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The Brian Scott Cohen Team

Six Steps to a Home Mortgage in New York City | Brian Scott Cohen

How to geta mortgage in New York City

Learn more about the mortgage process and contact Brian Scott Cohen, a New York City mortgage lender, to learn more.

If you’re thinking about a home mortgage, the process might feel confusing, but it’s actually very straight forward. There are six major steps. Let me walk you through them.

  1. Loan is submitted to processing.
  2. Loan is submitted to underwriting.
  3. Loan is conditionally approved.
  4. Loan is clear to close.
  5. Closing.
  6. Loan has funded.

What exactly does each step mean? I’ll give you the short answer for each.

  1. When the loan is submitted to processing, the Mortgage Consultant verifies assets, income, employment, and orders a home appraisal to determine the value of the property and runs compliance and eligibility checks. Stay with me, I promise it’s not as complicated as it sounds.
  1. The loan is submitted to the Underwriter, begins the underwriting process to determine whether you qualify for the mortgage. Keep in mind, the underwriter may still have questions and may ask for additional documentation to satisfy conditions for a final approval.
  1. What do underwriters do? They review financial statements, employment records, housing market reports, home appraisal reports, and other documents to check that two conditions are met. A) You can afford the home B) the home you’re buying provides sufficient collateral for the mortgage. It might take a few weeks to receive underwriting approval on your mortgage, it all depends.Good news – we are already half-way through, only a few more steps to go.
  1. Loan is conditionally approved. If your loan application presents an acceptable level of risk for the underwriting team, then they will grant you conditional loan approval. Conditional approval means that the underwriter has signed off on the parameters of the loan and most of the documentation, but still needs a few more items. Until your loan is funded and you’ve closed on your mortgage, there’s always a chance your loan could be rejected.But how long does it take to get final approval after conditional approval?After your loan has been conditionally approved, you’re in the home stretch. Your lender will likely need another 1-2 weeks to finalize your home loan and move forward with your closing date.
  1. Now, you’re at the closing. Closing processes vary slightly depending on the type of transaction (purchase or refi), as well as local, state, and municipal laws. Be prepared to sign a lot of documents. Make sure you have a valid photo ID, personal check, or bank check to cover the closing costs and down payment unless the money was wired.
  1. Last and final step, your loan has been funded At this time all documentation is complete and the funds for the loan have been disbursed to the seller (purchase) or to the payoff of the prior loan (refinance). You should receive your first payment statement at the closing. This should be used to make the first and possibly second loan payment. Then, you can work with the servicer to put your mortgage on autopay.

I’d love to answer your questions or if you’re thinking about buying, call or email me and I’ll be happy to advise you.

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.

*not advertised rates from OriginPoint