STILL SHOPPING FOR A HOME AND NEED MORE NEGOTIATING POWER?

GET PREAPPROVED BY A REPUTABLE MORTGAGE COMPANY

     If you are still shopping for a home and would like the comfort and peace of mind of knowing that you have your financing lined up contact us at LowratesFHA and we will issue you a preapproval letter. Being preapproved ahead of time can help you avoid problems down the road. Many people start shopping for a home and wait for the last minute before considering financing options and later find out it would have been wiser to do so ahead of time. Being preapproved by a reputable mortgage company can also help you negotiate the price of the home you plan to buy and create the impression that you are a serious, well prepared, buyer. NYMC is a well known company among many tristate area realtors and a preapproval by one of our branches carries a great deal of weight.  In order to be issued a true preapproval you will need the following.

1. Copies of W2's or tax returns (may not be necessary on no income check loans)

2. Have your credit report run to determine your FICO score. Click here to learn more about FICO scores.

3. Bank statements showing liquid assets available for your down payment and closing costs. If you are selling a home and expect to use the proceeds of the sale for your next purchase bank statements may not be necessary.

Note: Preapproval letters are still subject to certain conditions and are not full commitments. Preapprovals are based on the your present credit, liquid assets, employment etc. The home buying process can take months and your credit scores and other factors in your financial picture may change. When you finally find a property an appraisal still has to be performed and and a title check done on the new home. A full commitment is issued when a complete application is done and approved by one of our underwriters. In order to issue a full commitment you must have gone into contract and know the exact purchase price of the home you are planning to buy in order to determine a loan amount .