F 
|
|
The Mortgage CheckList
By: Dovid Winiarz
The Mortgage Process Checklist
THE 14 STEPS TO HOME OWNERSHIP FOR.......
NEW YORK MORTGAGES AND STATEN ISLAND MORTGAGES
1**Put together your pay stubs for the past month, W-2's for the past two years and your 1040's (tax returns) for the past two years. If you receive pensions, social security or disabilities, please make sure you have recent copies of award letters.
CHECK HERE WHEN COMPLETE: ____________
2**Put together three month's worth of asset statements from everyplace where you have assets- liquid or otherwise. This includes, but is not limited to, checking, savings, IRAs, stocks bonds, kid's accounts with your name on it, etc.
CHECK HERE WHEN COMPLETE: ____________
3**Call 718-983-9272 and set up an appointment to have these documents reviewed by a Staten Island or New York Mortgage Broker at Gefen Financial, your mortgage professional.
CHECK HERE WHEN COMPLETE: ____________
(DO NOT TRY TO CHECK YOUR CREDIT ON YOUR OWN- If it gets to the point where your credit needs to be checked, our professionals will cheerfully let you know what your scores are and how the scores will affect your mortgage-ability)
CHECK HERE WHEN COMPLETE: ____________
4**Once a Gefen Financial professional has reviewed your documents, and your credit if necessary, s/he will provide you with a pre-qualification letter to allow you to begin your search for the home of your dreams!
CHECK HERE WHEN COMPLETE: ____________
5**At this point you can put the mortgage process on hold until you've found the right home however, it puts you in a much more favorable bargaining position to continue the mortgage process through step 6 even before you find the home.
CHECK HERE WHEN COMPLETE: ____________
6**Your Gefen Financial mortgage professional can, at this point, input all your information into an automated underwriting matrix and, in most cases, provide you with a pre-approval, of a mortgage loan, within minutes. This is far superior to a pre-qualification because it shows that your information has been processed and, subject to verification, you can receive a commitment that much faster.
CHECK HERE WHEN COMPLETE: ____________
7**Once you've found a home that meets the criteria of your loan approval, you make an offer. This offer should be subject to three things: a satisfactory home inspection, satisfactory appraisal and a satisfactory mortgage commitment.
CHECK HERE WHEN COMPLETE: ____________
8**After your offer has been accepted, you provide your lawyer with a copy of your inspection report. If you feel there is anything in the report which requires further negotiation, make sure the lawyer knows about it before s/he begins to draw up your contracts.
CHECK HERE WHEN COMPLETE: ____________
9**While your attorney is drawing up contracts be in touch with your Gefen Financial mortgage professional to let him/her know the final agreed upon price of the house. Set up an appointment to sign your mortgage application documents. At this appointment please bring updated versions of the original documents you provided in step one as well as copies of photo identification and any other documentation requested. At this time you will probably need to pay for the application fee and the appraisal fee.
CHECK HERE WHEN COMPLETE: ____________
10**Once you have signed contracts and put down whatever down payment monies you have agreed upon , an appraisal of the property will be ordered. This is to ensure the lender that the collateral of their loan-your house- is worth what it is selling for. If it appraises for less than the sale price it may be possible to still be approved for your loan. Since you made your original offer "subject to appraisal" you can now -if you choose to- renegotiate the sale price.
CHECK HERE WHEN COMPLETE: ____________
11**During this time, title work is being done and, as part of your closing costs you will pay a one time title insurance fee. This will insure that you are buying a house with free and clear title. This means there are no liens or encumbrances against your home.
CHECK HERE WHEN COMPLETE: ____________
12** After the appraisal comes back and you have provided your Gefen Financial professional with all your updated paperwork, s/he will submit a completed application file to underwriting. An underwriter reviews the conditions set forth in your approval and upon satisfactory acceptance of all conditions- issues you a mortgage commitment. The average commitment is good for 90 days from the documentation provided. (i.e.: a pay stub needs to be updated every 90 days until closing)
CHECK HERE WHEN COMPLETE: ____________
13**Once the title has been reviewed by the bank lawyer and accepted you need to obtain one year's worth of hazard insurance and provide proof of this to the bank.
CHECK HERE WHEN COMPLETE: ____________
14** Go to closing, move in & CONGRATULATIONS HOMEOWNER!!!
CHECK HERE WHEN COMPLETE: ____________
Any Questions??? Call or write
info@gefenfinancial.com
We offer loans for Residential and Commericial Real Estate, Home Loans and Mortgage Refinancing.
718-983-9272
Or toll free 800-LOAN-095
Please Select an Article:
Raise your mortgage credit score!
Paying off mortgage points
Housing Bubble Myth
Shopping for a Mortgage Professional?
Mortgage CheckList
IRS on Principal Home Sale Exclusions
Reverse Mortgages-Estimated Closing Costs
|
|
|