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