Talk to a Mortgage Professional

When it comes to buying a home in Ulster County, the first thing a potential home buyer wants to do is jump in the car and go to see some homes.  Before you begin the quest of finding your dream home, it is best you talk to a mortgage professional.

Talking to a mortgage professional isn't as scary as you might think.  It is important to remember you are in the driver's seat.  It is even a good idea to talk to a few mortgage professionals over the phone about the different programs they offer before settling on one for your pre-approval.  During the phone interview, do not allow the mortgage broker to run your credit until you have decided on that broker for your loan needs.  If you have followed my advice in step 1 and 2, you will know your credit score(s) and will be able to discuss programs on a preliminary basis.

Once you have selected a mortgage professional, you should setup a face to face interview.  You can send all the information ahead of time, so there is ample time to verify income and credit.

The reason to talk to a mortgage professional prior to house hunting is so that you can properly determine how much you can afford and the mortgage amount for which you qualify.  A letter of pre-approval or pre-qualification is usually submitted to the seller's agent at the time a purchase offer is made on the property.

Items need to complete the 1003 Mortgage Application:

  • A purchase contract for the house (once you have found one)
  • All of your bank account numbers and information, along with statements for the last 2-3 months
  • Current pay stubs, W2s, tax returns for the last two years, or other proof of employment, and/or income verification
  • Recent credit card bills or canceled checks for rent, utility bill payments, etc. to show payment history and revolving debt amounts
  • Information on all other consumer type debt such as car loans, furniture loans, student loans and retail credit cards
  • Balance sheets and tax returns, if you are self-employed for the last 2 years
  • If you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs you must provide gift letters,. The purpose of the letter is to simply state that the money is in fact was a gift and will not a loan

Having these documents ready for the mortgage company will help speed up the application process.  In most cases, an appraisal fee will have to be paid at the time of the mortgage application.

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