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What Do I Need to Know About Getting a Mortgage in New York?

What Do I Need to Know About Getting a Mortgage in New York?

There are many key factors that go into buying a home. One of the most important parts is securing financing. This leads many people to take out a mortgage. A mortgage is a loan that is given from a bank or mortgage lender gives to help someone buy a home. This is a common practice for many people, which is why it is important to understand the intricacies of this system.

How Do I Get a Mortgage?

In order to begin the process of obtaining a mortgage, one must find a top mortgage lender or a bank. This can be found through online research or by word of mouth in asking family members, friends, colleagues, and realtors for suggestions. Once a prospective mortgage lender is found, the following important questions should be asked:

  • What types of mortgages do you offer?
  • What are all the costs associated with getting a mortgage with your company?
  • How long will it take for my mortgage to get approved?
  • Where are your loans processed and underwritten?

What Documentation Do I Need?

There is certain documentation that can be needed to apply for a mortgage. Generally, buyers need the following:

  • Their social security card
  • One month’s pay stubs
  • Two years of W-2 forms
  • Their driver’s license
  • Bank statements
  • Asset statements
  • A fully executed purchase contract
  • A copy of a money deposit check

What is the Difference Between Pre-Qualification and Pre-Approval?

It is important to get a pre-approval when buying a home. This is different from a pre-qualification. A pre-approval is a written commitment from a mortgage lender for a buyer. A pre-qualification is an estimation of the amount a buyer can borrow. Being pre-approved can help to beat out the potential competition for a home.

How Long Does it Take?

The time it can take to have a mortgage approved and financed can vary depending on the lender. This is why it is important to ask a mortgage lender how long they take to close their loans. Generally, an experienced lender should be able to do so within 30-45 days from the application. While this is true, there are many factors that can delay this process. It is because of this that buyers should stay in contact with their lender throughout the entire process to ensure all needs are met to complete it. 

Contact our Firm

The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.

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