Financing in New York>Question Details

prakritee02, Home Buyer in Brooklyn, NY

if u wanna get prequalified for home loan.how do we start?do u go to the bank where we have account,or look for the bank which have nice rates ?

Asked by prakritee02, Brooklyn, NY Sat Jul 6, 2013

what if u have less income but can do atleast 50%downdayment?

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Answers

10
Shop around, check the bank you currently do business with, or any other bank, any credit union, any mortgage broker, or ask people you may know for referrals....
1 vote Thank Flag Link Mon Jul 8, 2013
You can get pre approved by any bank or broker. Call a few to compare, they will guide you according to your situation.

Chris
1 vote Thank Flag Link Sat Jul 6, 2013
Start at your bank, especially if you have an account where you have the 50% down payment.
Personally, I like to use a mortgage broker because they can provide rate info from multiple banks and they also may lend their own money.
Either one can get you pre qualified and that's where you need to start before you look at homes.
1 vote Thank Flag Link Sat Jul 6, 2013
Your first step is to meet with a Loan Officer. If it's a Loan Officer at the bank you hold accounts with, or a Loan Oficer who works for a different lender, that's your choice. I do want to correct the response below, brokers can quote you rates from a couple different lenders, but they cannot lend their own money. A broker is a company who simply arranges a loan with a third party lender. A lender is someone who lends you their own money for the purchase of your house. A lender can be Bank of America, Chase, my company Sterling National Bank or a smaller lender like a Continental Home Loans.

I strongly recommend you shop for a good and reliable Loan Officer over the "name" of the lender they work for. Shop for a professional who is going to get the job done, do not focus on the best rates. The rates between all these companies are going to be extremely close, but the service and reliability is going to be worlds apart. The larger banks (Chase, Bank of America, Wells Fargo, etc.) are so large that they can set their own standards on the quality of loan they want to fund. As a result, they're picky and extremely slow. Smaller companies are able to provide better one-on-one service and because they lack a national operation, they're able to focus on just their region and perform at a higher level and close much quicker. Because the overhead is less, their rates are often the same if not better than te larger banks.

In always available to meet at our Brookyn offices if you want an knowledgable and reliable Loan Officer to help you. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Sat Jul 6, 2013
Hi Prakritee,

Your 50% downpayment certainly would minimize their risk. However the bank will make the decision and communicate it to you after they evaluate the property of your choice.
Feel free to contact me with further inquiries at >tshestakov@citihabitats.com< if you wish.
0 votes Thank Flag Link Sat Jul 6, 2013
Hi Prakritee, as mentioned below do go to your bank and get your pre-qualification. They will want to run your credit (get a copy so you can shop around without having your credit checked over and over) Knowing what you can afford is the 1st step in buying. Terry k 718-614-3167 or tkorahais@elliman.com
0 votes Thank Flag Link Sat Jul 6, 2013
I would start by gathering your tax returns, w2s and pay stubs. Call a few lenders and go over your scenario with them. Send the documents to Who ever you feel the most comfortable with and get pre approved. Sometimes the way you file your tax returns will either help or hurt you when qualifying. The banks will review line 21 on your tax returns (unreimbursed business expenses) and if you are self employed some banks will allow you to add back depreciation. If you are self employed you can exclude some of your bills with 12 months cancel checks from your business account. If you have any questions feel free to reach out to me. I live in brooklyn also so I know the areas very well. My Contact info. David mizrahi. Office - 917-793-6120. E mail dmizrahi@ghmc.com.
0 votes Thank Flag Link Sat Jul 6, 2013
You can do ANY bank. Any bank, after looking at your financials, will tell you what would be the loan amount for which you qualify. If your relationship with the bank where you already have an account is a solid client/bank interaction, you might wiosh to check them out first.

Remember: you have the freedom to choose the best deal!! Do not allow any "advisor" to whom you are referred to push you into an arrangement of his/her choice. Shop around.

Feel free to contact me with any other questions at 917-519-4664,
Tatyana Shestakova, Citi Habitats
0 votes Thank Flag Link Sat Jul 6, 2013
I have two very good referrals if you'd like to start with Citibank or Chase bank. There contact info is below mine. Tell them Yul referred you and they'll give you great service and answer any of your questions. Good luck.

_________________________
Yul Park
Senior Vice President
Cell: 917-647-2717
_________________________
RES Sales and Marketing Corp
320 West 37th Street, Suite 301
New York, NY 10018
Fax: 646-537-2626
Web: http://www.RESnewyork.com

Jason Han
Chase Mortgage Banker
Work: 516-364-8823
Cell: 516-459-7826
Fax: 866-454-9590
Email: Jason.han@chase.com
Web: http://homeloan.chase.com/jason.han

Maxwell Rosa
Snr. Lending Specialist
Citibank N. A.
W-718-564-0187
C-646-261-5654
F-866-840-1537
maxwell.a.rosa@citi.com
NMLS # 726537
http://www.tipsforhomes.com/citimortgage/mrosa
0 votes Thank Flag Link Sat Jul 6, 2013
Hi Prakritee02

There are really two questions here and the second one is much more relevant. Any bank can issue you a pre-qualification if you fit the conforming standards. Looks like you need to find a lender that either has multiple investors that they are a corespondent lender for or with a lender that has the program that is tailored to your specific profile.

My recommendation would be to work with a correspondent lender who can work to place your loan with the best investor.

If you need recommendations please email me directly: armen@luxdwellings.com

Warmly,
Armen
0 votes Thank Flag Link Sat Jul 6, 2013
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