You may have your eyes set on a certain New York property. However, before it can be yours, you will have to obtain a mortgage loan. Read on to discover how to acquire a mortgage loan and how a seasoned New York City real estate attorney at Zimmet Law Group, P.C. can help you with this process.
How do I acquire a mortgage loan in New York State?
First of all, a mortgage loan is essentially an agreement between you and a lender. This agreement allows you to borrow money to purchase a home, all while the lender is allowed to take the home if you fall behind on your repayments.
Your lender may either be a mortgage lender or a bank. With this, you will want to find the lender that best fits your financial situation. You should consider the following factors:
- The type of mortgage you are interested in versus the type of mortgage this lender or bank is offering.
- The type and amount of costs associated with getting a mortgage from this lender or bank.
- The amount of time it will take to get your mortgage approved from a lender or bank.
- The method of processing and underwriting your mortgage from a lender or bank.
Once you select a lender or bank, you must proceed with getting pre-approval. That is, pre-approval is the written commitment between you and a lender or bank. This is so you may get ahead of other prospective buyers who are interested in purchasing the same property as you.
What else do I need to obtain a loan?
Importantly, pre-approval is different from pre-qualification. This is because pre-qualification is when a lender or bank looks into your work history, income, credit score, and other financial assets to determine whether they wish to proceed with giving you a loan. In the end, it is important to get both pre-approval and pre-qualification when looking into buying a home in New York State.
So, a pivotal step that you must not forget is collecting documentation to earn pre-qualification status. Examples of documents that you may need to present to a lender include, but may not be limited to, the following:
- Your physical driver’s license and/or number.
- Your physical Social Security card and/or number.
- Your bank statements for a specified time period.
- Your asset statements for a specified time period.
- Your pay stubs for a specified time period (usually one month’s worth).
- Your past two W-2 forms.
- Your money deposit checks.
- Your fully-completed purchase contract.
Before your desired property goes to someone else, you must retain the services of a competent New York City real estate attorney. We are ready and willing to kickstart this process on your behalf.