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Getting Ready to buy your First Home in Brooklyn  -Steps To Getting a Mortgage

homes for sale in brooklyn

Pre-Approval

Your income, Assets and Credit Report are reviewed by a  Lender (Bank, Credit Union, Mortgage Lender) to determine the amount of funds that you will be  qualified (approved) for to buy a home

Finding  A Home

Create your wish list – assess your needs in your future home- for example number of bedrooms, parking, location, price range, type of structure- proximity to neighborhood amenities such as schools, parks, access to transportation, stores, houses of worship.

Call  Real Estate Agent

Michele Cadogan

917-861-9166

Fillmore Real Estate

Licensed Real Estate Associate Broker

View Homes

Found a Home that you like – Make An Offer

Prepare your offer to purchase package with your agent- Include your pre-approval  letter- offer to purchase forms and disclosures (NY State Agency Disclosure and Lead Paint Disclosure)

Accepted Offer

Schedule a Home  Inspection – forward report to agent and your attorney

Contract of Sale

Review and sign your contract of sale with your Real Estate Atttorney.  Provide Downpaymentt Check

Mortgage Application Process

Upon receipt of the fully exceuted contract of sale  (signed by both the buyer and seller) you will provide your lender with all requested, required documentation and you will sign your mortgage applicaation and disclosures

Appraisal Ordered

Processing – Mortgage processer completes verifications of your credit, employment and assets

Appraisal Report

Received and reviewed- processor updates you of  any conditions outstanding pending loan approval

Underwriting

Processor submits files to the underwritting department for final review

Commitment Letter will be issued and sent to you and your attorney for review

Title Report

Your attorney will request a title report on the property of sale – the title report will be sent your your bank attorney for review

Clearance – Clear to Close

Submit proof that  all conditions if any were noted on your commitment letter have been address

Secure Home Owners Insurance

Closing

You and your attorney are notified by the lender that the  loan is clear to close- a closing date is scheduled by the attorneys and the Bank

Final Walk Through

Buyers will schedule an appointment to visit / inspect the home to confirm the  house condition, and all appliances are in working order as set forth in the contract

Closing

All parties involve in the sale will sign closing documents with the bank attorney

After The closing

Contact utility companies  for new accounts – change your address with the post office-

Things Not To Do During Your Mortgage Loan Application Process

Do Not make any large cash deposit or withdrawls from your accounts  unless you speak to your loan officer

Do Not make any large purchases on your credit cards

Do  not co-sign a loan for anyone

Do not change bank accounts

Do not apply for new credit

Changing jobs – speak to your loan officer

Ready to buy your first home in Brooklyn – call 

Michele Cadogan

917-861-9166

Fillmore Real Estate

Licensed Real Estate Associate Broker

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