Getting A Mortgage In Rochester NY
Below you will find a list of all of the information usually required to get a mortgage in Rochester, NY. However, many times there are exceptions to these, lets say you own your own small business and it has been quite successful for the last few years. Many times banks will balk at accepting loan applications from these successful individuals because they don't fit the bank's cookie-cutter mortgage process, not us, we understand the value of lending to a person who has a solid history of signing the front of paychecks rather than the backs of them, and we have longstanding relationships with the banks that feel the same way about the creditworthiness of these entrepeneurs as well. That is just one example of a situation where working with a professional broker like us opens up doors to much better mortgage rates and refinancing options, so don't feel like just because you don't exactly fit the mold of the listed criteria that follows that it is impossible to get the rate you deserve.
On the other hand, if we review your financial situation and your goals and find that there is not an option that makes sense for you, we will promptly tell you so. Allow me to give you a little background on our mortgage brokerage business. We have been in this business for quite a while now, our first priority is to always do what is in our customer's best interest, our first priority is not to get our customer's a mortgage no matter what their circumstances may be and to pocket a few dollars in the process. This may sound cliche and cheesy, I'm sure you've heard something similarly phrased a thousand times, but allow me to explain why being ethical from the start is in both the customer's and our company's mutual best interest.
During the real estate boom of the last few years many competitors cropped up offering adjustable rate mortgages, exotic financial instruments, low rates with balloon payments or high fees, or "liar loans". We all are currently painfully aware of the outcome that situation has provided everyone. However, our strategy, since day one, has been to only obtain mortgages for customers when their financial situation warrants it and provides a net savings to them over the life of the loan with all things, including taxes and fees, considered.
While our fly by night competition was out trying to make as much money as quickly as possible by fooling both banks and customers with falsified documents and downright bizarre mortgage instruments that gave customers a low monthly payment for a couple years and then slammed them with insurmountable debt, we stuck to our guns and swam against the tide. You see, during that era we only wrote traditional mortgages at low rates to those who could afford it, and consequently our business grew at a small but steady rate in comparison to our competitors. We never believed in the junk they were peddling, and now having been the honest and reputable broker all along is paying its handsome reward because since the mortgage crisis has first unfolded we have doubled our business volume year over year.
Why? How could the volume of new mortgages be down so much and yet we are doing more business than ever? Well, it is quite simple really, those fly by nights have all folded, or have been shuttered by federal investigators. Those that are still around have no clue whatsoever of what an honest mortgage or refinancing looks like and are thus at a loss for ideas on how to adapt. All of our competitors are struggling to comply with new stringent federal regulations regarding ethical procedures of originating a mortgage while to this day our own internal policies are far more conservative than anything the lawmakers can write. We are just doing business as usual and adhering to our core principals, its not a struggle for us at all. Also, once the crisis came to bear, the banks began taking a look at which brokerage firms were originating these junk mortgages, since our policy of honesty was in place since day one we come out smelling like roses and are a preferred broker for the banks, in fact we have never originated a mortgage that resulted in a foreclosure, ever! We are proud of that, but more importantly for you, which brokerage firm do you think gets the best rates from the banks? The one who has never given the bank a mortgage that they had to foreclose on, like us, or the other brokerages that routinely hand them falsified applications in order to make a quick buck? If you were a bank manager which brokerage would you give your lowest rates to? Us, where you know its going to be good loan, or an other brokerage firm, where you may need to scrutinize the application line by line? Now do you see why honesty just makes good business sense?
Also, think about this: Who is more likely to tell their friends and family members about the great mortgage rate or refi they got? Would it be customer A, who dealt with us and got a great low fixed rate mortgage that leaves them with alot of breathing room in their monthly budget still to this day, or customer B who went with the other guy without trying us first and is now about to be foreclosed on or is possibly even already sitting on the street corner? If you said customer A, then I think you already see how our philosophy of giving the customer an honest deal over the long haul pays its rewards exponentially.
Our strategy takes patience, hard work, and honesty. We also look for customers with these traits as well. I'll admit, we are picky, but it can't hurt to ask. If you are looking at whether a mortgage makes sense or whether refinancing is your best option or you even just have a mortgage related question at all, feel free to send us a quick note in the form on the right, or click the "contact" link on the left to ask us a more detailed question. If you are going to try another brokerage firm, why not try us as well? It can't hurt to try us both and know for certain who has the lower rate, and if we say "no" and they say "yes" we'd be happy to show you what insider tricks the other guy might be using to make it look good on paper. Even if your current situation doesn't meet our standards today, we'd still like to see you as a potential customer down the road when your situation improves rather than see you get saddled with a bad mortgage by a shady competitor and ruin your credit for a long time.
So here is the list of things needed for most situations in order to get a proper mortgage in the Rochester-Buffalo-Syracuse new York area ...
- A photo ID
- Your Social Security Number
- Where you have lived the last 2 years
- If you have rented, the contact info for your lanlords
- Employer information for the last 2 years
- If you were a student during that time, your academic transcripts or diploma
Salary and wages
- Most recent pay stubs showing the last 30 days of pay
- W-2 and 1099 forms for the past 2 years
Self-employment or business owner
- Current profit & loss statement
- Last 2 years of tax returns
- Current lease agreements
- Last 2 years of tax returns
Interest, dividends, and bonuses
- These can also be considered as income when applying for a mortgage in Rochester, NY
- Your receivables can be considered as well towards a mortgage in New York, all you need is a copy of the notes
Social security or Pensions
- Award letter
- W-2 and 1099 forms over the last 2 years
Child support, alimony or maintenance payments
- Last years worth of receipts
- Current statements of account over the past 3 months for IRA's and 401k's
- Estimated value of property including cars and other real estate that you own
- Cancelled checks for money earned other than wages
- Gift money