Buying a home is often one of the biggest financial decisions people ever make and first-time buyers may find it quite intimidating. Get answers to your burning mortgage questions from us at Lynx Mortgage Bank, LLC! Here are some of the most frequently asked questions we receive from new Long Island home buyers.
1. Why should I choose Lynx Mortgage Bank LLC?
At Lynx Mortgage Bank, LLC we represent your interests. We are a direct lender and all underwriting is done in house. We offer a wide range of mortgage products. We provide unbiased, knowledgeable advice and competitive mortgage rates so you can get the right mortgage at a rate that works for you and your budget.
2. What help is there for buying a new home?
There are a variety of housing assistance programs offered by the Department of Housing and Urban Development (HUD) that you may qualify for if you want to purchase a home.
The Federal Housing Administration (FHA) for example insures mortgages, making it easier for first-time homebuyers to obtain loans. For more information about the programs available to you, check out the USA Government website or contact us today to learn how you may qualify.
3. What proof of income will I need to provide?
It can range from tax returns, to pay stubs, bank statements, and brokerage account statements, if assets were used. If you are not quite sure what proof you need to apply for a mortgage, allow us to help guide you through what information to gather so you can purchase your dream home faster.
4. How do you calculate mortgage payments?
You are bound to enlist the help of an online mortgage calculator to figure out how much mortgage you can afford when doing your research. Calculate all the housing costs, including taxes, insurance, and any homeowner’s association dues. Doing so will give you a fuller and more realistic picture. It may sound complicated, but our team will work with you to determine the right mortgage size for your needs and your budget.
5. How big of a down payment will I need?
This depends on a variety of factors, including the purchase price of your home, the type of loan you choose, the property type, the occupancy type, your credit score, and more. The best way to determine how much you should put down on a home is to consult the mortgage experts.
Ready to buy a home on Long Island but have questions about the home-buying process? If you are ready to start, Lynx Mortgage Bank, LLC is your source for mortgage advice on Long Island, NY! Visit our website for more information, or contact us today!