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Long Island Real Estate & Finance
With David Finkel
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David Finkel works for
East Coast Capital in Syosset. Over the years he has
dealt with hundreds of clients. He understands what people
need and how to help them through the process of home ownership.
David has an extensive background in many areas in the field and his
goal is to help you achieve what you are seeking. Whether it
be a new home, or just advice to refinance, Dave Finkel is the man
to listen to. |
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ARTICLE
OF THE WEEK
Thursday,
July 5, 2007
Author: David Finkel, Real Estate Agent & Mortgage Professional
Prepare For Buying a Home
You have just found the perfect
home. You call family and friends telling them the good news. You
then apply for a mortgage and reality sets in. You do not qualify
for a mortgage. Why is this happening? Here are several reasons.
One of the most important requirements in buying a home is a good
credit score. Establishing good credit happens over time. You need
multiple credit lines. Credit lines are credit cards, car loans,
student loans, and department store cards. You should have at least
one credit card with a high limit. It goes without saying that you
should pay all your bills on time.
Many banks require a rental history. Banks want to see that you have
been paying your rent on time for at least one year. For some reason
many people pay cash every month to their landlords. This is not a
good idea. You are better off paying your rent by check in order to
prove that you have paid your rent on time. Many banks require that
the money you are putting down on a house be in your bank account
for at least two months.
The biggest problem that people have is that they do not earn enough
money to qualify for the house they are looking to buy. You need to
include in your monthly payment your principle and interest payment,
property taxes, homeowner’s insurance and minimum payments on your
credit cards, and car loans. A condition for getting a loan approved
might be paying off a car or credit card in order for all the
numbers to work. You need to pre-qualify for a mortgage before you
take the time looking for a home. Any questions pertaining to this
article can be e-mailed to the address below.
- David Finkel
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