Getting Started
Start A Green File
A Green File should contain all of your important financial documents. Regardless of the loan type, lenders will need information about you. Make copies of financial statements; bank accounts, investments, credit cards, auto loans, recent pay stubs and two years’ tax returns.
Check Your Credit Rating
Credit scores range between 400 and 800. 620 + is considered “good”. 680 + is considered “premium” and may possibly help get you a lower interest rate.
Below you will find the contact information for the 3 major credit reporting agencies to help you determine your credit rating. Ask your lender how to improve your credit score if you need to. Going forward, treat your credit like gold.
| Equifax | http://www.equifax.com | 800.685.1111 |
| Experian | http://www.experian.com | 800.392.1122 |
| Trans Union | http://www.transunion.com | 800.888.4213 |
Savings & Debt
If you are buying real estate, try to accumulate funds towards your down payment, closing costs (appraisal, miscellaneous fees, escrow, title insurance, etc.) and expenses such as inspections. Furthermore, try to pay down existing revolving and high interest rate debt like credit cards.
Toe The Line
Now is not a good time to change careers, move your money around, or buy big ticket items. Lenders like stability. So if you are considering any major changes, it pays to meet with a lender and ask them how to proceed before you make any changes! If you are tempted to buy a big ticket item, consider the following:
A $500 a month debt payment (like a credit card or auto loan) could lower the amount of home you can afford by about $83,000! *
* Based on a 30 year mortgage at 6% interest.
Financing Guide FAQs – Long Island’s North Shore
Pre-qualification is an initial estimate based on information you provide, while pre-approval involves verified financial documents and a credit review to determine your borrowing power.
You’ll complete a mortgage application, submit income and asset documentation, and authorize a credit check so the lender can evaluate your finances and issue a pre-approval letter.
Mortgage rates are influenced by your credit score, loan type, down payment amount, debt-to-income ratio, loan term, and current market conditions at the time you lock your rate.
Common loan options include conventional, FHA, VA, jumbo, and specialized financing programs, each with different qualification requirements and benefits.
Closing costs are one-time fees paid at settlement and may include lender fees, escrow and title charges, attorney fees, recording fees, property taxes, and homeowners insurance.
Down payment requirements vary depending on the loan type and lender, but many buyers put anywhere from 3% to 20% down based on their financial goals and qualifications.
Yes, depending on your financial situation, you may be able to buy before selling through bridge loans, home equity options, or contingent offers coordinated with your agent and lender.
Your credit score helps determine your loan eligibility, interest rate, and financing terms. Higher scores can often lead to better loan options and lower monthly payments.
A jumbo loan is a mortgage that exceeds conventional loan limits and is commonly used for higher-priced properties, luxury homes, or competitive North Shore real estate markets.
25A Realty works closely with trusted lending professionals and helps guide buyers through every step of the financing process, making the experience more informed and seamless.
25A Realty offers local expertise, personalized guidance, strategic marketing, and hands-on support throughout the entire selling process to help you achieve the best possible outcome.