Democrat and Chronicle from Rochester, New York on October 24, 2015 · Page G6
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October 24, 2015

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Democrat and Chronicle from Rochester, New York · Page G6

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Rochester, New York
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Saturday, October 24, 2015
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Page G6
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6 Saturday,October24,2015 • DemocratandChronicle.com • Democrat and Chronicle • Real Estate & Rental GetPre-ApprovedByOneofTheseLocalMortgageCompanies. NothnagleHome SecuritiesCorp. Thereareessentiallytwowaystogeta mortgage.Thefirstbeinga“purchasemoney mortgage”thatisobtainedwhenbuyinga property;havinganattorneyrepresentationis highlyrecommended.Thesecondsituationis a“refinancemortgage”thatisobtainedwhen youalreadyownthepropertyandaretaking equityoutofyourhomeorobtainingabetter rateorterm.Inmyopinion,havinganattorney inthissituationisnotnecessary. Thethoughtprocessisthatinapurchase transactionthereisatransferofownership andensuringcleanadequatetitleisnecessary andafunctionofthebuyer’sattorney.Ina refinance,titlehasalreadybeenconveyed sothereisnoriskofobtainingbadtitle.An exceptiontothatwouldbearefinancewhere someonewasbuyingoutaformerspouse orsiblingswererefinancingafamilyowned property.Inthosecases,titleischanging hands,andanattorneyshouldensurethat transferisdoneproperly. Thebiggerquestion,unfortunatelygiven littlethoughis:“Whatattorney?”Attorneys, muchlikedoctors,specializeinspecific fields.AlltoooftenIseethe“familyattorney” getinvolvedinthemortgagetransaction andwhile,it’snotrocketscience,thereare nuancestorealestatelawthatifnotproperly practiced,canunnecessarilydelayaclosing. Forexample:Manynon-realestateattorneys donotorderthesurveyandabstractuntil afterthecommitmentisissued.Thispast summer,surveyshada3-weekturntime, unnecessarilydelayingmanyclosings.In addition,TRID,anewfederalmandatewas recentlyenacted.Timelydisclosureofclosing figurestobothbuyerandselleratspecific timesinthetransactionisnowmandatoryand requiresahighlevelcoordinationanddetailed understandingofthenewrules. Rochesterandthesurroundingcounties, havedozensofattorneyswhospecializeinreal estatelaw.Askyourrealestateagentoryour loanofficerforareferraltoaknowledgeable practicedrealestateattorneythattheyhave workedwithinthepast;itwillgiveyouabetter chanceofclosingontimewithaminimumof stress. 1130EastMainStreet•Rochester,NY 800-242-2120•visionsfcu.org DoINeedAn AttorneytoGetA Mortgage? MikeDonoghue PremiumMortgage 217W.MainSt,Ste200,Rochester,NY14614 585-461-4110• LicensedMortgageBanker NYSDept.ofFinancialServices•NMLS#30332 2541MonroeAvenue,14618|(585)241-0000 Theexpertsinhomefinancing. EqualHousingLender|NMLS#48102|LicensedMortgageBankerNYSDFS www.PremiumMortgage.com/blog Avenue,14618 ExperiencethePower oftheHUNTMortgagePre-Purchase CommitmentBackedbyour $1,000 Guaranty.* LicensedMortgageBanker-NYSDepartmentofFinancialServices. NMLS#37405*Certainterms,conditionsandrestrictionsapply. 3300MonroeAve.Suite209,Rochester,NY14618 Visit HUNTMortgage.com or call 585-785-2000 formoredetails. AllratescurrentasofOctober22nd,2015andsubjecttochangewithoutnotice.Yourratesandtermsmaybedifferentbasedonyourqualification.Ratesbasedon$150,000loanwith700+creditscore,20%down,30dayratelock.EqualHousingLender. RUNYOURMORTGAGE RATESHERE! Formoredetails: ContactWandaUsselmanat585-258-9757 TheSummitFCUisanEqualHousingLender.TheestimatedmonthypaymentbasedontheAPRsand termsreferenceaboveandper$1000borrowed:30YearMortgage3.75%is360paymentpaymentof $4.64;30YearMortgageat3.625%is360monthlypaymentof$4.57.15YearMortgageis3.000%is 180monthlypaymentsof$6.90;15YearMortgageat2.875%is180monthlypaymentsof$6.84. 30YearFixed15YearFixed RATE RATE 3.750 % 3.000 % 3.630 % 2.880 % PTS PTS 0.000 % 0.000 % 0.750 % 0.380 % APR APR 3.840 % 3.150 % 3.200 % 2.930 % 30YearFixed15YearFixed RATE RATE 4.000 % 3.000 % 3.750 % 2.750 % PTS PTS 0.000 % 0.000 % 1.375 % 0.875 % APR APR 4.149 % 3.258 % 4.013 % 3.135 % 30YearFixed15YearFixed RATE RATE 3.750 % 3.000 % 3.630 % 2.880 % PTS PTS 0.000 % 0.000 % 1.000 % 1.000 % APR APR 3.910 % 3.290 % 3.880 % 3.300 % 30YearFixed15YearFixed RATE RATE 4.000 % 3.250 % 3.750 % 3.000 % PTS PTS 0.000 % 0.000 % 1.000 % 1.000 % APR APR 4.000 % 3.250 % 3.990 % 3.150 % 30YearFixed15YearFixed RATE RATE 3.875 % 3.000 % 3.625 % 2.875 % PTS PTS 0.000 % 0.000 % 1.000 % 1.000 % APR APR 3.888 % 3.018 % 3.637 % 2.892 %

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