Step by Step Guide for First time Home Buyers Seaford NY

Mortgage and Lending with The Mortgage Outlet NMLS # 36861 NMLS # 3458 & NMLS 217190

Step by Step Guide for First Time Home Buyers in Seaford 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 Seaford 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 Seaford 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 loan program. Remember when doing your research see who is trying to sell you and whois trying to educate you as there is a large difference which you will not find out about until closing. Ask for turn times for your approval, and closing, ask for costs, ask for testimonials, latly ask what credit, income and down payment is need 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.




 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


For a Free Pre-Qualification Click here

Types of loans we process are:

First Time Home Buyers

FHA Home Purchase Loans

VA Home Purchase Loans

Conventional Home Purchase Loans

3% Down Payment Home Purchase Loans

High Balance Home Purchase Loans

Jumbo Home Purchase Loans

Comments (1)

Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Great suggestions at David Bailey and Erika Bailey Here in sunny Arizona we recommend to first time buyers on checking for free grant money available through programs in local community through economic stimulus funds (believe it or not still available here) for FHA, VA, USDA and conventional loans with participating lenders. 

Oct 09, 2016 09:50 AM
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

This is good information for potential borrowers.  Well presented, easy to understand.

Jun 29, 2020 05:48 AM