• Video Library
  • Reviews
    • Our Reviews
    • Additional Testimonials
    • Review Us

David Bailey

David and Erika Bailey Mortgage Professionals

  • Home
  • About Us
  • Blog
  • Mortgage Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Loan Programs
    • First Time Home Buyers
    • Home Ready 97 Loan Program
    • VA Loan Programs
    • FHA Loan Programs
    • Conventional 97 Loan Program
  • Apply
  • Contact

Keep The Dream Of Owning A Home Alive

September 2, 2020 by David Bailey

Keep The Dream Of Owning A Home AliveFor many people, owning a home is their dream. The COVID-19 pandemic has impacted the entire country and has left many people wondering if they can still afford to own a home. While this might put some things on hold, there are steps that everyone can take to keep the dream of owning a home alive.

Get Pre-Approved For A Mortgage

The first step that you should complete if you would like to own a home is to get pre-approved for a mortgage. The pre-approval process will give you a firm idea of what you can afford. Then, you can start to narrow your search and find homes that are within your price range.

Furthermore, when you do make an offer, sellers will know that you are serious about buying the home because you have already been pre-approved. Reach out to a lender and get pre-approved for a mortgage.

Connect With A Top Agent Virtually

Most people are used to going to home showing in person; however, there are ways to do this virtually. A trusted agent is going to have access to all of the listings in the local area and can help you understand what the process is regarding buying a home. You can connect with an agent either by phone or by video to learn what it is like to navigate the real estate market. While today’s market might be different from most markets, there are still opportunities to get a great deal on a home.

Do Research On Options For Assistance

Buying home is one of the most important ways to stimulate the economy. As a result, there are lots of options that have been put into place to help people buy homes in a responsible manner. This could include loan programs, payment assistance programs, and loan options that do not require a large down payment. This can help you afford a dream home without having to necessarily put down 20 percent.

Do Not Put Your Dreams On Hold

While the climate might be a bit different right now, this does not mean that people have to put their dreams of owning a home on hold. This simply means that everyone has to do their due diligence and find the home that is right for them.

Mortgage Tagged: Buying A Home, Home Ownership, Mortgage

3 Pros And Cons Of Renting Or Owning A Home

April 2, 2019 by David Bailey

3 Pros And Cons Of Renting Or Owning A HomeHome ownership is highly valued in our culture. However, buying a home isn’t the best decision for everyone. Examine the differences between owning and renting your home to help you decide if now is the time to buy.

Effect On Flexibility

Renters enjoy more freedom than homeowners. After the leasing period ends, renters are free to walk away and find a new place to live. Homeowners, on the other hand, are at the mercy of the market. Depending on the conditions, owners might have a hard time selling their property quickly. It also takes a lot more paperwork to sell a home than it does to end a lease.

Those who don’t have plans to stay settled for at least a few years might be better off renting their homes. If circumstances suddenly change, they have more options than heavily-invested homeowners.

Financial Concerns

Home equity is a huge perk of ownership. A home equity line of credit gives homeowners a source of quick cash for emergencies or to take advantage of investment opportunities. These loans come with friendly options that make them ideal funding for a variety of situations. 

It’s a myth that renting is more expensive than owning without taking home value appreciation into account. When monthly expenses are compared side-by-side, owners invest more of their income into their living space than renters.

Beyond monthly mortgage payments, homeowners are responsible for insurance, property taxes, and utilities like garbage and water that are generally included in rental prices. In addition, homeowners bear the full cost of maintenance and repairs.

Owning a home can be a safeguard against harsh financial circumstances and give the opportunity for the appreciation of home value. However, for those who are currently cash-strapped, renting may be the more wallet-friendly choice.

Your Lifestyle

When things go wrong, renters can rely on their landlord or management company to coordinate and facilitate repairs. Homeowners, however, are solely responsible for handling the condition of their property. Besides the financial costs, it can take hours of research and dirty work to preserve your residential property.

If you enjoy handiwork, the chores associated with home ownership aren’t such a big deal. For the more technically challenged, however, taking care of a home could become a hassle.

Be honest about your abilities, interests, and resources before you commit to a home purchase.

If you are considering a new home purchase, be sure to contact your trusted home mortgage professional to find out about your financing options and to get pre-approved.

Real Estate Tagged: Home Ownership, Market Trends, Real Estate

4 Reasons Why Home Ownership Is Better Than Renting

December 27, 2018 by David Bailey

4 Reasons Why Home Ownership Is Better Than RentingAre you trying to decide if you should rent or buy? There are many reasons why home ownership is better than renting. Here are just a few to consider when you’re making your decision.

1. Stability For Your Family

When you own your home, the life of your family will be more stable. If you have children, this is a an even more valuable benefit. Your kids will be able to settle down into the routine of school and extracurricular activities. They’ll be able to make lifelong friends in the neighborhood. You and your spouse will be able to feel a strong sense of community and belonging.

2. Personalization

Owning a home is better than renting because you can personalize and customize your living environment. In many rentals, you can’t even paint the walls if you want to.

When you own, you not only can paint walls whatever color you want; you can knock them down if you like! You spend so much time at home, being able to make stamp your personality on it is a huge benefit!

3. Peace And Quiet

When compared to renting an apartment, there is a lot more peace and quiet in your own home. In an apartment, walls are shared. Often, there isn’t a lot of insulation inside the walls, either. It’s likely you’ll be able to hear your neighbors, their kids or their barking dogs. When you own your home, you’ll be able to enjoy the peace and quiet you deserve.

4. Outdoor Property

When you own your home, you may have access to outdoor space in addition to your house. That property is yours to do as you wish. You could make an outdoor living area, plant a garden, install a pool or erect a badminton set. The outdoor property around your house certainly adds to the satisfaction of owning your home.

It’s likely that these four benefits will give you some reasons to pursue home ownership. Chances are you’ll never want to go back to renting again!

When you’re ready to begin the search for your next home, contact a trusted mortgage professional in your area to get your financing pre-approved!

Real Estate Tagged: Home Ownership, Outdoor Space, Real Estate

3 Great Homebuying Tools Millenials Have Available to Them Right Now

February 22, 2018 by David Bailey

Millennials Have Great Home Buying Tools AvailableThe economy seems to be heating up rapidly, but home loan interest rates are still at historically low levels. Real estate values have climbed a bit across the country, but low interest rates and affordable prices makes for an excellent opportunity for new homeowners to get into their first home before it rates and prices rise higher.

According to the recent studies, there were 4 consecutive quarters of homeownership growth where new homeowners outpaced new renters.  The solid economic fundamentals are likely responsible for creating this excellent home buying environment.

Over the past year, Millennials seem to be on board and helping to drive the upward trend. They represent the next generation of homebuyers, and as this group is getting older, they are getting married more frequently. They are also starting families which tend to encourage the idea of home ownership. In fact, a recent analysis showed that home ownership is 30% higher among married couples than non-married couples.

Specifically, low unemployment numbers and a progressively aging pool of Millennials with a desire for home ownership appear to be driving this trend. US homeownership actually increased over 2017 to an unadjusted rate of 64.2%, which was a significant uptick from the previous year at 63.7%.

Here are a few very helpful tools are still available for new buyers:

  • Any homebuyer with military status can take advantage of Veterans Administration loans with far better rates than the normal market, making mortgage payments cheaper.
  • Those buying in rural areas can take advantage of rural homebuyer’s assistance programs provided by the U.S. Department of Agriculture to help people move to small towns and similar communities.
  • The Housing and Urban Development Agency provides HUD loans that make it very affordable for those with limited income to purchase HUD-owned homes as first-time buyers and get into real estate.

Of course, the big response from Millenials is how do I earn more to even get started. Like Generation X folks before them, Millenials can’t wait for a job to be made available on a platter.

While looking, many smart folks have started their own businesses online or in their local marketplace. If a current job is enough to cover current bills, a second income can be entirely dedicated to saving, which can generate thousands of dollars quickly.

Even a part-time second job that creates $1,000 a month produces $12,000 a year and in two years enough for a sizable down payment. 

If you have questions about buying your next home, give us a call. We’d be happy to help!

Mortgage Tagged: Home Ownership, Millennials, Mortgage

Erika and David

Contact Us


David and Erika Bailey
Mortgage Professionals

Creating Clients for LIFE!
The Mortgage Outlet
David 631.589.3600
Erika 631.767.8944
David NMLS #3458 • Erika NMLS #217190

The Mortgage Outlet

Sign Up For Our FREE Newsletter!

Connect with Us

FREE RATE QUOTE →

Let’s Keep In Touch!

  • This field is for validation purposes and should be left unchanged.
Equal Housing Lender
NMLS Consumer Access
March 2021
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
293031  
« Feb    
The Mortgage Outlet, NMLS # 36861 is a registered mortgage broker with the NYSDFS. All loans are arranged through third party providers. Office located at 280 West Main Street Sayville New York 11782

Categories

Looking For Something?

Our Location


The Mortgage Outlet
280 West Main Street
Sayville, NY11782

Copyright © 2021 David Bailey  ·  All rights reserved   ·   Log In