Financing in Mount Vernon>Question Details

Marcus Doley, Home Buyer in Yonkers, NY

What is the process for loans? Step ny step?

Asked by Marcus Doley, Yonkers, NY Sun Mar 3, 2013

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3
Anna M Brocco’s answer
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously, therefore visit with any licensed loan officer; he/she can provide any step by step process information that you desire....
1 vote Thank Flag Link Mon Mar 4, 2013
BEST ANSWER
The first step is to get pre-approved. This process is you meeting a Loan Officer and allowing him/her to review your credit and all other necessary documents. Then you're able to search for houses that fit your budget. Once you've found a house, you then go into contracts and you'll likely meet with your Loan Officer again. At this point they'll collect any other documents that are necessary to process your loan and also go over several forms you'll have to sign, including your mortgage application. Around this time the appraisal is ordered and your lender will begin to process the loan it's way to an underwriter who ultimately makes a decision (approved, suspended or denied) on your loan. Assuming that the loan is approved, you'll get a loan commitment along with a few conditions that you'll have to satisfy (buy hazard insurance, obtain a title report, etc.) before your loan is clear to close.

If you'd like, I'm available to meet in our Yonkers office. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648
4 votes Thank Flag Link Sun Mar 3, 2013
Hi Marcus, I recommend speaking with Christian Babcock from Mortgage Master 914.447.9691. He will guide you through every step.

Christopher Pagli
Accredited Buyer Representative
914.406.9023
0 votes Thank Flag Link Mon Mar 4, 2013
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