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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.