Staten Island New York Mortgages - Why Gefen?
Your Caring Staten Island New York Mortgage Broker
Being a caring Staten Island New York Mortgage Broker, means we have a vested interest in more than just our bottom line. We care about what happens to you, our clients, and the neighborhoods where you live. Because we treat you like family, we also expect to see you again as your home financing needs change and grow. We also want to help your friends and coworkers. That would make them “friends of the family". Because of that, we'll take all the time it takes to make sure you understand every detail and are completely at ease with your New York mortgage transaction.
Since 1987, when Gefen President Dovid A Winiarz, began working in the Real Estate and Real Estate Finance with Helmsley Spear Inc, he and his cracker-jack staff have been working towards helping people and companies truly “feel at home". Today, our approval process is fully automated. Gefen Financial Corp utilizes Freddie Mac's automated underwriting system (Loan Prospector) and Fannie Mae’s automated underwriting system (Desktop Originator), and also offers Loans and Staten Island New York Mortgages for Residential and Commercial Real Estate properties, which allows us to give you an immediate credit approval.
Mortgage Loan Programs
Gefen Financial Corp. offers a wide menu of New York mortgage programs to fit the varied needs of our clients. Our loan officers are trained to match the goals and dreams of our clients with the loan program that works for them. Some of exciting loan programs and lending options include:
30 Year Mortgage
A thirty year mortgage amortizes over a 30 year time period. The roots of the word mortgage and amortization are the same. Mort is derived from the Latin word admortire, meaning "to kill". Gage comes from middle English meaning a "pledge". Hence, a 30 year mortgage has the pledge killed off within a 30 year time period. There are a wide range of thirty year mortgage programs however the most traditional one is where with every payment, the principal payment increases and the interest payment decreases.
A thirty year mortgage is one of the more popular mortgages because it allows the borrower to spread out- to amortize- their monthly payments over a longer period of time. A person would want to do this for one of two reasons. The most straightforward reason is because the payments on a ten year mortgage (or fifteen twenty or twenty five year amortization) will traditionally be higher than the thirty year mortgage. The more sophisticated approach and rationale behind the thirty year mortgage is the lower payment which, in turn, allows the borrower to invest the difference in other financial vehicles.
15 Year Mortgage
A fifteen year mortgage amortizes over a 15 year time period. On the assumption that a borrower has sufficient income to qualify for a fifteen year mortgage, this mortgage allows the borrower to pay off the mortgage substantially faster than a mortgage with a longer term. While this option may seem ideal on the surface for borrowers who want to be paid off in time for retirement or other reasons, it is important for borrowers to discuss the long and short term ramifications of not having the benefit of tax deductible interest at time of retirement. There is a maxim in the mortgage business that "Houses are meant to house people-not equity". By paying down a mortgage quickly, a mortgagor leaves themselves exposed to not having sufficient tax write offs when they need to begin pulling down their various IRAs and 401ks. The flip side to this argument is that a borrower will have the benefit of higher tax deductibility during the years he has his or her mortgage.
Of course, these insights should not be construed as tax advice. Gefen Financial Corp. has a wide range of relationships and contacts in the financial services industry and will gladly recommend tax advisors should this become necessary.
Bi-Weekly Mortgage
A Bi-Weekly Mortgage is a mortgage where the monthly payments are split in half and often credited to the mortgage account every two weeks instead of once a month. It is important for every homeowner to view their home as part of an overall investment strategy. More than just a place to live and raise a family, a house is a financial tool which, properly used, can help the homeowner chart a plan and set long and short term financial goals. For the home owner who views their home as their primary investment, a bi-weekly mortgage can allow the homeowner to accelerate payments, thereby freeing up equity in their home. This allows the borrower to re-borrow the equity, time and time again, and invest in a wider range of investments. Financial Guru Doug Andrews and Barry Habib have often said that "Homes are meant to house people, not equity". While this is certainly true for the homeowner who does not utilize his or her home as a financial tool, it is even truer for the financially savvy homeowner. Utilizing a bi-weekly option, combined with a home equity line of credit, a borrower can utile the home they live in like a cash machine - borrowing and repaying at will.
Home Equity Line of Credit
A Home Equity Line of Credit is a line of credit available to a home owner that is available to be utilized for any legal purpose and can be paid back at any time. While there are minimum payments due each month, a home equity line of credit is more flexible that traditional mortgages because it often comes with an interest only option that allows the borrower to better manage his or her cash flow. A home equity is similar to a credit card in as much you can borrow and repay as often as you like but is more of a concern for those who are not financially prudent because if a borrower does not repay the equity line (or equity loan) they may lose their house to foreclosure. A home equity line can, as mentioned, be used for any legal purpose but some of the more common ones include: debt consolidation, repayment of student loans, home improvement or to help supplement a business loan or business line of credit. When determining eligibility guidelines for an equity loan or equity loan it is important to take into account the CLTV. CLTV stands for Combined Loan to Value. This is calculated by adding the first mortgage amount (i.e. the loan that is in first lien position) to the amount of the equity line and calculating the percentage of the combined loans to the value of the home. While equity lines are available, in certain instances, up to 125 percent of the home value, a Gefen Financial Corp. representative will help guide you which credit line will best serve your needs.
Adjustable Rate Mortgage (ARM)
An Adjustable Rate New York Mortgage or any mortgage for any state is more commonly referred to as an ARM. Arms' come in all different shapes and sizes and are traditionally meant to be a tad lower than a fixed rate mortgage. Depending on the term of the adjustable that you choose you will find the interest rate adjusting at the end of the initial reset period and, again, as often as once a month thereafter. It is important to work closely with your Gefen Financial Corp. advisor to make sure you understand the terms of your loan and adjustable rate mortgages, in particular, can be very confusing.
The principle purpose of choosing an adjustable rate mortgage is the initial lower monthly payments. The initial monthly payment is set for a period of one month to ten years. After the initial payment period is up the loan recasts based on where the appropriate index is at the time of recasting. Examples of indexes that an adjustable rate mortgage may be tied to are the Federal Home Loan Bank's 11th District Cost of Funds Index (COFI), the one-year Treasury Security rate, the 6-month Certificate of Deposit (CD) rate, the London Interbank Rate (LIBOR) or others.
A "3/1 ARM" "5/1 ARM" or a "7/1 ARM" are typical adjustable rate mortgages that have a fixed interest rate for the first 3,5 or 7 years and then adjust every year thereafter. CODI, COSI or COFI mortgages adjust monthly but the lender will often allow you to fix your payment one year at a time and apply different amounts of your payment to principal or interest.
Adjustable rate mortgages traditionally come with a "cap" which will insure that the mortgage rate does not adjust too high from year to year. Often the rate will have two caps; a yearly cap and a lifetime cap whereby the rate can not go above the lifetime cap for the life of the loan.
There are a variety of pro's and con's to Adjustable Rate Mortgage. Your Gefen Financial Corp. mortgage advisor will guide you through the mortgage process every step of the way.
- 15,20 and 30 Year Fixed Rate Loans
- No Income Home Equity Loans and Lines
- 1 Year ARM Loans
- 3/1 Year ARM Loans
- 5/1 Year ARM Loans
- 7/1 Year ARM Loans
- Codi and Cofi Loans
- Commercial Mortgages
- 10/1 Year ARM Loans
- 5 and 7 Year Balloon Loans
- No Doc and Low Doc Programswith as little as 5 percent down
- Loans to $55,000,000
- Mixed use Property Loans
- Investment PropertyLoans with as little as 10 percent down
- Loans for Second Homes
- Construction/Perm Loans (Click here for more information)
- 107% Financing
- Hard Money Loans
- 0-3 percent down with 6 percent sellers concession
- "Cash Out" Mortgages
- 0% Down Mortgages
- Bi-Weekly Information
- Reverse mortgages
- And much more…
Gefen Financial Loan Officers can be reached at 718-983-9272, 914-MORTGAGE or toll free at 1-800-LOAN-095 or email us @ info@gefenfinancial.com
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