Dallas Native Voice – Start The Process

 

Mary Beth Harri: Hi, this is Mary Beth Harrison, and welcome to Dallas Native Voice. Today, I’m sitting with Mortgage Mark, and we’re going to talk about what the process is when it comes to getting a mortgage loan. I know when my buyers, they finally start looking at houses, and it’s like you’ve got to look for a mortgage, and it’s just, you know, the eyes roll, and it’s like, “Ugh, it’s going to be so difficult.” Let’s talk about it. Start the process. First of all, can I do it online, or do I have to meet with you?
Mortgage Mark: You can do it online. In fact, most people do. So, to start the home buying and mortgage process, go online, spend about 15 minutes giving your best effort: name, birthday, social, where you live, what you make. The lender will ultimately call you back, review all the information, make sure nothing was missed. Once we’ve done that, and assume let’s just pretend everything works out and you’re good, we’ll send a letter-
Mary Beth Harri: So, what are you going to do with that information?
Mortgage Mark: Great question. Pull up the people’s credit, look at your credit, review it, call them to make sure everything is accurate, then we’ll review debts, liabilities, things like that. Make sure the income is correct. See if there is any pitfalls there that we need to discuss, and then ultimately from that, we can issue what’s called a “Prequalification Letter.”
Mary Beth Harri: Okay.
Mortgage Mark: So, you’ve given me the information, then I’ve thereby said, “You’re good. Come in now.” The next step would be to get pre-approved, and there is a difference. Prequalification is information. Pre-approval is documentation.
Mary Beth Harri: Okay, that’s good to know. So, tell me how do I get documentation?
Mortgage Mark: So, documentation, we will request, as you call it, as we call it, “The Twos.” It’s two bank statements, two pay stubs, two years tax returns, two years W-2. The lender will give you the list that says, “Here is what’s needed.” The value in that: one, you can ensure that everything is taken care of now, meaning all the skeletons are out of the closet, we’ve seen it.
We’ve reviewed it as a lender, and said, you’re good. More importantly, from your side, as you know, you can go to an offer now and say, “Look, Mr. and Mrs. Seller, my buyers have done the work. We are approved. There won’t be any hidden things that come up at the end,” and really just makes a very strong offer [inaudible 00:01:59].
Mary Beth Harri: I can’t tell you how valuable that is, because especially as we head into the market that we’re now, where there’s so little inventory and multiple people are vying for one house, I know as someone who represents sellers we’re not going to accept an offer if they haven’t even talked to a lender, and certainly got … at a minimum, pre-qualified, but really pre-qualified just means, “I made a phone call,” you know?
Mortgage Mark: You can tell me you made a million bucks a year. I have to believe you.
Mary Beth Harri: Right.
Mortgage Mark: Until I have seen it, and especially with the commission, the self-employed, the bonus folks, there’s things in there that they don’t know. And look, we’ve had a W-2 guy make $80,000.00 a year, but he had $15,000.00 of write off on his taxes. So guess what? That’s a net 30.
Mary Beth Harri: Right.
Mortgage Mark: There’s no way for us to know that until we have the documents. It really [chaps 00:02:47] you when you spend however many times on the nights and weekends, driving out, however many offers you got to make to get that contract, and then find out a week after contract-
Mary Beth Harri: You can’t afford the house.
Mortgage Mark: You can’t do it.
Mary Beth Harri: Well, the flip side of that is, I don’t want my buyers looking at a $300,000.00 house when what they can afford is $250,000.00.
Mortgage Mark: 100%.
Mary Beth Harri: And, $250,000.00 is a lot of money. That’s not to be diminished, but a $300,000.00 house should be bigger or look better. So, I don’t want you falling in love with something that you can’t have. The other flip side of that is if you tell me, “I can afford $300,000.00,” and I look at you like you’ve got two heads because I know I don’t want to pay for that, so then it’s not only what can you afford, but what are you comfortable with. All of those things factor in when we start looking for a home. So, how do I apply online with you? How does … where do I go?
Mortgage Mark: MortgageMark.com. There’s an Apply button up top. Again, get the information, we’ll send you the checklist. At that point, we can give you the air high five. Once we have your paperwork, you know you’re safe. You’ve done the homework, and to your point earlier, we’ve seen folks, sellers, take lower offers because of a pre-approval compared to somebody else they weren’t real confident in doing that offer.
Mary Beth Harri: I’ve seen that as well. You’re absolutely right. Well, thanks for listening. You can find us at DallasNative.com, and wherever you are, you can also find us on Facebook, Instagram, SnapChat. You name it, we’re there. Thanks for listening.

 

 

Information Courtesy of Dallas Nativeย 

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