THE MORTGAGE OUTLET would like you to Compare mortgage rates in LAKE RONKONKOMA, NEW YORK. For over 25 years we have been providing mortgage rates equal to most banks with superior customer service. We charge No Points or Origination Fees. You are important to us, unlike many lenders, you are assigned one person to work with throughout your entire mortgage process. Contact DAVID BAILEY at 631-767-8948 to see how much The Mortgage Outlet can save you.
The first step to home ownership in LAKE RONKONKOMA, NY is to arrange for financing by 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 Month 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/Paystubs: 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.
BEWARE if you have been given a pre-approval without completing these four steps, you could be jeopardizing your purchase in LAKE RONKONKOMA, New York. Please email me at email@example.com and I will send you a sample pre-approval so you can see what it looks like cost or obligation to you. Before your find your dream home you should Compare Mortgage Rates in LAKE RONKONKOMA New York.
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