How to Stand out From Homebuyers in New York City | Brian Scott Cohen

What can you do to stand out from homebuyers while searching for property in NYC? Mortgage lender Brian Scott Cohen has the info you’ve been looking for.

The short answer is when supply is low and demand is high, it’s a seller’s market—so what can buyers do to stand out from the competition? This is a top question I receive; here are three pieces of advice.

Tip #1: Get pre-approved.

Why? Pre-approval means a lender has assessed your financial background and determined what you can afford. Pre-approval tells a seller that you’re a serious and qualified buyer because the lender has already reviewed your finances and conditionally guarantees that you can afford the home. This reassures the seller that you’re not wasting their time and makes your offer more competitive.

Tip #2: Check your credit*.

You can check your credit without impacting it – that’s called a soft pull. Nine times out of ten, a buyer tells me they know their credit score, but when we run a credit check, it’s not the same score they told me. Credit scores change all the time, so listen to your mortgage advisor when they tell you they need to run a credit check.

Tip #3: Interview multiple mortgage loan officers.

As a buyer, you have the power to shop around and find the best loan officer. You should choose the person who has the experience and is honest. You’re in the driver’s seat. It costs you nothing to interview them. I recommend you select a loan officer who knows their loan products inside and out. Make sure at bare minimum they have experience and should know the buildings that are approved for financing off the bat.

*If Applicant self-reports credit score as “needs improvement,” OriginPoint LLC fka Guaranteed Rate Affinity, LLC (“OriginPoint”) will not run credit or provide credit scores via the Digital Mortgage. Applicant may request credit scores by contacting OriginPoint.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply.

Equal Housing Lender, Brian Scott Cohen NMLS ID: 410025; OriginPoint LLC fka Guaranteed Rate Affinity, LLC (“OriginPoint”) NMLS 1598647; For licensing information visit nmlsconsumeraccess.org. Operating in the state of New York as OriginPoint LLC fka GR Affinity, LLC. Operating in the state of California as OriginPoint Lending LLC fka Guaranteed Rate Affinity, LLC.

Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. OriginPoint does not guarantee or assume liability for the accuracy, completeness or timeliness of the information. You should conduct additional research before making any mortgage related decisions.