Preparation
What to do
- Determine your budget
- Know the state of your credit score
- Hold off on making big purchases that may have an impact on your credit, such as buying a car
- Gather all documentation to show basic debt, income, and assets
- Review available rates and mortgage types
What to expect
Everything may feel overwhelming at first, and that’s okay! Feel free to reach out to one of our Loan Officers to answer any questions that may arise as you get the process started
Pre Qualification
What to do
Call a Cliffco Mortgage Loan Officer at: (516)408-7300
Or come into our Office, located at: 70 Charles Lindbergh Blvd Uniondale, NY 11553
What to expect
- Provide us with information about your income, assets and debts
- A review of your credit report
- Receive a maximum loan amount
Application
What to do
- Have a signed purchase-and- sale agreement
- Have all relevant documentation available and up to date
What to expect
- Receive a call to review all of the loan conditions, documentation and the upcoming steps
- Receive a loan Estimate that will provide you with approximate closing costs
Application Review
What to do
Provide any additional information that is requested. It is very important that you do so by the date on your conditional approval letter.
What to expect
Once everything is received, we will process your application, review you credit report and verify that all the information provided is accurate
Home Inspection
What to do
- Schedule a home inspection
- Pay the fees for the inspection, as they are not paid at closing
- Negotiate with the seller if the inspection reveals any unforeseen issues.
What to expect
A comprehensive inspection should cover everything, from the negatives to all of the positives. Bring a checklist so you can make sure there are no problems and highlight any positive aspects that may be overlooked or not mentioned during your visit.
Home Appraisal
What to do
The bank reviews the appraiser's report and verifies that your loan amount does not exceed the property’s value. A copy of the appraisal is given to you once it has been approved by an underwriter, with a one-time fee included in closing costs.
What to expect
- We arrange an appraisal through a licensed appraiser
- A title company will ensure that the property is legally cleared to be transferred
- The process is different if you are building a home
Underwriting
What to do
After reviewing your application, we may need to some additional documentation in order for us to complete our final review. Please provide any requested documents or relevant information in a timely manner
What to expect
One of our underwriters to review all the information and ensure that all the guidelines have been followed
Closing
What to do
To make sure you understand all the details of your closing, be attentive to the time and date, as well as location. In addition, we will inform you in advance about any costs or fees associated with this process so that there are no surprises as we come closer to our meeting day.
What to expect
- A mortgage will usually be ready to close in approximately 30-45 days.
- Our closing agent will contact you with a date and time, as well as what you will need to bring with you