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APR or Annual Percentage Rate, is the annual rate of return on a deposit account. When referring to a loan or mortgage, it is the cost of the loan expressed as a percentage.
Credit scores influence the credit that's available and the terms (interest rate, etc.) that lenders may offer. It's a vital part of credit health. When you apply for credit - whether for a credit card, an auto loan, or a mortgage - lenders want to know what risk they'd take by loaning money. When applying for a mortgage with Maspeth Federal, we look at a variety of factors to determine your eligibility for a mortgage vs. relying solely on your credit score.
A typical down payment starts at 25% of the home purchase price however, we do offer down payments as low as 5% for First Time Homebuyers. Typically, if you put down less than 20% down on a mortgage, you will be required to purchase PMI or Private Mortgage Insurance.
PMI is also known as Private Mortgage Insurance. The monthly insurance premium is calculated as a percent of the mortgage annually, and then divided by 12 for equal monthly payments. Private mortgage insurance typically costs 0.5%-1% of the entire loan amount on an annual basis.
Document Checklist
1 TO 4 FAMILY AND CONDOMINIUM OWNER OCCUPIED 1-4 FAMILY & CONDOMINIUM INVESTMENT PROPERTY USED FOR CONSUMER PURPOSE 1 - 2 FAMILY INVESTMENT PURCHASE ONLY 3 & 4 FAMILY INVESTMENT PURCHASE OR REFINANCE COPY OF SIGNED CONTRACT OF SALE FOR PURCHASES AND PROOF OF DOWN PAYMENT COPY OF DEED AND SURVEY FOR REFINANCES AFFIDAVIT OF RESIDENCE FOR REFINANCES ONLY APPLICATION FEE None None $550 $550 COPY OF LEASES COPY OF CERTIFICATE OF OCCUPANCY FOR THE PROPERTY IF ONE IS REQUIRED FOR THE BUILDING COPY OF TAX ABATEMENT APPLICATION OR APPROVAL FOR ALL NEW CONSTRUCTION OR NEWLY COMPLETED BUILDINGS OFFERING PLAN BOOK AND QUESTIONNAIRE FOR CONDOMINIUMS AND TWO (2) YEARS FINANCIAL STATEMENT FOR THE CONDOMINIUM BUILDING AT LEAST TWO (2) FORMS OF IDENTIFICATION, ONE OF WHICH MUST BE THE FOLLOWING: N.Y.S. DRIVER LICENSE OR N.Y.S. NON DRIVER I.D. U.S. PASSPORT U.S. RESIDENT ALIEN CARD MILITARY I.D. OR GOVERNMENT I.D. BROKERAGE EXPENSE INFORMATION (IF APPLICABLE) THREE (3) YEARS OF PERSONAL FINANCIAL STATEMENTS, PRO-FORMA AND COMPLETE 1040 TAX RETURNS FOR ALL BORROWERS INCLUDING W-2 TWO (2) YEARS SIGNED AND COMPLETE TAX RETURNS FOR ANY ENTITY LISTED ON SCHEDULE E OF THE 1040 TAX RETURNS (IF APPLICABLE) COMPLETE & SIGN FORM 4506-T FOR EACH INCOME TAX RETURN PAYSTUBS FOR TWO (2) RECENT CONSECUTIVE PAY PERIODS FOR WAGE EARNERS THAT RECEIVE PAYSTUBS FOUR (4) MONTHS BANK STATEMENTS A home inspection is not required, however it is highly recommended. As a buyer, it is important to make sure you are investing in a home that is free from damage, structural issues or other things that can’t be seen by the naked eye. Home inspectors will provide you with a detailed report which you could often leverage to your advantage. Sellers will typically, but not always, be open to addressing findings or negotiating the purchase price.
Typically, the seller pays the real estate agent fees. We recommend you discuss this with your broker prior to signing a contract or agreeing to work with them.
Your mortgage payment will include interest, principal and money held in escrow to pay your property taxes, insurance or PMI premiums (if applicable) etc. Visit our financial calculators page for more information.
Call our loan center at (718) 651-7888 and a member of our team can assist you.
Click here to learn more about our First-time homebuyers programs and workshops.