1225 Franklin Ave. Suite 325, Garden City, N.Y. 11530

 (516)512-8911

200 Broad Hollow Rd. Suite 207 Melville, N.Y. 11747

  (631)393-5121

111 Livingston St. Suite 1110 Brooklyn, N.Y. 11201

 (718)210-4809

Contact us Anytime

info@lidreamhomes.com

 

Print this page and save it. You will need it, especially if you don't buy a home from us. Use it as you go through your purchase to save time and money on your biggest investment, your home!!

 

1.

Interview Mortgage Brokers! Ask for references, and ask the Realtor if he/she knows about them.  Ask them for the costs up front and get the promises in writing. Ask if there will be Application fees, Lock in fees, and buy down points. If there are look for another broker. Application fees are ok but rate lock in fees are not, and buy down points mean the bank is charging points to pay the broker.  Get pre-approved for a mortgage. Bring your mortgage Broker the following: 2 years tax returns, 6 months pay stubs, 3 months savings and 3 months checking statements, proof of down payment funds The Broker will check your credit and issue you a pre-approval letter. Use it as leverage on your offers.

2.	Interview Realtors. Get one that has some experience and is willing to spend time with you. Full timers preferred. Get on the email lists. Have properties that meet your criteria emailed to you daily. It saves you and them time. Also make sure the Realtor is well rounded in Mortgages, engineering, township issues and legal matters. It will help you after you find a house.
3.	When you find a house make a move quickly. Wasting time only delays things and may cost you the house or more. Make your offer and use your pre-approval as leverage because you can close fast and will get the loan for sure. When you have an accepted offer get it in writing, so the owner can't take another deal after they accept yours.
4.	Get the engineer in right away and have your Realtor put your attorney in contact with the buyers' attorney so the contracts will move along. The more you delay the more the seller may want out, if they see delays or have backup offers that may be close to your price and terms.
5.	Get an engineer who is not your hero. Finding too many problems or exaggerating small ones is a sign he/she is trying to kill your deal to get you to find another house and have him do the inspection again. No Binoculars please. What ever the problems get a second opinion from an expert who only deals with these problems. If you don't you can lose $1,500.00 and will be homeless!!!
6.	Get your Realtor to get your attorney and Mortgage Broker copies of the survey and co's right away. Other wise your attorney will hire an expeditor and order a new survey. This costs you money!!! If your Realtor doesn't know how to do this or won't do it, you just lost $1,000.00

6.	Make your Mortgage broker get the appraiser in Right away. Make sure the value is there before wasting further time and money.
7.	Sign contracts and get them back quickly. It will help your mortgage broker submit the paperwork faster and get you a commitment faster.
8.	Keep in touch with the Realtor, attorney and Mortgage broker daily to keep your file on top of the pile. If you don't call, they will forget about you.
9.	Once you get a commitment make sure everyone gets on board to set a closing date. The broker may ask you to pay to lock the rate. If you mention that you will check with the Banking department if the fee is needed he will probably drop it immediately. If you have PMI make sure it is separate from the Mortgage. If you don't ask or see the paperwork to see of the fee was added you just lost $ 500.00

Go get insurance. The Mortgage broker will give you the info on who to put on the policy.

You will have to get enough to cover the Mortgage amount at first but can reduce it after closing

 to cover the Replacement value.

If you forget it will cost you about $500 a year.

Get the good faith estimate and make sure the points charged are the points you agreed to. 

Ask for the copy sent to the bank close to the closing time to make sure there were no changes.

If there were changes, call the broker before he goes into hiding.

If you don't it may cost you $5,000.00

Call the gas, electric, water, and oil company and switch the contracts over to your name.

 Schedule your walk through.

Do it as close to closing as possible. If you are going to let the owners stay after the closing recheck the home before getting the key and releasing the escrow.

At the closing be cool. Bring your ID, good faith estimate when you started working with the Mortgage broker as well as the one you got close to the closing. Make sure you bring the certified checks your attorney told you to bring as well as your checkbook in case small adjustments are made and you need extra money.

You are on your way to homeownership.

Tip the closer. Ask your attorney he will tell you who he was.

Now your work begins.

You must get a copy of the Star exemption forms to file for your tax deduction.

If you don't it will cost you $500.00-$2,000.00 in overpayed taxes annualy.

Now you need to file for your grievance. Attorneys will send you letters offering to help you do this.

The fair price is for them to get half of the savings that you get from the grievance.

They may re-file if needed the following year to get you more if possible.

You can try to do this on your own to avoid the fee but the tax department may not give you the best reduction.

Here it pays to pay the attorney.

If you don't grieve it can cost you $500.00-4,000.00

If you have PMI call your Realtor and ask them to Give you a CMA letter and comparables to see if  have 20% LTV.

If you do, call your Attorney and get the PMI dropped.

If you don't do this it will cost you $3,000.00-$6,000.00

Need work done on your home?

That is a whole other topic you can visit our L.I. Dreamhomes Landscaping and construction page for advice.