A mortgage is a loan that assists individuals in purchasing a home. A mortgage is given by a bank or mortgage lender. To learn more about obtaining a mortgage in New York and what to expect during this process, continue reading. If you require assistance with any real estate matters, look no further than our experienced New York real estate attorney for guidance. We are here to help.
What steps should I prepare for to get a mortgage?
First, you must find a top mortgage lender or a bank. To discover a mortgage lender or a bank, you should do some research on who is in your region. This can be as simple as asking family members, colleagues, friends, and experienced realtors for recommendations. Next, you will ask your mortgage lender the following questions:
- What types of mortgages do you offer?
- What are the costs connected with getting a mortgage with your company?
- How long will it take for my mortgage to get approved?
- Where are your loans processed and underwritten?
What documents do I need?
The documentation that is needed to obtain a mortgage will vary depending on the lender. However, the following documents are generally required during this process:
- Driver’s license
- Social security card
- Bank statements
- Asset statements
- One month pay stubs
- A copy of a money deposit check
- The past two years W-2 forms
- A fully completed purchase contract
What is the difference between pre-qualification and pre-approval?
Many individuals buying a home will make the mistake of not getting pre-approval. Pre-approval is different from pre-qualification. A pre-approval is a written commitment for a buyer from a mortgage lender while a pre-qualification is an estimate of how much a buyer can borrow. Pre-approvals are often used to beat out another buyer who is also attempting to purchase the same home.
How long does this process take?
The timeframe to expect for a mortgage to get approved and financed will depend on the lender. Before you begin the process, it is important that you ask how long it will take to get your loans closed. It is possible for an experienced lender to be able to get your loans closed within 30 to 45 days from application. However, there is always a chance that certain factors may delay this process. This is why you should always stay in constant contact with the lender to be updated throughout the process.
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Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.