Frank Lengyel - Agent with RE/MAX GOLD


  Financing Your New Home

The concept of a mortgage is quite simple. It's basically a loan for a home wherein the property itself is used as collateral. Securing a mortgage, however, can be complex. The process may take more than a month, as several parties; from myself to the loan officer to the loan underwriter work behind the scenes to put it all together.As your trusted real estate agent, I can recommend a reputable mortgage broker or lender and help you navigate through the process.
A pre-approval is a necessity in today's "Seller's Market". You must be prepared to provide evidence to the seller that you are qualified to purchase the home at the terms that you are agreeing to in the purchase agreement. Generally, a lender will need income (30 days for all borrowers) and asset documentation (60 days for all accounts) as well as a credit report to pre-approve you. Complete tax returns would be required for self-employed borrowers. You can click here to print my form "How Much Can I Afford To Buy". Based on the information you provide on this form I can help you determine the highest purchase price you can afford. If you are paying cash to complete the purchase transaction then proof of funds in the form of asset statements are required.
Purchaser's should plan on at least a 10% earnest money deposit which will be held by an escrow agent. The escrow agent is a third party that holds the earnest money deposit and only disburses those funds per the terms of the signed purchase agreement.




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