Second step - provide all requested info and documents to the lender right away. The lender will be able to issue a pre-approval letter only upon reviewing your documents - do not delay this process if time is of the essence to you.
Discuss different mortgage programs with your lender and go with the one that puts the least stress on your financial situation.
Third step - Get a mortgage approval letter and you are ready to make an offer on a property that you liked the most!
I value your feedback. Please hit the thumbs up if my reply was helpful. All the best.
Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
The first step is to get pre-qualified by a lender. Then you will know the correct price range for your purchase. Once you locate the property and have your offer accepted, you start the loan process.
The lender will walk you through what documents you need to provide. In the course of processing your loan, the lender looks at 3 things:
- Your own individual finances.
-The finances of the building (through a questionaire to the managing agent)
-The value of the apt. as determined by an appraiser.
When all 3 check out satisfactorily, your loan is approved.