We want to make your buying experience enjoyable.
This quick reference will help you navigate the home shopping experience, and make your purchasing process as smooth and as stress-free as possible.
We have mentioned that NYC’s buying process is fast paced, and pre-determining your financial state before you start looking will save you a lot of time, and give you security in your bidding process.
We can arrange a meeting with a mortgage broker if you wish that will help answer any question about the loan process you need and find a comfortable and suitable price range for you to begin with.
There are two levels of endorsement from a mortgage broker: pre-qualified and pre-approved.
Pre-qualified is based on information you provide with your mortgage broker at your first meeting.
Pre-approved is a detailed background check and finance check with your tax returns, your income history and your credit history.
You will receive a pre-approved letter from a lender stating how much they will be willing to lend you. This letter can be valid for 60 days.
Once you have negotiated and agreed on a price for a property, your lawyer will look over the contract and you will sign and send in an escrow deposit.
You will begin your loan application and appraisal, and while we are waiting for the loan approval and the commitment letter issued from the bank we will begin the Co-op Board Package or the Condo Application.
The most important part of the application is the financial statement.
This is a document that summarizing assets, liabilities, income and expenses: all information on bank and brokerage accounts, car loans, any other mortgages, your salary and bonuses, the value of your art collection, tuition payments, life insurance etc.,
You’ll need supporting documents for everything on your financial statement — bank statements, stock statements, copies of pay stubs, art appraisals and retirement account statements — and the numbers must match everything on your summary.
Most board packages and applications will require two years of tax returns, business letter references and personal letter references.