Real Estate Investing in New York by Christina Kremidas

Getting a Mortgage in New York? What You Need to Know

January 11, 2021 Douglas Elliman Podcast Season 1 Episode 19
Real Estate Investing in New York by Christina Kremidas
Getting a Mortgage in New York? What You Need to Know
Show Notes

Welcome to Episode 19 in my Series REAL ESTATE INVESTING IN NEW YORK!!
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In this Episode, we are discussing everything you need to know about the Mortgage process tor NYC Real Estate. By the end of this episode you will have an understanding of what is required to be approved for a mortgage, the stages of the mortgage process, how the bank analyzes whether your property of interest is a sound investment, and how Covid has affected the process of getting a mortgage.     

Our guest for this Episode is Michael Goldberg, Senior Loan Officer at Freedom Mortgage. 

Here is Michael Goldberg’s contact information:
Cell: 917-642-1462
Office: 718-621-5626
Email address:
Office Locations:
9120 4th Ave Brooklyn NY 11209
1928 Williamsbridge Road Bronx, NY 10461
1150 South Avenue Suite 304-B, Staten Island, NY 10314

Questions that Michael answers in this Episode:

✩ Why it is important to get pre-approved for a mortgage before shopping for apartments
✩ What is required from the Purchaser, and how long it typically takes to obtain a pre-approval letter
✩ The differences between a Pre-Qualification letter, a Pre-Approval Letter, and a Commitment Letter 
✩ The main differences between a fixed rate and Adjustable rate mortgage, and when you would choose them 
✩ What the process of getting building approval entails
✩ The main differences between a mortgage for a Primary Residence and a mortgage for an Investment apartment that will be rented out 
✩ How the mortgage approval process differs for someone who is self-employed vs a W2 employee
✩ Everything you need to know about the the Bank Appraisal, how it effects the mortgage loan approval, and what you can do if your bank appraisal comes in low.

Don’t miss Episode 20, where I’ll be talking about the ‘Lowball’ offer and why you should never do it. 

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