Financing

FINANCING

WILL THERE BE FINANCING?
Many Southampton home buyers choose to pay cash for their home.  If seeking a mortgage to finance a portion of the home purchase, the application process is quite simple.  A few common questions that many home buyers ask include:

WHAT WILL THE MONTHLY PAYMENT BE?
When considering a loan, interest rates and the length of the mortgage determine what the monthly payment will actually be. The affordability index, what an individual can afford to pay for a house, can vary significantly as interest rates change.  For example, a one percent interest change in the principal and interest (P & I) on a 30 year fixed loan of $300,000 can make a 10% change on what an individual can afford to purchase, as follows:
$300,000 loan @ 6 % for 30 years = $1799 monthly P & I
$270,000 loan @ 7% for 30 years = $1796 monthly P & I
Another example of the effect an interest rate has on a payment is to consider the following:
$500,000 loan @ 5 1/4% for 30 years = $2761.02 monthly P & I
$475,000 loan @ 5 3/4% for 30 years = $2771.97 monthly P & I
Interest rates are relatively low now and will probably be going up in the future. By waiting for a price drop to buy a home, if the interest rates do go up, you may actually be paying more.  It may be prudent to by now while interest rates are near an all-time low.
To see what a monthly payment will be,
click here:
mortgage calculator

HOW DO I FIND A LENDER?
Banks, savings and loan, credit unions, and private mortgage companies can finance a home with a loan.  Shopping for a loan is like shopping for any other large purchase – you can save money if you take some time to look around for the best prices.  Different lenders can offer quite different interest rates and loan fees; and as you know, a lower interest rate can make a big difference in the amount of the monthly payment.

MORTGAGE LENDERS
Many lenders have offices in Southampton.  To view their websites,
click here:
GuardHill Financial Corp
63 Main Street, Suite 4 Phone: 631-287-4522 or 516-818-7960 (Patti Frank)
Par East Mortgage Company
11 Main Street Phone: 631-283-6868 or 631-365-2776 (Bill Wright)
Chase – Monica Whelan
Phone: 516-818-4072
HSBC – 25 Nugent Street  Phone: 631-532-7343
Astoria Federal Savings – 65 Nugent Street  Phone: 631-283-0100
Bridgehampton National Bank – 150 Hampton Road  Phone: 631-287-6504
Suffolk County National Bank – 295 North Sea Road  Phone: 631-283-3800
Wells Fargo Private Mortgage Banking 42 Hill Street  Phone: 283-2120

HOW DO I KNOW WHICH MORTGAGE IS BEST FOR ME?
There are many types of mortgages, including fixed-rate and adjustable-rate mortgages, that the lender can assist with.  To view current mortgage rates, daily rate averages, and a library of over 150 articles related to mortgages from the website Mortgage 101.com,
click here:
Mortgage Rates

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