Mortgage Company City Island, NY
Five Things First-Time City Island Homebuyers Should Have in Order Before Speaking with The Bronx, NY Mortgage Companies
When City Island, NY house hunters are in need of the services of mortgage companies near me, Jet Direct Mortgage is the first place they call. As a leading The Bronx mortgage lender, we have helped dozens of first-time homebuyers secure the financing they need to make their dream of homeownership a reality. We’re also considered one of the best mortgage refinance companies in the region and have helped countless residents get better rates on their home loans. Whether you’re looking to purchase your first house or you’re thinking about taking advantage of the historically low-interest rates, if you’re located in Bronx County and you’re searching for the “best mortgage company near me”, make sure you get in touch with the team at Jet Direct Mortgage. When you choose us as your mortgage company, you can have confidence knowing that the process of securing financing will go as smoothly as possible.
Five Things to Have in Order Before Meeting with The Bronx, NY Mortgage Companies
The idea of purchasing a new home is certainly exciting, but before you start searching for your dream house, the first thing you should do is speak to a mortgage company. By meeting with mortgage companies before you start house hunting, you will not only know how much you can comfortably afford to spend, but you’ll also be able to get prequalified for a loan. The real estate market in Bronx County is hot right now, so getting prequalified for a mortgage could mean the difference between getting the house you want and seeing it go to someone else. Why? Because being prequalified for a mortgage shows sellers that you’re serious about buying.
In order to ensure your meeting with a lender goes as smoothly as possible, make sure you have these five things prepared before you speak to mortgage companies.
No matter which one you’re meeting with, all City Island, NY mortgage companies will need to see your identification. Appropriate forms including a valid driver’s license or a state-issued non-driver ID. You’ll also need to provide your Social Security number. Don’t worry; your information will not be used inappropriately. The reason a mortgage company needs your identification is so that they can pull your credit report, which provides key details that will allow them to determine how much you can qualify for and at what interest rate.
Proof of Income
In addition to providing the appropriate identification, Bronx County mortgage companies will also need to see proof of your income. There are several documents that can be used to show your proof of income, including:
- A W-2 statement
- Your most recently filed tax returns
- Your most recent pay stubs, which should highlight not only your monthly net and gross income but your year-to-date income, as well
- Documentation of any additional income that you bring in that could be used to help you qualify for a loan
Some mortgage companies require different or additional information for prospective borrowers, especially those who are self-employed, so it’s a good idea to contact each mortgage lender you’re planning on meeting with to find out if you will need to provide anything else to verify your income, and if so, what documents you’ll need.
Proof of Employment
On top of proof of your income, mortgage companies will also want to see proof of your employment status. This information confirms whether or not you are currently working, how long you have been working with your employer, the salary you are currently making, and any other key details that may be needed to help you prequalify for a mortgage. If you have recently started a new job, in addition to providing proof of your current position, you can also share the contact information of your previous employer. If you are self-employed, you’ll want to gather documentation that pertains to your business, as well as the amount of money you take home; tax returns, and financial statements for your company, for example.
Bronx County mortgage companies will need to assess information that pertains to your assets, too, so make sure you have copies of any and all bank and investment statements that go back at least a few months to a year before you speak with a mortgage company. This information is used to determine if you have the means for a down payment and for closing costs. If you will be getting help with the down payment and/or closing costs from a family member or a friend, make sure that you ask the individual(s) who will be assisting you to provide a written statement that confirms the money they are providing you with is a gift and not a loan. Loans need to be paid back and could increase your debt-to-income ratio and bring down your credit score, which may reduce how much you are eligible to qualify for.
Your Credit Score
While a mortgage lender will pull up your current credit score when you meet (hence why you will need to have proof of your identification), it’s also a good idea to get your own copies of your credit score before you meet with mortgage companies. Doing so will allow you to see where your credit stands and if there is anything that you can do to increase it. Remember that the higher your credit score is, the easier it will be for you to qualify for a loan and the more you’ll be able to take out to purchase a house. Additionally, your credit score will impact your interest rates, which will ultimately affect your monthly mortgage payment.
Looking for a Top-Rated Mortgage Company in The Bronx, NY? Contact Jet Direct Mortgage
By being prepared before you meet with mortgage companies, you’ll find the process of getting prequalified for a home loan will be a lot easier and much less stressful. If you really want to simplify matters, consider working with one of the best online mortgage lenders in City Island, NY: Jet Direct Mortgage. Our team of professionals can provide you with detailed information about prequalifying for a home loan right online, and of course, we can arrange a consultation to speak in person.
Whether you’d like to speak about different mortgage options online, over the phone, or i-person, please call Jet Direct Mortgage at 855-553-4732 or https://jetdirectmortgage.com/ today! One of our associates will be happy to answer all of your questions and guide you through the process of getting prequalified for a loan for your first home.
Some information about City Island, NY
City Island is a neighborhood in the northeastern Bronx in New York City, located on an island of the same name approximately 1.5 miles (2.4 km) long by 0.5 miles (0.80 km) wide. City Island is located at the extreme western end of Long Island Sound, south of Pelham Bay and east of Eastchester Bay.
Originally inhabited by the Siwanoy band of Lenape Indians, City Island later was settled by Europeans as part of property and estate bought by English nobleman Thomas Pell in 1654. Prior to that, English settlers led by Anne Hutchinson (seeking religious freedom) settled in an area nearby on the river (now known as the Hutchinson River) in 1642.
After changing hands several times, in 1761 the island (at that time known as Minefer’s Island), was bought by Benjamin Palmer of New York. Up to this point the island had been inhabited by only a few homes and farms. It had a population of about 1000 people, who tended farms and livestock. Palmer had the vision of developing the island into a port, which could rival that of New York. He knew that ships heading north and south passed City Island using Long Island Sound as a safe inshore waterway. He envisioned shipyards, and stores that could cater to the ships. He went as far as to have the island mapped out in different plots designated as shipyards, docks, business, farms, homes, schools, and houses of worship, along with streets, paths, and access routes. Benjamin Palmer appealed to the British Crown and received letters patent that covered the ownership of waterfront properties 400 feet out from the high tide mark under water and around the perimeter of the Island. This patent, known as the ‘Palmer Grant’ is unique to City Island; it has been contested in courts since, but has always been upheld.
Palmer also is responsible for changing the name from Minefer’s Island to City Island in anticipation of things to come. Palmer’s vision never fully materialized, however, as the timing just before the American Revolution halted all progress, and the war depleted the capital of Palmer and his investors. It would be another sixty years before the island again started to be developed when oystermen, pilots of Hell Gate, a set of nearby narrows, and eventually shipbuilders arrived and introduced these industries.