Residential Mortgage for Purchase

Single Family House, Condo, Co-op, 1-4 unit Multi Family

Owner-Occupied & Investment

Take the First Step Toward Homeownership with a Trusted Mortgage Professional

Buying a home is one of the most important financial decisions you’ll ever make. However, with so many loan programs and complex processes, many people find the journey overwhelming.

We are here to help you find the mortgage program that best fits your unique situation. From the initial consultation to closing, we provide attentive, personalized guidance every step of the way to make your home financing experience as smooth and successful as possible.

Free Consultation
(631) 624-4480

Free Quote &
Mortgage Shopping

✅Free
Pre-Approval

One Time
Credit Pull

Why Is a Mortgage Consultation Important?

1. To Find the Best Financing Option for Your Situation

A mortgage consultation helps us understand your financial situation and goals so we can identify the loan program that best fits your needs.

Interest rates, fees, and underwriting guidelines vary from lender to lender. As a mortgage brokerage working with over 200 wholesale lenders—not just a single bank—we can compare a wide range of loan products and help you choose the most suitable option.

By comparing programs from multiple financial institutions, you may qualify for a lower interest rate and more favorable loan terms.

Even if you were declined by another bank, we may be able to review alternative loan programs and lending options

2. To Determine Your Eligibility and Loan Amount

Your loan eligibility and borrowing capacity depend on several factors, including your income, credit score, debt-to-income ratio (DTI), and assets.

Through a professional consultation, you can learn your estimated maximum loan amount and potential interest rate in advance, allowing you to prepare for the mortgage process more efficiently.

3. To Avoid Unnecessary Credit Inquiries and Loan Denials

Applying to multiple lenders without a clear strategy can result in unnecessary credit inquiries and, in some cases, loan denials that may affect future applications.

We typically help clients identify the most appropriate lenders and loan programs based on a single credit review, allowing us to focus on options with the highest likelihood of approval.

4. To Save Time and Maximize Your Chances of Approval

The mortgage process involves gathering documents, underwriting, satisfying loan conditions, and completing the approval process—all of which can be time-consuming and complex.

Working with an experienced mortgage professional helps ensure that your documents are prepared correctly from the start, reducing delays and increasing the likelihood of a smooth and timely approval.

A mortgage consultation can help you save time, reduce stress, and secure the financing solution that best meets your needs.

Minimum Documents Required for Mortgage Pre-Approval

When applying for a home purchase mortgage, the following documents are typically required:

1. Identification Documents

- - - - Driver’s License or government-issued photo ID
      - Permanent Resident Card (Green Card) or visa documentation (if applicable)

2. Income Verification Documents

W-2 Employees

- - - - Most recent 30 days of pay stubs
      - Most recent 2 years of W-2 forms
      - Most recent 2 years of tax returns (if required)

Self-Employed Borrowers

- - - - Most recent 2 years of personal tax returns
      - Most recent 2 years of business tax returns (if applicable)
      - If qualifying without tax returns, the most recent 12–24 months of business bank statements
      - If qualifying without tax returns, a Profit & Loss Statement (P&L) and business registration documents may be required

1099 Contractors / Freelancers

- - - - Most recent 2 years of tax returns
      - Most recent 12–24 months of bank statements (if required)
      - 1099 forms

DSCR Investment Property Loans

- - - - No personal income verification is required for DSCR loans used to purchase or refinance investment properties.
      - Rental income is used to qualify for the loan.
      - For more information, please visit our DSCR Loan page.

3. Asset Verification Documents

- - - - Proof of funds for down payment and closing costs
      - Most recent 2 months of bank statements (checking and savings accounts)
      - Investment account statements (stocks, mutual funds, IRA, 401(k), etc.)
      - Documentation for any large deposits made within the last 2 months, as lenders may require proof of the source of funds
      - Gift fund documentation (if applicable)

4. Current Real Estate Ownership Documents

- - - - List of currently owned properties
      - Current mortgage statement(s)
      - Property tax and homeowners insurance information
      - Lease agreement(s) for rental properties (if applicable)

Additional Documents May Be Required

Depending on the loan program and your individual financial situation, additional documentation may be requested during the underwriting process. Our team will guide you through the requirements and help make the process as simple and smooth as possible.

Mortgage Process

1. Mortgage Consultation

2. Mortgage Shopping

3. Pre-Approval

4. House Hunting

8. CTC
(Clear To Close)

7. Mortgage Processing & Underwriting

6. Under Contract

5. Making an Offer

9. Closing!

Mortgage Information:
Financing Blog by Terry

- Why Getting a Mortgage Pre-Approval Should Be Your First Step When Buying a Home

- What is a First-Time Home Buyer Mortgage Program?

- DPA (Down Payment Assistance) programs

- Fixed-Rate Mortgages vs Adjustable-Rate Mortgages (ARM): Key Differences and Features

- How to Get a Lower Mortgage Interest Rate

- Comparison: QM (Qualified Mortgage) vs Non-QM (Non-Qualified Mortgage)

- A Complete Guide to U.S. Real Estate Loan Programs for Self-Employed & 1099 Freelancers

- The Impact of Personal Credit on Loans and How to Maintain a Good FICO Credit Score, Plus the Three Major U.S. Credit Bureaus:

Milestone Point Inc. In partnership with Loan Factory Inc. (NMLS #320841)
Licensed Mortgage Loan Officer: Terry Kwon (NMLS #2620208)

Residential Mortgage Licensed: AL, CA, CO, GA, IL, ME, NJ, NV, OH, TX, VA, WA

Contact: (631) 624-4480
Email: terry@milestonepointinc.com
Milestone Point, Inc: 200 Garden City Plaza, Suite 215, Garden City, NY 11530

Loan Factory: 2195 Tully Road. San Jose, CA 95122

Disclaimer:
Loan approval is not guaranteed. Approval is subject to credit, income, assets, and other underwriting criteria.
Rates and terms are subject to change without notice.
Milestone Point Inc. partners with Loan Factory Inc. to provide access to multiple mortgage products.
All mortgage programs are offered through licensed mortgage brokers/loan officers registered with the NMLS.