Columbia County banks mortgages are affected by most contracts for the sale of real estate. Where the Buyer is not purchasing for all cash, or where the Seller is not holding a mortgage, the contract contains a mortgage contingency. Typically if the Buyer is not able to obtain a mortgage, his deposit is returned.
From the perspective of the Seller, the elimination of a mortgage contingency is a great benefit. Since the Buyer will receive the deposit back if he cannot obtain a mortgage, the Seller may be forced to keep the property off the market for a prolonged period of time. While a standard mortgage contingency gives the Buyer 45 days to obtain a mortgage, the contingency may be extended by mutual agreement, lasting considerably longer. Sellers should be wary of offering a longer period of time initially and equally skeptical about extending the period more than a few weeks.
While the Seller can continue to show the property until closing, other Buyers are reluctant to look at the property and make an offer, when they know the property is currently, “under contract.” When the mortgage contingency lasts during a time of substantial activity in the market, its extension can in effect keep the property off the market during the most active time and leave the Seller with little chance of selling during a time of the year when Buyers are not actively pursuing real estate.
Often the Seller will require the Buyer to present a “pre-qualification” letter indicating that it is likely the Buyer will qualify for a loan of some certain amount. These letters have varying weights depending upon the source of the letter and the extent to which the party issuing the letter has actually investigated the Buyer’s credit and verified income sources. A good lawyer can be helpful in ensuring that the legal language describing the Buyer’s commitment is specific, time delimited and allows the Seller to get out of the contract if the commitment has not been obtained within a relatively short period.
Columbia County banks mortgages are hovering around 4%. Lenders have tightened their procedures and made loans more difficult to obtain. They are requiring larger down payments. They also are more careful in the assessment of income streams to support the mortgages. A buyer may go directly to a mortgage lender, usually a bank, or work through a mortgage broker.
Columbia County banks mortgages may be obtained through the following: Bank of Greene County, (518) 731-2731; Berkshire Bank, 518-729-1442; First Niagara Mortgage, 518-943-3714; Homestead Funding Corporation, 845-331-3777; Key Bank, 518-828-3316; Kinderhook Bank, 518-758-7101; Mid-Hudson Valley Federal Credit Union, 845-336-4444; NBT Bank, 845-586-2623; Rondout Savings Bank, 845-339-2600; SEFCU, 518-452-8183; TD Bank North, 518-828-9991; Trustco Bank, 518-392-0031, Ulster Savings Bank, (845) 255-5470, Mortgage Choices, 518-828-3727 and
Valley Mortgage Company Inc., 518-828-0185.