Home Buying in Piscataway>Question Details

babiessmile, Home Buyer in Piscataway, NJ

Firs time home buyer! need your help and advice.

Asked by babiessmile, Piscataway, NJ Thu Apr 11, 2013

im self employed, afford to pay 30% down , morgage 550,000. in business 2 years but only have 7 quaters tax filed.we have accepted offer, signed contract, pre qualify from bank. already have a lawyer. so next is application for loan, do you know how long it take and chance of approval ? and at the same time , should we find inspector or wait? still not clear about what to do next.

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Answers

4
That's really a question for your Loan Officer. If he/she was able to pre-approve you that means they already addressed your income and calculated it to what the lender will use as your monthly qualifying income. Hopefully they calculated the right way. I find that this is one of the biggest mistakes made by Loan Officers, they miscalculate your income and by the time a processor or underwriter gets to the file they recalculate the income and come up with a lower monthly income than what the Loan Officer had. Needless to say, this sometimes leads to problems.

As mentioned below, regarding the inspection, speak to your Realtor and she what he/she advices.

If you want a second opinion on your mortgage, I'm always available to help! 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
0 votes Thank Flag Link Fri Apr 12, 2013
I agree with the previous response. However, you state that you have a pre-approval. Contact your bank's loan officer who provided it. Best of luck to you.
0 votes Thank Flag Link Thu Apr 11, 2013
I agree with the previous response. However, you state that you have a pre-approval. Contact your bank's loan officer who provided it. Best of luck to you.
0 votes Thank Flag Link Thu Apr 11, 2013
Are you working with an agent - he/she along with your attorney should be guiding you. If you are in review, move it along so you get yourself under contract. Then you proceed on the inspection and the mortgage.

Good luck and best,
Jeanne Feenick
Unwavering Commitment to Service, Unsurpased Results
0 votes Thank Flag Link Thu Apr 11, 2013
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