What Do I Need to Know About Obtaining a Mortgage in New York?

What Do I Need to Know About Obtaining a Mortgage in New York?

One of the biggest parts of buying a home is securing the finances to do so. While some may be able to do so on their own, others may need assistance in the form of a mortgage. A mortgage is a loan that is given by a bank or mortgage lender to help someone purchase their home. Obtaining a mortgage is something that is commonly done, which is why it is important to understand the process. During this time, it can be beneficial to retain the services of an experienced New York real estate attorney for guidance during this time.

How Do I Get a Mortgage?

The first step in getting a mortgage is to find a top mortgage lender or a bank. This can be done with some research to find out who is in your region. The information can also be found by asking family members, friends, colleagues, and even experienced realtors for recommendations. Once a mortgage lender is found, it is important to ask them the following:

  • What types of mortgages do you offer?
  • What are all the costs associated 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 Documentation Do I Need?

The documentation that is needed for a mortgage can vary depending on the lender. Generally, this can include:

  • Social security card
  • One month pay stubs
  • The past two years W-2 forms
  • Driver’s license
  • Bank statements
  • Asset statements
  • A fully executed purchase contract
  • A copy of a money deposit check

What is the Difference Between Pre-Qualification and Pre-Approval?

A common mistake when buying a home is not getting pre-approval. It is important to know that this is different from pre-qualification. A pre-approval is a written commitment from a mortgage lender for a buyer. A pre-qualification is an estimate of how much a buyer can borrow. With a pre-approval, it can be possible to beat another buyer trying to purchase the same house.

How Long Does it Take?

The time it takes for a mortgage to get approved and financed is dependent on the lender. This is why it is important to ask how long it takes to get their loans closed before beginning the process. An experienced lender should be able to do so within 30-45 days from application. While this is true, certain factors can delay this process. It is because of this that buyers should stay in constant contact with the lender to keep updated.

Contact our Firm

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.

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