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PyraMax Stories & Articles

When it comes to managing your finances, there's a lot to know, and it seems as if things are changing every day! We love educating our customers, and that's why we maintain a thorough selection of stories and articles.

5 Steps to Take before Applying for Your Mortgage

From the outside looking in, buying a home and getting a Mortgage Loan can appear to be a daunting task. The numbers may look astronomical, and the idea of paying back a loan for over a decade or more can admittedly be a bit intimidating at first. PyraMax Bank, however, would like to take a little bit of the sting off of applying for a mortgage by explaining what steps you can take before filling out your first Mortgage application. Any combination of these helpful preliminary ideas should hopefully make your first lending experience with PyraMax Bank a breeze.

Meet with A Mortgage Loan Officer to Discuss Your Situation

Everyone’s financial situation is completely unique. When it comes down to it, there isn’t really an effective catch-all plan for taking out a mortgage. That being said, feel free to contact one of PyraMax Bank’s Mortgage Loan Officers to discuss your finances. This way, you can make sure that your income and budget will allow for owning a home, as well as discover any issues with your finances that may need to be corrected before applying for a mortgage. Feel free to contact a Mortgage Loan Officer today to get started.

Examine Your Credit Habits

Do you currently have debt that you are paying off? If so, don’t click away just yet; there are ways to navigate debt before applying for a mortgage. It also is beneficial not to make expensive credit card purchases while applying for a mortgage. Analyze your current debt situation and credit score, which again, would make a great topic of conversation with a PyraMax Bank Mortgage Loan Officer

Document Everything

Simply put, the more you can tell a Mortgage Loan Officer about your finances, the better. Documents would be required to verify the information given on an application. If you’re looking for Preapproval, here is what is required to be examined for possible Mortgage Loan Preapproval from PyraMax Bank:

  • Full name and Social Security Number
  • Authorization to pull a credit report
  • W-2 forms for at least the past two years
  • Pay stubs for at least the past 30 days.
  • Purchase Price: How much you’re looking to spend on your home in total
  • Loan amount:  Purchase Price minus your expected Down Payment amount.

Please note that additional documents may be required for your unique financial situation.

Be Aware of Additional Costs

There are costs associated with closing on a home that many people do not realize when putting together their home buying budget. In addition to closing costs and prepaid expenses on a mortgage, it is also a good idea to factor in the cost of a home inspection. PyraMax Bank does have options for loans with no closing costs, as well. Both your PyraMax Bank Mortgage Loan Officer, as well as your Real Estate agent, should be able to provide recommendations for expected closing costs and fees on your future home.

Your Home Also Needs to Qualify for a Mortgage

Depending on the situation, the house you intend to purchase may fail to qualify for certain types of mortgages, as well. If you have a property in mind, be sure to disclose this with your PyraMax Bank Mortgage Loan Officer, in order to ensure that the standards for your mortgage are met.  If you are still looking to purchase a home, that is okay as well, but keep in mind that your Mortgage Loan Officer will need to know about the property once you’ve decided on what you are purchasing.

While this may feel like a lot to navigate, it is still completely manageable. Don’t forget that PyraMax Bank Mortgage Loan officers are available to answer any questions that you may have before you apply for your Mortgage Loan.

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