Process of buying a home - When you are looking to buy a home you should consult with your mortgage professional first before you do anything else. You need to find out how much of a home loan and a home you can qualify for and how much you can afford.

Once you have contacted a local mortgage professional, they will be able to answer any questions that you may have in more detail. It is a good idea to write these questions down, and then go through each one with your mortgage broker. If this is your first home, do not hesitate to ask any questions. The more you know, the easier the process will be.

Getting pre-approved is a great way to begin the home buying process. Having a pre-approval in hand is like telling the seller you are paying cash for their home. A true pre-approval is an approval conditioned only upon an appraisal of the home and proper title work. When you have selected the home you wish to make an offer on, include a copy of the pre-approval letter you receive from your mortgage professional. This will give you the leverage you need to buy more home for less money. It will also cut about two weeks off of the closing process if done properly. In order to obtain a pre-approval, simply provide the following during your loan application appointment:

* The last 30 days worth of pay stubs
* The last 2 years W2's or tax returns
* 2 recent bank statements for your checking & savings accounts
* One recent statement for ALL other investment and/or retirement accounts

Other items (if applicable)
* 12 months cancelled rent checks or your landlord's contact information
* A copy of your business license or CPA letter confirming you have been in business at least 12 months
* A letter explaining gaps in employment or delinquent credit issues

If you have trouble providing any of this information, talk with your mortgage professional about the other home loan options available. Having a pre-approval will make the home buying process much easier for all parties involved.

After you have found a home you will need to make a bid on the home. When you make a bid on a house the seller will accept your bid, counter-offer with another bid or simply not accept your bid. Once your bid is accepted and the purchase contract or purchase agreement is signed by all parties involved, this is a legally binding contract and you should understand what exactly you are getting your self into. If you back out of your purchase agreement there is a good chance you can lose whatever earnest money you put down with the seller. Please consult your mortgage professional or Realtor if you should happen to have any questions before bidding on a home or before signing a purchase agreement to buy a new home.

If the home you are purchasing is not brand new, it is usually a good idea to hire a qualified home inspector to evaluate the new home. Spending a couple hundred dollars now could potentially save you thousands in unexpected repairs if there is any damage to the home you are not aware of. While an inspection does not guarantee that the home is free from defects it is still a good idea, especially if you do not know what to look for.

Buying a Home - Buying a home is a very exciting time for most families. Finally, you are able to invest your housing expense money into something that will provide value instead of wasting it on rent, and receiving nothing in return. Buying a home has become much easier in this present day than it used to be in the past. It is also easier to qualify for a home without having to put any money down as a down payment, also known as 100% financing. There are many different programs out there to choose from- no matter if you plan to put zero percent, 5%, or 20% down on the home there are tons of programs available. There are also many ways to avoid having to bring money to the closing table for closing costs also when buying a home. Please consult your NY mortgage broker to find out how much you qualify for and which loan program is right for you.

When buying a home, it is important to first speak with a mortgage loan officer to get pre-qualified. The loan officer will look at your credit, income, current debt, and other factors to determine how much home you can afford. Often the seller will require you to be pre-qualified to buy their home before they will sign a sales agreement. They want to know that you aren't wasting their time trying to buy their home if you aren't even qualified.

When buying a home, there are many different loan programs available - VA, FHA, 30 year fixed, 15 year fixed, 3/1 ARM, 5/1 ARM, Option ARM, Interest Only, just to name a few. One factor determining your rate will be the loan program you choose.

You should obtain a free copy of your credit report from each of the 3 main credit bureaus (Equifax, Trans Union, and Experian) a few months before you apply for a mortgage loan. By doing this you will have enough time to fix any errors that show on your report and increase your credit score which will help you obtain a lower interest rate.

In the event that you have major credit issues that are valid, you should speak with your NY mortgage professional to determine if there is a loan program available for your needs. You can also determine if there are services available to help relieve some of the reported derogatory credit.

Buying my first home - Why should I use a Broker?

A mortgage broker is able to take your current financial and credit situation and find a bank that fits your needs instead of you the consumer wasting valuble time trying to meet the banks criteria.

A broker has access to hundreds of different programs from a variety of lenders. This enables the broker to match your specific needs much more closely than a direct lender with a limited set of products available.

When buying your first home you need to make sure you get pre-approved for a mortgage loan before you do anything. Getting a pre-approval first will let you know how much you can qualify for, what price range of a home to look for, how much down payment will be required, and your realtor will need to have this generally before they will allow you to put in a bid on a home. Your mortgage broker can be a great source of information to help you with your first home loan transaction also, and guide you through the process so that you feel comfortable and knowledgeable about what is going on.

Buying your first home can be a huge, confusing process. It is important to find both a mortgage professional and a real estate agent who will take the time to thouroughly answer your questions and address your concerns throughout the process. Doing so will greatly reduce your stress and improve your satisfation when the sale is complete.
I enjoy working with first time home buyers. I would like to share that excitement with you, while working my hardest to reduce your stress and anxiety.

You should start shopping for a mortgage months before you plan to go house hunting in case there are errors on any of your credit reports that need to be fixed. You are entitled to one free copy of your credit report every year from each of the three major credit-reporting companies; Equifax, Trans Union and Experian.

As a mortgage broker we take great pride in helping you find your first home. We will give you all of your options up front and walk you through the process.

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