can&#8217;t rummage up the extra $100 a month in order to save you a fortune over the long term.</li>
<li>Similarly, what if you&#8217;re moving from a 30-year fixed to a 15-year fixed because you want to save money in the long run? If you can&#8217;t afford the $300 per month, and this uptick puts you into debt, you may want to hold off refinancing until you can actually afford the change.</li>
</ul>
III. DEALING WITH ADJUSTABLE RATE MORTGAGES (ARMs)
1. Know that the monthly payments of ARMs can shift according to interest rates. ARMs&#8217; monthly payments are tied to interest rates. Some months, you might get a very decent monthly payment because interest rates have gone down. Other months, you might get a bigger-than expected monthly payment because interest rates have gone up.
2. Beware the teaser rate on option ARMs. Many ARMs will feature a special &#8220;teaser rate&#8221; that advertises a lower-than-average initial interest payment on the loan. Often, this rate lasts for just a year or even several months, after which the interest payments skyrocket.<a href="https://www.wikihow.com/Refinance-Your-Mortgage#_note-3">[3]</a>
<ul>
<li>These loans often seem too good to pass up. Remember, if something seems too good to be true, it probably is. Always read the fine print associated with a loan, but especially those loans which appear to give you the deal of the century.</li>
</ul>
3. If refinancing from one ARM to another ARM, look at the initial rate as well as any payment caps. If you are refinancing, look for another ARM with a lower initial rate, so your interest payments start off less. Also look for deals when it comes to payment caps. Payment caps are the total increased amount you can pay from month to month. If your ARM has a payment cap of 6%, then the total increase you can pay from one month to the next is 6%, even if interest rates increase more than that.<a href="https://www.wikihow.com/Refinance-Your-Mortgage#_note-4">[4]</a>
<h3>IV. KNOW WHEN NOT TO REFI</h3>
1. Consider not refinancing when you&#8217;ve invested in your current mortgage for a long period of time. The longer you make payments on a mortgage, the more equity you build up in your home. Equity is just a fancy name for how much of the home you actually own, or how much of the principal on your home you&#8217;ve paid off. The amount of money you pay towards your principal counts toward equity in your home, while the amount of money you pay towards interest does not.<a href="https://www.wikihow.com/Refinance-Your-Mortgage#_note-5">[5]</a>
<ul>
<li>When you begin make mortgage payments, most of your money goes toward interest payments, not principal. In the beginning, you haven&#8217;t built up much equity. After the 20-year mark or so on a traditional 30-year fixed, you start to pay off more and more principal in your mortgage and less interest. This means your stake of equity in your home grows.</li>
<li>Refinancing after you&#8217;ve held onto the same mortgage for a long time restarts this amortization process. You spend the early years paying off interest instead of building equity in your home by paying off principal.</li>
<li>Note that refinancing does not always mean you will have a longer term. If you have paid 20 years on a 30 years mortgage and you have the opportunity to refinance into a 10-year loan with a significantly lower interest rate, this could be a good strategy for you.</li>
</ul>
2. Consider not refinancing if you plan to move soon. If you plan on moving sooner rather than later, the costs of refinancing may not make economic sense. Think about it: You&#8217;re spending upwards of $5,000 for a new mortgage on your existing house, when you&#8217;ll probably need to spend the same amount on a new mortgage for a new house.
<ul>
<li>If you plan to retain your home as a rental, it may still make sense to refinance.</li>
<li>Consult break-even calculators online to examine whether it makes sense to refinance if you&#8217;ll be moving soon.</li>
</ul>
3. Consider not refinancing if you have to pay a significant prepayment fee. You may be levied with a prepayment fee if you break off your existing mortgage prematurely. If, however, you plan on refinancing with the same lender, ask them if they can waive the fee. In rare cases, lenders will waive the fee.<a href="https://www.wikihow.com/Refinance-Your-Mortgage#_note-6">[6]</a> When prepayment fees become excessively costly — sometimes up to 6 months&#8217; worth of interest payments — consider waiting for a better time to refinance.
<h3>V. STARTING THE NEW LOAN PROCESS</h3>
1. Factor in certain eligibility requirements. Lenders will look at a whole host of things in order to decide whether they&#8217;re willing to give you the loan at your terms. Lenders will factor in your income and other assets, your credit score, the current value of the home, as well as the amount you wish to borrow. Primarily, lenders will look at the loan to value ratio (LTV) — that is, how much you&#8217;re asking compared to the value of the home. If it doesn&#8217;t fall within their acceptable range, they might not offer you the mortgage you&#8217;re looking for.
<ul>
<li><a newstitle="Understand Your FICO Credit Score" href="https://www.wikihow.com/Understand-Your-FICO-Credit-Score">Credit score</a> has a huge impact on the terms of your refi. If your credit score went up after you agreed on your current mortgage, lenders will be likelier to offer better terms. If your credit score went down after you agreed on your current mortgage, lenders may offer only higher interest rates.</li>
</ul>
2. Know what type of loan you want. Disclosing details to the loan officer should help you get the best possible rate. State how long you&#8217;d like your mortgage to last, as well as how much you really need for the house. Disclose also whether you&#8217;re willing to pay points in order to lower the interest rate.
<ul>
<li>Note: if you&#8217;re serious about staying debt-free, don&#8217;t exaggerate how much money you need and then pocket the difference between the loan and the value of the house. While some mortgage loans can be advantageous, others are not. Using a second mortgage as a source of cash is a sure way to lose money in the long run.</li>
<li>9 times out of 10 banks and credit unions are the most expensive source for a mortgage and may provide slow service. For the best deal, shop around at brokers and direct lenders.</li>
</ul>
3. Ask about &#8220;no-cost&#8221; refinancing. No-cost refinancing is basically where the lender assumes the cost of upfront fees (origination fees, application fees, appraisal fees, survey fees, etc.) in exchange for a higher interest rate. While these may be viable options for people who want to refinance but cannot afford the upfront fees, they should be avoided, if possible, by those who can afford the out-of-pocket fees. Why? Because the interest tacked on to the life of the loan is often more than the out-of-pocket fees the homeowner would have originally paid.<a href="https://www.wikihow.com/Refinance-Your-Mortgage#_note-7">[7]</a>
4. Shop around. This is one of the best ways to go with any kind of transaction. Know the credibility of your choice lenders. Don&#8217;t be afraid to try to get better terms from different lenders. You&#8217;re most likely going to be entering into a 30-year contract; you should trust the lenders and feel like you&#8217;re getting the best bang for your buck.
5. Allow ample time for you to get the hang of all the mortgage terms if you&#8217;re a newbie on this industry. Doing your homework will save you not just some money but also future headaches.
<hr />
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Superior Mortgage Co., Inc. at 845-883-8200 or email <a href="mailto:sales@superiormci.com">sales@superiormci.com</a> for additional information. Let us help make your dreams a reality. 
ctto: https://www.wikihow.com/Refinance-Your-Mortgage
&nbsp;

How to Refinance Your Mortgage

<h1><img loading="lazy" class="wp-image-721 alignleft" src="https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Talk-to-Mortgage-Lenders-300x251.png" alt="" width="500" height="418" srcset="https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Talk-to-Mortgage-Lenders-300x251.png 300w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Talk-to-Mortgage-Lenders-768x644.png 768w, https://smadmin.ferociousmediaweb.com/uploads/2020/04/How-to-Talk-to-Mortgage-Lenders.png 940w" sizes="(max-width: 500px) 100vw, 500px" /></h1>
<h1></h1>
<h1>How To Talk to Mortgage Lenders?</h1>
It can be challenging to speak to a mortgage lender if you do not know what points to bring up or questions to ask. You should prepare to speak to mortgage executives at different types of institutions, such as a bank, a lender, and a broker. In a purchase situation, the first meeting should be to interview the representative to see if you trust them and to see what you qualify for. If you are looking to refinance, a first meeting should be to determine what rates are available to you.
&nbsp;
<h3>I. FINDING A LENDER</h3>
1. Talk to a lender before you start house hunting. Mortgage paperwork can take a long time to process. You will want to start looking for lenders and rates before you decide on your house or else you might lose out on it.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-1">[1]</a> Having a mortgage preapproved will make the entire process smoother and faster. Furthermore, some real estate agents may reject offers from buyers without a mortgage preapproved.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-2">[2]</a>
<ul>
<li>Since rate locks attach to a property and not an individual, you cannot lock an interest rate until you have a contract on the property.</li>
</ul>
2. Contact different types of lending institutions. Banks, credit unions, and online lenders, and brokers all offer mortgages. Consult different websites to find which ones may be willing to offer you a better deal. While you can visit banks and credit unions in person, you may have to call an online company.
<ul>
<li>Be careful with online lenders. While you may find a reputable one that offers a good deal, you are also likely to encounter more scams.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-3">[3]</a></li>
</ul>
3. Make appointments with several lenders. The best way to get a good deal on your mortgage is to talk to several lenders. You can get a feel for their different personalities and your comfort level with each of them. This will let you compare rates, fees, and contracts.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-4">[4]</a>
4. Research common terms and conditions. You may not know yet what kind of mortgage you need, but you can familiarize yourself with the terms and types of mortgages that your lender may talk to you about. These terms include:
<ul>
<li>Interest rate: the cost you pay to borrow the loan. The interest rate is a percentage of the loan. You pay this on top of the money you owe to repay the loan.</li>
<li>Annual Percentage Rate (APR): how much you will pay every year year for the loan. This includes fees and interest.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-5">[5]</a></li>
<li>Adjustable Rate Mortgage (ARM): a mortgage with interest rates that change over time. Rates may start low and then increase. This may be fine if you are planning to sell the house after a few years.</li>
<li>Fixed Rate Mortgage: a mortgage with interest rates that do not change over time. This is ideal if you want to stay in the same house for the full length of the mortgage.</li>
<li>Hybrid Adjustable Rate Mortgage: a mortgage that has fixed fees for the first year or two. After this point, the rates may change.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-6">[6]</a></li>
</ul>
<h3>II. DISCUSSING YOUR OPTIONS</h3>
1. State your budget. When you first meet with a lender, you will want to inform them of what you think your budget is. Tell them roughly what price range of house you are looking for. They will take this into consideration after you’ve made an application.
<ul>
<li>Say something along the lines of: “Right now, I am looking at houses in the $250,000 range, but I want to make sure that I qualify to borrow that much money first.”</li>
<li>Listen carefully to what they say. Ask questions about anything you are uncertain about or don’t know.</li>
</ul>
2. Ask questions about the loan. You want to make sure that there are no hidden fees or rules in your contract, and you want to understand fully what the mortgage process will be like. You can ask:
<ul>
<li>&#8220;How much will the down payment be? How much are closing costs?&#8221;</li>
<li>&#8220;What is the APR? How much will I be paying every year, including fees, penalties, and interest?&#8221;</li>
<li>“How long does it take to process a mortgage?”</li>
<li>“Do you offer fixed-rate or adjustable rate mortgages?”</li>
<li>“What will happen if I fall behind on my payments?”</li>
<li>“Are there prepayment penalties?” In other words: “Will I be charged fees if I pay off my mortgage early?”<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-7">[7]</a></li>
<li>“What documents and information do I need to provide you?”<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-8">[8]</a></li>
</ul>
3. Determine what extra fees you will be paying. There are many other fees that are tacked onto mortgages. While the bulk of your conversation will be about the interest rate and payment plan, be sure to ask your lender about what other charges they will incur. Ask directly: “In addition to my interest rate and monthly payment, what other fees am I responsible for?” Ask them to break down these fees and their purpose. These include:
<ul>
<li>Origination fees: these are the fees your lender will charge you for creating the loan.</li>
<li>Discount points: these are the difference in yield between your chosen rate and the par rate.</li>
<li>Closing costs: these are the fees you pay when the deed transfers to you.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-9">[9]</a></li>
<li>Note that this is the only stage of the process where the lender can legally negotiate with you. If you are haggling over actual rates, which are set 60 days in advance, you may be dealing with someone unsavory.</li>
</ul>
4. Compare offers before agreeing on a deal. Once they give you a rate, know that without locking the rate in, it can change at any time. You need a property to lock in the rate. Accepting this fluidity, inform them that you want to compare deals with other lenders and that you will get back to them shortly.
<ul>
<li>You can say, “I have a few more meetings set up with other banks, but I will let you know as soon as possible what my decision is.”</li>
<li>If the lender tries to pressure you into signing a loan right away, resist. They are using predatory tactics to coerce you into getting a bad loan.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-10">[10]</a> Simply state: “I do not feel comfortable signing onto a loan before I have explored my options.” If the lender pushes you, stand your ground. Say: “I am not going to sign this loan yet. While I appreciate the deal, I do not like being pressured into a loan.”</li>
</ul>
5. Watch out for predatory loans. You want to be absolutely aware of common scam tactics. Read all documents carefully, and go over the fine print. Ask a lawyer to help you. Some common predatory tactics include:
<ul>
<li>Blank spaces in documents. You should say: “I do not feel comfortable signing papers that have blank spots in them. Please fill in these spots, and resubmit the contract to me.”</li>
<li>Offering extremely low interest rates at the beginning and increasing them substantially after a certain point. This is known as ballooning. You should say: “I would rather pay slightly higher fees throughout the mortgage at a fixed rate. Can we negotiate this?”</li>
<li>A statement in the contract that prohibits you from suing them in the future. Say: “I do not feel comfortable with this clause. I will not waive my right to sue.”</li>
<li>If the lender will not budge on these points, walk away. They are not a reputable lender.<a href="https://www.wikihow.com/Talk-to-Mortgage-Lenders?fbclid=IwAR3aIgAv5iSRCPcoxkky-Yyd0_AoEtDCCG1oMFKl_Z9Hj2A8bhw1-esD4vQ#_note-11">[11]</a></li>
</ul>

HOW TO TALK TO MORTGAGE LENDERS?

<img loading="lazy" class="wp-image-708 alignright" src="https://smadmin.ferociousmediaweb.com/uploads/2020/04/HOW-TO-BECOME-A-MORTGAGE-LOAN-OFFICER_-300x251.png" alt="" width="370" height="308" />Loan Officers, also referred to as &#8220;Mortgage Loan Originators,&#8221; are people who work for banks and other financial institutions with the main objective to recommend individual and business loan applications for approval and participate in the front end of the mortgage origination process.
&nbsp;
Loan officers help people procure loans for houses and businesses helping people buy houses and other types of real estate. All mortgage officers must be licensed by the federal and state governments, which requires extra educational coursework and testing. Applying your knowledge gained through certification and licensing, as well as getting the necessary experience, will help you become a mortgage loan officer.
<h3></h3>
<h3 class="in-block">PART 1: Completing Education and Gaining Experience</h3>
Earn a high school diploma or GED. Earning a high school diploma, or earning a GED, is the first step toward become a loan officer. Try taking math and accounting classes, if available, to lay the foundation for the tools you will need to be an effective loan officer. Most four-year undergraduate require a high school diploma or GED in order to apply for a position as a student.
Apply for an internship or assistant-ship. Applying for an internship or assistant-ship, although not required, will give you experience and expose you to potential practical applications of your knowledge. Try interning for a mortgage loan originator to get hands on experience with financial documents and the day to day workings of the job.
&nbsp;
Earn a bachelor’s degree in a business related field. Since most loan officers generally analyze businesses or individuals applying for credit, you will need to understand general business accounting, like understanding how to read financial statements. Earning a degree in a related field, such as business, finance, economics, or accounting, will give you the relevant information to be able to perform as a mortgage loan officer.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-1">[1]</a>
<ul>
<li>Check to see if your school offers any specific courses on topic concerned with being a mortgage loan officer.</li>
</ul>
Receive a loan officer certification. Although not required, getting a loan officer certification can show dedication and expertise, which can ultimately strengthen your chances of being hired. Many banking associations, like the American Bankers Association or the Mortgage Bankers Association, as well as many schools and universities offer certification programs.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-2">[2]</a>
<ul>
<li>Apply for a certification with banking associations through their online portals.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-3">[3]</a></li>
<li>Consult the registrar at your local community college or university to see if they have any certification courses available.</li>
</ul>
&nbsp;
<h3 class="in-block">PART 2: Obtaining a Federal License</h3>
Check your state’s licensing requirements. Each state has different requirements for licensing and certification. Checking which state requires which license or certification will give you a better understanding of what your next course of action should be. Consult loan officer state licensing guides to easily access your state’s requirements.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-4">[4]</a>
<ul>
<li>Find this information easily online by going to: <a class="external free" href="http://mortgage.nationwidelicensingsystem.org/slr/Pages/default.aspx" rel="nofollow">http://mortgage.nationwidelicensingsystem.org/slr/Pages/default.aspx</a>.</li>
</ul>
Complete your Nationwide Mortgage Licensing System coursework. All state licensed Mortgage Loan Originators (MLOs) require a pre-licensure education called SAFE that consists of 20 hours of coursework. The coursework can be broken down into 3 hours of federal law and regulation, 3 hours of ethics, including fraud, 2 hours of training standards, and 12 hours of undefined mortgage origination instruction.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-5">[5]</a>
<ul>
<li>Consult the NMLS to find your state’s course provider or to find courses offered online.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-6">[6]</a></li>
</ul>
Pass all required NMLS testing. There are 1-2 test components you’ll need to pass once you have finished your education. The first is the National component, the second, the State. Some Some states accept just the national test and others require both national and state. Both components require a fee before you are allowed to take them.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-7">[7]</a>
<ul>
<li>If you fail, both tests have a waiting period that varies by state before you can retake the test. You can retake the test(s) as many times as you want but each time the waiting period will increase.</li>
<li>Consult the NMLS testing handbook to fully understand the test structure before you take both test components.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-8">[8]</a></li>
<li>A minimum score of 75% is required to pass both tests, and both tests have a waiting period of 30 days before you can retake them. However, you can retake the tests as many times as you need.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-9">[9]</a></li>
</ul>
Get a criminal background check. In order to complete your criminal background check you will need to pay the fee associated with processing and schedule a fingerprinting. Getting a criminal background check will ensure your future employers of your trustworthiness and will bring you one step closer to being a loan officer.
<ul>
<li>You can pay your fee and schedule a fingerprinting through NMLS’ online portals.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-10">[10]</a></li>
</ul>
Have a credit report through NMLS. Have your credit evaluated by a third party or by the NMLS. This evaluation will be based on your history; they are looking for quality of character as evidenced by financial decisions. Your credit report can be submitted through an online portal on the NMLS’ website.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-11">[11]</a>
<ul>
<li>Credit report fees cost approximately $15.00.</li>
</ul>
Apply for a job as a mortgage loan officer. Once you have passed and acquired all of the requirements you are ready to start applying for positions to become a mortgage loan officer. Research job openings online, write a resume and cover letter, request letters of recommendation from previous employers, and start submitting applications.<a href="https://www.wikihow.com/Become-a-Mortgage-Loan-Officer#_note-12">[12]</a>
<ul>
<li>Consult a past professor or previous boss to see about potential job openings or resources.</li>
</ul>
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

How To Become A Mortgage Loan Officer?

A reverse mortgage is a type of mortgage that allows homeowners to borrow against the accrued equity in their homes. The loan is paid back when the loan borrower moves or dies. There are advertisements for reverse mortgages all over the television, radio, and on the internet. However, some of these advertisements make incomplete or inaccurate statements. This is not a risk-free loan.
Older homeowners were surveyed about their impressions of reverse mortgage ads. Many believed that these loans did not have to be repaid. Others believed that the federal government provided the money. Some believed that they could access the equity in their homes interest-free. Many ads say that you can live in your home as long as you want and you still own your home. The ads neglected to mention that seniors could lose their homes if they don’t satisfy all the loan requirements.
With more Americans living longer, it is possible that reverse mortgage borrowers may outlive their loans, so borrowing without careful consideration of the pros and cons of a reverse mortgage is not a good idea.
<h5>A Reverse Mortgage is a Home Loan</h5>
A reverse mortgage is a home loan. It is not a government benefit. Reverse mortgages have the same fees and interest structure as other loans and must be repaid just like any other mortgage loan. U.S. federal insurance guarantees that borrowers will receive their loan funds even if their lender is experiencing financial difficulties or the balance of their loan exceeds the value of their home.
<h5>You Can Lose Your Home with a Reverse Mortgage</h5>
You can keep ownership of your home and live there as long as you want only if you comply with all the terms of the reverse mortgage loan. If you do not pay your taxes, or your homeowners’ insurance, or leave your home empty for more than six months, you may be considered in default on your loan. Your home can be foreclosed upon when this occurs. The best thing to do if you are considering a reverse mortgage is to speak with a mortgage specialist like the ones at Superior MCI.
<h5>What Happens if you Outlive Your Loan Proceeds?</h5>
A reverse mortgage does not guarantee your financial security no matter how long you live. Currently, people are living much longer lives than they were twenty years ago. Having short-range and long-range goals for living after retirement should be your motivation. In this way, if you want to access some of your home equity, you will wait for the right time so you won’t run out of retirement resources as you grow older.
Superior Mortgage Co., Inc. can advise you about the best mortgage loan option for you. We understand how important these decisions are and offer residential and commercial loans as well as a wide range of products and services to give you the best options for your mortgage loan. Call Superior Mortgage Co., Inc. at 845-883-8200 or email sales@superiormci.com for additional information.

Reverse Mortgages: Read the Fine Print

Buying a home is usually the most expensive purchase you will ever make. It will shelter your family, provide security, and be your investment into the future. But what kind of home is right for you? Are you looking for a single-family home, condo, co-op, or townhome? How many floors do you want? How much square footage? Do you need a one or two-car garage? Would you like a pool? If you are feeling overwhelmed by all the choices, Superior MCI can help to break it down.
<h5>The Choices</h5>
A single-family home is an unattached home for only one family and has some green space on every side. You are completely responsible for any maintenance, repairs, upkeep, landscaping, and structural extras you wish to add.
A townhome is very much like a single-family home except that you are typically sharing a wall with a neighbor. The property is usually narrower than a single-family home and may have more than two floors. The homeowners’ association (HOA) is generally in charge of the common areas belonging to all the townhome owners. Monthly dues are paid to the HOA by the townhome owners for upkeep, maintenance, and repair of the common areas. Structural changes to the townhome are generally not permitted.
A condominium, or condo, is a group of apartments where the homeowner owns the air between the walls but not the physical walls, ceilings, or floors of the unit. The HOA takes care of cleaning the windows, fixing pipes, and maintaining common areas such as a pool. In other words, condo owners share ownership of the common areas. The HOA collects monthly dues for the upkeep of the building.
A co-op is a bit confusing because they aren’t seen as real property. In essence, when you buy a co-op, you become a shareholder in the corporation that owns the property. If the property is a multi-family building, you have exclusive rights to your unit. Co-ops are popular in urban areas and require a monthly maintenance fee for repair and maintenance. The co-op board controls decisions relating to the building, including who can buy a co-op in the building.
<h5>Ask Yourself Questions</h5>
To find out which home is best for you and your significant others, there are several facts to consider, such as:
· How big is your family?
· Do you have pets?
· Do you have a lot of stuff?
· Are you a ‘do-it-yourself’ person who likes home projects?
· If you think a co-op is for you, can you handle co-op board drama and putting your personal life on blast for a co-op board? Co-op boards can reject your application without letting you know why.
· Besides your mortgage, condo and co-op fees can add up. If your shared property needs repair, maintenance, and upkeep, can you afford an assessment added on to your monthly costs?
· Generally speaking, if you buy a single-family home, you are free to live in it as you wish. If you buy a condo, co-op, or townhouse, chances are you will be restricted from doing what you want by the covenants, conditions, and restrictions (CC&amp;R’s) of your homeowners’ association.
Superior Mortgage Co., Inc. has all the information you need about residential and commercial loans and offers a wide range of products and services to give you the best options for your mortgage loan. Call Superior Mortgage Co., Inc. at 845-883-8200 or email sales@superiormci.com for additional information

What Kind of Home is the Perfect Choice for You?

In an uncertain economy or an actual recession, you may be facing important decisions such as whether to purchase a car, invest in a risky stock, or become a cosigner for a family member. There are financial risks that everyone should seriously reconsider during risky economic times, including:
&nbsp;
<ul>
<li>Becoming a Cosigner: Even in the best of times, cosigning on a loan is very risky. If the person taking out the loan forgets to make a payment or is consistently late with their payments, it is your credit history that will be impacted and you could also be asked to make those payments. In an economic downturn, the risks are much greater since the person taking out the loan can lose their job. If you feel you have no choice and must cosign for a loan, it is important to set aside some money in case the worst happens.</li>
</ul>
&nbsp;
<ul>
<li>Taking out an Adjustable-Rate Mortgage: When buying a new home, you may choose to take out an adjustable-rate mortgage (ARM). In many cases, this may be a good move, especially if interest rates remain low. If the economy begins to falter, and you lose your job and interest rates increase, your monthly payments will increase. Late payments or non-payments will have an adverse impact on your credit rating, making it difficult to obtain a loan in the future.</li>
</ul>
&nbsp;
<ul>
<li>Taking on Debt: Taking out a loan for a car or home may not be a problem when the economy is doing well as long as you make enough money to cover your monthly payments and contribute to your retirement savings. However, if the economy takes a turn for the worse, your risk goes up, especially if employment is not stable. If you are considering adding additional debt to your financial portfolio, this could complicate your financial situation if you become unemployed or your income is reduced. In a worst-case scenario, you could even be on your way to declaring bankruptcy.</li>
</ul>
&nbsp;
<ul>
<li>Taking Your Job for Granted: In an economic slowdown, even large corporations can come under financial pressure. While this may simply mean cutting out the open bar at the holiday party, it could also mean cutting the shareholders’ dividends or laying people off. Most jobs become vulnerable during a recession so employees should do everything they can to make sure their employer maintains a positive opinion of their work product.</li>
</ul>
&nbsp;
<ul>
<li>Taking Risks with Investments: It is important to always be thinking about the future by investing money. However, a shaky or uncertain economy may not be the best time for an increased level of risk. For example, taking on a new loan to purchase a second home or to add another floor to your home may not be the best idea if the economy is uncertain. If business slows, which can happen during a recession, you may not have enough money at the end of the month to pay your installments on time.</li>
</ul>
Contact the Mortgage Company with All the Answers
Superior Mortgage Co., Inc. knows everything about residential and commercial loans and offers a wide range of products and services to give you the best options for your mortgage loan. Call Superior Mortgage Co., Inc. at 845-883-8200 or email sales@superiormci.com for additional information.

What NOT to Do During a Recession

Many homebuyers will tell you that closing on a home can be just as nerve-racking as looking for a home and shopping for a mortgage. Anything can happen at the last moment and frequently does. Your mortgage loan officer can help you understand what the pitfalls are so you are able to avoid or minimize closing problems and delays.
Before Your Closing Date
After deciding on the perfect house for you and your family, and upon getting the right mortgage for your circumstances, you will be tasked with preparing and submitting the required paperwork. Your loan officer, real estate agent and the closing officer should be working together to make sure that the closing goes off without a hitch. However, your closing is only one of many that are being handled by these loan professionals. To assist in making the process go smoother, stay aware of the documentation and deadlines important to the closing to help smooth over any bumps in the road.
Potential Problems and Solutions
· Paperwork Mistakes
Errors in the information you provide can complicate the closing process. No matter if you misspelled a name, got a date wrong, or forgot to include some pages, the mistake can delay the closing by hours or days.
To help prevent this from occurring, review every piece of documentation in advance. Focus on the loan documents and examine them closely. If you don’t understand something on the documents, get your questions answered in advance.
· Mortgage Delays
Do not depend on others to make sure all the paperwork is correct. Your loan officer may be working on several loans at the same time and your loan may not be on the top of their priority list.
It is a good idea to check in on a weekly basis to make sure that they have whatever they need. If there are missing documents or other significant problems, you can contact them more frequently.
· Making Sure the Down Payment Arrives on Time
You may assume that your down payment will be there when the bank tells you. However, the transfer of funds can be delayed for various reasons.
Keep an eye on the transfer. You may even want to make your down payment in the form of a cashier’s check to ensure that the money gets to the right people on time.
· The newstitle
You must insist on a clear newstitle with no problems before closing. Your lender will also need it.
Get a copy of the preliminary newstitle report from your newstitle company or lender.
· The Walk-Through
What happens if the day before closing, you do a walk-through of the property and the fixtures are missing or there’s a new leak in the bathroom.
Get in touch with your real estate agent to speak with the seller’s agent to solve any problems. There are several ways to work through these kinds of issues with the seller such as negotiating a credit on your closing fees or putting money in escrow until the problems are solved.
Find the Best Mortgage Company
Superior Mortgage Co., Inc. knows everything about residential and commercial loans and offers a wide range of products and services to give you the best options for your mortgage loan. Call Superior Mortgage Co., Inc. at 845-883-8200 or email sales@superiormci.com for additional information.

Closing on Your Perfect Home

There are many forms of hybrid loans that can help home buyers. Hybrid, or mixed rate loans, feature both fixed-rate loans and adjustable-rate mortgages, or ARMs, so you can take advantage of having both during the loan payment period. Both types of loans have benefits and drawbacks.
Fixed-Rate Loans
Fixed-rate loans are predictable. Your interest rate will not change so you will always know how much you need to pay every month. Adjustments to your rate do not typically begin until the loan has been in force for a minimum of ten years. 
Adjustable-Rate Loans
Adjustable-rate loans generally start at a much lower interest rate which is helpful for many home buyers. But if interest rates rise, so does your payment. Lower interest rates are also helpful for borrowers with less than good credit scores who may then have time to build a better credit history and a higher credit score. 
Hybrid Loans
Hybrid loans are helpful if you plan to move or refinance your property within a short time. You may be able to get out of the loan before any rate adjustments occur if you make additional payments, or prepayments, to pay off your loan balance before any rate adjustments begin. 
Usually, interest rates on a hybrid loan are significantly lower than rates in a standard 30-year mortgage and do not change until several years later. It is important to speak with your lender about a cap on how much the interest rate can change in a given year. 
A hybrid ARM uses a fixed rate for three years, five years, seven years, or ten years. During that period, the rate stays the same. For example, a 7/1 hybrid mortgage ensures that the rate will remain the same for seven years. After the time expires, the interest rate changes. In a 7/1 hybrid mortgage, the rate is locked for years but will fluctuate every year after the seven year period. 
Determining the Interest Rate
Two factors impact your interest rate. Your lender starts with an index rate and then adds a spread. If your loan uses the London Interbank Offered Rate (LIBOR) as an index to determine your interest rate, your rate will move when the index moves. However, your lender may limit or cap how much your interest rate can change. Initial caps limit how much your interest rate will change when your fixed rate period is over. Periodic caps limit interest rate changes every time an adjustment occurs. Lifetime caps limit how many adjustments can happen over the life of the loan. 
It is vital to work with a mortgage company that can offer you the widest range of products and services when looking for the right mortgage loan. Superior Mortgage Co., Inc., is a specialist in residential and commercial loans and has access to all the loan options available to borrowers. If you want to purchase your first home, a second home, or simply make improvements on an existing property, we can help. We have the skills, experience, and the best products available to help you make the right decision. Call Superior Mortgage Co., Inc. at 845-883-8200 or email <a href="mailto:sales@superiormci.com">sales@superiormci.com</a> for additional information. We look forward to hearing from you

Is a Hybrid Loan Right for You?

Getting approved for a mortgage takes determination. Getting approved for a mortgage can be even more daunting when you are self-employed. You will typically need to show more documentation related to your income, assets, debt-to-income ratios (DTI), and taxes. Knowing what is involved beforehand is helpful in making the process proceed smoothly.
First Things First
When you are considering getting a mortgage, remember that the lender wants to see that your income is consistent and stable. Make sure your income tax returns are completed for the last two years. If you have not filed your current taxes, you can submit a profit and loss statement as long as it is audited by a certified public accountant (CPA). A lender generally takes an average of your yearly income for the last two years. 
Credit Scores
The higher your credit score, the easier it will be to obtain a mortgage. If your credit score is under 700, you may wish to work on improving it before applying for a mortgage. Monitor the three credit scores to make sure that all the information on it is 100 percent accurate. If not, correct any errors as soon as possible. 
Assets
To offset a lower credit score, or if your business is not currently generating the income you would like, consider a larger down payment. You may want to put 20 percent down, even if the lender is asking for five percent, to compensate for a riskier income profile.
Debt-to-Income Ratio
Debt-to-Income ratio (DTI) is a formula used by the mortgage industry that determines if your income is sufficient to repay the mortgage loan that you are applying for. It is broken down into two components. It will calculate what your new mortgage payment will be and divide it by your stable monthly income. For example, if you earn $4,000 monthly, and your loan will require monthly payments of $1,000, your housing DTI will be 25 percent. Lenders usually would like the ratio to be 28 percent or lower. The mortgage payment includes any property taxes, insurance costs, private mortgage insurance if applicable, and homeowner’s association fees. 
DTI is also calculated with all of your recurring debt besides housing and can include credit card payments, car loans, child support, utility bills, and other expenses. Lenders are looking for your DTI ratio to be approximately 36 percent. However, if your down payment is substantial and you have good credit, a lender will look at the total picture to make their decision.
Superior Mortgage Co., Inc. specializes in residential and commercial loans, providing a wide range of products and services to give you the best options for your mortgage loan. Regardless of whether your credit score and DTI ratios need improving, we want to help. We will help you make the smartest choice because our experience and skills are second to none. Call Superior Mortgage Co., Inc. at 845-883-8200 or email <a href="mailto:sales@superiormci.com">sales@superiormci.com</a> for additional information. Let us help make your dreams a reality.

Mortgages for Self-Employed People

Looking for your first home can be an exciting time. It can also be a frustrating time if your efforts to find your perfect house are blocked by unfair or unscrupulous practices. Under the Fair Housing Act, housing discrimination is illegal in almost all housing whether it is private, public, or housing funded by the federal government.
Although the Fair Housing Act covers most housing, it does not cover single family homes sold or rented by the owner without the assistance of a real estate agent, housing belonging to religious organizations, private clubs that do not allow occupancy unless you are a member, and owner-occupied buildings with under four units.
Discrimination is Illegal
HUD’s Office of Fair Housing and Equal Opportunity (FHEO) is committed to ending housing discrimination and promoting economic opportunity through their housing laws. If you think that you may have been denied housing because of your race, gender, family status, national origin, color, disability, or religion, in violation of fair housing laws, you can file a complaint with the FHEO. 
Some examples of discriminatory practices may include:
<ul>
<li>Refusing to rent or sell property;</li>
<li>Denying that housing is available;</li>
<li>Evicting you without due cause;</li>
<li>Discouraging you from buying or renting;</li>
<li>Harassing you;</li>
<li>Retaliating against you because you filed a complaint;</li>
<li>Imposing different sale prices or rent charges based on your protected status;</li>
<li>Attempting to stop you from renting or buying by using threats, coercion, or intimidation; and,</li>
<li>Delaying or ignoring maintenance requests.</li>
</ul>
Housing providers must make reasonable accommodations and can modify or replace existing structures to help disabled individuals, and certain multifamily housing must be accessible to people who are disabled through the Americans with Disability Act (ADA).
Discriminatory Mortgage Lenders
Mortgage lenders, such as Superior MCI, are committed to providing fair and equitable loans and other financial assistance to people who are looking for the perfect mortgage for their family. The Fair Housing Act also makes it illegal for any mortgage company to refuse to provide information on loans or impose different points, fees, or interest rates based on race, gender, family status, national origin, color, disability, or religion. 
Contact Superior Mortgage Co., Inc.
Superior Mortgage Co., Inc., specializes in residential and commercial loans. We provide a wide range of products and services as well as the best products and services available. Regardless of whether you want to purchase a first home, vacation home, or commercial property, we can help. If you are interested in refinancing your home or need a Home Equity Line of Credit (HELOC), we can help. Even if your credit is not where you want it to be, contact the mortgage company to obtain the information you need to make the best decision. Call us at 845-883-8200 or email <a href="mailto:sales@superiormci.com">sales@superiormci.com</a>. We look forward to hearing from you.

Fair Housing Rights for First Time Buyers

Life takes you to amazing places, but it is your love that gets you home. Are you ready to buy your first home? It is natural to feel the stress, as you are taking one of the most important steps in your life. Let’s make your experience of first home buying worth the biggest and best purchase of your life.
1. Make Your Own Budget
Imagine, you are interested in buying a home, but the price quoted is unaffordable. It may leave you heartbroken. If you try to cobble up finances, it may add to your stress. Therefore, a first home buyer must determine the affordability before selecting a property. 
Start with your salary and find out how much you can repay monthly. Another important thing for a first-time homebuyer to consider is the down payment. 
The availability of online loan calculators makes it easier to plan your finances and get a clear idea of the amount to pay. It is advisable to restrict your mortgage liabilities to 30% of your income.
2. Consider Down Payment Assistance
The down payment varies from 3 to 20 percent of the house price. If you have not enough savings, explore the option of down payment assistance. Go through the details of eligibility, the pros, and cons of any such federal, state, county, and nonprofit program.
The assistance covers part of the payment or the full down payment. It can be of three types.
<ul>
<li>Down payment grants: You don’t have to repay the amount.</li>
<li>Forgivable second mortgage: It comes with zero-percent interest or a deferred repayment. </li>
<li>Matched savings programs: It is a kind of matching grant. </li>
</ul>
Check the eligibility, conditions, recapture period, and requirements, such as credit score and the debt-to-income ratio.
3. Get Ready for the Mortgage 
To apply for a mortgage, the first thing you need is a good credit score. It has a bearing on both the loan approval and the interested rate to be offered. Start by checking your credit reports. Even you can use online or offline resources to verify your credit score. If you see any discrepancy, get it corrected. Pay your balances and avoid the card for two billing cycles. Don’t apply for new cards until you buy your own house. It helps improve the score.
Next is preparing all your documents. You need to have the W-2 income statement by your employer, bank statements, and paystubs in order. If you are into a profession or business, you need last three tax returns to submit.
4. Start Mortgage Shopping
Contact different banks and lenders for mortgage pre-approval. It is free and does not impose any liability. Analyze the terms each offer. Consider both fixed and adjustable interest rates based on your tenure and the prevailing economic condition. Never forget to ask about mortgage fees. Ask them the charges for preparing documentation. Check both online and with local banks to see the difference between various mortgage quotes.
The excitement as a first-time homebuyer is discernible and you have a lot to think and do before finalizing your preferred home. With a proper, step-by-step plan, you can make it easy, free from any hassle, and an exhilarating experience to share with others.

4 Things Every First-Time Home Buyer Must Do in Advance

Are you ready to buy your first home? It is natural to feel the stress, as you are taking an important step. Make your experience of first home buying worthy of one of the biggest and best purchases of your life.
1. Determine Affordability Before Selecting a Property
Start with your income and figure out how much you can repay monthly. Another important thing for a first-time homebuyer to consider is the down payment. 
The availability of online loan calculators makes it easier to plan your finances and get a clear idea of the amount to pay. It is advisable to restrict your mortgage liabilities to 30% of your income.
2. Get Ready for the Mortgage 
To apply for a mortgage, the first thing you need is a good credit score Start by checking your credit reports. Use available resources to verify your credit score. If you see a poor rating, correct it. Pay your balances and avoid the card for two billing cycles. Don’t apply for new cards until you buy your own house. It helps improve the score.
Next prepare your documents. You need to have your tax information such as W-2 income statement by your employer, bank statements, and paystubs in order. If you own a business, you need to submit your last three tax returns.
3. Start the Mortgage Process
Consider checking with Superior MCI before you look anywhere else. We will be happy to meet with you and offer you the best rates available.
The excitement in being a first-time homebuyer is real. There is a lot to think about and do before finalizing your home purchase. With a step-by-step plan, you can make it easier, free from any hassle, and an exhilarating experience to share with others.

3 Things Every First-Time Home Buyer Should Do in Advance

Just because you can afford a 2,500-square-foot home sitting on an acre lot doesn&#8217;t mean you should buy it. When shopping for a starter house, some first-time buyers will get pre-approved for a <a href="https://www.investopedia.com/terms/m/mortgage.asp">mortgage</a> and then shop based on the maximum they can borrow. If the mortgage company said they can afford it, then why not go for the home at the top of the budget? But doing that can create a bad financial situation if the homeowner is struggling to pay the mortgage each month or if all of the money is tied up. If all of your money goes to maintain your home, you may quickly accumulate debt.
Experts say it&#8217;s best to stay in the home you purchase for five to seven years to recoup the costs and to see some return on your investment. Purchase a property you can afford. Instead of going all-in with your first home, opt for a more affordable starter home that won&#8217;t break the budget and leaves room for entertainment or unexpected life expenses that will undoubtedly arise.

First Time Home Owner Series: Should a Starter Home be Your Dream Home?

What are your basic desires concerning a home? Are you looking for a large kitchen? A big backyard? Lots of rooms to grow a family. 
What type of neighborhood do you want to live in? A quiet neighborhood – or one that is bustling with stores and people on the street late at night?
This may be the largest purchase you make in your life. You’ll want it to be one that you will be happy with for a long time. You deserve to have it fit both your wants and needs as closely as possible.
View lots of homes, and as you do, be flexible but keep your basic list of needs and wants firmly in mind. Don’t settle for a house just because it’s convenient. When it’s right you’ll know it.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company with the answers you need. Please call us at 845-883-8200. We look forward to hearing from you.

First Time Home Owner Series: What Features Should You Look For?

Consider your long-term goals. Do you want the freedom and independence of owning your own home? Would you rather make mortgage payments instead of paying rent to a landlord? With your own home, you are your own property owner.
What options are there when purchasing a residential property? 
Consider these:
<ul>
<li>Traditional single-family home</li>
<li>Duplex</li>
<li>Townhouse</li>
<li>Condo</li>
<li>Co-op (housing cooperative)</li>
<li>Fixer-upper (Careful! This can wind up costing more than you bargained for)</li>
</ul>
Each of these options has pros and cons which need to be considered carefully in light of your goals.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company with the answers you need. Please call us at 845-883-8200. We look forward to hearing from you

First Time Home Owner Series: What Type of Home Are You Looking For?

According to HUD (US Department of Housing and Urban Development, a first-time homebuyer should be one of the following:
<ul>
<li>Someone who has not owned a principal residence for 3 years</li>
<li>A single parent who only owned a home with a spouse – while married</li>
<li>A displaced homemaker who only owned with a spouse</li>
<li>An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.</li>
<li>An individual who has only owned a property that was not in compliance with state, local or model building codes—and which cannot be brought into compliance for less than the cost of constructing a permanent structure.</li>
</ul>
Principal Residence: 
A principal residence is a primary location that a person inhabits. It does not matter whether it is a house, apartment, trailer, or boat, as long as it is where an individual, couple, or family household lives most of the time.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company with the answers you need. Please call us at 845-883-8200. We look forward to hearing from you.

First Time Home Owner Series: Who Is A First Time Home Buyer?

There are several things sellers can do to pump up the value of their home. The best advice is to be prepared before the appraisal takes place. Tips for increasing the value of your home include:
<ul class="ul1">
<li class="li1">Vetting the Competition: Research what homes are selling for in your area. You can access public property records through sites such as ‘Open Listings.’ Look at homes that are similar to yours that have sold in the last six months. Stay within a few miles radius of your home and look for homes with comparable square footage, layout, upgrades and condition. </li>
<li class="li1">Completing Minor Repairs and Fixes: If you have a list of projects that need to be finished, do them now. These may be a running toilet flush, a squeaky door or a non-working garbage disposal. Although these are small details, they add up to the overall condition of your home. Take a tour around your home with a pad and pencil and take note of needed repairs.</li>
<li class="li1">Improving the Look of the Outside: Your home’s exterior plays an important part in assessing its value. Always think of your home’s curb appeal. Repair any loose roof shingles or clogged gutters. Make sure the pathway to the garage and front door are clutter-free and well-lit. Make sure your lawn is mowed the day before the appraiser is due to arrive and think about adding some decorative finishes to your doorway.</li>
<li class="li1">Making Cosmetic Upgrades: There is always the possibility that if you invest a lot of money into remodeling your home, you may not recoup your investment in added value. However, smaller cosmetic upgrades are always worth the effort. You can add a fresh coat of paint, replace a damaged bathroom vanity and get newer fixtures with little money or effort. With a small investment of time, your home will get a new and updated look. </li>
<li class="li1">Documenting the Improvements: Make a note of all the improvements you have done over the years and make a list of any big upgrades and the dates they were done. Save the paperwork from the upgrades as it helps to validate your statements as well as help the appraiser assess the quality of work that was done.</li>
<li class="li1">Cleaning Your Home Thoroughly: Generally, a clean house will rank higher in terms of overall condition than a home that appears dirty.</li>
<li class="li1">Giving Your Appraiser Space: You may be tempted to give him or her a tour of your home and point out all the improvements you have made. Resist this impulse as professional appraisers do this every day and know what to look for. If you follow them around, you may run the risk of annoying them or revealing too much about the home. Be polite and cordial and available to answer any questions they may have during, or at the end, of the appraisal. </li>
</ul>
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company with the answers you need. Please call us at 845-883-8200. We look forward to hearing from you.

Home Appraisal Tips to Maximize Home Value 2

Many people dream of building a brand new home to their exact specifications. However, home development is complicated and challenging if you need to get a loan to pay for it. 
A construction loan is usually a short-term, interim loan necessary to pay for building a house. As work on the home progresses, the lender pays out money in stages. The short term usually has a maximum of one year with variable rates that go up and down depending upon the prime rate. The loans rates are higher than typical permanent mortgage loans. To get approval for the loan, the lender will review the construction timetable, detailed plans and a realistic budget. When approved, the borrower will be put on a bank draft schedule that coincides with the project’s construction stages and will only make interest payments during construction. There are two main types of construction loans, including:
<ul class="ul1">
<li class="li1">Construction to Permanent Loan – After borrowing to pay for the construction costs to build your home and you move in, the loan is converted into a permanent mortgage, making it a two-in-one loan. The borrower then has only one set of closing costs to pay. During the construction phase, you pay interest on the outstanding balance on a variable interest rate which fluctuates up and down. With a permanent mortgage and a possible loan term of 15 to 30 years, the payment covers a fixed or variable interest rate as well as the principal amount.</li>
<li class="li1">Construction Only Loan – These are two separate loans; one for the home’s construction, which is usually a year or less, and a mortgage loan to pay off the construction. With this type of loan, your down payment can be smaller. This is a good option for people that own a home and are building another home. Although cash is temporarily limited in the present, once the home sells there will be more money to pay the mortgage on the completed house. You have two separate sets of fees for these loans and if your financial situation becomes unstable, you may have difficulty qualifying for it. </li>
</ul>
Qualify for a home construction loan may be more difficult than qualifying for a traditional mortgage. With traditional mortgages, your home is your collateral, meaning that the bank can seize your home if you default. In a home construction loan, the bank cannot do this so their risk is much bigger. To offset the risk, there are more stringent requirements to get the loan, including good to excellent credit, a stable income, a low debt-to-income ratio and a 20% down payment. Your lender may want detailed information about the lot, house size, materials used and which contractors will be working on the house. 
If you want to build a new home, the road ahead may be challenging. The more you know, the easier the challenges. All the more reason to work with Superior Mortgage Co., Inc. We specialize in residential and commercial loans, will answer all your questions and proudly provide the best products and services available. Whether you want to purchase, refinance or take advantage of a home equity loan, we can help. Contact us at 845-883-8200.

Home Construction Loans

If you are 62 years of age or older and need money to pay off your mortgage, supplement your income or pay for your healthcare expenses, you may be interested in a reverse mortgage. This type of mortgage allows you to convert part of the equity in your home into cash without having to sell your home or pay any additional monthly bills. However, a reverse mortgage may use up the equity in your home which will mean less money and assets for your heirs. As with all loan programs, the more you know, the better decision you will make. 
When you have a regular mortgage, you pay the lender every month to buy your home over time. In a reverse mortgage, you get a loan where the lender pays you. Reverse mortgages take part of the equity in your home and convert it into payments to you. The money you get is usually tax-free and does not affect your Social Security or Medicare benefits. Generally, you don’t have to pay back the money for as long as you live in your home. When you die, sell your home or move out, you, your spouse or your estate would pay back the loan. This could mean selling the home to repay the loan. There are three basic types of reverse mortgages but regardless of what kind you are interested in, you are borrowing against the equity in your home. 
There are many factors to consider when deciding on a reverse mortgage. These include:
<ul class="ul1">
<li class="li1">Other fees and costs: Lender usually charge an origination fee, other closing costs and servicing fees over the life of the mortgage. There may also be mortgage insurance premiums for federally insured loans.</li>
<li class="li1">You will owe more over time: As you get money through the reverse mortgage, interest is added onto the balance you owe each month.</li>
<li class="li1">Interest rates change over time: Most reverse mortgages have variable rates which change with the market. Some reverse mortgages offer fixed rates but may require you to take your loan as a lump sum at closing.</li>
<li class="li1">Interest is not tax deductible each year and is not tax deductible on income tax returns until the loan is paid off partially or in full.</li>
<li class="li1">There are other costs related to your home: Because you keep the newstitle to your home, you continue to be responsible for property taxes, insurance, utilities, fuel, maintenance and other expenses. Your lender could require you to set aside a specific amount of money to pay your taxes and insurance during the loan. This amount reduces the funds you get in your payments.</li>
<li class="li1">When you are married and in certain situations, your spouse may continue to live in the home even after you die if he or she continues to pay taxes and insurance and maintains the property.</li>
<li class="li1">If you want to leave your assets to your heirs, a reserve mortgage may not be for you since this type of mortgage can use up the equity in your home.</li>
</ul>
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. If you are purchasing, refinancing or in need of a home equity loan or reverse mortgage, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Reverse Mortgages

A loan originator can provide valuable advice, identify the loan program that perfectly fits your needs and help you get a lower rate. The originator works with borrowers to evaluate different loan programs to make sure the loan gets funded. They will find the best programs to match the borrower’s particular situation and guide them through the process, gather the information necessary to close the loan, verify the information and coordinate if any questions come up during the underwriting process. 
Loan originators learn what your needs and circumstances are by asking the right questions. They will want to know about your employment situation, work history, bonus income and other factors. They will ask questions about the property you are buying. If you have numerous loan programs you can choose from, a skilled originator will look at your credit history, the size of the down payment you want to make, where you are currently living and the type of property you are buying, whether you are or have been a servicemember and your existing debt and monthly payments. Ultimately, you will make the final decision as your best option depends on your situation and your preferences. 
A good loan originator will help you move ahead with the loan knowing exactly what your monthly payment, interest costs and insurance costs look like for the property you are borrowing against. For example, government programs such as FHA loans allow for down payments as low as 3.5%. However, a down payment that low requires that you pay a monthly mortgage insurance premium for the life of the loan. On a thirty year loan, the insurance costs can add up. Other more conventional programs allow you to make a similar down payment, so you will still have to pay private mortgage insurance, but you can cancel the insurance once you build sufficient equity in your home. 
It is a good idea to shop around for a company with the experience and resources to offer you the best programs to fit your needs. Since terminology and newstitles may be confusing, always ask any potential lender how they conduct their business. Remember that there are no unimportant questions and never feel embarrassed about asking the lender to repeat or explain their answer more than once. Legitimate mortgage companies such as Superior MCI work with their clients to give them the knowledge they need to make the best decisions. We treat your inquiries seriously and we are proactive in keeping you informed throughout the entire application process. Our team is helpful, reliable and honest so that you are aware of all the benefits and pitfalls of the program you are choosing.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. If you are purchasing, refinancing or in need of a home equity loan, and regardless of credit problems, we can help you. Contact the company that has all the answers to your questions and can give you the information you need to make the best decision. Call us at 845-883-8200.

How Does a Loan Originator Help You Get the Best Loan?

A credit score is a number that lenders use to determine what the risk is if they decide to lend you money. It is how credit card companies, banks and other financial institutions assess whether you can or will be able to pay off your debts. Accordingly, the higher the score, the better the likelihood that you are able to pay off any loans you take out. There are three different credit bureaus that independently calculate your score including Equifax, Transunion and Experian. Although they use similar processes to determine your score, each bureau may have different information about your credit history. It’s a good idea to check each one to make sure all the information is correct. In the US, the credit scoring system you will hear about is the FICO score, which can be anywhere between 300 and 850. Generally, lenders refer to the range of scores as:
<ul class="ul1">
<li class="li1">Poor credit: a FICO score under 630</li>
<li class="li1">Average or fair credit: a Fico score between 630 and 690</li>
<li class="li1">Good credit: a Fico score between 690 and 720</li>
<li class="li1">Excellent credit: a Fico score above 720</li>
</ul>
The components of your credit score has seven categories, including:
<ul class="ul1">
<li class="li1">Payment History: Your payment history is the largest single component of your FICO score. It is a track record of all the things you have done incorrectly when it comes to your credit and how you behave as it relates to your debts. </li>
<li class="li1">Late Payments: Regardless of whether you forgot or were struggling to make ends meet, being late on a monthly payment for a credit card or loan will cause a negative adjustment on your credit score. </li>
<li class="li1">Debt Burden or Accounts Owed: This includes how much you owe in total, the types of loans you have and other quantitative indicators about your overall debt and credit profile. It is considered in relation to your payment history and other factors. </li>
<li class="li1">Credit Utilization (Debt to Limit ratio): This is a measure of the total amount of the debt on your credit cards against the total limit allowed on those accounts. A lower credit utilization means that your average balance is lower relative to the total amount you could have on your cards which is better for your score. Requesting a higher credit limit on existing credit cards may help your credit score since it will lower the overall ratio.</li>
<li class="li1">Length of Credit History: The older your accounts and overall credit history, the larger the time frame a company can accurately judge your finances and behavior toward credit.</li>
<li class="li1">Types of Credit: Your FICO score takes into account the different types of debt or credit used. You may have revolving credit like credit cards, mortgages, consumer finances or installment loans. A history of exposure to different types of credit indicates that a consumer is familiar with different financial products and can manage them effectively. </li>
<li class="li1">Recent Credit Searches: Searches or hard inquiries made into your credit profile based on the number of times lenders have requested your data can drag your score down.</li>
</ul>
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Are Credit Scores Used When Applying for a Loan?

Turn on the TV and you might find several programs devoted to flipping houses. However, flipping houses in real life is not as easy as it looks on TV. Although it has become more popular in recent years and rising home prices make it more attractive to investors, flipping houses is not always profitable and can cost an investor a lot of money by the time the house actually sells. Flipping houses, also referred to as wholesale real estate investment strategy, is a real estate investment strategy where an investor purchases a property not to use, but to sell for a profit. Many house flippers will tell you that sometimes the hardest part is getting the money necessary to make capital improvements in the house and to be able to continue flipping with more houses. If you are intrigued by the idea of making money from flipping houses, there are choices for home buyers.
A home equity line of credit (HELOC) may be a good way to get started. If you have sufficient equity in your home, you may want to use it to buy another property to flip. Every lender has different rules regarding how much they will lend and the rates may be a bit higher than normal mortgage rates. It is important to remember that using your home as collateral is risky if something does not go right in the process.
You can also borrow money from a lender or bank for an investment property. You may have to put down 20 percent or even higher, but it will be the least expensive money you can borrow at around 4 percent. You may need a higher credit score and some money on hand to buy an investment property in this way. You can also go to a private lender for the money. The private lender can be a parent, wealthy relative, non-bank company or a person able to lend the money. The money is secured by a note and deed of trust for the purpose of funding a real estate transaction. This would cut out the need for appraisals and other costly add-ons that increase the cost of a normal home loan. You may find better interest rates and terms with a private lender, but keep in mind that involving friends and family in business pursuits does not always work out well. 
Before you commit to any lender, understand the flipping process. To do this successfully, find a mentor. Speak with people who have done it successfully, and unsuccessfully, so you understand all the ins and outs, the pitfalls and everything you must watch out for. Remember that you never really know what you’re going to find in the home you want to flip. The process can be long and difficult. Do your research and find out everything you need to know before embarking on this type of project. Skills, knowledge, patience, time and money will help you get through any real estate strategy you use to increase your income.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. If you are purchasing, refinancing or in need of a home equity loan or reverse mortgage, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Getting a Loan to Flip a House

Most lenders recommend that when buying a home, a 20 percent down payment is recommended. Down payments can be as low as 3 percent in some cases, but a low down payment will result in the need for private mortgage insurance (PMI). This type of insurance may be required to pay for if you get a conventional home loan.
Lenders require PMI as a part of a conventional loan to protect themselves in case your home is foreclosed upon. The insurance protects the lender for some of the shortfall if a home is foreclosed upon and sold for less than the outstanding part of the mortgage. It is usually required if you refinance a mortgage with less than 20 percent equity. PMI can help you qualify for a mortgage if you do not have enough cash for a 20 percent down payment. Although PMI can protect the lender, it is an added expense to the borrower. Once you reach 20 percent equity in your home through paying your loan balance down over time or through rising home values, you can contact your lender and ask them to remove the PMI from your mortgage. A few ways to avoid paying PMI are:
<ul class="ul1">
<li class="li1">Put 20 percent down if it is at all possible. The higher the down payment, the better the terms of the mortgage repayment plan. </li>
<li class="li1">Loans that are backed by the US Dept. of Veterans Affairs or the US Dept. of Agriculture do not require PMI. FHA loans come with two types of PMI premiums that are paid in the beginning as well as annually. </li>
<li class="li1">Even if you must get PMI, you can always cancel it later. If you are already paying the premium, keep track of the loan balance and the home prices in your area. Once the balance reaches 80 percent of the home’s value, you can request that the lender drop the mortgage insurance premiums. </li>
</ul>
The average annual PMI premium ranges from .55 percent to 2.25 percent of the original loan amount per year. Your credit and loan-to-value ratio impacts the premium you will be charged. As an example, if the home price is $300,000 and PMI is 1 percent, you will pay $3,000 a year or an additional $250 monthly. PMI premiums can be paid monthly as an additional charge added onto your monthly mortgage payment. There may be an up-front payment as some lenders require PMI to be paid in full at closing. Other lenders require both. It is important to consider all your options before agreeing to a loan with PMI. Remember that if you increase your down payment to 20 percent, you can avoid PMI. You may have to spend more time saving for the down payment, but you will lower your monthly payments in the long run. 
At Superior Mortgage Co., Inc., we understand that buying or refinancing a home is a huge decision for most people. Our knowledge and expertise in residential and commercial loans make it possible for us to provide the best products and services available. If you are purchasing, refinancing or in need of a home equity loan, and regardless of credit problems, we can help you. Contact the company that has all the answers to your questions and can give you the information you need to make the best decision. Call us at 845-883-8200.

Private Mortgage Insurance

If you are lucky enough to be considering the purchase of a second home, there are a few ways to fund your new property. When making an important decision that will change your life, you must consider the benefits and costs. It should make financial sense to buy a second home. Although there are costs up front, a second home is a substantial addition to your real estate portfolio and retirement plan. It is vital to work with an experienced and knowledgeable lender, such as Superior MCI, to weigh all your options. You may not need to take out a loan on the second home if you take advantage of the following options to make a down payment or pay cash for a second home.
<ul class="ul1">
<li class="li1">Many homeowners use a cash-out refinance on their primary home. Because home values are rising across the US, many homeowners have built up substantial equity in their primary or rental residence in the last few years. They can tap into this equity using a cash-out refinance. An example of this would be a homeowner who owes $100,000 on her mortgage. His home, however, is currently valued at $200,000 due to appreciation. The homeowner could take out some of the equity by refinancing into a bigger loan and getting the difference in cash. Consequently, the homeowner would be able to have access to a bigger down payment on the second home. Borrowers who have good credit can borrow up to 80 percent of their home’s current value with a conforming loan. FHA loans allow 85 percent cash-out refinancing and if the homeowner is a veteran, he could access 100 percent of their equity in a cash-out VA loan. With today’s low mortgage rates, cash-out refinancing may be a good way to take advantage of your home’s equity to get a second home. It’s important to be sure that you can afford a larger monthly payment on your primary home and to remember that there are additional financial obligations with a second home.</li>
<li class="li1">A home equity line of credit (HELOC) on your primary residence is a popular funding source for second home buyers. If you have sufficient equity in your home, you can take out a line of credit and buy the second home or use the funds as a down payment. In this case, you would not need to refinance your current mortgage. A HELOC could be the best way to go if you have recently refinanced and have a very low rate. Opening a line of credit does not affect your first mortgage. In some cases, you can tap into 100 percent of your home’s value. Generally, borrowers need good to excellent credit. If you are approved, you can use the cash for any reason. The interest rate is based on the prime rate, which is currently very low, making the rate lower than you would pay on a traditional mortgage. Without a new mortgage, you avoid closing costs. </li>
<li class="li1">You can also get a loan for a second home via conventional financing. Depending on your credit and other factors, current down payments can be as low as 10%. </li>
</ul>
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Buying a Second Home

A reverse mortgage converts the equity in your home into cash. Depending upon your particular situation, you can receive a large sum all at once, establish a line of credit to draw on, or receive payments in monthly installments. Paying the loan back would proceed the same as with any other type of loan. If you choose to receive monthly installments, you are able to collect those for the remainder of your life as long as you continue to live in your home. However, there are pros and cons to getting a reverse mortgage. Some of the benefits of these types of loans are:
<ul class="ul1">
<li class="li1">You can remain in your home.</li>
<li class="li1">You can pay off the existing mortgages on your home.</li>
<li class="li1">No monthly mortgage payments are necessary as long as your home is your primary residence, you pay the required property taxes and homeowner’s insurance and keep the home according to Federal Housing Administration requirements. If you fail to meet these requirements, you may trigger a loan default that could result in foreclosure.</li>
<li class="li1">You receive payments on flexible terms, including monthly payments, a lump sum distribution, a credit line for emergencies or any combination of these terms.</li>
<li class="li1">A reverse mortgage cannot go ‘upside down’ so your heirs will never be liable for more than the home is sold for.</li>
<li class="li1">Your heirs will inherit the house and keep the remaining equity after the balance of the reverse mortgage is paid off.</li>
<li class="li1">Loan proceeds are not taxed as income.</li>
<li class="li1">Your interest rate may be lower than traditional mortgages or home equity loans.</li>
</ul>
Some reverse mortgage cons include:
<ul class="ul1">
<li class="li1">Fees on a reverse mortgage are the same as a traditional FHA mortgage but are higher than a conventional mortgage. The largest costs are the FHA mortgage insurance and the loan origination fee.</li>
<li class="li1">The balance of the loan gets larger over time and the value of the inheritance can decrease over time.</li>
<li class="li1">Reverse mortgages usually don’t affect your eligibility for Medicare, Social Security benefits and other ennewstitlement programs. However, need-based government benefits such as Medicaid and SSI may be affected by a reverse mortgage loan. </li>
<li class="li1">The program is not easily understood by many individuals. This is where Superior Mortgage Company comes in. We will explain every aspect of your loan and will tell you everything you need to know.</li>
</ul>
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. We will be happy to speak with you and answer any questions you may have. Whether you want to purchase, refinance or take advantage of a home equity loan, we can help. Contact us at 845-883-8200.

The Pros and Cons of Reverse Mortgages

Lenders will not approve a mortgage without first conducting their own due diligence. A mortgage underwriter reviews, confirms and analyzes every loan application to minimize risk to the lender. Some mortgage applications get approved almost immediately while others may face denials and suspensions that can prolong the approval process for weeks or even months.
Generally speaking, larger mortgage companies can accept a higher level of risk than smaller companies. The underwriting process begins as soon as a completed application is submitted to the lender. The underwriter will review the application for clerical errors, inconsistencies and risk factors. They will contact an applicant’s employer, confirm credit reports, research assets or liabilities, and make sure that the application falls under the company’s approval guidelines. 
After completing the process, which usually takes a week, the underwriter will decide as to whether the application will be approved, suspended or denied. If the application is approved, the borrower is able to meet any additional conditions and move ahead with the closing process. There are eight common issues that may affect the underwriting process. These include:
<ul class="ul1">
<li class="li1">Income Discrepancies: Borrowers may be tempted to pad their income information to secure an approval. Underwriters compare tax returns, W2s, bank statements and other documents to assess a borrower’s true income.</li>
<li class="li1">Tax Documents: Tax documents must back up other financial information for a loan to be approved. </li>
<li class="li1">Missing Information: Underwriters need a complete set of information before they can review the information. Missing signatures or documents will prolong the process.</li>
<li class="li1">Employment Issues: Employment stability is essential for the mortgage approval process. Underwriters want to see a long term commitment to make sure a borrower can repay a loan. </li>
<li class="li1">Credit Issues: A credit history of late payments, too many lines of credit and high balances will hurt your chances of getting a loan approved.</li>
<li class="li1">Funding Issues: Underwriters must see evidence that there are available funds for the down payment, closing costs and cash reserves. They also need to know the source of the funds, how long the funds were available and where they originated. </li>
<li class="li1">Appraisals: A low appraisal value can change the entire agreement so price reconciliation with buyers and sellers is fundamental.</li>
<li class="li1">Letters of Explanation: If there are outstanding or unusual circumstances, complex asset arrangements or other unexpected concerns, a letter of explanation can go a long way in helping underwriters understand a borrower’s personal situation.</li>
</ul>
If you understand the most common issues mortgage underwriters face, you can take steps to avoid any pitfalls. Superior Mortgage Co. is dedicated to consistently expanding our knowledge of the mortgage industry by keeping abreast of every change, revision or new regulatory provision because we know that an informed client is the best client. Whether you are purchasing, refinancing or in need of a home equity loan, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

What is the Mortgage Underwriting Process?

For most of us, a home is the most expensive purchase we will ever make and consequently, the biggest debt we will ever carry. Therefore, it is imperative that you make the best decisions for you and your family before and during the loan process. Mistakes can cause you to pay more than is necessary, stop your loan from closing and potentially put you into foreclosure or bankruptcy. However, with a mortgage company like Superior MCI helping you make the right decisions, you can get a home loan with great interest rates, low fees and fixed monthly payments you can afford. Some of the most important questions to consider are:
<ul class="ul1">
<li class="li1">Should I Get a Fixed Rate Loan? The common wisdom is that unless you’re planning to move within five to seven years, a fixed rate loan is a better idea. An adjustable rate mortgage (ARM) may give you a lower payment now, but will reset at some point to a higher rate. It may be difficult to refinance or afford new payments once the rates increase. The housing market may also make it difficult to sell. A mortgage amortization schedule will help you see the total amount of principal and interest you will pay over the life of the loan.</li>
<li class="li1">Should I Let the Bank Tell Me What I Can Afford? Banks earn profits for their shareholders by maximizing their earnings. They are not concerned about whether you overextend yourself. Banks usually qualify you for a loan based on your pretax income (gross) income without accounting for all your monthly expenses. </li>
<li class="li1">Should I Check and Fix My Credit? Checking your credit with the three major credit bureaus, Experian, Equifax and TransUnion, is free when using annualcreditreport.com. Mistakes are common and can lead to higher rates. </li>
<li class="li1">Is a Loan Final Before Closing? The answer is an emphatic no. Accordingly, during this time, avoid quitting your job, don’t open new credit cards, don’t make other large purchases and don’t miss any deadlines for returning loan paperwork.</li>
<li class="li1">Should I Ignore the APR? Some lenders may advertise lower interest rates but make up for them with higher fees. You should compare annual percentage rates between mortgage offers to determine which one really costs the least. APR includes the lender’s fees and shows the loan’s true cost.</li>
<li class="li1">Should I Carry Two Mortgages? If you are moving from one house to another, you may be tempted to buy the new one before selling your current home. However, an unsold home with a mortgage may mean carrying two loans because it is generally easier to buy a new home than sell your current home.</li>
<li class="li1">How Much Money Should I Put Down? If you put little to nothing down, such as 3.5% with an FHA loan or 5% with a conventional loan, you may require private mortgage insurance (PMI), which is usually $20 to $50 per month per $100,000 borrowed. </li>
<li class="li1">Should I Get Pre-Approved for the Loan? Talk to at least three lenders to get pre-approved. It does not cost anything and allows you to make a competitive bid.</li>
</ul>
At Superior Mortgage Co., Inc., our expertise in residential and commercial loans allows us to provide the best products and services available. If you are purchasing, refinancing or in need of a home equity loan, regardless of any credit problems, we can help. Contact the company that can answer all your questions. Call us at 845-883-8200.

Mortgage Mistakes to Avoid

Millions of American homeowners are thinking about refinancing their home in today’s market because real estate equity has greatly increased in recent years. Homeowner equity went from $6 trillion in 2009 to $15 trillion in 2018. This equity can be converted into financing for school, business or the purchase of a second home or investment property. The ability to do so depends on several factors, including:
<ul class="ul1">
<li class="li1">The amount of your home equity</li>
<li class="li1">Your credit rating</li>
</ul>
If you want to buy and then sell or refinance another home, a bridge loan may be best. You can also choose a HELOC or home equity line of credit. Determining how much equity you have seems simple if you subtract what you originally paid for the home and what it is worth now. However, many lenders allow cash-out refinancing equal to 80% of your equity. If the property value is $275,000, they will subtract 20%, leaving approximately $220,000. The money will go toward repaying the existing loan of $85,000, for example, and the balance of $135,000 is available for the borrower. A VA cash-out mortgage allows borrowers to refinance up to 100% of their equity. All programs come with various charges and insurance costs so speaking with a mortgage professional, like the ones at Superior MCI, can help you to avoid some of these extra charges.
With cash-out refinancing or a HELOC, you generally cannot use the funds to buy another home you want to move into quickly because cash-out refinancing and HELOCs usually have a clause that says you expect to remain in your home at least one year. If this rule is violated, the lender may call in the loan and demand immediate repayment. HELOCs have other drawbacks such as an interest rate that is likely to be adjustable and not fixed. The interest rate is usually higher than a first mortgage, depending upon your credit, the amount borrowed, location and equity. You must also review the HELOC balances to avoid heavy monthly costs. HELOC’S have two phases:
<ul class="ul1">
<li class="li1">Drawing Phase: You can draw money out, put money back in and make interest payments on the balance.</li>
<li class="li1">Repayment Period: You cannot draw money out. You must repay the balance over the remaining term of the loan, possibly incurring large monthly repayment costs.</li>
</ul>
A “bridge” loan is designed to help you move from one residence to another. It is intended to be short-term financing that may be for just a few months and there are no monthly payments. In a bridge loan, the interest rate may be high and there may be a lot of up-front fees. However, if you want to purchase a replacement home, after selling your current residence, the bridge loan is paid off at closing. 
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Using a Cash-Out Refinance to Buy a Home

A home refinance could be a very smart move or a very big mistake. Refinancing may keep more money in your account and less in the bank’s. Refinancing could bail you out of an emergency or let you retire earlier. But it only works when you take out the right loan for the right reasons. The right reasons for refinancing include:
<ul class="ul1">
<li class="li1">Better interest rates are currently available.</li>
<li class="li1">You can pay off your mortgage faster.</li>
<li class="li1">Your ARM rate could go higher unless you lock in a fixed rate.</li>
<li class="li1">Getting a government loan could make your property easier to sell in a few years.</li>
<li class="li1">You can increase the home’s value by making home improvements.</li>
<li class="li1">You can keep the interest rate low.</li>
</ul>
Wanting to refinance to save money is an easy decision. However, refinancing because you want a new car, you’re going to Las Vegas and need cash, your son wants another postgraduate degree, etc. are not good reasons for refinancing. Most financial experts will agree that long-term loans, such as mortgages, should not be used for short-term pleasures.
First determine how long you plan to keep your house and if you’re able to save money during this time. Ask the lender about no-cost refinancing. This type of refinancing offers a higher interest rate in return for the lender covering the financing costs. If you are planning to sell your house in a few years, you might consider a 3/1 ARM. You could trade your 30-year fixed rate at 4.0 %, for example, for a 3/1 ARM at 2.5 %. A mortgage calculator can help you when thinking about a mortgage refinance. You can also contact Superior MCI to get the best offer to save you the most money. If you have been paying your home mortgage for many years, you can shorten the payoff period and possibly get a lower interest rate. For example, if you had a $300,000 mortgage at 4.5 % for the last eight years, your balance may be about $254,451, making your principal and interest payment about $1,520. If you refinance your loan to a 15-year mortgage and your rate lowers to 3.25 %, your payment may increase to $1,788 but your mortgage will be repaid eight years sooner. That is about $145,000 in payments you won’t have to make.
As long as you understand the true cost of refinancing, make an informed decision, and create a budget and plan for repayment, you can refinance your home to pay off a higher interest debt, finish college or take care of a family emergency. Sometimes in life, you need financial breathing room. Superior Mortgage can help you with the math and make sure that you are making the best decision for you and your family.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of credit problems, we can help you. Contact the company that can answer all your questions and give you the information you need to make the best decision. Call us at 845-883-8200.

When to Consider Refinancing Your Home

If you are a property owner that is thinking about purchasing an apartment building, you are not alone. The US has generally shifted from homeownership to ‘rentership’ so the interest in multifamily investment has increased. 
Commercial real estate generates income. Residential real estate is an owned residence. However, some rental properties that produce income are financed by a residential loan. To explain, rental properties with five units and up are financed by commercial loans. Real estate brokers refer to these properties as multifamilies. Rentals with five units and under can be financed through a residential loan. However, some brokers refer to a two-family property as a multifamily which can sometimes lead to confusion. The difference is how a loan is sized during the underwriting process.
Commercial loans are sized and underwritten based on an asset’s projected net operating income (NOI). Residential loans are underwritten based on the credit worthiness and income history of the person purchasing the property. Therefore, in commercial loans, eligibility has much to do with property performance, and lenders are looking for borrowers who can answer yes to:
<ul class="ul1">
<li class="li1">Has the asset been at least 90% occupied for the past 90 days?</li>
<li class="li1">Does the borrower have a net worth equal to or greater than the loan request?</li>
<li class="li1">Does the borrower have a minimum of nine months of principal and interest in cash on hand?</li>
<li class="li1">Does the borrower have a history of bankruptcy, foreclosure, deed in lieu or are they currently involved in a lawsuit?</li>
</ul>
None of these questions ask about a borrower’s employment history or for pay stubs. Commercial borrowers are expected to have good credit and significant net worth.
There are prepayment differences between commercial and residential loans. Commercial or multifamily borrowers should consider prepayment penalties, which are fees incurred from paying off your mortgage before it reaches maturation. Prepayment fees are not common for a home mortgage. If you take out a loan for your primary residence and suddenly come into a large inheritance, you will be able to pay off the balance of the loan without incurring any fees. If the lender issues a loan collateralized by a multifamily or commercial asset, they expect a set amount of interest revenue. If you pay off the mortgage early, the lender will need to get the interest revenue through a fee to satisfy their investors. Fannie Mae and Freddie Mac commercial loans are secured to retail and institutional investors relying on the interest income set forth in the loan. To recoup lost revenue due to an early pay-off, the loan terms frequently include a declining prepayment penalty or yield maintenance fee structure.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Residential vs. Commercial Real Estate Loans

The mortgage industry has been subjected to continuous regulatory changes for the past decade. Some of the top issues this year are:
<ul>
<li>Ability-to-Repay: The ability to repay/Qualified Mortgage rules have changed residential mortgage underwriting for every institution. These regulations have been thoroughly reviewed and lenders should expect that the review will lead to proposals to improve the current laws. It is anticipated that there will be a focus on improving legal certainty and new ways to replace the “GSE QM” provision, which is a safe harbor for most mortgage lending in residential markets.</li>
<li>HMDA Reforms: Legislative amendments to HMDA (Home Mortgage Disclosure Act) were regulated in 2015 and are effective for reporting 2018 mortgage data. Lenders should expect stronger public and governmental scrutiny of data and should focus on fair lending exposure. There will also be a new focus on data that is publicly released. There will be Congressional and regulatory debates on HMDA reporting requirements this year as well.</li>
<li>Fair Lending: During 2019, there will be increased focus on affordable housing, fair lending and redlining. Regulators are again looking at standards as a result of the recent Supreme Court ruling that reevaluates impact laws and guidelines under the Fair Housing Act as well as the current standards under the Equal Credit Opportunity Act. HUD will issue proposed revisions to the Fair Housing regulations before the summer of 2019.</li>
<li>Mortgage Servicing Regulations: The CFPB (Consumer Financial Protection Board) issued new servicing regulations, along with amendments and revisions that went into effect in 2018. There will be an assessment of major portions of these regulations by the end of 2019.</li>
<li>Digital Developments and Fintech: The digital transformation that has occurred in all financial services continues to happen. This means that everything mentioned above must be looked at through the perspective of “Fintech.” Congress and regulators will pay increasing attention to the issues and opportunities coming from digital advances, including the effects of digitized lending on credit accessibility, data standardization in mortgage servicing, the use of artificial intelligence, fair lending considerations, online remote notarization and the acceptance of e-notes.</li>
</ul>
Superior Mortgage Co. is dedicated to expanding their expertise in the mortgage industry by keeping abreast of every change, revision or new regulatory provision as soon as they happen. We believe that an informed client is the best client and to that end, we make sure that you fully understand the information provided to you. At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

The Top Mortgage Loan Issues of 2019

A mortgage will probably be the biggest debt you will ever have and a home is probably the most expensive purchase you will ever make. To lessen the stress of this important decision, it is vital to avoid the usual pitfalls such as letting a bank decide how much you should spend on a home. A mistake like this may cause you to pay more than you need, prevent your loan from closing, or may even lead to foreclosure or bankruptcy.
Smart mortgage choices are made every day, especially at Superior MCI. Home loans are available with great interest rates, low fees and pre-determined monthly payments. By doing your homework, making a budget ahead of time and thinking about your long-term plans, you can avoid getting in over your head.
Speak to mortgage professionals who can answer all your questions. For example, because fixed-rate loans are no longer at a record low, you may be tempted to get an adjustable-rate mortgage (ARM). If you are not planning to move within the next five to seven years, a fixed-rate loan may be better as you do not need to worry about refinancing a fixed-rate loan. Although an ARM offers a lower payment now, it will reset in the future, usually at a higher rate. There is a lot of risk associated with getting out of an ARM at exactly the right time. You may be unable to refinance or afford the new payment once the rates increase and the housing market at that time may make your home difficult to sell.
The true cost of home ownership is not just the price of the home. It is important to look at the mortgage amortization schedule to determine the total amount of principal and interest you will pay. For example, borrowing $250,000 for 30 years at 4.3% will amount to $445,384. It is also vital to understand the property tax system where you live to see when taxes may increase and by how much. Property taxes add thousands of dollars to the cost of your home every year. You will also be responsible for homeowner’s insurance, possible mortgage insurance, plus all the ongoing costs of furnishing and maintaining a home while paying for things you may not have paid for as a renter such as water and trash.
If you rely on a bank to tell you what you can afford, you are making a mistake. Banks are in the business of maximizing their earnings and don’t care much about making sure you are not over-extended. Banks qualify you based on your gross (pretax) income. They don’t count monthly expenses such as insurance, utilities, child care, etc., when determining your maximum approval amount. It is best to create a budget and determine a comfortable monthly payment. A general rule is to not spend more than approximately 28% of your pretax income on principal, interest, taxes and insurance. Lenders usually assume that you can spend 36% to 45% of your pretax income on all of your debts including your home, student loans, credit cards and car loans.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Avoiding Costly Mortgage Mistakes

If you are interested in buying a home, your lender will order an appraisal of the property you are interested in purchasing to make sure that you are not overpaying for your home. If you are refinancing a home you already own, an appraisal is necessary to ensure that the seller does not lend more money that the property is actually worth.
A home appraisal is an estimate of what a home is worth. The estimate is sometimes referred to as the fair market value of the property. Home appraisers are licensed professionals who are expert at assessing real estate value. They are unbiased as they do not work for you or the lender. They are seen as an independent third party in the mortgage process. They consider factors such as the location of the home and its size to get the home’s true value. They will look at the home’s structure, fixtures and appliances. The difference between this and a home inspection is that the appraiser assesses the condition of the home to determine a fair value. The inspector protects the buyer by identifying problems in the home such as non-working electrical outlets, faulty toilets and other problems. 
If you are refinancing your home, you want to get the highest appraisal value. Some tips to increasing your chances for a higher value are:
<ul class="ul1">
<li class="li1">Because it is your home and you may not be objective about what repairs or improvements it needs, it is a good idea to get the opinion of a friend or family member.</li>
<li class="li1">Decluttering your home will make each room look better and will make it easier for them to view your home in a more favorable way.</li>
<li class="li1">Any upgrades or improvements you made in your home may not be obvious such as new air conditioning units, windows or landscaping. It is helpful to provide the appraiser with a list of upgrades so they can include them in their report.</li>
</ul>
If you are selling your home, let your appraiser know about every offer that has been made for your home. You should remain at the property when your appraiser is there to answer any questions or provide information. Always make sure your home is tidy and well-organized. There are several ways to make your home look bigger and brighter such as replacing lightbulbs, adding mirrors to reflect natural light and pulling furniture away from the walls. Give the appraiser a list of comparable properties in the area and their final sales price.
If you are buying a home, do your homework and be aware of the current market. Hire a real estate person who knows your area well. If you think that the appraiser may have made an error in their report, you may appeal it. Read the report thoroughly to look for any incorrect information. Your lender will help you with this process. Remember that a fair value for your home protects you and your lender. 
At Superior Mortgage Co., Inc., our experience and knowledge about residential and commercial loans allow us to provide the best products and services available. If you are purchasing, refinancing or in need of a home equity loan, regardless of any credit problems, we can help. Contact the company that can answer all your questions. Call us at 845-883-8200.

Home Appraisal Tips to Maximize Home Value 1.

Getting appraisals for your home when you are buying or refinancing can be challenging. If the appraisal comes in higher or lower than the sale price, both parties will need to negotiate accordingly. Therefore, it is important to know what home appraisals consist of and what sellers can do to move the process along successfully. 
If the home you want to buy appraises for less than your offer price, you may choose to:
<ul class="ul1">
<li class="li1">Make up the price difference by finding the additional funds to pay the amount between your down payment and your loan. The seller may also agree to lower the listing price but in today’s competitive market, this is becoming more uncommon.</li>
<li class="li1">Cancel the deal if you have an appraisal contingency. If the appraised value comes in less than the agreed on purchase price, and you do not have the necessary funds to pay the difference, you may be able to get back your deposit if you have met the terms and deadlines of your offer.</li>
</ul>
During a home appraisal, a licensed appraiser conducts an inspection of the property. If you already have a loan, the lender usually orders the appraisal as they are the ones to bring the most money to the purchase. During the home appraisal, the appraiser will review ‘comps.’ Comps for a property refer to nearby, similar properties that have recently sold. This helps the appraiser to understand the local real estate market and factor it into the property value. During the property visit, the appraiser will consider the other aspects that affect property value such as the property’s condition, value-adding or detracting features, upgrades, additions and lot size. When the appraiser is finished inspecting the property and area comps, he or she will put their findings into an appraisal report. Most importantly, they will finalize the appraised home value. 
If you are tasked with finding a reliable appraiser, find one that bases their opinion on a mix of experience and education and writes their report in a way that conforms to the Uniform Standards of Professional Appraisal Practices set by the Congress-approved Appraisal Foundation. It may be helpful to begin the search process at the federal government&#8217;s Appraisal Subcommittee <a href="http://www.asc.gov/newscontent/category3/StateSites/displayStateSites.aspx?id=49" target="_blank" rel="noopener noreferrer">Website</a>, which provides links to state government websites that list state-certified appraisers. Check to ensure that their certifications are still valid and search the national registry to check if they have been a subject of any disciplinary actions. Contact the appraisers you are interested in and ask for references. You will want to select the appraiser with whom you feel the most comfortable based on references, pricing and the rapport you may have established.
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or in need of a home equity loan, and regardless of any credit problems, we can help you. Contact the company with the answers you need. Call us at 845-883-8200.

What Happens During a Home Appraisal?

A jumbo mortgage may be the best way to finance an expensive home. It is the type of mortgage loan whose principal balance is more than the loan limits for Fannie Mae and Freddie Mac, which at this time is $484,350 for a one unit property and $931,600 for a four unit property, depending upon where you live. Jumbo mortgage interest rates are competitive with more conventional loans. There are also higher limits for two to four unit properties. However, income credit score and appraisal requirements are usually stricter.
If the loan amount on a home you want to purchase exceeds the above limits, you will probably need to obtain a jumbo mortgage. Because these loans aren’t eligible to be purchased by Freddie Mac or Fannie Mae, they represent a bigger risk to lenders and have stricter requirements, including:
<ul class="ul1">
<li class="li1">A strong credit history, which typically means a FICO credit score or 700 or higher.</li>
<li class="li1">You can get approval for a jumbo mortgage with a debt-to-income ratio as much as 45%, but the loan will often have higher reserve requirements then conforming loans.</li>
<li class="li1">With a conforming loan, you can make a smaller down payment if you obtain private mortgage insurance (PMI). You cannot do this with a jumbo loan so you will probably have a down payment requirement of at least 20%.</li>
<li class="li1">As in a conventional mortgage loan, the property’s appraisal may justify the price you’re paying for the home. However, some lenders require two appraisals as opposed to one appraisal for a jumbo mortgage loan.</li>
</ul>
The advantages of a jumbo mortgage include being able to borrow more than you could with a conventional loan, which allows you to purchase a bigger and more expensive property that you may not have been able to afford with a conventional loan. It is important to remember that there are no low down payment options. With a conventional loan, you may be able to put down a low down payment such as 3% or 5% and with an FHA loan, the down payment may be 3.5%. With a jumbo loan, you can expect your lender to require 20% or more as a down payment. 
It is imperative to work with a lender that understands your needs and provides all the information you need to make a good decision. At Superior Mortgage Co., Inc., we approve 10% down up to 1.5 million with no mortgage insurance. We accept bank statements as income and we approve jumbo loans at 100% for our veterans. We work with investment properties up to 4-family with 15% down as well as loans for second homes. We also offer ARM products. 
At Superior Mortgage Co., Inc., we specialize in residential and commercial loans and provide the best products and services available. Whether you are purchasing, refinancing or need a home equity loan, we can help. Choose a company that knows the best way to provide you with the information necessary to make this important decision. Contact us at 845-883-8200.

Jumbo Mortgages

As we know, home improvements can make your property more efficient, comfortable, aesthetically pleasing and ultimately, more valuable. If you’re short on cash and wanting to make improvements on your home, there are several good choices for home improvement loans.
If it is a smaller project, a personal loan may be a good solution. You can use the money for anything you want such as sprinklers or a simple cosmetic improvement. The closing costs for a personal loan are low and the application process is much easier than for a home equity loan. There is no need for appraisals or other services and you do not have to put anything up as collateral. You can repay a personal loan faster than, for example, a mortgage with a 15 or 30-year repayment period. Personal loans usually have higher interest rates than home loans but if you have good credit and enough income to repay, your rate may be below 10 percent.
Home equity loans, sometimes referred to as a second mortgage, are an option when you want to borrow against the equity in your home for a bigger project. By using your home as collateral, you may qualify for lower interest rates than you would have with a personal loan. However, it is imperative that you understand that not making your payments may put your home into foreclosure. Closing costs for these loans are less costly than purchasing or refinancing loans.
Cash-out refinancing loans can also provide the funds for home improvements. A new loan that replaces your existing home loan can include some extra funds to pay for any larger improvement projects. If you choose this option, it is important to understand your loan-to-value ratio (LTV). This represents the ratio of the first mortgage line as a percentage of the total appraised value of real property. Because you are getting a brand new mortgage, closing costs can be expensive. You are also extending the life of your loan so your new monthly payments may go toward interest instead of reducing your loan balance. 
Government programs can be helpful if your credit is not great or you have insufficient equity in your home. For example, an FHA newstitle 1 loan allows you to borrow $25,000 even if you have no equity in your home. Luxury upgrades are not permitted for this type of loan. FHA cash-out refinancing is for any type of improvement you wish to make but you will need sufficient equity to use this program. An FHA 203k is another option for refinancing but this loan limits how you can use the funds and who can do the work. 
It is generally considered risky to borrow money if you have little or no equity in your home. You may wind up owing more than your home is worth if your improvements don’t sufficiently increase the home’s value. The best idea is to borrow money for home improvement projects that you are 100 percent confident will increase your home’s value and that are necessary for you and your family’s health and safety.
Superior Mortgage Company is dedicated to expanding our expertise about the mortgage industry by keeping abreast of every change, revision or new regulatory provision. We believe that an informed client is the best client. Whether you are purchasing, refinancing or in need of a home equity loan, we can help you. Contact the company that can answer all your questions. Call us at 845-883-8200.

Home Improvement Loan Options

Tips to Getting the Best Mortgage

Conventional vs. FHA vs. VA Loans and Mortgages

<ul>
<li>Construction-to-permanent loan to convert into permanent payment when the building is complete.</li>
<li>Construction loan, which will end once construction is complete.</li>
<li>Renovation Loan for renovating an existing home.</li>
<li>Owner-builder construction loans for those looking to be their own contractor.</li>
</ul>

No matter the type of construction you choose to do on your new or soon-to-be home, the team at Superior Mortgage is here to help support Hudson Valley and Long Island residents with quality, reputation, and service.

Some construction loan options may include:

Construction Loans

The team at Superior Mortgage is ready to work with you to determine which loans and rates are the right match for your needs.

Find Out How Low Your Rate Can Be With Us!

Elite Outstanding Credit

The team at Superior Mortgage is ready and willing to help you find the financial option that fits your needs. Worry about finding your dream home, we’ll handle the financial end of it.
 
Broker" is not affiliated with any government agencies. This website and materials were not approved by VA, HUD, or FHA, or any other government agency.

Let’s Discuss Your Mortgage Options

FHA Mortgage

<ul>
<li>NHF SaGrant: 3.00% or 4.50% of the 1st mortgage total loan amount.</li>
<li>DPA Grant – no repayment required!</li>
<li>Grant can be used for the down payment or closing costs.</li>
<li>Seller credit of 6% is allowed.</li>
<li>Gi funds are permitted.</li>
<li>Borrower(s) not required to be first-time homebuyers.</li>
<li>Income limit is based on qualifying income used for a transaction, not household income.</li>
</ul>

Some of the key benefits of the FHA – NHF Program through Superior Mortgage include:

<ul>
<li>620 Minimum FICO, DTI – up to 50%.</li>
<li>Income limits: 115% of Area Median Income.</li>
<li>All borrowers must occupy the property as a primary residence.</li>
<li>The lesser of $417,000 or maximum loan amounts permitted by HUD.</li>
<li>At least one borrower must have homebuyer counseling.</li>
<li>Borrower Paid Origination Fee of 1.5% – May use grant to pay origination fee.</li>
<li>Nationwide Admin Fee = $1,145</li>
</ul>

To ensure that Program Requirements:

Get in contact with us today for more information about the National Homebuyers Fund, Inc. and how it can help you!

FHA - NHF Program

<ul>
<li>Purchase or rate/term refinance.</li>
<li>1-4 unit primary residence.</li>
<li>As little as 3% down payment for a fixed rate, 1-unit purchase, or rate/term refinance.</li>
<li>As little as 5% down payment for ARMs or 2-4 unit purchase or rate/term refinance.</li>
<li>A borrower’s funds are not required for the down payment on a 1-unit residence.</li>
<li>Borrowers are not required to be first-time homebuyers.</li>
<li>Homeownership education course required for first-time homebuyers.</li>
<li>Income and property restrictions apply per Freddie Mac guidelines (income limits do not apply in underserved areas – LP® will determine applicability).</li>
<li>Lower mortgage insurance cost due to lower MI coverage requirements compared to standard Freddie Mac Programs.</li>
<li>Lender Paid Mortgage Insurance options offered.</li>
</ul>

The following is more information about getting an FHA Alternative loan:

The team at Superior Mortgage is ready and willing to help you find the financial option that fits your needs. Contact us today to discuss all your loan options.
 
"Broker" is not affiliated with any government agencies. This website and materials were not approved by VA, HUD, or FHA, or any other government agency.

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FHA Alternative

We don’t turn customers down; we turn them around! To see your full loan options or start the process, contact the team at Superior Mortgage today!

Contact us here at Superior Mortgage to learn more about USDA loans in the Hudson Valley.

USDA

<ul>
<li>No Down Payment Needed: VA loans are an excellent option for those who want to purchase a home without putting money down.</li>
<li>Exclusively Available to Military Families: Whether you are a Veteran, an Active Duty Service Member, or are in the reserves, this incredible and exclusive benefit is available to you. You can also receive up to 2% to help with closing costs.</li>
<li>Low Rates: VA loans often have some of the most economical rates.</li>
<li>Flexibility: Income and credit requirements for VA loans are much more flexible than with other loan programs.</li>
</ul>
 
*VA Loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits. "Broker" is not affiliated with any government agencies. This website and materials were not approved by VA, HUD or FHA, or any other government agency.

Why Choose a VA Loan?

Call Superior Mortgage Co., Inc. to get help securing your VA loan today!

VA Financing

We don’t turn customers down; we turn them around! Proudly serving the Hudson Valley for over 30 years, we are ready to help you through the loan process.

To start discussing your full loan options or start the process, contact the team at Superior Mortgage today at 914-745-3942.
 
*For certain loan programs and features, higher interest rate or points may be required.

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