Tom Crimmins Realty Blog - mortgage

The Difference Between Conforming and Non-Conforming Loans

What You Should Know About The Different Types of Mortgage Loans Before Becoming a Homeowner

When it comes to buying a home, the whole process may seem quite overwhelming as a first time homeowner or a homeowner moving for the first time in years. There is plenty to read up on when it comes to types of mortgages. Consider your kind of application before choosing a mortgage, whether you're a first-time buyer, downsizing, or refinancing. There is a lot to figure out based on weather you want a conforming loan or a non-conforming loan, here is a quick and simple rundown on the difference between conforming and non-conforming loans. 

Conforming Loans: is one that fits the Federal Housing Finance Agency's (FHFA) monetary restrictions as well as…

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185 Nicholas Avenue| Staten Island| NY|10302|

THIS HOUSE FOR SALE CAN BE FOUND ON OUR WEBSITE TOMCRIMMINSREALTY.COM AS WELL AS NYC.FLEXMLS.COM (MULTIPLE LISTING SERVICE). MLS # 1125078.WELL MAINTAINED 1 FAMILY COLONIAL. FEATURING A LARGE FORMAL LIVING ROOM AND DINING ROOM, MODERN EAT IN KITCHEN, FULL UNFINISHED BASEMENT, FINISHED ATTIC WITH BEDROOM AND OFFICE,(3) 2ND FLOOR BEDROOMS, REFINISHED HARDWOOD FLOORS THROUGHOUT, FRESHLY PAINTED, NEWER RIP OFF ROOF AND LEADERS AND GUTTERS, LARGE WOODEN DECK, SOLID HOME, EXCELLENT VALUE! IF YOU ARE LOOKING FOR MORE HOMES IN STATEN ISLAND PLEASE CLICK HERE TO BE DIRECTED TO OUR WEBSITE TO VIEW MORE OF OUR MLS LISTINGS AND/OR CONTACT US AT 718-370-3200 DURING OFFICE HOURS.  WE OFFER A LARGE SELECTION OF CONDOS, TOWNHOMES, SINGLE FAMILY HOMES, 2 FAMILY…

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113 Pelton Avenue|Staten Island| 10310| MLS 1122810|

This home can be found on our website Tomcrimminsrealty.com as well as nyc.flexmls.com (Multiple Listing Service). MLS # 1122810. Are you looking to buy a home? This beautiful three bedrooms, two bathrooms, colonial style home is for sale and could be yours! Located on the North Shore of Staten Island in the infamous West Brighton. When you first step into the front porch you’re greeted by mahogany wood and a sense of comfort. This home has new oak floors throughout. In the living room, you’ll notice a fireplace, perfect for the colder months to hang out with your loved ones. French doors lead into the dining area where you’ll find a gorgeous kitchen with custom cabinets, granite countertops, and modern stainless steel appliances. The…

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Closing Costs Made Simple!

Closing costs are fees paid at the home closing, which is when the title of a residence is transferred from the seller to the buyer. These costs typically include real estate commissions, escrow fees, document recording fees, lawyer fees, title insurance fees, survey fees, and taxes. These costs can also include the expenses the home has incurred by buyers and sellers during any negotiations. Closing costs vary widely based on where you live, the property you buy, and the type of loan you choose.

What "Costs" Are There?

 Here is a list of fees that may be included in closing: 

• Application Fee: This fee covers the cost for the lender to process your application. 
• Appraisal: This is paid to the appraisal company to confirm the fair…

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What You Need To Know About Home Inspections

Many home buyers have thought they found the perfect Staten Island house, signed the dotted line and believe they’ve watched enough home improvement shows to know if they’re getting a good deal. And then some make the mistake of skipping a home inspection in order to save a little cash. Do the right thing by you and your dream home and hire a home inspector!

The home inspection consists of a very detailed look throughout the home. The main goal of a home inspection is to make sure that the home is safe to live in.For example, the inspector will take a close look at the roof to make sure it is well intact. They will also check to see if there is any structural or mechanical damage such as broken heating systems, or a collapsing floor. The basement will…

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The Monthly Newsletter From US Mortgage Corporation for June 2018

HOW TO AVOID A LOW HOME APPRAISAL Even when a seller and buyer agree on a price for a home, the deal can collapse if the property appraises for less than that price.

9 SURPRISING THINGS YOU SHOULD NEVER LEAVE IN THE BATHROOM Here are the unexpected items you need to move out of your bathroom, post haste.

GET TO KNOW YOUR NEIGHBORS, EVEN IF YOU'RE SHY 3 reasons to get to know your neighbors ASAP.

FORWARDING MAIL: HOW TO GET YOUR…

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Is Private Mortgage Insurance The Right Choice For Me?

What is Private Mortgage Insurance?

Private Mortgage Insurance, or PMI, is an insurance policy that pays out to a lender in case a homeowner defaults on a mortgage.

The homeowner pays a monthly or one-time premium on their mortgage payments, but the lender is the one getting the protection.

PMI is usually requested for and arranged by the lender, and is offered by private insurance companies. Lenders usually request PMI if the homeowner wishes to put less than a 20% downpayment on the house, and usually require the policy to be in place until there is at least a 20% Loan-To-Value, or LTV ratio on the house. The LTV ratio is calculated simply by taking the value of a loan on a house and dividing it by the value of the house. For example, if a…

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What is RESPA?

What is RESPA?

RESPA, or the Federal Real Estate Settlement Procedures Act, is a federal act passed by congress in 1974. After being controlled under U.S. Department of Housing and Urban Development (HUD), responsibility for the act was assumed by the Consumer Financial Protection Bureau (CFPB) in 2011.

The act regulates the real estate settlement process by requiring lenders, mortgage brokers or servicers of home loans to provide disclosures to borrowers that will inform them about real estate transactions, settlement services, relevant consumer protection laws and any other important and relevant information connected to the cost of the real estate settlement process. Any business relationships between closing service providers and other parties…

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The Monthly Newsletter from US Mortgage Corp for March 2018

TRIGGER LEADS HURTING BORROWERS, SAYS INDUSTRY ASSOCIATION The National Association of Mortgage Brokers (NAMB) wrote to Congress on February 21st of this year seeking a ban on the sale of trigger leads.

THESE U.S. REGIONS WOULD FEEL GSE REFORM THE MOST Discussion of GSE reform has heated up once again.

SURVEY SAYS: CONSUMERS WARY OF EMBRACING DIGITAL IDENTITY Digital identity is an electronically verified set of attributes that uniquely describe a person and can be beneficial in providing simplified application…

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Budgeting For Affordable Mortgage Payments

A mortgage payment typically is one of the biggest payments that a person is responsible for. This financial responsibility might impact a person's budget significantly for several years to come. There are mortgage calculators online that can be used to estimate an affordable mortgage payment. However, it is important to start with a basic budget to determine more accurately how much mortgage payment is truly affordable before applying for a new mortgage.

List Income From All Sources

First, list all sources of income that is received regularly. This includes regular paychecks from both spouses, dividends, and annuities. Most budgets are prepared on a monthly basis, so ensure that the total amount of take-home for a typical month is included in the…

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