One of the FIRST steps in the home buying process is your mortgage pre-approval. A short meeting with a good mortgage consultant will provide you with the financial knowledge, security, and peace of mind necessary to begin your home search with confidence. After this meeting you’ll know exactly how much you are ABLE to spend on a home and what type of loan products you may be eligible for. Having this knowledge allows you decide exactly how much you WANT to spend on a home and can provide a helpful target for your personal budgeting. Many home sellers require that all potential buyers are pre-approved before even allowing them to view their homes, and all sellers will require a pre-approval from a reputable lender as part of any offer you submit. So, get your pre-approval early – there is no worse feeling than finding the perfect home, being in a competitive situation with limited time, and not being able to submit an offer because you are missing your documentation. Completing this important step will give you the confidence to shop and access to the homes that you’d like to see.
I work with some of the best mortgage consultants in New York State so please take advantage of the opportunity you have to meet with them! Even if you already have a pre-approval from another bank, getting a second opinion is typically in your best interest. Please contact me for their information and I’ll put you in touch. At your first meeting, you will typically need the following documentation:
- Past 2 years tax returns
- Past 2 years W2’s
- 2 Current Paystubs
- Knowledge of regular bills/debts (rent, car payment, student loans, etc…)
Your mortgage consultant will review this information, check your credit, and you’ll be on your way to being pre-approved for a mortgage!
First Time Buyers:
First-time buyers are total winners in today’s market; there has never been a better time to buy! There are numerous programs and grants available to help make your home ownership goals a reality (in addition to historically low interest rates)! Did you know that you can buy a home with as little as 3.5% down and pay little to no closing costs? You can! Ask me about the programs that are available to save you LOTS of money and help you to afford your first home!