Mortgage Company Fire Island, NY
Questions to Ask Suffolk County, NY Mortgage Lenders
When prospective homebuyers in the Fire Island, 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 Fire Island 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 Fire Island 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 Fire Island, 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 Fire Island, NY
Fire Island is the large center island of the outer barrier islands parallel to the south shore of Long Island, New York.
Though it is well established that indigenous Native Americans occupied what are today known as Long Island and Fire Island for many centuries before Europeans arrived, there has existed a long-standing myth that Long Island and nearby Fire Island were occupied by ‘thirteen tribes’ ‘neatly divided into thirteen tribal units, beginning with the Canarsie who lived in present-day Brooklyn and ending with the Montauk on the far eastern end of the island.’ Modern ethnographic research indicates, however, that before the European invasion, Long Island and Fire Island were occupied by ‘indigenous groups […] organized into village systems with varying levels of social complexity. They lived in small communities that were connected in an intricate web of kinship relations […] there were probably no native peoples living in tribal systems on Long Island until after the Europeans arrived. […] The communities appear to have been divided into two general culture areas that overlapped in the area known today as the Hempstead Plains […]. The western groups spoke the Delaware-Munsee dialect of Algonquian and shared cultural characteristics such as the longhouse system of social organization with their brethren in what is now New Jersey and Delaware. The linguistic affiliation of the eastern groups is less well understood […] Goddard […] concluded that the languages here are related to the southern New England Algonquian dialects, but he could only speculate on the nature of these relationships […]. Working with a few brief vocabulary lists of Montauk and Unquachog, he suggested that the Montauk might be related to Mohegan-Pequot and the Unquachog might possibly be grouped with the Quiripi of western Connecticut. The information on the Shinnecock was too sparse for any determination […] The most common pattern of indigenous life on Long Island prior to the intervention of the whites was the autonomous village linked by kinship to its neighbors.’
‘Most of the ‘tribal’ names with which we are now familiar do not appear to have been recognized by either the first European observers or by the original inhabitants until the process of land purchases began after the first settlements were established. We simply do not know what these people called themselves, but all the ethnographic data on North American Indian cultures suggest that they identified themselves in terms of lineage and clan membership. […] The English and Dutch were frustrated by this lack of structure because it made land purchase so difficult. Deeds, according to the European concept of property, had to be signed by identifiable owners with authority to sell and have specific boundaries on a map. The relatively amorphous leadership structure of the Long Island communities, the imprecise delineation of hunting ground boundaries, and their view of the land as a living entity to be used rather than owned made conventional European real estate deals nearly impossible to negotiate. The surviving primary records suggest that the Dutch and English remedied this situation by pressing cooperative local sachems to establish a more structured political base in their communities and to define their communities as ‘tribes’ with specific boundaries […] The Montauk, under the leadership of Wyandanch in the mid-seventeenth century, and the Matinnecock, under the sachems Suscaneman and Tackapousha, do appear to have developed rather tenuous coalitions as a result of their contact with the English settlers.’
‘An early example of [European] intervention into Native American political institutions is a 1664 agreement wherein the East Hampton and Southampton officials appointed a sunk squaw named Quashawam to govern both the Shinnecock and the Montauk.’