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Trulia New Y…, Other/Just Looking in New York

What steps are needed to secure a loan?

Asked by Trulia New York, New York Mon Mar 11, 2013

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First step - contact a lender or a broker - I personally prefer direct lenders over mortgage brokers, who work with many banks because they have more control over the process in their own bank. Perhaps, your friends or colleagues can recommend you someone they had a good experience with. The rates and other terms are pretty much the same - the level of responsiveness and personal attention is what makes the difference. My clients had a great experience with Jeff Appel's group in Citimortgage - I would be happy to share his contact info

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!
0 votes Thank Flag Link Mon Mar 11, 2013
It depends on the type of loan: VA, FHA, Conventional, Co-op, residential home or commercial.
0 votes Thank Flag Link Mon Mar 11, 2013
The first step is to get preapproved with a licensed mortgage professional. I recommend meeting in person with your loan officer for a complimentary and comprehensive preapproval. But the process can be handled via email and efax. You'll learn how much house you can afford as well as mortgage terms and conditions, expected closing cost and other important iinformation about the mortgage application and closing process. Our Mortgage for Champions Program waives all bank fees saving 1000s off the closing cost for FHA and Conventional loans. I have extensive experience helping buyers become successful homeowners throughout New York. For more info or assistance, I can be reached directly at 917.699.0183. Folow me on twitter @mdenniston247.

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
Mdenniston@RHFunding.com
http://www.rhfunding.com
.
0 votes Thank Flag Link Mon Mar 11, 2013
Great question.
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.
0 votes Thank Flag Link Mon Mar 11, 2013
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