The first step to home ownership in Sayville, NY is getting a pre-approval before you begin shopping for your new home. Getting a pre-approval (as opposed to a pre-qualification, for which your information is not verified) not only takes the guesswork out of whether you qualify for a mortgage, it can mean the difference between a smooth purchase process and a very stressful one. The following items must be reviewed before you can be given a pre-approval:
1. Credit Report 
2. Previous 2 years Tax Returns
3. Previous 30 days Pay Stubs
4. Previous 3 months Bank Account and Asset Account Statements
Credit Report: Make sure you know where you stand with your Credit and FICO scores. Credit must be run from 3 bureaus, Experian, Equifax and TransUnion in order to determine your FICO scores. Mortgage lenders use your middle scores along with the rest of your information to measure your likelihood of paying back the debt on time. After your credit has been run, sit down and review the accuracy of the report and check all balances to make sure everything on it is correct. An experienced loan officer should be able to advise you on how items can be removed if they are not yours and how to increase your scores to help you get a better rate. Always get a copy off your report
Tax Returns/Pay-stubs: There are many sections on a tax return that most consumers are completely unaware of that will reduce their W-2 income and cause a delay and possibly a denial of their loan application.
Bank Statements: These statements do not just confirm how much money you have in the bank. Many lenders are now questioning minor deposits made to your bank accounts. It is always best to know in advance what concerns your lender might have with you as a borrower.
Pre-Approval: When you have been pre-approved, it means that an experienced loan officer has looked closely at your credit report, your employment history, your income and your assets. After the reviewing theses items with your loan officer, you should have a better understanding of just how much of a home you can afford before you begin shopping for one. Prior to sitting down with a loan officer, do your home work and check them out on the NMLS Consumer Access Site.
BEWARE......if you have been given a pre-approval without completing these four steps, you could be jeopardizing your purchase in SAYVILLE, NEW YORK. Please email me at david.bailey@themortgageoutlet.org and I will send you a sample pre-approval, at no cost or obligation, so you can see what one looks like and know what to ask for in the future.
Comments(1)