Money    

Ready to buy? Time to Pre-qualify!



What you need to know about prequalification letters!

Wallkill Valley Savings and Loan home prequalify mortgage
If you are buying your first home, you most likely have tons of questions. The good news is, Wallkill Valley Federal Savings & Loan can help! Today we are going to provide information designed to help the first time buyer learn about the all important Mortgage Pre-Qualification. So if you are ready to buy your first home, read on.  We’ll help you understand this first step in the process.

First of all, what is a pre-qualification?
A Mortgage Pre-Qualification is the process when a lender reviews your financial information and helps you to determine how much they are willing to lend you for a mortgage.  The end result is a letter that states the mortgage you would qualify for, although in most cases, it is not actually an approval of a loan. 

Why is a pre-qualification important?
First, going through the pre-qualification process is a great tool to help you find out how much house you can afford. This will help you to make smarter financial decisions with the home you ultimately purchase because you can avoid falling in love with a house that is beyond your budget. It also lets everyone involved in the process of purchasing your new home know that you are serious about buying. This can help when it comes down to the end of a deal and there are two buyers vying for the same home.

What do I need to have in order to begin the process?
If you have already established a relationship with a bank, that is a great place to start. You can also turn to get in touch with our Senior Residential Loan Officer, Melissa Flickenschild (NMLS# 524987) and she will be happy to make an appointment with you and answer any questions you may have.  You will need to bring in several pieces of documentation to help during the process.

Below is a list of the documentation needed:

  • One Month of Pay Stubs with Year to Date Earnings Reflected
  • Two Years Tax Returns
  • Two Years of W-2s
  • Copies of Bank Statements
  • A Signed Credit Authorization

Wallkill Valley Federal Savings & Loan wants to help your dreams of home-ownership become a reality, if your in the market for a home we encourage you to give Melissa a call at 845-895-2051 ext. 226.  You can also email her at mflickenschild@wallkill.com. She would be happy to help you get started in the process of obtaining a pre-qualification letter and help you move one step closer toward home ownership.

We need an Equal Opportunity Housing Lender Somewhere



Other articles by Wallkill Valley Federal Savings & Loan


  • Worried about this year’s holiday credit card bills?

    Bank Smarter in 2017…with a Holiday Club Savings Account!

    Imagine debt free shopping for Christmas gifts! Some people think of Holiday Club accounts as an old fashioned notion but we suggest a new point of view, think of it as it as a SMART option! read more »
  • When is the best time for kids to start saving?

    Tips from your local banker

    Teaching kids to save is an important life lesson. Here is some advice for parents to help pass on good saving habits to the younger generation. read more »
  • Lifetime Achievement Award presented to WVFSL's Vice President

    Congratulations Rolland B. Peacock III of Wallkill Valley Federal Savings & Loan

    Rolland B. Peacock III, Vice President, Commercial Lending for Wallkill Valley Federal Savings & Loan, will be honored with the Lifetime Achievement Award at the 2016 Orange County Distinguished Citizen’s Award Dinner. read more »
  • Bank Easier

    5 ways your bank account can make life easier

    Wallkill Valley Federal Savings & Loan discusses bank services that are designed to make your life easier (and maybe even save you time and money). read more »