It’s 2019! Are you ready to buy? by Francesca Girardi

This past year did a number on the New York Real Estate market; pricey new developments, politics, taxes, zoning, the L Train shutdown debacle and much much more. On the bright side, for buyers throughout Manhattan and Brooklyn, there was been an influx of listings. Neighborhood to neighborhood inventory is at its highest level since 2011. In fact, according to The New York Times, inventory is up 12 percent over what it was just last year. These listing are also spending more time on the market.The projections are that 2019 Market sales and prices may stay along the same line.

Anyone who has the savings for a down payment but hasn’t been ready to buy you may want to sort through your options. With an agent in your corner expect fewer bidding wars and more incentives. First, you need to get preapproved for a Mortgage.

Check out the 5 things you need to collect and organize to get a Mortgage Pre-Approved!
Collect and keep organized all of these documents in one place.

1. Proof of Income

-W-2 statements from the past two years
-recent pay stubs that show income as well as year-to-date income
-proof of any additional income such as alimony or bonuses
-two most recent years of tax returns

2. Proof of Assets

– bank statements and investment account statements
-down payment (what percentage of the selling price are you prepared to put down)

3. Good Credit

Simply put- good credit will work greatly in your favor. If you have hurdles to overcome with
your credit you are usually aware of them and ready off set them. In the case that you were not
aware the lender will be able to advise you on to your next steps.

4. Employment Verification

-paystubs
-employment letter
*If you are self employed be prepared to provide significant additional paperwork concerning
their business and income.

5. Other Types of Documents

-driver's license
-Social Security number (SSN)
-authorization allowing the lender to pull a credit report

If you are missing anything be ready to recover those documents as soon as possible. The key to making this process go smoothly is being organized and quick. Now for those who are serious you need to consult with a lender. This will save you a serious headache later. Have your documents collected and organized before your appointment. You will be able to discuss loan options, budgeting and check your credit. Also, this meeting will alert you to any unforeseen problems. Ultimately, with all of your information the lender will evaluate the maximum amount you can borrow.

After this you should have a pre-approval letter for a specific loan amount usually for a particular period of time; such as 90 days. Knowing your realistic price range is the real starting point. Keep in mind that just because you can afford x amount doesn’t mean you have to make a purchase at that price. Evaluate your needs and find what works best for you. If you haven’t already researched and applied for the best mortgage rates in your area, find a reputable agent and get to hunting. See my last month’s article where I discussed how working with an agent is the best way minimize wasting your time and money when buying or
selling.

Find all the details here : Documentation Needed for a Mortgage Pre-approval

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