With interest rates lower than theyāve been in a while, now is the perfect time to refinance or apply for a home loan! š” Letās chat about how you can take advantage of these great rates. Reach out today to schedule a meeting! #thehelpfulLO #home #house #listreports #homeowner #happyhome #lo082724 #investment #finances #realestate #mortgage #loanofficer
Tag: Best mortgage rates
% šŖ Fed forecasts cuts aheadā¦
The Fed’s pivot from ‘maybe more hikes’ to ‘cuts next year’ had the markets in ecstasy. The Dow and S&P 500 hit all-time records. The yield on the 10-yr US treasury went below 4%. And average 30-year mortgage rates fell to 6.6%. That’s a decrease of nearly 150 bps (1.5%) in just two months. #thehelpfulLO #home #house #listreports #househunting #finances #mortgage #investment #realestate #loanofficer #happyhome #happyhomeowners #housingmarket
Home Loan Approval
Being pre-approved can make your offer more attractive to a seller in a competitive seller’s market.
Home Loan Approval vs. Pre-Qualified Applicant
Hi. Itās Mack with One Trust Home Loans and thanks for being here. My NMLS number is 208691. And today, we’re going to talk briefly about being pre-qualified verses a home loan approval. You know, we find ourselves in a very tight inventory for houses that are for sale. It is very competitive out there. If you’re a first-time home buyer, it can be very challenging to find a home not only in your price range, but when you do, you find that youāre competing with other buyers.
Having a Home Loan Approval gives Buyers an Edge over Other Pre-Qualified Applicants
One thing that I know that will give first-time home buyers an edge in the market and even, you know, move-up buyers is to be pre-approved versus just pre-qualified. Now, in my 25-year career, the process for most home buyers starts with a pre-qualification wherein, you apply online or you apply in person, and we spend some quality time together, and discuss your goals. And we make sure that those goals are achievable based upon the income, the assets and make sure that the goals are achievable even within the framework of what you define for us with regards to your specific goals for down payment, closing costs and monthly payment.Loan Approval Process
Loan Approval Process Documents
Now, the home loan approval process takes the pre-qualification process several steps further. So, not only do we complete the loan the application,
spend some time together and define your goals, but then we also put together the financial documents that are necessary to support the application, which include your W-2s for the most recent 2 years, pay stubs equal to 1 monthās income, 2 years tax returns, 2 months bank statements, appropriate identification, and some other items.Ā You can find a link with anĀ approval checklistĀ here on my video blog.
Now, what we do with that information is we not only justā Not only do we take and review it, but we submit your financial documents to an underwriter and request that the underwriter give us a pre-approval. And then we issue a pre-approval letter to you. And that letter in and of itself in a competitive situation where you are competing with other buyers can Ā make a difference in whether you get the property versus another person that didn’t take the process, that extra step to reassure a seller that you are indeed qualified to purchase a home.
I hope this was helpful. Please leave a comment and please tell us if there’s any of the material that you think would be of value to you that you would like to know more about. Iād be glad to share it with you. Thanks a lot.
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