72 South Main Street

PO Box 27

Earlville, New York 13332

(315) 691-2100 Office

(315) 691-2072 Fax

With the recent ecomonic crisis, and the tightening of the lending practices, it is a wise choice for buyers to determine just what they are able to afford and then to obtain pre-approval from their lending institutions before beginning the search and submitting an offer.

Shopping for a mortgage can be time-consuming and difficult for homebuyers, especially in today's market where many buyers don't even know where to begin.  The link below will give you valuable information along with a variety of calculators.

The negative impact of a financial misstep varies depending on each person's unique credit profile. Identical actions (such as a single missed credit card payment), typically has a greater impact for a person with a very high FICO® score than for person with a lower score. While your credit profile is unique, clicking on the link below might help you understand what to expect if you experience a credit misstep.

The Federal Reserve Board has complied the following tips so that you can make sense out of the mortgage market and make sure you get the right mortgage.

1.  KNOW WHAT YOU CAN AFFORD - A worksheet can help you determine                         your  monthly spending habits so you can plan ahead.

2. SHOP AROUND - COMPARE LOANS FROM LENDERS - It takes time and                           energy but not shopping around could cost you thousands.

3. UNDERSTAND LOAN PRICES & FEES - The first loan offer is not always the                  best.   The same lender might offer different rates & fees on a different                             day.

4. KNOW THE RISKS & BENEFITS of loan options.  Consider all mortgage                            features including the APR rate and settlement costs.

5. GET ADVICE FROM TRUSTED SOURCES - Don't be afraid to ask                                             questions.