My husband and I would like to talk to someone about getting pre-approved, I am getting a raise in a week.

Asked by crisd21, New York, NY Fri Aug 24, 2012

Should I wait to speak with someone or is a 5k raise not a big deal?

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15
, ,
Mon Aug 27, 2012
A $5K raise amounts to just over $400 per month, which would give you extra buying power of somewhere between $175 & $200 per month. However, I find that in NY, often the amount that people feel comfortable spending per month is not the amount that they can qualify for as a maximum. You can use the higher amount, if you really want to, as we are talking about getting you pre-approved, and they can always condition for a paystub at the higher amount. Seeing as you have not found something to buy yet, and you are not in contract, you will certainly be able to provide the higher paystubs during the process.
1 vote
Janet Nation,…, Agent, Baldwin, NY
Sun Aug 26, 2012
I would recommend Trevor Curran below. He participates regularly on this forum and is extremely knowledgeable about his own craft and with 30-40% of loan applications falling apart, you need a complete professional.
1 vote
, ,
Sat Aug 25, 2012
Good morning crisd21,

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.

Local Mortgage Bankers are your best resource for mortgage financing. The Loan Officers are Licensed. the Mortgage Bankers are Direct Lenders and, since this is their only business, will provide a higher level of quality service and pricing than any Big Bank could ever hope to provide.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528
1 vote
R Wright, Other Pro, NY,
Sun Sep 2, 2012
If the raise is $5000 weekly, it is a big deal but if it is yearly then it will not significantly impact your mortgage approval. You must remember that the primary factor for loan pre-approval is your previous 2 years tax return. The role of your pay stub is primarily to confirm your income continues to be consistent with your tax returns.

As well, remember that income is only a part of the formula. There is also your debt to income ratio (DTI). If you are in thinking about purchasing a home I would recommend that you determine your mortgage eligibility at the earliest opportunity.

To discuss this matter further please contact me at 914-299-0420 or via email at nycloans@yahoo.com

Good Luck
0 votes
Christopher…, Agent, Tarrytown, NY
Sat Aug 25, 2012
Hi, I recommend Christian Babcock from Mortgage Master Inc, 914.447.9691. His professionalism and knowledge is without parallel.

Chris
0 votes
Annette Levi…, , New York, NY
Fri Aug 24, 2012
Definitely speak with a mortgage officer. Work out a budget with them and see where you are comfortable in monthly payments. Also you will need to know if your down payment is enough for the area you wish to live in.
0 votes
Thomas Brady, Agent, Plainview, NY
Fri Aug 24, 2012
I would speak to them now. Check the rates on line with banks that you have relationships with first. I would recommend a bank with a physical presence in NY. Be choosy and ask questions, make sure you understand all the fees and costs involved. Sometimes things look cheap but upon examination they aren't. If you are a memeber of a credit union that can be a good starting point. Good luck.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
"We treat you like family!"
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
Adina Greenb…, , New York, NY
Fri Aug 24, 2012
You can go to your bank if you have a good relationship there and ask to be pre approved. Usually this takes less than a day and it is free.
Lately I work a lot with Michael Most of Citibank, he is fast and has been giving extraordinary service to my buyers and those of colleagues.
If you are planning to buy in Manhattan, it advisable to pick a Manhattan based lender. A while ago one of my buyers insisted on using another mortgage company outside New York City and when it came to an appraisal, the appraiser did not know the New York market.
It caused a huge problem.
Below is Michael's info if you are interested.
Good luck!

Michael Most
Senior Mortgage Consultant
Retail Partnership Sales
666 Fifth Avenue, 13th Floor
New York, NY 10022
917-841-8096 Cell
855-831-9028 Efax
Email: michael.most@citi.com
Website: http://www.tipsforhomes.com/mmost
NMLS #363202
0 votes
Anna M Brocco, Agent, Williston Park, NY
Fri Aug 24, 2012
If you need loan officer recommendations please feel free to contact me directly.
0 votes
Gene Neal, , New York, NY
Fri Aug 24, 2012
Where are you located? I would welcome the chance to review each stage of the process. I am a licensed Mortgage broker located in Long Island. I travel into the city twice a week for appointments. When you have a moment you can reach em at 347-513-5993.
0 votes
John Peitler, Agent, NY,
Fri Aug 24, 2012
Please call me at 212-714-1027 ext 11. My name is John and I would be happy to assist you. Thank you. Congratulations on your raise and good luck.
0 votes
patrickc415, , New York, NY
Fri Aug 24, 2012
Hi Cris

I'm happy to direct you to my Mortgage Banker. He will get you pre-approved. Please give me a call at 347-984-0416. I look forward to your call.
0 votes
Stamatula, Agent, Commack, NY
Fri Aug 24, 2012
You're best plan of action would be to speak to a mortgage professional to determine what you qualify for and what you can comfortably afford with your income and lifestyle. I can recommend a company I've done business with in the past and had satisfied clients, United Northern Christian Berio 516 520-5700, and when you're ready to start looking I would love to help.
0 votes
Scott Godzyk, Agent, Manchester, NH
Fri Aug 24, 2012
You should contact a local and trusted lon officer who can prequailify you ar no cost. Let them know about your raise. They will look at your credit, income and financials and let you know what programs are available and for what amount you may quailify for.
0 votes
Douglas Cobb, , New York, NY
Fri Aug 24, 2012
5k is a big deal.
Let's talk and see what you options are. 646.812.7164
Douglas Cobb
0 votes
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