The mortgage professional will then look at your credit history, credit score, income, assets, and determine what loan product you qualify for.
At The Lending Team, we have access to over 18 different lenders guidelines so we can find the right lender for your situation.
If you do not qualify now, we can give you specific instructions on what you need to do or how ling you will have to wait to get qualified in the future.
I wish you the best of luck in your financing quest and I would love to help if you need a lender to discuss your qualifications.
When Buying a Home and Qualifying for a Loan:
1- Your Foundation is: a stable income, good credit, accurate income tax returns, and additional funds fora down payment, inspection, appraisal, survey and closing cost. By having these you can easily get a solid pre-approval document from a lender. This document will be the foundation of your offers when buying a home. When a seller sees that you have a pre-approved letter from a respected lender he understands that you can afford his/her home and he/she will feel confident to enter into a contract with you.
- go green: keep all your documents in digital form as much as possible only print them out on paper when is strictly necessary, you will be extending the lives of our precious trees.
2- Picking out a place and professionals: the acquisition of a home is one of the greatest investments in someone's life. Be very careful in choosing where you and your family will be spending a good portion of your lives. Be selective, study and analyse well the area where you will be living for a few years. Investigate the quality of the schools, the crime rate, commercial growth, projections, etc. Feed your knowledge of the area as much as possible. Also, keep in mind that you can find a house to buy on your own but Realtors can provide a wider rage of home inventory and experience. the same goes for Lender and Title company professionals, be selective but once you are working with them trust them. Take advantage of their experience you will have a smoother transaction.
- go green: when driving around town, if the whether permits, let the windows down, enjoy the fresh air. By not using the a/c, you will be limiting the amount of carbon dioxide burned in your car motor that pollutes our air.
3- Hope and Faith: after submitting your offer hopefully you will be the one entering into a contract with the home seller. Then comes a the 45 to 90 day period in which your loan will be in the process of getting approved, be patient, don't despair if everything was done the right way by the lending professionals the deal will close at the earliest projected time possible.
- go green:.. "can an anxious thought add a single day to your life?"... Don't take worrying thoughts seriously, let them pass you by, and welcome brighter ones.
4- Build life long lasting professional relationships: after closing and after you have settle at your new home, keep in touch with the professionals that worked with you through the entire transaction process. Keep your bridges in good standing condition, you never know when you may need them again. Call them or visit them if possible, keep the contact alive.
- go green: plant lovers know watering is the life of a healthy plant. So it is keeping in touch consistently with people that we want to have a healthy relationship with, water them as much as possible.
How much can I borrow?
How much will my mortgage payments be?
How much will my adjustable rate payments be?
Which is better: fixed or adjustable?
Which is better: 15 or 30 year term?
How much should I put down for a new home?
How much can I save in taxes?
What will my closing costs be?
Am I better off refinancing?
What will my refinancing costs be?
How can I reduce mortgage insurance costs?
Which loan is better?
How advantageous are extra payments?
What home can I afford?
If you need any further assistance, feel free to contact me.
The first thing to do . Is to speak to a professional Mortage Broker or Banker . They will be able to explain to you the process of purchasing a home and what needs to be done to obtain a mortage . If you have any questions feel free to reach out to me .
Samantha Tenzer Friedman
Cell 786 314 6100
â€¢Prequalification: Prequalification is a preliminary estimate of how much you can afford to pay for a home based on information you provide. Because credit and employment information arenâ€™t validated for prequalification, it can only be considered a rough idea of a monthly mortgage payment and loan size. This can be a useful guide as you begin the home buying process, however.
â€¢Pre-approval: Pre-approval is a written commitment from a lender to finance your home purchase up to a set amount. This indicates that the lender has taken a close look into your financial history and has agreed to lend you a specific amount of money, reliant on certain details like a finalized sales contract and professional inspection. Pre-approval indicates to sellers that you are a serious homebuyer.
Regardless of which option you utilize, or even if you take both steps, youâ€™ll be able to shop with much more confidence. Why wait until you find the perfect home to discover problems with obtaining a mortgage?
Tammy Hayes, Realtor
Re/Max Palm Realty
To get this money you MUST work with an APPROVED lender that participates in the program and you will find the list after you input your household size and county (no personal info needed). Many lenders do not want to do the program because it limits the garbage fees and profits a lender can make. There may also be other reasons a lender may not want to participate but I do know the state reviews the settlement statement and if a lender charges extra "garbage" lender related fees or overcharges on the interest rate they will not allow it.
Also Veterans, "Military Heroes" do not have to be a first time homebuyer to get downpayment assistance money.
Whatever you do, STAY AWAY FROM WELLS FARGO!
Would you want this company to hold your mortgage for 30 years?
Wells Fargo Bank's Corporate Rap Sheet
It is imperative that you speak with a mortagage lender, that can provide you with the insight of what you can qualify for and what type of properties you should be looking at.
The qualification process, not only implies a review of your credit history (not only the credit score) but also the consistency of your assets and source of income. Your liabilities, will limit how much you qualify, and the assets liquidity the down payment; which at the same time will limit what kind of properties you should focus on (condos, usually require a 20% to 25% downpayment).
You have a wide spectrum of possibilities: Banks, Mortgage Lenders and Brokers.
I work with a major lender, that offer financing with a limited 3.5% down payment (FHA) and a 3% downpayment (Community Works). If you qualify, I can even offer a GRANT up to $30K, that you don't need to repay if you live in the property for at least 4 years.
Contact me thru the inbox.
The Keyes Company
You need to speak with a Mortgage Lender. As a general rule of thumb, you need to have the following paperwork available for them: 1) Last 2 years taxes, 2) Last 2 months bank statements, and 3) last 6 paystubs. The pre-qualification process is effortless and they usually have an answer with-in 24hrs.
Hope this helps. We have a very friendly, experienced company we work with. If you are interested feel free to contact me and I will provide you their information.
Glory Velez, Realtor
DecoNova International Realty
I've been in the business for about 10 years and work directly with homebuyers. If you're looking for a reliable and honest Loan Officer, feel free to call or email me anytime. Good luck!
If my response was helpful, consider clicking BEST ANSWER!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
If you'd like, I may suggest a few banks or mortgage brokers, depending on your needs, in the area to help you with this process.
Hope this helps. Best of luck!