1st Time Homebuyer Specialists

       houses

 OUR AGENTS ARE THE FIRST IN THE STATE OF NEW YORK TO HOLD THE
"CERTIFIED FIRST TIME HOMEBUYER SPECIALIST"
DESIGNATION
AND ARE FULLY EQUIPPED TO ASSIST YOU AS YOU PURCHASE YOUR FIRST HOME. IN PARTNERSHIP WITH THE BINGHAMTON HOME OWNERSHIP ACADEMY, OUR AGENTS STAND READY TO ASSIST YOU.

FIRST TIME HOMEBUYERS IN THE GREATER BINGHAMTON AREA HAVE UNIQUE NEEDS AND CAN BENEFIT FROM HAVING A SPECIALIST WALK THEM THROUGH THE PROCESS.

Call one of our First Time Homebuyer Specialists today!

 

Phillip Horan                                                    Zenaida Rosario                       Lic. R.E. Salesperson                                           Lic. R.E. Salesperson
607-372-9133                                                    607-624-8790

Rosewell "Butch" Butterworth                         Ann Kachmar
Lic. R.E. Salesperson                                           Lic. R.E. Salesperson
607-972-3039                                                    607-341-3630

Joel Laczak                                                       Kathleen LaBarre
Lic. R.E. Salesperson                                           Lic. R.E. Assoc. Broker
607-727-6640                                                    607-725-7229

Lori Gordon                                                     
Lic. R.E. Salesperson                                           
607-341-6889                                                    

Robert Gordon                                                 Terry Morey
Lic. R.E. Assoc. Broker                                         Lic. R.E. Salesperson
607-221-8085                                                    607-427-4695


Mortgage Terms:

Adjustable rate: An interest rate that that may change over the life of the loan.

Appraisal:
 A report expressing the estimated value of a property based on a comparison of similar saleable properties.

Assumable mortgage: 
A loan that can be transferred with a sold property to a new buyer..

Collateral: 
Property pledged as security for a debt, such as real estate that secures a mortgage. Collateral can be repossessed if the loan is not repaid.

Conventional loan: 
A mortgage loan not insured or guaranteed by a federal government entity such as the Federal Housing Administration.

Deed: 
A document that legally transfers ownership of property from one person to another. The deed is recorded on public record with the property description.

Earnest Money Deposit:
Money paid at the time of offer. It is deducted from the final amount due at closing.

Fixed-rate mortgage: 
A mortgage with payments that remain the same throughout the life of the loan.

Good Faith or Good Faith Estimate: 
Refers to settlement charges paid by a by the borrower at closing. A Good Faith Estimate of the charges is required by The Real Estate Settlement Procedures Act.

HUD-1: Also known as the “settlement sheet,” it itemizes all closing costs such as real estate commissions, loan fees, points, and escrow amounts.

Lien: 
A legal claim against a property that must be paid off when the property is sold. A lien is created when you borrow money and use your home as collateral for the loan.

Loan-to-value ratio: 
Expressed as a percentage, the amount of the loan divided by the value of a property. For example, if you have a $120,000 mortgage against a $200,000 home, the LTV is 60 percent.

PITI: 
Principal, Interest, Taxes, and Insurance—the four elements of a monthly mortgage payment.

Points:
 Mortgage industry synonym for “one percent,” typically of the principal loan amount. To pay an origination fee of two points on a $100,000 loan, for example, you’d pay $2,000 to the lender.

Quitclaim deed: 
An instrument transferring ownership of a property, typically with no guarantee of an unencumbered “clear” title.

REALTOR®: 
A real estate broker or associate with an active membership in the National Association of Realtors. Not all brokers are Realtors.

Survey: 
A measurement description of land prepared by a registered land surveyor. Typically it shows the property’s dimensions and its location relative to known landmarks, plus the location and dimensions of any improvements.

Title: 
The evidence to the right to, or ownership of, property.

Title insurance: A policy that guarantees the accuracy of a title search and protects against errors. Most lenders require the buyer to purchase title insurance to protect the lender against loss in the event of a title defect. This charge is included in the closing costs.

Underwriting: The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower’s credit history and a judgment of the property value.

VA loan: A loan guaranteed by the U.S. Department of Veterans Affairs as a benefit to military veterans.

Warranty deed: A legal document which guarantees that the seller is the true owner of the property and has the right to sell the property.

 

 

 

 

 

 



 

 

 

 

 

 

 

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Please Note: All information provided is deemed reliable but is not guaranteed and should be independently verified. The property information provided on EXIT Realty Front and Center's websites is for personal, non-commercial use only and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Property information is gathered from third-party resources including the seller and public records. EXIT Realty Front and Center, Onjax, LLC, its affiliates, owners, subsidiaries and subscribers disclaim any and all representations or warranties as to the accuracy or reliability of the information provided. You should verify all claims through personal inspection and/or contact with the appropriate real estate professionals.
Copyright Greater Binghamton Association of REALTORS®, Inc. 2017. All rights reserved. No part of this publication and material may be reproduced, copied, stored in a retrieval system, displayed or transmitted in any form or by any means including but not limited to electronic, internet, mechanical, photocopying, recording, or digitizing, without the prior written permission of the Greater Binghamton Association of REALTORS®, Inc. Violators shall be liable to the Board under Title 17 of the United States Code and may be subject to prosecution thereunder. The contents of this publication and material are subject to change without notice.
Last Updated 07/25/2017 at 12:19am - Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.
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