Mortgage advice for first time home buyers

Buying your first home is exciting. For making an educated home-buying decision, you need a mortgage professional advice. Mortgage professional can help you secure a loan that is suited to your home purchasing needs. Home loans are available from a number of institutions including banks and credit unions, and mortgage bankers. But finding the right mortgage broker is essential for successful transaction. Below you'll find tips on how to get a mortgage loan for purchasing your dream co-op or condo in New York.

• If you need a mortgage to finance your NYC condo or co-op, it’s advisable to begin approaching mortgage lenders early in the search process.

• Mortgage professionals are your best advocates as they know the ins and outs of a particular NYC condo and co-op. Websites such as www.wholendshere.com helps buyers find mortgage professionals that are reliable and licensed.

• You are required to get your credit report or know the credit score and a mortgage pre qualification letter for applying for a mortgage loan.

• A mortgage lender will review your financials to determine your actual buying potential. You can also request written pre-approval for a mortgage to get an added advantage in the apartment search.

Lenders may tread more carefully when financing a condo as compared to co-ops. So, buyers must ask sellers about a list of known defects, upgrades or façade defects as they might increase your home purchasing amount.