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The Chris Scibelli Team
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    • Christina Gilligan
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Chris Scibelli | NYS Licensed Real Estate Broker
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845-789-5591

Chris@Chrisscibelli.com
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The Chris Scibelli Team
  • Home
  • About
    • It’s All About You
    • Chris Scibelli
    • Christina Gilligan
  • Listing Search
  • Hudson Valley
    • Dutchess County
    • Orange County
    • Rockland County
    • Sullivan County
    • Ulster County
  • Commercial Listings
  • Buyers
    • Steps To Buying Your Home
    • Home Financing Tips
    • Making An Offer
    • Closing 101
    • Buyers FAQ
  • Sellers
    • What We Deliver
    • Getting Ready to List
    • Our Sold Listings
    • Your Home Value
  • Contact
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The Chris Scibelli Team

Home Financing Tips

Tips For Financing Your New Home

Three Factors Determining How Much Can You Afford

1) Qualification for the Mortgage

Lenders may require that your monthly payments range between 28 – 44% of your monthly income. The percentage will depend on the borrower’s credit rating. Your monthly mortgage payment to the lender will consist of:

§  Principal on the loan

§  Interest on the loan

§  Property taxes

§  Homeowner’s insurance

 

2) Down Payment

Most home loans today require an upfront, or down payment, between 3.5 – 10%. If you are able to pay more upfront, you may be eligible for lower interest rate loans, and shorter loan periods.

 

3) Closing Costs

Additional fees and costs associated with loan processing and closing are required to be paid at the final closing, unless you are able to include them in your financing. Typically, closing costs amount to between 2 – 5% of the purchase price (not the loan amount.)

 


Process of Funding

1) Financial Pre-Approval

§  Application and interview with a bank or other mortgage loan company

§  Buyer provides pertinent documentation including verification of employment

§  Credit report is requested

§  Appraisal scheduled for the current home owned, if any

 

2) Underwriting

§  Loan package is submitted to an underwriter for approval

 

3) Loan Approval

§  Parties are notified of approval

§  Loan documents are completed and sent to the title

 

4) Title Company

§  Title exam, insurance and title survey conducted

§  Borrowers come in for final signatures

 

5) Funding

§  Lender reviews the loan package

§  Funds are transferred by wire

 

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About me

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Chris Scibelli | NYS Licensed Real Estate Broker
Your secret weapon

O: 845-789-5591

E: Chris@Chrisscibelli.com
EHO
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EHO
Realtor
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Realtor
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Office

Keller Williams Realty-The Chris Scibelli Team
69 Brookside Ave, Suite 225Chester
NY 10918
845-928-8000
chris@chrisscibelli.com

Essentials

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  • Listing Search
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  • Steps To Buying Your Home
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  • Closing 101
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  • Getting Ready to List
  • Our Sold Listings
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