• Wappingers Office
    (845) 297 4700
    (845) 297 8178
  • Lagrange Office
    (845) 485 2700
    (845) 485 2703
  • New Paltz Office
    (845) 255 6163
    (845) 255 6757
  • Commercial Real Estate Division
    (845) 297 4700
    (845) 567 8333

Home Mortgage Financing

Save Money by Shopping for the Best Mortgage Rate

When shopping for a particular item, everyone is always on the lookout for the best deal, especially if it's an expensive purchase. This rule holds true for things like shoes, appliances, and cars, but many home buyers fail to shop around when it comes to the most expensive item of all: a mortgage. Freddie Mac recently analyzed just how much money buyers are losing out on over the course of their loan by failing to get multiple quotes, and the number wasn't cheap! In fact, they found that getting just one extra quote saves the average borrower over $1,400!

I Want To Buy A House . . . What Credit Score Do I Need To Qualify?

Attaining a perfect credit score of 850 isn't easy; after all, that's like graduating from college with a 4.0! Luckily, all scores of 760 and above are considered to be in the best credit score range. If your credit score is in this category, then CONGRATULATIONS!  You've obviously done some things right to get it there! As a result, lenders really want your business and will therefore offer you their best products at their lowest interest rates. 

Of course, many of us aren't perfect! In that case, a good score is one that falls between 700 and 759, while a fair score is between 650 and 699. A lower score means you’ve had some dings on your credit history. The lower the score, the greater risk you are in the eyes of the lender. You will likely still qualify for a mortgage, but will probably not receive the same rate/cost structure as people with the highest scores.

Co-Signing A Loan . . . What Can Go Wrong?

Have you been asked by someone to co-sign on their loan?  Before considering saying yes, even if it is a close relative, you should be aware of the many consequences to your own financial situation.  Here are some facts that you should consider:

► As a co-signer, you are essentially taking the loan out yourself.  You have all the responsibilities that go along with any other loan. The borrower couldn't get the loan without your 'guarantee', so essentially the lender cares more about you than the other borrower. It directly effects your credit and your ability to qualify for your own loans during the period that the loan is outstanding. 

► Your credit score is effected.  If a payment is made late, you are responsible and the negative history shows up on your credit report.  Some people think it’s easy enough to “explain” that it really isn’t your loan, but it doesn’t work that way.  Banks figure if you are willing to co-sign another loan, you should be willing to make sure it gets paid back properly.