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Answering a few questions from our readers:

Ask the

Mortgage Expert,

Mark G. Nagy

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Mark G Nagy Loan Officer with Cross County Funding and Local Southbury Resident

Find out what's happening in Southburywith free, real-time updates from Patch.

 

At Cross County Funding - WE MAKE MORTGAGES SIMPLE!
Home Financing really does not have to be so hard on you! With so many lenders, programs and products to choose from -- your best interest is our highest priority. Over 25 years of residential, new construction and commercial expertise! Phone 203 525 0387.

 

30 Glenn Street, Suite 203, White Plains, New York 10603 / NMLS#63942 ~ New York: Registered Mortgage Broker -- NYS Department of Financial Services. Brokers may not make loans. Loans arranged through third party lenders. ~ Connecticut: Mortgage Broker Only, Not a Mortgage Lender or Mortgage Correspondent. ~ New Jersey: Licensed by the NJ Department of Banking and Insurance. Brokers will not make commitments or fund mortgage loans. Arranges loans with third party providers.

 


our readers:

 

 

As a borrower, what can I do to ensure that my loan closes promptly and smoothly?

If you’re planning to take out a mortgage in order to buy a new home, chances are you’re eager to see a quick and easy mortgage closing. In order to ensure a smooth closing on your loan, you’ll want to be as prepared as possible when getting the necessary paperwork to your lender. Getting pre-approved for a mortgage before you shop for a home is the best way to ensure that you’ll be able to secure financing once you’ve found your new home.

 Some homebuyers think that pre-qualification for a loan is the same as pre-approval. There is a distinct difference - Getting pre-qualified with a lender will give you a general idea of whether you’ll be able to secure financing while getting pre-approved is a more rigorous process, in which your income and asset documentation will actually go through the underwriting process – giving you a much clearer picture of what type and amount of loan your lender will extend you.

What documents should I submit to my lender if I’m hoping to be pre-approved for a mortgage loan?

Having all of your paperwork compiled and ready to present to your lender will make your pre-approval or approval process move along much more quickly than if you have to track down documents afterwards. Before meeting with your lender, you’ll want to put together a file that provides information about your income and finances, including copies of the last two years of your tax returns, W2’s, current pay stubs from your job (and your spouse’s job or other co-borrower, if applicable), and copies of at least your last two bank statements for all accounts that you have – checking, savings, and other accounts. If you have long-term investments or retirement accounts, you’ll want to include copies of those statements as well. You will be asked about your employment history for the last two years and prompted to also provide a list of your last two years of residence addresses as well. Your lender will also want to check your credit rating, so it’s a good idea to verify your credit score and also see what is listed as your current monthly debt obligations. Check with your mortgage lender who can run your credit for you in the manner that is accepted by the investors.

I’m pre-approved for a mortgage with my lender. Does this mean my closing is a sure thing?

It’s important to note that pre-approval means that a lender finds you a good risk for a loan up to a certain amount and with all things unchanged that were verified during the pre-approval process. To ensure that you can close without incident, you’ll need to find a new home priced within the range agreed upon and assure that nothing has changed. (i.e. loss of wages or additional credit established). Lenders will also need verification through an acceptable appraisal that the value of the home is at least as much as the agreed upon sales price. If you’ve done your due diligence along the way and your pre-approval is in hand, chances are that your closing will go smoothly and you’ll be on your way to home ownership.

All in all, an efficient provision of necessary documents is the best road to an easy closing. A bit of preparation and organization at the outset of the home buying process will prove well worth the effort when it is time to close on your loan.

If you have specific questions you’d like to ask

Mark he can be contacted directly at 203 525 0387.

Are you a Real Estate Agent? We Offers Special Service to our Realtor Partners.

Contact Mark for more information.

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