What is the 1st step to knowing if I approve to buy a house?

Asked by Karla Hidalgo, Holbrook, NY Mon Feb 3, 2014

I am sure my credit is in good shape and my income is close to $80k a year. I am wondering where does one start in knowing if you approve for a house or not? Is it something that I can do online or in person somewhere?

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Feb 3, 2014
Karla the very first thing you must do is to meet face-to-face with a Loan Officer. Yes, you can do it over the phone and/or online, but why would you want to when you can also meet someone in person and have a true one-on-one session with them about your entire financial situation? You can speak to a Loan Officer of your choice, perhaps me :). I could let you know exactly what documents you would need. We can meet in person and go over the entire process, your credit, loan programs available to you, estimated rates, payments, closing costs, etc. It'll be an educational session for you and also a good opportunity for you to ask any questions you have. It is very important that you learn as much as you can when it comes to purchasing and more importantly, financing a house. Feel free to call or email me anytime and I 'd be happy to speak and meet with you. Good luck! IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 310 Crossways Park Drive • Woodbury, NY 11797 • jmeneses@snb.com • (516) 606-9648 Cell • (516) 740-4478 Office • (516) 918-5383 Fax
1 vote
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 3, 2014
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, therefore begin by visiting with any licensed loan officer to determine qualification--much easier visiting a loan officer rather than trying online; try the bank you currently do business with, any other bank, any credit unions, any mortgage brokers....
2 votes
, ,
Sat Feb 8, 2014
It would be best for you to meet a mortgage consultant at the bank of your choice or a mortgage broker who will have access to many bank's loan programs and rates. At this meeting bring the following at a minimum:

1. Current one month paystubs.
2. Two year W-2's and complete Tax returns.
3. Current Two month bank statements/retirement account statements/brokerage account statements.

Let the professional pull you credit report and give you a mortgage pre approval letter. Once you have this you can confidently make offers on houses you like.

If you need to discuss my contact information is given below.


Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes
Irene Renna, Agent, Hauppauge, NY
Tue Feb 4, 2014
Hello Karla!

Congrats on your decision to purchase real estate.

The first step is the pre-qualification process

I would like to suggest Richard Murphy of Wells Fargo Mortgage (631) 786-2908

He will discuss your financials as well as your housing goals and support you thru the entire buying process. So very many of my clients have used him with rave reviews.

Once you are ready with your financials in order it's time to hire a Certified Buyer Representative.
A Certified Buyer Representative works on your behalf not the sellers. This is most likely the biggest financial decision you will be making. Doesn't it make sense to have a professional working for you?

I would be happy to have a conversation with you about your housing needs and desires.

Irene M. Renna
Licensed Real Estate Salesperson
Certified Buyer Representative
Keller Williams Realty Homes & Estates
400 Townline Road, Suite 145
Hauppauge, NY 11788
Business 631-352-3210
Cell 631-291-2180
Office 631-675-0770
Providing Outstanding Service to BOTH Buyers & Sellers

For a chance to win $50,000...download my GPS Enabled Mobile App:
text KW2O82ADI to 87778 (chance expires 3/31/14)
0 votes
Thomas Brady, Agent, Plainview, NY
Mon Feb 3, 2014
Meet with Javier below, he can explain everything to you and let you know your options.
0 votes
Jeannette Ba…, Agent, Brooklyn, NY
Mon Feb 3, 2014
First step you can get pre-approved from a mortgage lender.. Your bank can also help you in this area not that you have to use them but maybe they could give you a good rate then why not..
Second. Once you're approved you should get a pre-approval letter that you can take with you as you go and see houses this way you can show realtors that you may work with.
Third getting pre-approved will tell you how much you can go up to in buying a house e.g $450,000 etc.
Fourth find a realtor to work with and you'll be closer to your goal to buying a house. Jeannette Batsikas
0 votes
Lawrence Gar…, Agent, Massapequa, NY
Mon Feb 3, 2014
Hi Karla,

The whole home buying process can be overwhelming and stressful. You can alleviate a lot of worries by getting the proper advice from professionals. Buying a home is really awesome and should be fun!!! I have lots of experience working with buyers and have a large network to refer to as well
Also, you can check out my reviews on Zillow.com!! I wish great success on purchasing your first home!!!

Life's Good,

Lawrence Gardner😎😎
Exit Realty All Pro
1-631-647-8844 Ext. 107
1-631-742-4657 Cell
0 votes
Gail Gladsto…, Agent, 11743, NY
Mon Feb 3, 2014

You can do it in many environments, but will need to provide the loan officer with 3 years of income tax statements, 3 recent pay stubs, bank statements, etc., which all need to be verified in order to get a FULL PRE-APPROVAL.

Do not settle for a pre-qual; they are somewhat meaningless. A full pre-approval will make you almost as good as a cash buyer.

There are several people I recommend, each one in a different lending situation, bank, mortgage bank, mortgage broker, mortgage banker/broker.

The application process should NOT cost you anything (if someone is charging you, run!), and you can interview several before making a decision.

As a real estate broker, I advise my agents not to work with anyone who does not have a pre-approval or help them get one first.

I have trained Realtors for many years and teach the course at Stony Brook University. If you would like some guidance, feel free to give me a call and I will be happy to discuss the entire process with you (no fees, no obligations...just education) 631-425-6150.
0 votes
Karla Hidalgo, Home Buyer, Holbrook, NY
Mon Feb 3, 2014
Broc Lee, how is that website supposed to help me begin with the home buying process? I see that all the questions you have answered, you pretty much have posted the same response recommending this associationonline.com website. You're listed as a real estate professional, yet you're telling me that you recently purchase a place of your own? This is the exact type of thing that worries me as a home buyer, when you just can't shake the feeling of shadiness behind a real estate professonal's intention on what they say to me. Thanks but no thanks.
0 votes
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