PRE-QUALIFY for a MORTGAGE ONLINE
You can be pre-qualified in less than 60 minutes!
After a brief application and consumer credit report analysis,
Eastland can determine which programs will best suit your needs.
Pre-qualify for a commercial, investor or construction mortgage before buying a property.
Some things considered:
Your credit is assigned a "fico score" ranging from 300-850 points. The number of points accumulated will determine the type of credit risk you are as well as the amount of down payment or equity needed. Your credit will be the most significant factor in obtaining a prequalification letter. Your credit will determine the down payment, documentation and program terms offered on your mortgage pre-qualification.
The value of your property is determined by a real estate appraisal report. A NYS real estate appraiser will inspect your home. He will compare your home to similar ones in the surrounding community to determine it's value. In some instances, today's modern technology will allow a computer generated appraisal to be used. Although this technology is readily available, it is limited to extremely low risk situations in which 1) the value is unquestioned, 2) the equity is sufficient, and 3) the borrowers ability to repay is somewhat above the average.
Ability to Repay the loan
The ability to repay the loan borrowed is a reasonable expectation for the lender to have. A general rule of thumb is that a family should spend no more than half of their monthly income on their mortgage payments and other consumer debts. Verification of income may be required if the proposed loan exceeds more than approximately 90% of the property's value.
Because every situation is unique, most clients have a specific concern or issue regarding their own transaction. Whether your question is credit, income, appraisal, or title related, an Eastland representative will be happy to assist.
For immediate information, email us at email@example.com. Our representatives look forward to speaking with you.