Lender Home Insurance New York Requirements [mortgageprotectiontips.blogspot.com]
Question by Laura G: know of a good mortgage lender in new york? I am a first-time buyer and I want to find a good mortgage lender that will work for me, not against me I have spoken to 2 already, and they seem to have a large range in price for the same property...I dont want to get taken Best answer for know of a good mortgage lender in new york?:
Answer by spadezgurl22
INDYMAC BANK is extremely reputable. ask for michael argano is a great mortgage banker and will get you the best deal possible. they have agreat reputation check out indymac.com for more information.
Answer by dzwreck
If you are not impressed with the first 2 quotes you have, get a couple more. Ask family, friends, co-workers, etc... who they have used in the past and how their experiences with those companies were. Look up the companies on the bbb.org or ripoffreport.com to see if there have been any complaints against the companies that you are considering doing business with. Once you get to the point of having 4 or 5 quotes you should have a fairly good idea as to how much everything is going to cost you. If one quote of the bunch is way less than everyone else, then chances are they are just trying to get you interested and then the numbers will change in the end. Best of luck and if you need a reliable person in New York I do have some colleagues in the mortgage industry that do a great job in the state of New York. If interested email my email in my profile.
Answer by marxistharpist
Well I am a broker in New York, I can help you shop for rates if you want. If you don't want to go that route, remember the best rule in lending is to shop around, if you don't have knowledge about the industry, find a broker you can trust and than have them do the legwork for you. Oh and since you are in New York, check out www.sonyma.org it's a new york state government program that can really help you out on first time home purchases.
Answer by godged
Ask friends and family for recommendations. If you don't get any, talk to a couple other lenders in your area. Get a truth-in-lending good faith estimate of closing costs. Compare more than just interest rate, there can be a multitude of fees attached to any mortgage. Ask about pre-payment penalties, so if you want to refinance or sell your home, you won't get any bad surprises. Being an informed lendee is the best way to avoid mortgage regret.
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If you are taking advantage of low home prices in New York and are in the process of purchasing a home for the first time, it is important to educate yourself on the process of closing your mortgage. Once you are approved for your mortgage loan, the lender will perform a routine inspection of the home along with an appraisal to lead to escrow closing. At the time of closing, you will be required to provide proof of home insurance New York that is sufficient and acceptable. While some second time buyers understand the importance of quoting and binding insurance early, first time home buyers have never experienced the frustrations of closing their mortgage without acceptable insurance. To avoid delays, know what to ask your lender and how to quote your insurance to ensure you are prepared.
The first thing any homeowner should review on a home insurance quote is their Dwelling coverage. This is the one and only coverage your lender will be concerned with when reviewing your home insurance New York policy. Because both you and the lender have a financial interest in the property, your lender will require that you choose a limit that is satisfactory and will provide enough money to rebuild the property if it is a total loss. Sit down with your mortgage broker and have them provide you with the minimum amount of dwelling insurance the lender will accept.
Not all lenders will accept insurance both all insurers. When you are receiving quotes you may come across quotes that are significantly lower than others. The lowest quote is not always the best quote. The lender may want to verify the financial stability of the company you choose. It is important to see what rating the lender accepts. It is in your best interest to choose a company that is rated an A or better on the AM Best consumer rating charts.
The last area of the policy the lender is concerned with is the policy deductible. When you are quoting home insurance New York, you will begin to notice that insurers offer very low and very high deductibles. While high deductibles will lower your policy premiums, not all lenders will accept high deductibles. Ask your mortgage broker what the highest deductible accepted is and tailor your policy to meet their requirements.
Once you verify that all areas of your home insurance New York policy are acceptable you can choose a policy based on premium. Always consider the quality of service the insurers provides and customer satisfaction. By doing your research on lender requirements and the company you are choosing, you will make the right choice and will have the peace of mind in knowing a reputable insurer protects you. Find More Lender Home Insurance New York Requirements Issues
