Mortgage Company Holtsville, NY
Questions to Ask Suffolk County, NY Mortgage Lenders
When prospective homebuyers in the Holtsville, 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 Holtsville 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 Holtsville 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 Holtsville, 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 Holtsville, NY
Holtsville is a hamlet and census-designated place (CDP) in Suffolk County, New York, United States. The population was 19,714 at the 2010 census.
The hamlet known today as Holtsville included only a few farmhouses in the late 18th century. In 1843, the Long Island Rail Road opened its Waverly station. Maps from that period label the area as Waverly, and a stagecoach line ran north–south along present day Waverly Avenue. As another post office named Waverly already existed in New York, the name of the hamlet was changed to Holtsville in 1860, in honor of U.S. Postmaster General Joseph Holt. As of 1874, Holtsville consisted of 15 houses, a school, and a general store. The train station retained the name ‘Waverly’ for some time, but was eventually also changed to Holtsville, probably in the 1890s, after farmers complained about their shipments going upstate by mistake. In 1916, the Suffolk County Tuberculosis Sanatorium opened on land that was considered Holtsville at the time, but is now part of the hamlet of Selden. The site later became the location of the main campus of Suffolk County Community College.
The Internal Revenue Service opened a large processing center on a 67-acre (270,000 m2) site in the hamlet in 1972.
The rail era in Holtsville ended in 1998, when a number of LIRR stations closed due to low ridership. Holtsville commuters were advised to use Medford and Ronkonkoma stations; more use Ronkonkoma because, except for a few peak-hour trains terminating in Mineola or Hicksville, boarding at Medford would require transfer to an electric train at Ronkonkoma anyway.