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Hello and welcome to the TLC Mortgage Show we begin in Section 1 talking about lenders. So if you want to determine weather in Linda thinks you can afford particular debt load, and that’s probably all you need, if you’re getting serious about all this and ready to shop. For houses then pre-qualification means ever little. Can you take Next Step, which means pre-approval getting pre-approved? I think about this. When shopping for Tulsa mortgages, pre-approval verifies all the information you provided at this point. Your credit report is not run Maryland to verify the amount it is run rather to verify the amount of total debt, but to check whether your credit is up to par for a particular loan request in a pre-approval. The income you verbally gave to the loan officer is now verified by third-party by reviewing your paycheck stubs or a recent WW2. Your down payment and closing cost funds are verified by reviewing bank for investment statement showing that you required fun are sitting in the bank somewhere. Colorado Springs Mortgages Just busting to get out this is your pre-approval, it’s nothing more than a verified, pre-qualification! That’S also nothing less than what your real estate agent or home seller wants to see. Keep this in mind when looking for Tulsa mortgage section 1.6, what is the pre-approval process? The pre-stuffed verifies two critical elements in credit: approval, your ability and willingness to repay a mortgage ability and willingness go hand-in-hand. While you can make enough money to be able to afford to pay back a loan. If you don’t have the willingness to do so, then it won’t work and of course there are certainly a lot of people out there. Who may have the willingness to pay someone back. They just don’t have enough money to do so by verifying income in the available assets to close on a house and then reviewing the credit report. These two initial hurdles are overcome.  It’S no big deal but documenting your pre-qualification really is your first step. Let’S examine the process in a little more detail. Think about this when applying for a Tulsa mortgage. First, here’s what doesn’t happen loan applications aren’t sent to some loan committee for review on committees went out with the leisure suits in Once Upon a Time. Yes, Colorado Springs Mortgages that’s how it happened. Potential borrower’s would apply for a mortgage in extol their financial virtues alone committee, usually meeting once per week with later, to discuss the positives and negatives of the applications. I host of oat old men in black suits smoking, cigars and saying things like a rump.

What eventually approve, or disapprove alone request today, your loan application is approved or not approved at the very beginning of the process for never gets to the underwriter. The person you typically approved the loan. This process is how now, how well mostly it’s mostly off automated and everything’s, approved first before anything, is ever verified. It’S different from the old days used to be document and verify absolutely everything before any approval whatsoever. You could go 3 or 4 weeks without really knowing if you were approved today. Your loan is approved. First, then verified later think about this when applying for a Tulsa mortgage. Colorado Springs Mortgages Those of you who have applied for a home loan more than 5 years ago will recognize this next girl. First, you got it all your documentation, bank statements, tax returns and paycheck stubs, whatever you can think of, then you try to down to your local mortgage company. Bangor Savings and Loan and met with loan officer completed the loan application with the loan officer and then to tell the types of documentation needed. Your credit report was also pulled in reviewing your debt ratios were calculated to make certain you weren’t borrowing more than you and Islanders eyes could handle. Remember this. Keep this in mind when thinking about a Tulsa mortgage things have certainly changed. There were any credit problems say late payment on a car last year at the loan officer would ask for an explanation. Letter to credit report would show whether the problem was a pattern or an isolated instance. The explanation letter was a secondary requirement that had to be in the file many times the letter of simply said. I forgot why I forget why I was late, I forgot, or I forget, and it would still be okay. The explanation didn’t have to convince anyone or be necessarily plausible, just had to be there. Colorado Springs Mortgages It also have to address any other discrepancies, such as length of time at your current job or gap of employment. Didn’t work because you broke your leg, provide some medical bills to prove it sudden deposit some money in the account prove where you got the phones you needed to show you didn’t borrow the money from somewhere else and make sure it wasn’t affecting your debt ratios were Perhaps hiding a prior lien on the property, and that was just from your standpoint the same time, an appraisal of the home you were considering buying would be ordered along with some initial title work. Then a bevy of folks would start mailing stuff to you. Colorado Springs Mortgages Explain this and declaring that and using words, you’ve never heard up in about 3 weeks later.

After all, the required documentation been gathered, and only then your complete application would be sent to a loan underwriter for approval by then it’s been nearly a month in the mortgage company still hadn’t looked at your complete application process simply means verify first and approve last think About this, when applying for in Tulsa mortgage 31.7, what are loan conditions when things called loan conditions are tagged onto your approval? They mean that your loan is approved conditionally, for example, your loan is approved, with these two conditions bring your most recent paycheck. To closing. Provide me with your complete divorce to create show that you don’t pay any child support each month or provide evidence of insurance coverage for the new property. Give me the conditions near loans approved in your loan papers are drawn and all my years of doing loans. I can recall only a few loans going to underwriting without some sort of condition attached. Colorado Springs Mortgages It’S almost as if Underwriters have to put a conditional loan, just proved actually looked at the file, but this process can really add to the tension of the mortgage approval process. I know that you got pre-qualified with your loan officer and she kept nodding your head and smiling at you saying: don’t worry I’ll, be fine, but unless you’re that final word, congratulations, you’re still waiting and waiting. We all know about this and keep it in mind when looking for Tulsa mortgages, section 1.8. What are automated underwriting systems? Your loan application is put into a specialized software program that evaluates your entire application and within a matter of moments, your approval is issued sound easy. It is, but that doesn’t mean you still don’t have to provide any documentation you do, but only what the software program says to provide get approval first, with an automated underwriting system. Before you begin the verification process, instead of verify first approved last, you will get approved. First and verified last, if you have excellent credit and a good down payment, anything over 20 % is generally considered good. The approval may only ask for one paycheck stub and last year’s W-2. That’S pretty much about it! Colorado Springs Mortgages Think about this one. Looking for a Tulsa mortgage under the old process, you would have provided everything under the sun just in case you needed it. In fact, some loan officers used to list the required documentation on the back of their business cards. Some still do the list of items needed at the time of loan application could be daunting. Paycheck, stubs 2 years worth of W-2s 3 months worth of bank statements, 2 years worth of tax returns, all schedules name phone number and address of your landlord. A copy of your divorce decree, if applicable, tax returns for your business 2 years, including all schedules, a year-to-date profit and loss statement. Well using a us all the software program.

Does it say if you can approve what you said if you can prove what you said on the loan application, then you can get a mortgage think about this when looking for a Tulsa mortgage, section 1.9 who uses automated underwriting systems, almost every lender, mortgage broker now Uses an IUS Fannie Mae and Freddie Mac both developed their own, a u.s. help, speed up the home buying process. These programs tell you exactly what you need to do in order to get into a home, no more documenting this and tracking that down and waiting for this and not magic phone call. Your approval really is issued first, not last. You only need to supply with program. Ask for Section 1.10 of an automated underwriting system. Approves me. Does that mean I get the loan?  Colorado Springs Mortgages Well not yet there is still an appraisal to be ordered an inspection to be performed, a title to research in a review to be done of any claims on the property. That’S just for starters, but in terms of an a us there still the verification process. You need to go through if you said you made ,000 per month, and you can bet your lender will want to see a W-2 and a paycheck stub, showing your earnings, in fact, they’re actually degrees of approvals. Using these systems, loan applicants with little or nothing down and a limited credit history can expect to be asked to provide more documentation that people with a long track record of timely payments in a large down payment. But in any case you will know ahead of time. What document and what to ignore think about this when looking for a Tulsa mortgage, remember when is expected paid back, and so they determine your ability and willingness to do so. Colorado Springs Mortgages Secondly, in just as important, they review their collateral. That is your future home. By ordering an appraisal in reviewing the chain of title on at home, your potential new house in the ground it sits on also have to meet the guidelines. One is it’s value, is the home worth which you’re going to pay, for? It is the price based upon similar properties in the area. Are there all these defects in the property like a foundation problem or leaky roof that needs repair that affects the value of the home? And while you may be the best father in the world is stratospheric credit scores. The house is a dump meeting pear before you can move in the deal. Just won’t close. Keep this in mind when looking at Tulsa mortgages.