Mortgage Information - Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson, NY

We Would Love to Hear Your Feedback.
Did you find this site easy to use? Was the information valuable? Please click here and give us some feedback so that we can make this site better.

For information on our preferred mortgage lenders, click here.

When it comes to the loan process, there are several steps that one must go through. By making yourself familiar with it, you will better understand what is required of you and how you need to prepare. After all, the more knowledgeable you become the more comfortable and in control you'll feel.

1. Organize Your Documents

In order to obtain a mortgage, your lender will require certain documentation from you to make sure that you will have the ability to repay the loan you take out. Such documentation includes proof of employment, credit history, tax returns, pay stubs, bank statements, divorce and child support statements if applicable, and any other information that the lending company feels might be necessary.

2. Qualification

Before you apply for a loan, getting qualified will help you establish how much you can borrow. When purchasing a home, there are two options one may choose from to qualify for a loan. The first option, pre-qualification, is a quick process that usually happens in a matter of minutes. While pre-qualification is helpful, your other option – pre-approval – is more beneficial and gives you better leverage when negotiating with the seller. Getting pre-approved also lets you focus on homes within your price range instead of wasting time looking at homes that you won’t be able to afford. Finally, when it comes time to close, the process will go rather quickly since your loan has already been approved.

3. Find the Right Loan Program

While searching for the right loan program, there are many things to take into consideration. For example, you might want to think about how long you plan on keeping the loan. The length of your residence will determine the type of loan you want to get (i.e. adjustable or fixed). To figure out which loan program is the best, one will need to compare different programs and everything that each one involves such as rates, fees and points. The whole process can be tedious and difficult at times, which is why a qualified loan officer can help you make the right decision.

4. Obtain Loan Approval

The process of obtaining loan approval involves the following steps:

Review of loan application (Be sure to fill it out completely).
Verification of credit history, employment history, assets such as bank accounts and mutual funds, property value and any additional information that the lender might require

There are also a few things that you can do to improve your chances of getting the loan approved.

For any requests of additional documents and information, respond promptly.
Do not make any major purchases such as a car or new furniture until the loan is closed. Increasing your debt can have the opposite affect on your application.
Make sure you will be in town for the closing date. If you cannot be there for the closing of the loan, you can carry out a power of attorney to authorize someone to sign on your behalf.

5. Close the Loan

Once the loan is approved, your next step will be to sign the final loan documents, which usually takes place in the presence of a notary public. Be sure to verify the information within the document, especially the interest rate and loan terms. Also check to see if your name and address are correct. Finally, don’t forget to bring a cashier’s check for your down payment and closing costs.

Realty Connect USA logo

Michael Ardolino
Team Ardolino/Realty Connect USA
764 Route 25A
Setauket, NY 11733
Office: 631-941-4300
Direct: 631-941-6262
Fax: 631-675-1857
Email: Michael@Ardolino.com

All content contained on this site is owned by Michael Ardolino and is protected by the United States Copyright Act, which protects against copying, and other laws, such as the Federal Lanham Act, which protect against unfair competition. Any person copying materials from this site for a purpose not specifically permitted as set forth below will be prosecuted to the full extent of the law.

Realtors and potential homebuyers are free to use the content of this site and to make copies of materials or any portion thereof strictly for the purpose of informing themselves regarding homes and properties depicted or described on this site in connection with the bona fide interest of themselves or their clients in purchasing one or more of such homes or properties. Each copy made in accordance with the foregoing permission must faithfully reproduce all copyright notices, trade or service mark symbols and tag lines, as well as Michael Ardolino’s trade or service marks, logos and trade name so that any person receiving such material will be aware of the source of the materials and be aware of the rights being claimed by Michael Ardolino. All other copying, use and distribution is strictly prohibited without the express written consent of Michael Ardolino. IN NO EVENT SHALL THE COPYING OF ALL OR ANY PORTION OF THIS SITE FOR THE PURPOSE OF POSTING OF SUCH MATERIAL ON A COMPETITOR’S WEBSITE BE PERMITTED, NOR SHALL ANY COMPETITOR USE ALL OR ANY PORTION OF THIS SITE IN CONJUNCTION WITH ANY PUBLICATION, INCLUDING WITHOUT LIMITATION FLYERS, BROCHURES AND ADVERTISEMENTS.

The United States Copyright Act provides for statutory damages, compensatory damages and the award of attorneys fees in an action for infringement. Statutory damages can be as high as $50,000 per copy. It further provides for vicarious liability, which means that any person who has control over the infringing activity and stands to profit from it can be held liable, and that such individuals cannot escape liability by engaging in the infringing activity through corporations or other entities designed to limit liability to the owners and employees, such as limited liability companies.

The Lanham Act provides for treble (triple) damages for passing off the products and/or services of another party so as to create confusion over the source of the product or service, or implies that such other party has endorsed the product or service. Michael Ardolino also considers the trade names and tag lines in this site to be trademarks or service marks for his real estate sales business, and holds the look and feel of this site to represent trade dress, which distinguishes his real estate agency from others operating within the geographic regions served by Michael Ardolino’s real estate agency.

PRIVACY POLICY
Michael Ardolino is the sole owner of the information collected on this site. Neither Michael Ardolino nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for Michael Ardolino.

CONTACT POLICY
By submitting personal information such as name, address, phone number, email address and/or additional data, the client/prospect gives permission to Michael Ardolino or his authorized representatives to contact client/prospect by phone, U.S. Postal System, or email. Permission extends whether or not client/prospect is participating in a state, federal or other "do not contact" program of any type.

Real Estate Website Design &
Real Estate Marketing Services Provided by:

Site Powered By
prostepmarketing.com
Online web site design