Bank or Mortgage Broker?

First go to your bank and see what kind of pre-approval you can get. If the amount is sufficient, then it's simple, go through your bank.
If it looks like the amount may be lower than what you need, then go see a mtge broker. They have relationships with alot of banks, and can get you a good amount. Also they can help negotiate interest rates, depending on your financial situation.
First Merchants on Berkeley & 7th Avenue has always been dependable.
their number is 718-230-3400. Speak to Frank Gooden or Tanya Martin.
they are both nice people.
Hope this helps.

A mortgage broker might be a better option for some people. The broker does all the leg work in finding the best rate and you only have to do one application and one application fee. Brokers get a cut, but it should wash out in the end.

Getting pre-approved is easy, but it is pretty much worthless. A bank will "pre-approve" just about anyone, but you could get denied at underwriting. As a seller, it means nothing to me if someone is pre-approved.

Also - regarding Trevor Curran. He might be a great guy - I don't know. But he pushes 30 year fixed mortgages almost exclusively. An ARM or IO loan might be a better option for you depending on your circumstances, the type of property you are buying, and how long you plan to live there.

Good luck!

Do not attempt to borrow in the near future unless you are fmae/fmac conforming and have clean credit.

Getting a pre-approval from a bank is free and lets you start shopping. But for the real thing, a good mortgage broker can save a lot of time and hassle, and get you a better rate than you can get directly from the bank, by submitting more than one application, locking one and floating another, etc. This is particularly useful when rates are changing rapidly.

ARMs might suit some people, but at the moment the main reason not to get one is that the yield curve is pretty flat and there's only a 0.27% difference between 5/1 and 30-year fixed. You could buy that for 1 point, tax deductible.

Here's why you don't want to be looking for a non-conforming loan at the moment:
http://money.cnn.com/2007/08/07/real_estate/jumbo_jam/index.htm?postversion=2007080710

If you belong to a credit union, check them out. They usually offer competitive rates, low fees and personal service.

Be careful with government programs. Make sure that it doesn't curtail any of your use and development rights.
Also, some programs will prohibit you to raise rents to market levels if the building has apartments.

Subject: Mortgage professional or bank?

To snazzybangs: I'd have to say that nkotsonis is spot on with the advice posted:

nkotsonis wrote: First go to your bank and see what kind of pre-approval you can get. If the amount is sufficient, then it's simple, go through your bank.
If it looks like the amount may be lower than what you need, then go see a mtge broker. They have relationships with alot of banks, and can get you a good amount. Also they can help negotiate interest rates, depending on your financial situation.

I would add that the personal service you receive from a mortgage professional---mortgage banker or mortgage broker---will almost always be of a much higher caliber than what you will receive at your bank.

I recently refinanced a client who had gone to several local banks and not only could not get answers to her questions, but in two instances (and several visits to each bank branch) she couldn't even find the loan officer!

At the "mortgage center" of a local savings bank, the clerk handed her an application package, jotted the rates on a piece of paper, and told her to go home, fill out the package and return it.

A mortgage professional---one who works on commission and only doing mortgage loans---has a vested interest in providing great service and rates. Not only for the basis of making a living, but also to develop a reputation. Experienced mortgage pro's live on referrals based on their reputations.

To that end, as I have said often on Craigslist, ask family and friends for a referral to an experienced mortgage professional, one with at least five years experience.

Hope that helps!

Although I am currently a renter, I have been a homeowner multiple times over the past ten years, with maybe a dozen different mortgages. I'm far from an expert on this, but especially in todays foreclosure comment, allow me to mention something that hasn't been brought up here. It may be advantageous to you to make sure you get a loan through someone who will actually hold the note, and not ship it off through eighteen different shops. Especially if there is even a _remote_ possibility that you would have trouble with it in the future. I really liked getting a loan and having it stay at one place. The institutions that did that seemed to be MUCH more concerned with me as a person, and more willing to work with me, be it through money troubles or refinances or whatever. The loans that were written and shipped off through different places could be a PITA. Often times the original company washed it hands of it. Where it went to shipped it off. A third (fourth? fifth?) party serviced it, but couldn't do anything other than take the money. Which made even inquiring about the loan a big deal and a pain.

Just something to think about. When your loan is written, I believe the originator of whatever has to tell you what percentage of loans they service, and what percentage they spin off.

Location and the apt potential. Your better off with a nice studio in a doorman building than a cramped 1 bedroom in a 5th floor walk-up

The best time to think of resale is BEFORE you buy. We had friends that bought and apt, it was a great deal but it was on the second floor of an elevator building and had very little light. Took them a year to get rid of it. Light and quiet are the 2 most looked for amenities in NY real estate.

Also it is never too soon to just go to open houses and see what there is and what it is going for.