different areas where you can pick the best scenario to beat your current financial needs ok the first step in applying for a loan is due to get pre approved by a mortgage lender before you even get into a car with a realtor you're going to want to go to that step brothers 2 different types of pre approvals was prequalification and what is a pre approval and there's a big difference is between the two of you look at this line being prequalified your credit report will be pulling skin be reviewed by the mortgage originator income and asset information is taken verbally but its not verified 100 pre-approval we're going to your credit report and review that and they were also going to ask you to provide us with supporting documents that need verifications we're going to verify your income we're going to verify your assets and we're going to be all Sol verify funds for closing of being pre approved this is much better being prequalified lot of listing agents when you go look at their house they will not accept a pre qualified letter the one pre approval and they know that there's no surprises coming down the road is just an overview of the of the total loan process and the number of days it takes to please a loan at supreme lending we average probably anywhere from 20 to 25 days to close a mortgage loan some of the bigger National Bank she will love this bar taking longer than that will take 45 60 days but here's what happened during the course of the process a loan application we're going to meet with the clients application is taking credit is pulled everything review your supporting documents okay this is at this point I could be basically pre approved and pre approval letter would be provided to your Realtor and to yourself this way when you go to make an offer on a home you'll be prepared and have everything you need a loan in time the doctor ordered in the closing documents are sent to the title company for your final settlement statement prepared what to expect at war at the mortgage loan application first of all there's a couple ways you can fill out an application you can either go to my website which is team. He Lowes .com where I can take your application over the phone or in person at this point I'm at the applications were asked you certain questions certain things about life such as employment history savings habits marital status ownership of any additional properties and other questions to determine your ability to repay the loan also this point I'm your credit report will be pulled and wearing review that poor credit and financial history the important documents do I need an application is two months of all pages of all of your bank statements checking savings savings investment retirement stocks and any other accounts that that may hold your down payment money were also request 30 days of pay stubs your most recent to your w2's most recent two years of tax returns and a copy of your driver's license is good to have all these documents up front so start saving your paystub start saving your bank statements important information to depleted replication an application if you do if you do have a property at this point in time when they look at on continued interest rates interest rates in time I would not recommend you buy down your interest rate okay we're going to be in the house for a long. Of time and it's something we can look at it will do a side by side comparison to see that fits your financial needs the downpayment simply lenders like to see a 20% down payment and that's going to be on a conventional love it when you put 20% down you are by yourself out of was called private mortgage insurance private mortgage insurance protects the letters and Sedition Act cost to you but really provide you with no benefit but just protect protect the lender's down payments the lowest down payment we have is a 3 day hopper said and that's on a FHA loan and face after we have your credit pulled and look at your fault line documents we will look at different lengths to determine what's the best for your financial situation the Sochi you have closing costs and then you have prepaids the closing cost of one-time expenses that are incurred in charge 2 on your loan fees visa application fees at points title title insurance credit report and processing fees will provide you at the time of application for Thor actually three days with an application with your own contract we have a full application will provide you with all the good faith estimate this is faith estimate is an estimate of all the closing costs associated with your love for your new home make sure you are factoring in the closing costs and prepaids it's okay retards the closing costs and prepaids there's different ways we can structure your love and so it the time of them were providing you an application when I will provide you with several different scenarios so you can see which ones better for you we can eat in the structure it with the seller paying a portion of your closing costs or weaker structure with the lender or me paying a portion of your closing costs prepaid expenses are reoccuring costs associated with your love these items include interim interest from the day of closing to the end of the month is going to include one year of hazard insurance collector that foreign then this is awesome be where we could establish your escrow account work to put 3 month of taxes in three months of insurance into your escrow accounts this way when your taxes in your insurance become do they will be paid by your loan servicer to start something you're going to have to pay out-of-pocket so these costs will be included in your monthly payment on your lung and under prepaid you also have any other on HOA dues if the if the house is located in a neighborhood that has a homeowners associations that track your lungs can be submitted processing processing several different things they're going to first of all get title open with the title company by sitting at our request we're going to have homeowners insurance is going to be homeowners insurance will be ordered but you'll have the ability to pick your own home insurance provider will provide us with that the way that information and they will send over the request for insurance at this point in time will also order your appraisal and the appraisal is ordered to ensure the property Mart and they are just looking for some additional information to make sure the love needs agency guidelines we have not reached the five steps of the closing process at this point in time the documents will be sent to the title company for you and the seller to sign one such a fun such as any remaining down payment closing costs in prepaid expenses will be do once you receive the settlement statement be sure to compare closely does a good faith estimate your seat at the beginning of the process to be sure you're getting with you quoted once all funds are collected in a cartridge has been rooted verified review the title was transferred in the purchase price of the funds are disbursed to the cellar after this step you take over the keys to your new home congratulations and please feel free to contact me contact me anytime you have any questions. Thanks for your time and have a great day
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