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:

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

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.

Many lenders have offices in Southampton, including:
Guard Hill Financial Corp 63 Main Street, 2nd Fl phone: 631-287-4520  (Patti Frank)

Par East 11 Main Street, 2nd Fl phone: 631-283-6868 (Bill Wright)
Chase – 66 Main Street, East Hampton 11937 phone: 516-818-4072  (Monica Whelan)
HSBC – 25 Nugent Street  phone: 631-603-7718 (Kim Vecchio)
Sterling National Bank – 65 Nugent Street  phone: 631-283-0100
BNB – 150 Hampton Road  phone: 631-287-6504

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,
click here:
Mortgage Rates

Design by Agent Image - Real Estate Website Design | Sitemap

This Web site is not the official Web site of Coldwell Banker Beau Hulse Realty Group, Coldwell Banker Real Estate, LLC, or Coldwell Banker Previews International, Inc. None make any representation or warranty regarding any information, including without limitation its accuracy or completeness, contained on this Web site.