I'm a first time home buyer . I need someone who can help me with lenders and home buying cos I have no clue.

Asked by Fnmike7, Elmhurst, Queens, NY Thu Oct 24, 2013

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Gail Gladsto…, Agent, 11743, NY
Thu Oct 24, 2013

Before looking at anything, it is essential that you be pre-approved by a mortgage broker, mortgage banker or bank.

I am not speaking of a pre-qualification. A full pre-approval requires 3 years of income tax statements, 3 months of bank statements, 3 months of pay stubs, credit report, etc.

Once you have a full pre-approval, you will know how much you are qualified for and will know what price range to look at.

Once you have a full pre-approval, you will be as good as a cash buyer; your purchase will be contingent upon an appraisal of the house and a contract and you will be considered an "A" buyer.

I am an instructor at Stony Brook and Post Universities and train Realtors and finance majors. I would be happy to provide further information for you when you are ready.

0 votes
I m already pre-approved by a bank already but I think the interest rate is kind of high.
Flag Thu Oct 24, 2013
Anna M Brocco, Agent, Williston Park, NY
Thu Oct 24, 2013
You can choose any lender you like; you can begin by checking with the bank you currently do business with, any other banks, credit unions, mortgage brokers; as to costs, your loan officer can provide you for a good faith estimate. 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; also choose an agent to work with, he/she will be your best guide.
2 votes
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Feb 14, 2014
f you haven't been pre-approved yet I recommend this be the first thing you do. So speak with a lender to apply for a loan and prequalify. When you apply for a loan, lenders like myself will need to look at several different things if you are trying to prequalify for a loan. 1) Proof of income for each person that will be on the mortgage which can be demonstrated through: one month of pay stubs, previous year's W-2 forms and tax returns, official documentation to demonstrate other forms of income (alimony, child support, etc.), and two year's tax returns if self-employed (all schedules, all pages) 2) Credit Report which they will pull 3) Employment History or Business Tax Returns if you're Self Employed 4) Personal assets such as: Recent balances and statements for bank accounts, most recent account statement demonstrating market value of any investments (stocks, bonds or certificates of deposit), documentation showing interest in retirement funds, face amount and cash value of life insurance policies, value of significant pieces of personal property, debt information, the balances and account numbers of your current loans and debts, including car loans, credit card balances and any other loans you may have. These are just a few things you should have ready when you begin your buying process. There are also first-time buyer mortgages such as FHA that only require 3.5% down with competitive rates. Well I hope this helps, if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Michael Denn…, Agent, Queens, NY
Sun Oct 27, 2013
Hi, great question and the answers advising you to start the process with a banker first are spot on. I would add that you can go beyond the preapproval by getting a purchase commitment, which is an actual commitment from the bank to mortgage your purchase subject to a fully executed purchase contract, appraisal and title and survey. It requires the same documentation as the preapproval which are 2 years of tax returns and w2s, 30 days of pay stubs and 60 days of bank statements and current retirement/investment account statement, if applicable. The lender will review your documentation and credit report and issue a mortgage commitment. That will set you apart from most buyers who are merely preapproved and put you on virtually the same footing as a cash buyer.

Also, ask your banker about no bank closing costs programs, which eliminates all bank fees thereby reducing your closing cost. We have this option available to a wide variety buyers and mortgages including FHA, Conventional and VA. Not all lenders offer the option getting a commitment prior to going into contract nor no bank closing cost mortgages. Ask family and friends for a referral to a reputable banker or use the Find a Pro feature on the menu bar here on Trulia, which allows you to review bankers along with testimonials form past clients.

I have been helping New Yorkers become successful homeowners and build wealth through real estate for over 6 years and would welcome an opportunity to earn your business. For more information or assistance, please contact me directly at 917.699.0183 or via email at michaeldenniston247@gmail.com

I value your opinion, please hit best answer or thumbs up if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
The Federal Savings Bank
Direct Lender l All 50 States
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Fri Oct 25, 2013
Your first step is to become pre-approved. You would meet face-to-face with a Loan Officer and allow him/her to review all necessary documents (tax returns, paystubs, bank statements, etc.). This will let you know exactly how much you qualify for, what loan programs are available to you, estimated rates, payments and closing costs and pretty much go over all the details of your financing situation.

I'm always available to meet face-to-face with you at out Queens offices and help you learn exactly where you stand in your financing. I can tell you exactly what documents you'll need. Feel free to call or email me anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes
Luke Constan…, Agent, Brooklyn, NY
Fri Oct 25, 2013
Good morning,

It should be an exciting time for you! Buying your first home is an experience that should be a well educated one.

MORTGAGE: Bank VS Mortgage/Home Loan Company:

They both look at the same things (credit rating, assests, employment,etc) but the majority of banks these days are very astringent when giving out loans. You're better off going to a Mortgage/Home Loan Company. They have the same product at a lower rate, you'll save more money in the long run.

The prices in Elmhurst Queens can range anywhere between 320K to 720K, depending on what you're looking for.

Give me a call anytime... It should be an exciting experience, not a stressful one.

Luke Constantino
Keller Williams Realty Empire
9120 4th Avenue Brooklyn, NY 11209
M: (212) 300-3919
O: (718) 954 8400
F: (347) 587-2828
0 votes
Fajardo Dela…, Agent, Flushing, NY
Thu Oct 24, 2013
I would be more then happy to help you to reach your goal. Please give me a call.
Fajardo Delacruz
347 932-0609
0 votes
Ryan Moghada…, Agent, ridgewwod, NY
Thu Oct 24, 2013
Good afternoon Fnmike7,

I am a direct lender please feel free to contact me direct Kayvan Talasazan Mcs Mortgage Bankers 9173060163
I am available to speak till 9pm tonight.thank you
Kayvan Talasazan
Mcs Mortgage Bankers
0 votes
Mary Boese, Agent, Midlothian, VA
Thu Oct 24, 2013
An agent who specializes in assisting first time home buyers would be a great resource for you. You may want to first begin by searching for agents in your region who have the ABR accreditation and state that they specifically work with first time buyers.

If you would like to contact me directly, I would be happy to also help you find an agent in your area.
Best of luck!
0 votes
HI Fnmike7,

Since you are already pre-approved, you should now work with an agent to find a property that meets your wants within your budget. I have lived in Bay Ridge my entire life and know the area very well. I would be happy to assist you in your search! Contact me if you are still looking!

Jennifer Sayad, Esq.
NYS Lic. Real Estate Broker
Attorney at Law
(917) 499-9832
Flag Sat Apr 5, 2014
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