Step by Step Guide for First Time Home Buyers in Sayville NY
# 1 Arrange Documents
It is important that you gather the following items in to a central location and keep updating the data on a monthly basis
- Last 2 years for tax returns or 1040’s with all schedules
- Last 2 years W-2’s
- Last 30 Days Pay stubs
- Last 2 Months Bank statements all pages
- Last 2 Months Investment statements all pages
- Last 2 Months Retirement statements all pages
- Driver’s License
- Last 12 month’s rental payments if pay by check
#2 Understand Your Credit Rating.
This is where most First Time Home Buyers in Sayville NY drop the ball. They feel that the credit review from these free online services are the same reports used when buying a home. This is far from the truth, take the time and meet with a Mortgage Professional and get a copy of your credit report from all 3 bureaus. Credit is the most important criteria when applying for a mortgage. Being 1 point off can cost you thousands of dollars over the life of the mortgage. A Mortgage professional shuld be able to showyou some insider secrets to help impove your creidt socres.
# 3 Interview A Few Mortgage Providers.
75% of First Time Buyers in Sayville NY only talk with one lender prior to making an application. It is important to look at both banks and Independent Mortgage Professionals prior to looking for a home. By doing this you will be able to see who might be able to offer you the mortgage amount needed to get you into your first home. New Lending Laws enacted in 2010 have made fees charged by Mortgage Brokers guaranteed and transparent unlike commercial banks putting you at a disadvantage when comparing costs.
It is important to find out what options that are being offered and can they Guarantee you qualify for this program. Remember when doing your research see who is trying to sell you and who is trying to educate you as they is a large difference you will not find out until closing. Ask for turn times for approval and closing, ask for costs, ask for testimonials, lastly ask what credit, income and down payment is needed for the product they are offering. You should be able to search this out online to see how satisfied their borrowers where at the end of the process when the rate is locked and the fees guaranteed. If you cannot find out many positive responses stay away as this is a RED FLAG telling you they do not follow through with their promises.
#4 Ask for a Pre-Approval
If you are not asked to provide income documents, asset documentation and have your credit run and reviewed in-front of you, you most likely will not have an accurate pre-approval. The Mortgage Professional you are working with should be able to help guide you as to what you qualify based on your income, middle credit score, down payment and the real estate taxes. The more detailed your Pre-approval is the greater creditability you will have with the seller of the home you wish to purchase.
#5 Build a Home Buying Team
Just like with a lender take the time to interview a couple of Realtors, Home Inspectors,
Insurance Agents and Attorneys prior to starting the shopping process. Ask about costs, knowledge, experience, and accessibility, this also can be done by Googling the person’s name. If they are not on the Internet stay away as they are not truly a Real Estate Professional. When choosing an attorney make sure they are a Real Estate Attorney, ask them this simple question Do you ever go to Court? If so they do not specialize in Real Estate as Court always takes priority over everything.
NOW YOU CAN START SHOPPING
We at THE MORTGAGE OUTLET pride ourselves on providing honest information so that all borrowers can make a decision as to what is best for your unique financial situation. See what our past clients have to say about the service we provide through their testimonials. We are ready to answer all of your questions so do not hesitate to call us at 631 589 3600 or email me at firstname.lastname@example.org
Types of loans we process are: