When prospective homebuyers in the Lake Ronkonkoma, NY area are looking for a mortgage broker, there is one company they know that they can count on for over 30 years: The Mortgage Outlet. Offering decades of experience and an outstanding reputation, we have helped countless Suffolk County residents secure the financing they need to purchase their homes. Whether you’re a first-time homebuyer or you’ve owned a home before and you’re looking to purchase or refinance another property, when you choose The Mortgage Outlet, you can have confidence knowing that you’re working with one of the best mortgage lenders in the Suffolk County, NY area.
So, you have a house in Lake Ronkonkoma that meets all your needs and it’s in your price range. You have also done your research and created a list of prospective mortgage companies near me to get the process of securing financing started. But before you commit to a loan, you want to make sure that you are choosing the best mortgage company. A home is one of the biggest purchases you will ever make, so it is vital that you do your research and properly vet prospective mortgage companies before you sign on the dotted line.
How can you narrow down the mortgage lenders you are considering and find the one that best meets your needs? – By asking questions! The answers you all receive will have a huge impact on your financial life for years to come, so it is important to ask the right questions.
Here is a look at some of the top questions you should ask when you are meeting with prospective mortgage lenders near me.
Whose interest do you work for?
Most of today’s lenders talk a good story but they do not represent your best interest as they are captured loan originators who work solely for the best interest of their lender, not you. Since they are paid by the lender they do not work for your best interest per the Safe Act of 2010.
Whereas a mortgage broker, like THE MORTGAGE OUTLET, works only for your best interests at all time. Ask about the low rates you get with our borrower paid programs
Do you provide me a Loan Estimate upfront?
When Shopping for a home loan, getting a LOAN ESTIMATE for each loan you apply for helps you compare the costs and terms from one lender to another. You only need six pieces of information to get a Loan Estimate from a lender or broker which is federal law.
What are the requirements to get the loan I want?
The 3 main requirements will be what your credit score is, how much money you are working with and what type of income do you report to the federal government on your tax returns.
# 1 Credit scores determine if you can get a loan. The lending industry uses a FICO score and does not use scores provide by credit karma. The maximum credit score with FICO is 830 so if you have a score higher than that it will most likely be from credit karma.
# 2 How much money you have for down payment and closing costs. The LE that you receive will go over your costs to either purchase or refinance a property. When buying a property, you have many options out there. First time home buyers can buy with as little as 3% down payment with PMI. FHA loans only require a 3.5% down payment with MIP. VA loans or those loans for our Veterans require a zero down payment or 100% financing and no monthly mortgage insurance. For those of you not looking to pay PMI you will need a 20% down payment.
# 3 What type of income you report to the government. A straightforward salaried w-2 wage earner is the easiest borrower to qualify for a mortgage. If you receive commission, bonuses or overtime you will need a 2-year history to average the income received. Self employed borrower now will need to provide an audited year to date profit and loss prepared by your accountant, or a profit and loss you prepare along with the last two months bank statements to prove cashflow for the business.
What’s the average loan processing time?
Processing time is also known as turn times in the industry. Each lender has a different time to set you loan up prior to hitting underwriting, clearing conditions, and getting out the CD to set up closing. The average amount of time it takes a lender to process and fund a mortgage is between 21 and 45 days; a pretty big disparity. Some lenders are set up for fast processing while other take longer due to their lower rates. The longer it takes to process your loan, the longer it will take to go to closing. Therefore, it is a good idea to find out ahead of time what a potential lender’s average processing time is so that you have a basic idea of what you can expect.
The Mortgage Outlet : One of Suffolk County’s Top Mortgage Brokers
If you are looking for a mortgage company in the Suffolk County area, head to The Mortgage Outlet! Offering an impeccable reputation, a variety of loan and program options, low rates, and rapid turnaround times, you can count on us to get you into your Lake Ronkonkoma, NY home as quickly – and as affordably – as possible.
To schedule an appointment or to learn more, please call 631-589-3600 at your earliest convenience. We look forward to helping you achieve your dream home.