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Buying Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Real Estate
  
Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Dream Home Finder
Mortgage Information - Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson, NY
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Selling Stony Brook, Setauket, South Setauket, Old Field & Port Jefferson Real Estate
Team Ardolino, Realty Connect USA North Shore, NY Realtor
Testimonials
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Zillow Testimonials
526115
' I was a seller. Michael connected with me. He connects with people, period. . He gave me realistic listing prices, understood my time-line and ... more '
5.0/5.0
by wisteria1
511564
' My experience with Michael Ardolino, and his team, in specific, Lisa Godt, was what it should be for every home buyer. From the first telephone call, ... more '
5.0/5.0
by user9807108
510572
' Selling my parents home that had history all the way back from my grandparents since 1968. It was everyones home at one time or another. However, as ... more '
5.0/5.0
by user12050833

Getting A Mortgage

For information on our preferred mortgage lenders, click here.

Mortgage Application

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.

Mortgage Calculator

Use the mortgage calculator below to calculate your mortgage payment for any of the listings on this site. For more in-depth information, contact Team Ardolino directly.

Mortgage Calculator
Loan Amount:$
Years:
Interest:$ %
Annual Tax:$
Annual Insurance:$

 

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 

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