Home Buying in Nassau County>Question Details

Ferria Charl…, Home Buyer in Hempstead, NY

Mortage question

Asked by Ferria Charles, Hempstead, NY Mon Oct 8, 2012

I've been in the first home club well over 8 months I wanted some info on the mortage and some tips on what they do to determine if you qualify. If I get approve for the mortage how fast can I get a pre approval letter. And how fast can I buy my house

Help the community by answering this question:


Good afternoon Ferria,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Get a referral to a good, local, real estate attorney. Call the attorney, retain the attorney so you have her information handy when you make an offer. Having that information at time of offer helps you demonstrate to the Seller how serious you are, and they will consider your offer with more interest.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

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0 votes Thank Flag Link Thu Apr 25, 2013
Go to http://www.fhlbny.com.
Most of the questions you might have are answered under FHC (first home club), FAQs (frequently asked questions). Good luck!!
0 votes Thank Flag Link Wed Oct 10, 2012
I believe the First Home Club rules state that you have to be enrolled for a minimum of 10 months. The nearest participating institution to you is Oceanside Christopher FCU located at 45 Atlantic Ave., Oceanside NY 11572 and the contact person is Joseph Garay @ 516-620-8006 give him a call and he should be able to answer your questions.
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes Thank Flag Link Tue Oct 9, 2012
You would need to use the bank of thier chose.
0 votes Thank Flag Link Tue Oct 9, 2012
A pre-approval letter is just a guide that let's you know how much a lender is willing to lend you in the purchase of a new home. You should get a pre-approval letter once you are pre-approved. However, it can take months to get to the closing table after you find your home because of inspections, appraisals, negotiations, title searches, etc.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Tue Oct 9, 2012
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 answer all your questions after reviewing your overall financial information....
0 votes Thank Flag Link Tue Oct 9, 2012
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