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The Complete Guide to Buying a Home in 2019
Prepare Your Credit and Finances to Purchase a Home
- One month of recent paystubs
- The past 2 years complete tax returns
- Copies of your Drivers License
- Current bank statements (All pages should be included)
- Child Support Orders and Divorce Decrees
- Pension, Disability, or Social Security Award Letters
- Assets – Where are the down payment and closing costs coming from?
- Income – How will you be able to pay the mortgage?
- Property – Does the value of the home support the purchase price ?
- Credit – Have you managed your bills properly in the past and are you likely to pay the mortgage every month?
If the loan amount is below the maximum FHA loan amount and your credit score is 580 or higher, chances are you qualify for a loan
Schedule Your Initial Consultation
Once you are ready, it is time to contact your lender. At Bank of England we take pride in scheduling a thorough initial consultation to prepare you for the loan process and insure you fully understand the terms of your loan. When you call the office we will take down your information to start the loan application and get an idea of the loan documents you might need to bring and get a 50,000 foot view of your credit and financial profile. We will schedule a time for you to meet with us and go into more depth about your loan options tailored to your specific needs. During the initial consultation we will review your documentation and issue the preapproval letter.
Choose Your Loan Program
Today there are many loan programs available but not all of them might fit your needs or credit profile. FHA, VA, USDA, and Conventional loans are just some of the options you might qualify for. By reviewing your credit and financial profile your mortgage representative will discuss the positives and negatives of each program with how it fits your goals. Once you decide on a loan program we will issue a pre-approval letter and introduce ourselves to your real estate agent.
Start Shopping for a Home
Sign the Purchase Agreement
The Disclosure Meeting
You should schedule 1 hour for your disclosure meeting. Give yourself enough time to make sure you fully understand the loan process and have all of your questions answered. Buying a home can be a complex process. The more educated you are about that process the more smooth it will be.
Close Your Loan
Bank of England Mortgage has tried to provide accurate and timely information; however, the content of this site may not be accurate, complete or current and may include technical inaccuracies or typographical errors. From time to time changes may be made to the content of this site without notice. Bank of England Mortgage may change the products, services, and any other information described on this site at any time. The information published on this site is provided as a convenience to visitors and is for informational purposes only. You should verify all information before relying on it and decisions based on information contained in our site are your sole responsibility. If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at (518) 324-5544. This contact information is for accommodation requests only.
Bank of England Mortgage is a division of Bank of England. Member FDIC. Equal Housing Lender. NMLS # 418481