Mortgage Company Brookhaven, NY
Questions to Ask Suffolk County, NY Mortgage Lenders
When prospective homebuyers in the Brookhaven, NY area are looking for a mortgage broker, there’s one company they know that they can count on: Jet Direct Mortgage. Offering decades of experience and an outstanding reputation, we’ve helped countless Suffolk County residents secure the financing they need to purchase their homes. Whether you’re a first-time homebuyer or you’ve owned a home before and you’re looking to purchase another property, when you choose Jet Direct Mortgage, you can have confidence knowing that you’re working with one of the best mortgage lenders in the Suffolk County, NY area.
You’ve found a house in Brookhaven that meets all of your needs and it’s in your price range. You’ve also done your research and created a list of prospective mortgage companies near me to get the process of securing financing started. But before you commit to a loan, you want to make sure that you’re choosing the best mortgage company. A home is one of the biggest purchases you’ll ever make, so it’s vital that you do your research and properly vet prospective mortgage companies before you sign on the dotted line.
How can you narrow down the mortgage lenders you’re considering and find the one that best meets your needs? – By asking questions! The answers you’ll receive will have a huge impact on your financial life for years to come, so it’s important to ask the right questions.
Here’s a look at some of the top questions you should ask when you’re meeting with prospective mortgage lenders near me.
What type of loan is best for my specific needs?
FHA, VA, Conventional; there are so many different types of home loans available. But which one will best suit your needs? By asking the mortgage company you’re thinking about working with, of course.
In response to this question, a reputable Suffolk County lender will ask you a series of questions that pertain to your unique situation. For example, the lender may ask if you’ve ever purchased a home before, if you currently own a home, and what industry you work in. Based on the answers you provide, a broker will be able to recommend different options that will work for your particular situation. Additionally, make sure you ask the lender to explain the advantages and disadvantages of different loan options.
How much of a down payment should I have?
A down payment is a portion of the total sale price of the house you’re interested in purchasing. It goes directly to the seller and the rest of the sales price will be derived from your mortgage. The large your down payment is, the less you’ll need to secure from a home loan.
Obviously, putting down as much as you possibly can is recommended; but for most people, coming up with tens of thousands of dollars can be exceedingly difficult. It used to be that buyers had to put down a minimum of 20% of a home’s purchase price; however, today, you don’t have to put that much down. There are a lot of loan options that require down payments that are as low as 3%; in fact, if you’re a veteran or an active duty service member and you qualify for a VA loan, you may not have to put anything down.
The minimum amount you’ll be required to put down depends on the loan prospective Brookhaven lenders have suggested.
Do you offer any down payment assistance?
There are more than 2,500 programs for homebuyers in the U.S., and these programs are available across the nation. Sponsored by state and local housing agencies, these programs offer assistance toward down payments, closing costs, and other fees that are associated with purchasing a home. Issuing agencies determine which lenders write loans for these homebuyer assistance programs.
While many Suffolk County lenders do participate in some type of down payment assistance program, not all do; moreover, the programs that mortgage companies participate in vary from lender to lender. Therefore, if you are interested in receiving assistance, find out what, if any, programs the prospective lenders you’re meeting with offer. Furthermore, find out what the eligibility requirements are and whether or not you meet those requirements.
What about closing fees?
A lot of the fees that are associated with buying a home will be included in your loan; however, you’ll be expected to pay a number of fees out of your own pocket, and they’ll be due the day you go to closing. They can include appraisal fees, title searches, title issuance, surveys, attorney fees, mortgage origination fees, and more.
Closing fees vary, so you’ll want to find out ahead of time what type of closing costs you’ll be expected to pay so you aren’t hit with a huge surprise on closing day.
What’s the average loan processing time?
The average amount of time it takes a lender to process and fund a mortgage is between 21 and 45 days; a pretty big disparity. The longer it takes to process your loan, the longer it will take to go to closing. Therefore, it’s a good idea to find out ahead of time what a potential lender’s average processing time is so that you have a basic idea of what you can expect.
Jet Direct Mortgage: One of Suffolk County’s Top Mortgage Lenders
If you’re looking for a mortgage company in the Suffolk County area, head to Jet Direct Mortgages! Offering an impeccable reputation, a variety of loan and program options, low rates, and rapid turnaround times, you can count on us to get you into your Brookhaven, NY home as quickly – and as affordably – as possible.
To schedule an appointment or to learn more, please call 855-553-4732 at your earliest convenience. We look forward to helping you achieve your dream home.
Some information about Brookhaven, NY
The Town of Brookhaven is the most populous of the ten towns of Suffolk County, New York, United States. Part of the New York metropolitan area, it is located approximately 50 miles from Manhattan. It is the only town in the county that stretches from the north shore to the south shore of Long Island. It is the largest of New York State’s 932 towns by area, and the second most populous after the Town of Hempstead.
The first known inhabitants were Algonquian-speaking Native Americans, of the Setauket and Unkechaug tribes. The first English settlers arrived around 1640. The latter founding year was recognized in 1976, when the Brookhaven Town Bicentennial Commission proposed setting the date on the seal to 1655 in line with this first deed of settlement of the town of Brookhaven at Setauket on April 14, 1655. Considering this founding year of 1655, Brookhaven is the fifth English township on Long Island following Southampton, Southold, Huntington, and East Hampton.
The Caroline Church in Setauket, was built in 1729 and is the oldest extant church in Brookhaven
The first English settlement was named ‘Setauket’ after the Native American tribe. The names ‘Brookhaven’ and ‘Setauket’ were initially used interchangeably to describe the village or the town. The verbal division between the smaller hamlet of Setauket and township of Brookhaven was not set until well into the 19th century. A point of confusion is the existence of the hamlet named Brookhaven, which was in fact named for the township in 1879. Other names used in the settlement’s first decades were ‘Ashford’, after Ashford, Kent, in England, and ‘Cromwell Bay’, for English Protestant leader Oliver Cromwell.
The original purchase from the native Setalcott tribe that took place in 1655 encompassed the land making up present-day Setauket, Stony Brook, and Port Jefferson. A second purchase was made by Richard Woodhull in 1664 expanded this tract eastward along the North Shore to additionally include all lands from the Old Mans area (Mount Sinai and Miller Place) to Wading River. Richard Woodhull was the direct heir of Eustace de Vesci, a British noble who was a signator of the Magna Charta. Another land purchase in the same year expanded Brookhaven to the South Shore of Long Island.