You want to buy a house......
Here is what you have to do first before even thinking about going to a real estate website.
It's like candy, we get it, but first, get ready to enjoy it.
The absolutely very first thing to do if you need a mortgage for any property is to get fully preapproved. That means that you have had your income, assets, and credit fully verified and all the kinks are worked out.
We take your information securely and partner with many fintech sites and the work number to verify everything at lightning speed. Then, after running your credit through our partner at factual data we then upload your digital stuff to either FannieMae or Freddie mac to see if we can get your conventional, FHA, VA, or jumbo loan approved. from there, we can even send the file directly to a lender you and i choose based on your file. They issue a real approval subject to the property stuff like appraisals and title.
This lets you become a buyer on steroids.
Along with being first in to make a great bid and a super preapproval, this is the next level of preapproviality!
You are under agreement...
Hurry, take one day and contact a few people including the person that preapproved you. you are not locked into them. See what they have including programs that make sense for you, rates they can lock or what the lock policy is and points from or to you and the fees. Sometimes they can't get the appraisal 100% right, but the rest of the mortgage costs, someone should know.
Then lock with one company and stay there. It's just not cool to leave someone for 1/8th. If the rate goes down 1/4, being a broker, I will try and renegotiate or possibly move you, but, that hurts my credibility with the lenders. That's all I have anyone has in the long run.
And, of course, I will do my best to broker your loan to the best company with the best deal for you since each lender pays us a flat fee of approximately $3750 so we don't make any different money based on the program. That way you'll know that if I want to grow my business, I need to do a great job!
Here's the way home loans work
in the mortgage world, 2020 style.
We have you (or we can do it over the phone) go to the loan app and fill out the secure application from our partners at floify. it's pretty cool. it's time-saving because we are able to retrieve the stuff the lenders want like bank statements directly from your bank securely. Income documentation possible too since all companies aren't there yet. But, if you work for a big company, it is likely we can pull your w2s and pay stubs to satisfy that part of the process.
After gathering and hunting, we send your file electronically and securely to the lender we have chosen or locked in with. They will furnish a loan estimate to you that you will read and we will help you understand. once you are cool with the numbers, the clock starts on your loan.
As your file goes through pre-underwriting and disclosing, we get to order the appraisal. Simultaneously, the loan goes to the underwriter and the appraisal comes to your place.
Make sure the place looks as nice as you can get it. They will be taking pictures of the inside.
Then, once the appraisal gets back to underwriting, they issue us a list of the cleanup items. We bug you for anything we need and you're off to closing!
Why go through a broker and who will be my lender?
Good questions. We have multiple sources and that allows us to find the best deal or put the best situation for you looking short and long term.
We have both big wholesalers and boutique companies that specialize in one type of loan product.