• 845-272-1018
  • rpolanco@icghome.com
  • 81 Center St., Ellenville NY 12428

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At first we want to learn a few basics about you and your financial situation. Also what your goals are in regards to the loan. Once we have this information the next step is documentation. Be prepared to provide the following proofs:

  • Where you work
  • Your income
  • Any debt you have
  • Your assets
  • How much you plan to put down on your home

A good lender will explain all of the steps and answer all of your questions. If they do not accomodate your needs, I am glad you landed on our website. We are all about our borrowers and will provide all the info and help needed to make this a smooth transition.

Pre-qualification only requires a conversation with your lender about your income, assets and down payment. A pre-approval requires documentation in order prove your qualification for a loan. Pre-approval is your best route because it provides you a more accurate estimate of what you can afford and is taken more seriously when purchasing a home.

This is a pivotal question that will ultimately affect the home you purchase.  Ultimately you want your mortgage payment to rqual to about 25% of your income. Of course the best way to determine how much home you can afford is by having a conversation with your lender. Also please take advantage of our Mortgage calculator by clicking the following link:

Depending on your specific situation there are many different percentages you can supply for a down payment. As an example, if you are a first time home buyer and qualify for the FHA program, you may be able to put as little as 3.5% down. We recommend to our borrowers to have at least 10% of the purchase price of the home to cover down payment and closing costs.

There are many different programs available depending on your situation and goals. I can go so far as listing the different programs but in reality your best route is to communicate your goals for the loan you seek and allowing your lender to review your financial situation. This will allow the lender to look at your specific situation and recommend the best solution for your needs.

The higher the interest rate the higher monthly payments. This will also increase the overall interest you’ll pay over the life of your loan. A low interest rate saves you money in both your monthly payments and the overall loan.

In the most common scenario’s you mortgage payment includes the following:

  • Principal
  • Interest
  • Homeowners insurance
  • Property taxes
  • Private mortgage insurance (PMI), which is necessary if you put down less than 20%.
  • You can lower your interest rate enough to justify the closing costs.
  • You can refinance from an adjustable-rate mortgage to a fixed-rate mortgage.
  • For debt consolidation. You will pay lest interest on your credit debt through your lender.

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