You might have an idea of the payment and mortgage you can afford. But will the bank feel otherwise? It's always best to pre-approve for a mortgage so you know exactly how much a financial institution is willing to lend you. Don't forget to add in fire and hazard insurance, as well as bank escrow requirements.
In the pre-approval to committment process, you will find out:
- How much home you can afford.
- How much cash you will need for the down payment and closing costs.
- The minimum down payment, and advantages of higher down payments.
- What the bank feels you can afford for a monthly payment.
- Fixing credit records that are in error. (Some might even not be yours!)
In Westchester County, New York, Realtors usually refer buyers to mortgage professionals such as bankers or brokers, to get them pre-approved as soon as possible. At Houlihan Lawrence, I have an approved mortgage company that will be happy to work with you. Of course, we recommend other firms and individuals and will be happy to refer you to several loan officers. You then chose and make the calls and your financial information remains totally private. We only want to be sure you are pre-approved for a mortgage to help you present a strong offer on a home you see. The pre-approval process requires you to submit paper work to the processing department with a fee. Papers that are needed include, but are not limited to: 2 years of Income Tax Returns (every page), bank account numbers and statements, one months worth of recent pay stubs, social security numbers, etc. The loan officer may have more requirements.
- NUMBER1EXPERT™ 
