Getting Pre Approved for A Loan or Mortgage on Long Island
It’s an exciting time, you’ve decided to purchase a home. You may have called a few realtors and looked online at some homes in neighborhoods that you are interested in. One of the first questions a realtor will ask you is “Are you pre-approved for a mortgage yet?” There are a number of benefits to getting a Mortgage Pre-Approval on Long Island. Within the document for a Mortgage Pre-Approval on Long Island, it will clarify your total budget and the monthly mortgage payments you can afford. Having a Long Island Mortgage Pre-Approval letter will help to set you apart from other potential buyers. A seller is always more comfortable know that an interested party has been pre-approved for a mortgage. Without a realistic picture of your financial standing, it is difficult to narrow down your home search to properties you can afford. In “hot housing markets”, sellers often want potential buyers to be pre-approved for a mortgage or loan. Having a Mortgage Pre-Approval on Long Island shows you are a serious buyer and your offer is often preferred over someone who doesn’t have a mortgage pre-approval on Long Island. In cases of foreclosures and other extenuating circumstances, some sellers may even be willing to accept a lower offer in exchange for a faster closing. A mortgage pre-approval on Long Island can also identify any potential approval issues upfront. Long Island Mortgage Pre-Approval can be intimidating to navigate on your own. The experts at Interstate Home Loan Center can help you with Long Island Mortgage Pre-Approval. We can help your remove any potential obstacles from your path and ensure a successful home purchase! Contact Interstate Home Loan Center today!
How do you get a Mortgage Pre-Approval on Long Island?
At Interstate Home Loan Center, we can help you get pre-approved for a mortgage. Our team will request your social security number, recent bank statements and income documentation such as W2s, pay stubs and tax returns. As your lender, we work with you to verify your financial information and obtain a loan estimate. We believe in educating our clients and helping them through each part of the process. Having a mortgage pre-approval on Long Island allows you to shop smarter and to make stronger offers. At Interstate Home Loan Center, we want to make sure that you can afford the home you are looking to purchase. By getting a mortgage pre-approval on Long Island, you will be able to determine your safe payment range and make sure you aren’t getting in over your head. We want our clients to be in the best position possible when they are purchasing a home!
In order to obtain a mortgage pre-approval on Long Island, your lender will look at the following:
- Debt-to-income (DTI) ratio
- Loan-to-value (LTV) ratio
- Credit history
- FICO score
- Employment history
The main reason most real estate transactions don’t close is because buyers had problems getting approved for a mortgage. Contact Interstate Home Loan Center, Long Island Mortgage broker today and let us help you secure the home of your dreams!
Still have questions? Call us today at 1-888-624-1414