This is the time to find a mortgage professional who will help you get a mortgage. A loan officer will be able to answer any questions that you have, and will be able to prepare you for what to expect. In addition, they will be able to provide you some referrals for real estate agents who might be a good fit for you.

Have you thought about which loan program is right for you? If you choose to make little or no down payment then look into 100% financing. Considering a 30 year fixed rate mortgage? An adjustable rate mortgage may be a wiser choice if you have troubled credit or only plan to be in you house a few years. Need the absolute lowest possible payment? A pay option ARM could be the solution.

If you've had a BK in the last seven years, it may be a good idea to dig through your paperwork and have your BK paperwork ready. While not always required, most lenders will require your discharge paperwork to get your approval and having them ready will not delay the approval process.

If you are currently in a BK, start talking with your Trustee to see if there is any type of forms or approvals that must be obtained before you can apply for a refinance or a new purchase.

Its not a bad time to be deciding who you want as your real estate agent. Ask family and friends their opinions on a good Realtor in your area. A Realtor will discuss area neighborhoods and pricing trends so you can make the most informed decision.

Checking your credit and credit report and knowing what is on it will help you prepare to get a home loan, also known as a mortgage loan. You should check your credit report at least once annually regardless of whether you are applying for a home loan or not. This way you can ensure the accuracy of the material that is contained within the report, check for discrepancies, make sure that everything being reported on your report is indeed yours, and you can check many other things as well. You are now entitled to one free credit report each year so that you can keep updated on your credit profile. Any inaccuracies that you find on your credit report, you should dispute with each credit bureau so that the items can be removed or properly reported. This can take up to a few months to take care of, so it is highly recommended that you check your credit report at least a few months in advance of getting ready to apply for a mortgage.

It's also a good idea to have pre-determined financial goals. Possibly, a lower interest rate, debt consolidation or cash out.

There are a wide variety of loan programs available. A mortgage broker will explain them to you and help you decide which one best meets your needs.

When preparing to apply for a mortgage loan, make sure that you have all necessary documentation readily available. You will need two years of W-2's and a month's worth of pay stubs in most cases. You may also be asked to provide bank statements or other additional items specific to your situation.

You will also be asked to provide a two year employment history. This can be difficult for some borrowers who have had frequent job changes. Make sure you have the dates of employment and the addresses and phone numbers of your current and previous employers.

When you are ready to begin the mortgage pre-approval process, contact me at 718-886-4438 or LYip@NYMort.com.

Because it can take time to correct any mistakes on your credit report, it is prudent to examine your own credit history ahead of time. Such simple step can potential save thousand of dollars in the long run.