Richard Sciarrone

Mortgage Consultant NMLS#: 68051

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Phone: 631-807-8295
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As a home buyer or homeowner in New York, you have a lot of options when it comes to choosing a mortgage company. In fact, the idea of choosing one company out of many can seem overwhelming at first. Where do you even begin? Customer reviews are a great place to start. Using Customer Reviews to Choose a Mortgage Company As a mortgage shopper, you have several tools that can help you choose a New York mortgage company. Customer reviews should be at the top of your research list, and for several reasons. Unbiased reviews from current and previous customers can give you a better sense of how a particular mortgage company operates — and how it treats its customers. That’s something you can’t get from advertisements or other marketing materials, which are typically written by the company itself. Silver Bay Lending Has Many Positive Reviews For many years, Silver Bay Lending has been meeting the mortgage financing needs of home buyers and homeowners across New York. And in that time we’ve earned a large number of positive reviews from our customers (home buyers and homeowners). “Earned” is the key word in that last sentence. Good reviews don’t come easy. They have to be earned. A mortgage company earns favorable reviews from its customers by helping them accomplish their home financing goals in a timely fashion and with good communication. Our customers have taken the time write honest, heartfelt reviews of our mortgage company and staff. They do this for a variety of reasons — but mostly , it comes down to the fact that they were treated right along the way. As of April 2018, ...

We’ve all seen news artciles about mortgage rate trends. They tend to generate a lot of attention because they are always changing. But the rates cited by mainstream news sources are averages  determined by industry-wide surveys. So they don’t apply to all borrowers. That’s why it’s wise to get a mortgage rate quote for your New York home loan. Getting a quote from a lender is an important preliminary step in the borrowing process. It can help you with everything from budgeting to house hunting. Here are five things you should know about getting a mortgage rate quote in New York 1. There are several factors that can influence your borrowing costs. The rate you receive on a home loan can differ from other borrowers, due to a number of factors. Some of the variables that can influence rates include: The size of the down payment The borrower’s credit score The loan type and rate structure (fixed vs. adjustable) Occupancy (second home vs. primary residence) The size of the loan (jumbo vs. conforming) This underscores the importance of getting a mortgage rate quote when buying or refinancing a home in New York. It helps you to budget and plan accordingly. 2. Home loan rates are constantly changing. Mortgage rates are in constant flux. They are influenced by a variety of economic and market forces, and these forces are constantly changing. That’s why interest rates for home loans change from one week to the next (and even from day to day). Getting a New York mortgage rate quote lets you know what your borrowing costs will be at the time you take out the loan. ...

When thinking of retiring and using real estate to help aid that retirement, many people believe their options are to pay off their house, or to even borrow against their home equity if they need money. However, an even better option is to invest in real estate in order to build your retirement income. If you purchase an investment property now, you can use the rental income to help pay the mortgage. Depending on how old you currently are, and what mortgage term you choose, it’s best to select one that would help you to pay the loan in full by the time you want to retire. If the mortgage is paid in full, you then have the choice of keeping the property and continuing to receive the net rental income, or you can sell your mortgage-free property and keep the earnings. Rather than try risky investments, or even house flipping, a rental income retirement strategy allows you a steady and secure income. You’re generating cash flow every month with the rent your tenants pay, and often your return on investment for rental income is in the 5-10% range, depending on the investment. There are also many other advantages for investing in real estate and using it towards your retirement income. When investing, it’s always smarter and safer to have a diverse portfolio. Instead of just relying on stocks, real estate is a great alternative source of income. Appreciation is also key in real estate investing, as long-term rental properties tend to appreciate over time. Also, if you plan on keeping the property long-term, rent prices have shown that they generally rise over time alongside inflation. You can also benefit from many tax advantages. Real estate ...

The fall market is currently playing in favor to buyers, as the sell-off in the stock market has rates going lower than what we saw in September. At the end of September, the average rate on the more-common 30-year fixed mortgage was at 3.7%, but we then saw a drop to 3.62% by the first week of October, according to the Mortgage News Daily . In a larger scheme, rates are also about 1.25% lower than they were at this time last year. In order to give you a perspective on savings, that means the average borrower taking out at $300,000 mortgage is saving about $225 on their monthly payment, or $2,700 per year, or $81,000 over the life of the mortgage. What does that all mean for buyers? More buying power! Not only has the lower interest rates improved a buyer’s affordability, but compared to last year, the market for new homes is greater as well. So, not only is there more inventory for a buyer to look at, but now they can possibly search at a higher price point. Many renters are finding this is a great time to stop throwing away their money each month, and to instead buy a home. Although home prices are still rising, the gains have been cooling, and it’s an important time to take advantage of the low rates.

In addition to the price of your home, closing costs are the extra fees and expenses you might have to pay during the closing process. This can range anywhere between 2-4% of the purchase price of the new home you are looking at. It is important to know this before you go out with a real estate agent on tours of different homes so you understand what you will be asked to bring to the table. You can prepare for these closing costs by simply setting up a meeting with the lender you choose and they will give you a run-down of how much you could be qualified to borrow based on all your financials. Another good idea would be to start putting away as much money as possible and as early as possible to prepare yourself for the down payment on the house and any other unexpected fees and expenses that may come up. Here are some of the most common closing costs you will probably run into during the closing process: Home Inspection: This is super important and a major component of the process since a home inspector will come and provide a detailed report of all the good and bad things in and around the home. When finding a home inspector, it is also crucial that the person you hire is one who is reliable and does not let things slide. They should be looking for foundation issues, any damaged pipes, any roof problems and other major issues that can cause problems in the future.   Attorney Fees: Getting an attorney to help with closing the deal is NOT mandatory, but is suggested during the process. If you do choose to get one you should budget for their hourly rate.   Lender Fees: These fees include getting the house appraised, putting all the ...

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