Home ownership is considered the American Dream.
To make that dream a reality, it helps to be educated in the purchasing process and prequalified for a loan. By taking these steps potential homebuyers can help eliminate anxiety about the “credit crunch”, changes in regulations, lenders paying fines to the federal government, or uncertainty about their own economic situation.
Ridgewood Savings Bank hosts seminars for first-time homebuyers at the Bank’s local branches. At these events, you can hear from a Bank Mortgage Consultant, a licensed architect/engineer, and a real estate attorney.
Most importantly, if you are interested in purchasing a home, you should meet with a Mortgage Consultant about the prequalification process. Although it is possible to get prequalified on the bank’s website, meeting with a Mortgage Consultant gives you an opportunity to understand your options and the actual mortgage process.
It is recommended that when meeting with a Mortgage Consultant, you come prepared. In order to accurately review income, bring the following (as it might apply to you): last year’s W-2, a recent pay stub, award letters, last year’s tax return, and dividend income statements.
It is recommended to have available recent bank, stock dividend and retirement fund account statements, or potential gift money from an immediate relative.
If you do not have the documents mentioned available today, start collecting the items to help in the prequalification process. In addition, once you have these documents it makes the actual mortgage process much easier.
During the prequalification process potential homebuyers can get a better idea of the type of home they want to purchase, the neighborhood they desire, and the mortgage product that might best suit their needs.
So let’s get started and get the prequalification process underway, so you can shop for your new home with confidence.