The Mortgage Maze – A Road map to approval


In years past, nearly anyone who could fog a mirror could qualify for a mortgage.  Not anymore.  Those days are long gone.  From stricter underwriting to more documentation, face it, getting a mortgage isn’t as easy as it once was.

Be prepared is the name of the game. 

  • As part of your real estate team, in addition to an attorney, financial advisor/accountant and real estate broker, seek out a mortgage professional you can trust.  They will be privy to all aspects of your financial life.
  • Check your credit score and review credit reports
  • Gather your Documents
    • Two years of complete Federal Tax Returns including W-2s
    • Two recent and consecutive period’s paystubs
    • two complete and consecutive months bank statements
    • two complete and consecutive months brokerage account statements
    • one recent quarterly retirement account statements for each retirement account
    • photo ID
    • Mortgage professional will review and point out any potential red flags
    • Complete mortgage application and submit to lender.
    • Get a pre-approval letter.

With the approval letter in hand, your real estate broker will have a better understanding of the price range you qualify and can show you properties that fit your needs and budget.  Your broker will be able to negotiate from a stronger position.  Before you know it, you’ll be moving into your new apartment.

 Adapted from an article written by Richard Martin/SVP/DE Capital Mortgage an affiliate of Prudential Douglas Elliman.

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