Useful Tips

I want to buy a home? Where do I start?

Congratulations!  We are so happy to help guide you through the home buying process.  Here are the steps to buying a home:

  1. Get ready. This includes getting your finances in order, understanding the home buying process, and finding a real estate agent.
  2. Get pre-approved for a mortgage. This will give you an idea of how much you can afford and make you a more attractive buyer.
  3. Start house hunting. Work with your real estate agent to find homes that fit your needs and budget.
  4. Make an offer. Your real estate agent will help you negotiate the price and terms of the sale.
  5. Get a home inspection. This is an important step to make sure there are no major problems with the property.
  6. Close on the house. This is the final step in the home buying process, where you will sign all the paperwork and take possession of your new home.

Here are some additional tips for buying a home:

  • Be patient. The home buying process can take time, so don't get discouraged if you don't find the perfect home right away.
  • Be prepared to compromise. You may not be able to find a home that has everything you want, so be prepared to compromise on some things.
  • Don't be afraid to ask questions. Your real estate agent is there to help you, so don't be afraid to ask them any questions you have about the home buying process.
  • Do your research. Before you make an offer on a home, be sure to do your research on the neighborhood, the school district, and the property itself.
  • Get everything in writing. Once you have made an offer on a home, be sure to get everything in writing, including the purchase price, the closing date, and any other terms of the sale.

Buying a home is a big decision, but it can also be a very rewarding one. By following these steps, you can make the process go as smoothly as possible.  Working with your mortgage professional at The Mortgage Place will help you realize your dream and reduce the buying stress!

The MIP is a fee that borrowers pay to the FHA to protect lenders in case the borrower defaults on their loan. The MIP is typically calculated as a percentage of the loan amount and is paid annually in monthly installments. The amount of the MIP varies depending on the down payment and the term of the mortgage.

Under the new policy, the annual MIP for FHA-insured mortgages with a down payment of 3.5 % will decrease from 0.85 % to 0.55 % This is a significant reduction that will result in lower monthly mortgage payments for borrowers who qualify for an FHA loan. For example, a borrower with a $200,000 FHA loan with a 30-year term and an interest rate of 6.0% would save approximately $900 per year or $75 per month in MIP payments under the new policy.

Borrowers who already have an FHA-insured mortgage will not be eligible for the reduced MIP rate. However, borrowers who refinance their existing FHA-insured mortgage into a new FHA-insured mortgage that meets the above criteria may be eligible for the reduced MIP rate.

It's important to note that while the reduction in the MIP rate is good news for homebuyers, it does not change the other requirements for FHA loans, such as credit score and debt-to-income ratio.

Our Locations

646 Plank Road, Suite 102 Clifton Park, NY 12065
518.982.0480 | Office
518.982.0483 | Fax

NMLS# 872824

Servicing Florida: Bonita Springs, Bradenton, Cape Coral, Clearwater, Fort Lauderdale, Fort Myers, Miami, Naples, Orlando, Panama, Panama Beach, Port Charlotte, Punta Gorda, Sarasota, St Petersburg, St. Augustine, Tampa, Tampa Bay, Vero Beach

239.227.8505 | Florida Office

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  • Joanne was amazing through our forever long process (or so it seemed). As first time home buyers, we had a really bad experience with another lender and Joanne blew us out of the water. She explained the step by step process and never hesitated to explain things further if we did not understand. She answered all our questions in a timely manner. Joanne was there even on weekends and late nights. My fiancé and I cannot thank Joanne enough for all she did for us! We definitely will recommend her to our friends! We also want to thank our laywer (who recommend Joanne to us!). They are a dynamic duo!!! If you think you want to work with Joanne do not hesitate, you will not be disappointed!

    -G, Albany

  • Joanne and Krista were incredibly responsive, patient and professional! Joanne guided me throughout the entire home purchase process and responded to all my questions promptly. Joanne did an excellent job getting me the lowest rate and patiently explaining to me the process in details. I thought applying for a home loan would be stressful, however, thanks to Joanne and her team, it was incredibly smooth. I highly recommend The Mortgage Place to everyone!

    -R, Halfmoon

  • Joanne and her team were so fantastic during our first time home buying process. They were so helpful in providing feedback to our questions and made the whole experience of obtaining our first home loan seamless. With out a doubt we will always recommend to others and look to work with them again if were are in the market.

    -M, Schenectady

  • Joanne is the best at what she does! She was thorough and extremely patient with all our questions. She work diligently to find us the best rates and responded swiftly to all questions. I would recommend her a thousand times over to anyone and everyone!

    -Chris, Schenectady

  • If you need a loan of any kind this is your place! Joanne has helped many of my friends and family with their finance needs over the years and has exceeded expectations on every level. Not only is she extremely knowledgeable about the market and clients personal needs but Joanne and her team give some of the best service I've seen in the business. I highly recommend Joanne and her team.

    -M, Saratoga

  • Good morning! Having a home with space is wonderful! The kids and I are so happy and feeling much more comfortable and at ease. We spent 2 days straight moving then began unpacking Saturday night. After church yesterday we organized and unpacked some more and last night was cleaning. We were able to begin our Monday morning routine with easy and comfort - I can't begin to express how truly grateful we are. We are feeling blessed and know without a doubt that God's hand was with us from the beginning. Thank you so much for all you did. You were an anchor for me and without your direction through this process I would have been lost.

    -Julie, Clifton Park

The Mortgage Place, Inc. is a registered mortgage broker with the NYS Department of Financial Services and a licensed mortgage broker of Florida Department of Financial Services.
Loans are arranged through third party providers. NMLS#872824.

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