Finding A Mortgage Lender
- You can obtain a mortgage from many different sources, such as a bank, credit union, mortgage banking company, and other financial institutions. Make sure you are dealing with a reputable institution.
- You may consider pre-qualifying for a loan while you are looking for a house. This can take some of the uncertainty out of the process and give you a good idea of what you can afford.
- A good place to start is with your our own bank or financial institution, since they already know you.
- The State of New York Mortgage Agency provides below market interest rate mortgages to qualified first time homebuyers. Click on their name to find their current terms and listing of lenders in your area.
- Freddie Mac and Fannie Mae are two government-sponsored companies that provide most of the liquidity to the US mortgage market. They don't lend money directly to consumers but they both have websites that will help you understand the mortgage process and mortgage products available to you. Click on their name for a link to their website.
- The U. S. Department of Agriculture provides low interest loans for persons buying homes in certain areas of the county including parts of Riverhead, Southold and Southampton.
- As you are shopping for your loan, you should gather together certain pertinent documents including your last two pay stubs, income tax returns, W-2 statements and bank account statements. These will be helpful in your discussions with mortgage lenders but also will be necessary when you apply for your mortgage loan.
- After selecting your mortgage lender you will have to formally apply for a mortgage loan. You should complete the institution's application and submit the required documents which typically include your personal documents and the purchase contract.