Can I Sign New York Banking Presentation

How do i industry sign banking new york document computer

so um that's why you get the pre-approval uh off the get-go i always like to say it's like you want to prepare and put your sunday best on you know what i mean you want to make yourself as presentable to the bank as possible so there's not a credit score we want to strive for per se but when we do the pre-approval um a lot of people are very hesitant to run their credit because they think oh if i run my credit my score is going to drop um and if you're kind of doing yourself a disservice at this stage in the game um because we might be able to run a credit report and give you simple tips and raise your score you know 50 to 100 points i mean i've done it with with people within 30 to 45 days that they'll scores a jump so there's not a credit score that we're striving for per se but obviously we want to make the best presentation to the bank and if we catch it early enough before they even start looking by the time they go through this monopoly right and we're ready to actually get going we may have a better um presentation to the bank i mean there's different programs there's fha there's va there's conventional so depending on the type of credit score that somebody has may dictate which of those programs we put them in but um there isn't a score per se but it's very uh important to work with a professional that's actually looking at everything and and kind of guiding you through the process i always tell people when they're starting to look and they get a pre-approval letter from us it's just a general guideline it's not set in stone right so the next thing is find a home a wish list we kind of do that in the first step as well because we're going to say okay what area are you looking for most people hop on the internet and they have kind of like the wish list already right so we'll be like you know in this area what are the homes go for what are the taxes so we'll we'll generate a pre-approval but as they're working with a real estate professional such as you will actually be another um tool in the toolbox where we're constantly be able to have a team working for the client so there isn't a specific credit score we want because there's different programs but we like to um look at everything and see where we can make it better if we can so bobby let me ask you this because you know i just want to make sure that it's clear to you know the viewers so i understand there's not a specific credit score to strive for i think we might want to tap in the different types of loans what's the difference between fha versus conventional versus um the va loan and for each of these different loan programs there is a minimum credit score that you should have though right can you talk about that 100 so on on an fha or a va we're gonna want to try and have at least a 620 fico score okay on a on a conventional loan we want to have probably i would say a 680 or better okay but the point that i'm trying to make and maybe i didn't drive it home you know when i was discussing that give me an example my cousin called me about two months ago and her and her husband wanted to to purchase a home she had a couple blips on her credit she was actually on a credit card with my other cousin her sister and she was just an authorized user and and she was paying it late so i was able to tell her to remove her name off of that card and then make a couple little uh tweaks with her own credit and get her to where she needed to be so yes there kind of is a minimum like we're like we were saying we want to try to have a 620 if we're going fha or 680 if we're going conventional but the the important part is to not bear your head in the sand and be like oh my credit score is no good i can't buy a home and to kind of work with somebody um and achieve those goals okay i had a client that we just closed actually last a few days ago that i was that i had contacted me a year ago and although we don't do credit repair per se i was able to tell her what to do and she came back and she's like i think we're ready can you rerun my husband's credit and we did it and they were ready so um yes there are certain scores that we want to strive for depending on the products but we want to try and help everyone that we can we want to be problem solvers thank you so much for that bobby so you know i with that i think that definitely did answer um the question so you know at least everyone will now have an idea of what the minimum credit score is but in other words just do not be discouraged if your credit score you know is not at that amount to qualify for that fha conventional loan in fact your loan officer will be able to you know provide to you um you know a guideline to actually prepare you to be the best that you can be to qualify for a mortgage so moving right along let's just say we know exactly how much you qualify for the next step is finding a home oftentimes we want the most beautiful home with all the bells and whistles mini mansion whatever the case may be but the reality is our situation may not allow us to purchase that home so you don't want to waste your time window shopping and you don't want to waste a real estate agent's time is showing you these homes that you may not be able to afford so the pre-approval will pretty much just cut out all of that unnecessary time and we're only going to focus on the homes that you can qualify for your wish list definitely should be the things that you know you would really really like in a house but let's face it sometimes 100 percent we may not get if we get 100 then god bless us all but you want to focus on the things that you need and the things that you would like to have but it's not necessarily a deal breaker so the things that you definitely have to have i definitely want you guys to focus on on those and don't beat yourself up if maybe 85 of the things that you want are in a home but maybe the next 15 percent probably wouldn't work out so what we'll do as a real estate agent we're going to compile a list of homes that meets the criteria that you would like and also in the neighborhood that you would like okay um you can also take a look at a website called niche.com where you could actually just take a look at the school ratings a lot of us well most of us all of us are moms here and you know the types of school that your children go to is really important to you that website again is n-i-c-h-e dot com you can check out the neighborhood ratings you could check out the school ratings and if you're not familiar with the neighborhood this could probably be a really good source for you to go to to to check out the school ratings let's say we go ahead and find a home you absolutely love it the next step is for us to place an offer on that home this is the amount that you wish to pay you know for for the home and it is entirely up to the seller of whether or not they are going to accept your offer they're going to counter the offer or they're going to reject your offer this market right now is a seller's market inventory is so low to the point where buyers are just willing to pay above and beyond asking price just to get out just to get a house the interest rates talk about interest rate and i want to tap into that mike and bobby because there was another question that someone actually have um let me just pull that up if the interest rates are actually going to go up or down this year i know that right now the the mortgage rates right now is at an all-time low i'm not sure if it actually had dipped up or down can you guys just you know briefly tap into that sure actually rates have crept up a little bit um they're still super super low um one thing we always tell people is you know when you start out maybe the interest rate creeps up um but it really doesn't change your payment much so um interest rates are starting to creep up they were below two now they're creeping up and they're like at three but still great i mean when i first bought my home it was six percent right and i'm sure mike bought his not to age him or anything like that it was much much higher so historically rates are still great um when you receive a pre-approval letter and give somebody a payment even if rates tend to move up if they go up an eighth of a percent or a quarter percent you're still going to pretty much have that payment so the important part is to have an understanding of more or less what your payment is and get something within your budget and although it sounds funny uh even if rates creep up a little bit the payment itself won't change much where it should make it so that it's not affordable anymore to you so the important part is finding the right home like you were saying that meets your gut your what you want what your goals are and and understanding more or less what your payment is and doing the things uh in the process correctly awesome riot mike hey mike hey very succinctly in response to interest rates interest rates were about three months ago like 2.375 and right now depending on the program that you're going in whether you're putting down 20 and going conventional or three and a half percent and going fha the interest rates are between like 2.625 and 2.875 which is still extremely low um they with biden becoming president and with the bond market going up and the bond market influences the interest rates um i've been reading a lot of newspaper editorials about this that they expect the rate to go to about three 3.125 but at this point it's still in the high tunes and to be quite honest it guys i'm telling you right now these mortgage rates are absolutely amazing because i even sold a house about a year and a half ago and the i think the rates were probably like 3.75 close to 4 there are a lot of homeowners right now who are just trying their very best to even refinance so that they could actually you know cash in to do some home improvement or even just have a lower mortgage payment so if your question would be is it now a really good time to buy my answer is absolutely you definitely want to buy and take advantage of this wonderful industry i agree 100 moving right along yeah absolutely so moving right along let's say your offer was accepted wonderful because nowadays there are tons of bidding wars and people's offers not getting accepted but hey let's just say we were lucky enough and our offer was accepted and at that point in time we're going to schedule an inspection an inspection is a vital part of the home buying process because you want to know what you're getting yourself into and how much it may potentially cost you and it may cost you something really really big if you do not do your due diligence there are some home buyers that say hey listen i'll take it as is not a big deal i don't even have to go and get an inspection wrong because what your eyes may not be able to identify a really good home inspector will be able to detect certain things that may cost you a lot of money down the long run any issues with roofing plumbing electrical lead paint flood mold i mean the list goes on you know things that you probably would not even think of that will cost you thousands and thousands and thousands of dollars and if it's a cosmetic issue not a big deal for you to take down a wall replace it paint whatever the case may be but the things behind the wall that you cannot see that's going to cross your arm and a leg that inspector will save you the time and the headache if you get a good one right so let's say an inspection is performed on the home some things actually came back that we are not too happy about as your real estate professional i will then renegotiate that price for you or see if the seller will agree to fix the items and will do another reinspection just to make sure everything is great or the owner may even provide to you credit so that you're able to use those funds to take care of those items yourself maybe you have a personal okay so once the inspection is done and you're satisfied let's just say the house was absolutely amazing even though it says the application process the next step is actually the contract okay so the seller's attorney will then issue a contract to your attorney because you're the buyer to just make sure that everything um you know regarding the home the um that you're in agreement with everything there so your buyer's attorney have to make sure there are certain contingencies or protections stipulated in that contract to protect you as the buyer one in which will be a mortgage contingency so mike michael bobby tell me why is it important for a home buyer or potential buyer to have that mortgage contingency in their contract mike you want to take this one yeah you it's imperative unless you're paying all cash for the house to have a mortgage contingency in the contract because when we pre-approve you we're going to tell you what you're qualified up until including the amount of taxes if you don't have a mortgage contingency in the contract then you're essentially buying the house all cash if you do have a mortgage contingency in the contract and are rejected for a mortgage which we wouldn't let happen because we'll tell you what you can qualify for in the first step of this thing under the pre-approval then you're in jeopardy of losing your down payment if you do if you have a mortgage contingency and um you can't get the mortgage for that amount you will not lose your down payment yes so it's really important that you have a really good attorney and not one who's going to have you sign your life away you guys ever heard about you know what i don't know about buying a house i'm just signing all these papers i don't know what i'm getting myself into but just imagine you purchasing a home for 500k didn't have a mortgage contingency and let's just say that um you know you didn't qualify for you know that mortgage and you didn't have that protection in your contract that hundred thousand dollars that you worked so hard for is gone okay so it's really important that it has it standard contracts normally have that mortgage contingency so you wouldn't have to worry about it and working with someone like us i guarantee you you wouldn't have to worry about that from happening so you go ahead and sign the contract everything looks great it's signed on both sides we're going to go ahead and send over to mike and bobby that contract so they could start the loan application process so guys talk to me a little bit more about that process there sure so at pre-approval you're going to give us some of your documents right but maybe it takes you two months you know to find a home you're going to submit again you know your updated pay stubs and everything like that at that point we're going to have a contract so we're actually going to be able to enter everything into the computer and actually give you your application which you have to return to us and that's going to give us the green light to start working on your your um your uh mortgage right so it kind of leads into the next uh step here where we're um you know we've already signed the contract we're applying and we're going to get ready to order an appraisal all right talk to us about an appraisal what is an appraisal so an appraisal is just like just like we uh you know the word says it's for the value so you may have entered a contract and said i'm gonna pay five hundred thousand dollars for this home but maybe the home is only worth four hundred thousand dollars right um so let's say you didn't have a mortgage contingency right well the seller's gonna say well i don't care you agreed to pay 500 000. i don't care what the appraisal says right now you have to pay 500 000 for that home one way or another right um if you if the house is not worth what you're paying for it at that point then all the numbers can change now sometimes people will pay over and above what something is worth right if they really really want the property for one reason or another okay but this is another out for you um because it's part of that mortgage contingency where if you go back to the seller and say well your home's only worth 450 and you asked you know we agreed to 500 what are we doing with this if they turn around and say well um you have to pay 500 and you can turn around and say well um i'm onna ask for a declination letter from the bank because there's not enough collateral right the bank is loaning you the mortgage based on the property being worth whatever you're paying for it so it's very important that we have that appraisal to make sure that we're not over buying right if i could just add one very quick thing when we go back to the pre-approval and you find and then you find a home what we're going to do is we're going to call four or five appraisers to see what the value of the home is um that doesn't mean that these are the appraisers that are going to do the appraisal but we want to make certain that we have at least a great chance of getting the appraised value of the home so that you don't waste five or six boxes on this chart and then find out that the house is worth much less than you're offering for the house thank you so much guys for explaining uh this process okay looks like somebody's coming in let me let them know we got them in okay perfect so so you guys know how important it is to number one definitely get a home inspection it will save you the time any headache you understand the reason why the bank would order an appraisal um you know the importance of having a mortgage contingency in the contract which also have a stipulation about um the uh the appraisal as well um these things are critical even at this point in time you have already spent money for an inspection you have already spent a lot of time you know going through this process so you want to make sure if you're going to meet the finish line that we are going through all of the necessary steps making sure that you're not paying more than what the house is absolutely worth worth unless you absolutely love it there are some people who will pay 50 60 000 more just to beat everyone who's putting a bid in on a house and you know what that's your prerogative but most of us don't so let's say the appraisal comes back short as a real estate professional it's going to be our job to be your advocate right so we're going to then renegotiate the price we are going to put in listen your house was actually listed for 500k yes we had offered 500k with the um with us thinking that the house would have been worth 500k however after we got the appraisal report it actually shows in fact the house is only worth 400 000 so we'd like to now renegotiate our original um offer of 500 000 to 400 000 sellers do not want to hear it but there are only a few things that could happen is either we accept it pay the difference either they negotiate it down to the amount that we would like or we could totally walk away from the deal and sometimes it could be hard for um home buyers especially if they are emotionally attached to the home so at that point in time you want to do a little bit of reflecting to determine whether or not if it's worth you moving forward with that house or not all right so let's just say the appraisal actually comes in everything looks absolutely amazing during this time bobby and mike they're going to be working together with their processor just to make sure that all of your paperwork is up to date anytime you have any updated pay stubs any bank statements make sure you forward it over to your loan officer or your mortgage broker so that they're able to for this information over to the underwriting team if you delay on your end it will delay the process of closing so make sure you're doing your part okay do not call the mortgage banker do not call the mortgage loan officer you know and question what the heck is going on with my my closing i need for it to move forward when you haven't done your part so just make sure you are prepared okay um they're gonna do employment verifications and i think they do employment verification even more often now because of the situation with covet a lot of people are being furloughed a lot of people are being laid off a job you had for 18 years the next day they're saying up sayonara the bank will even call up until the day of closing to make sure that you are still employed and on top of that there are some things there's any step in this process could stop you from closing on a home so let's just say that there was a reduction of hours in your employment that could affect whether or not you'll be able to qualify for the loan so there's a reduction of your hours if there was a reduction in pay because you're you know your position is no longer available the company is downsizing it can affect you um as well now talk to us a little bit more about underwriting the underwriting um process bobby so in the community okay so at this point we're i'm gonna you know mike and i would give you a list right at the application we kind of know after doing this from amounts of years what the underwriter may ask for okay so underwriter is the person making determination whether your loan is going to get approved or not and the goal is to get a commitment which is the next a box on our on our list here that commitment is your actual approval okay so the commitment letter that the underwriter is hopefully you know issuing is going to have a list of conditions that are going to get us to the finish line okay that commitment letter is also going to go to your attorney because your attorney is going to want to order a title report a lot of attorneys won't order a title report and cost you money if they don't if they don't think or they don't know that the loan is approved so this is critical it's a it's a critical step to get enough documents into the bank where we have the appraisal report and a full file and go in the file going to an underwriter who can have enough information to make a determination whether or not you're approved or not okay so it's very very critical that to follow these steps and get everything that we're asking for right off the get and don't delay the process because a commitment has to be issued within a certain amount of days and that'll be in the contract so if you're not doing your part like like you said soraya that could jeopardize again your down payment and cause a problem in your loan process and your contract oh yes and there's a lot of attorneys that have to use the power of persuasion just to get an extension for that now typically the commitment letter is due within 45 days of the contract signing so before you know it those few weeks will go by like nothing yeah um so you just want to make sure that you're you're organized um in that sense good at you know reminding um edwin and i we are very very hands-on i personally have worked with quick fun and mike and he's very hands-on so we work great as a team on what needs to be done communication is key you know for us i think that it's great that um if we're working together as a team you know with you as a home buyer and we're transparent throughout the process your experience in home buying will be a lot smoother than you think it would be um so just piggybacking on the title report for those who don't know what it is think about um you know a birth certificate of a house basically everything that you could possibly think of um is in that report any permit open permit issues any liens uh for the house any violations any additional owners i mean you name it um the title report pretty much will figure it all out because the end goal is when you're purchasing a home you would like a clean and clear title you do not want to grandfather any of those things going into a new home you know could you imagine if the house had a a building department violation and you purchased the home from a seller do you think it would be right for you to grandfather that issue and having to pay for that probably not nobody would want to so the title report will be able to identify those issues and at that point in time your attorney will be able to um your attorney will be able to assist with having these things cleared out prior to closing um just like a automobile that you may purchase with a home you're going to need insurance you need a homeowner's insurance uh policy your mortgage clause requires you to obtain a homeowner's policy um some mortgage companies may say hey listen we want the the property uh shown on that homeowners insurance policy and the reason why that's important as you guys could see it you know even in today's market or even back then the value of homes go up and down if you actually get a homeowner's insurance policy you know just at the value at the time uh in which you have purchased a home and let's just say that the value has gone up since then astronomically if your homeowner's insurance does not indicate a replacement value and your home burned down or something happened to it in order to build that home you may have to come up with the difference and guess what you still owe a mortgage on that house you know um that's something that you're going to be responsible for until you actually pay that last note after 30 years unless we win the lottery and you just purchase we just you know pay off the the mortgage right then and there so once you have checked off everything on your commitment letter all the items that bobby and mike would need you pretty much kept your job everything looks absolutely amazing your and all the conditions have been met you're now then clear to close when you're clear to close your attorney alongside the um of everyone else would come up with a date where everyone is available to close on your home but before we close your home we will schedule a final walk through we want to make sure that the house is still there we want to make sure that the house is still in the condition that it was in when you first seen seen it and fell in love with it um short story and i actually shared this with liz one time because i helped liz and her husband with their home another buyer actually saw a house that they fell in love with and particularly the kitchen is what caught their eye stainless steel appliances nice chef kitchen stove microwave dishwasher you name it top of the line appliances they love it with an island all right in their offer notification i specified that the appliances we saw during the open house and i specified exactly what it was samson lg whatever the um the the name of the the brand was i specified it on their offer notification that it is included in the sale the day of the final walk through we walked into the kitchen the stainless steel appliances were replaced with white old refrigerators a youth stove the dishwasher was nowhere to be found okay and there wasn't a microwave day of closing final walk through my buyer was livid soraya how could they do this what i'm gonna do is my day i have to close and now this is just it's just a disaster i don't even want the house anymore i said hold on hold on we're protected don't worry i got you covered well what are you talking about but we can't close on the house i said don't worry about it we contacted the attorney we took pictures of the appliances at the time of this final walkthrough we also had pictures of the appliances the day that we actually went for the open house my buyer was awarded equivalent to what those appliances actually would cost at the time of closing cash money because that is what they had agreed to so during the final walk through exactly how you pictured your house to be in the condition that it was as long as it was in writing and it was signed off you have nothing to worry about okay um don't ever miss a final walkthrough okay so once we do the final walk-through we're off to closing closing i would say take about an hour hour and a half depending on um you know how smooth things go because things can get a little rocky uh depending on whether or not the seller had uphold to the agreement but for the most part things run through smoothly and then you become a homeowner and congratulations to you now you're gonna have to just switch over all the utilities into your name the water automatically goes into your name you definitely want to apply for the you know the start credit um so that you can uh have a credit at the end of the year on your taxes given back to you um so that's the home buying process but there's a couple of things that i want you guys to keep in mind you may not love your job but while you're actually in the process of purchasing a home you want to think twice before changing or quitting your job and bobby you might do you want to tell them the reason why because going back to what we talked about with mortgage contingencies right there's only a certain amount of things that we can control but if somebody doesn't have a mortgage contingency in their contract and say they do one of these things that you have here they quit their job now you don't have any income guess what the bank's not going to loan you that loan right um changing banks that could create a nightmare because now you move money around and we have to source everything the same thing uh the next one right making any large purchases you're adding more debt so you're actually there's a lot of stuff that you will do that you could that you could do to potentially jeopardize your own loan okay because you could change your profile tremendously by making any of these um uh mistakes they're they're very self-explanatory we're not going to go line by line but i like that you have these common mistakes on there yeah i mean we have to have these reminders because sometimes we do things you know unknowingly i'm not thinking that it's going to hurt us you know the common mistake is hey i'm buying a house let me go and buy a brand new car your debt to income ratio is now affected so now it is going to affect the amount that you may potentially be approved for and um just going back to what bobby said source you know for those who need a little bit more clarification you know you we have to be able to source the funds it because with the banks they're trying to prevent um any type of illegal funds or money laundering they want to make sure that the funds you have in the account you know to help you purchase your home are legit funds so if someone is someone is actually gifting you funds that's something a little bit different whereas the loan company can provide what we call a gift letter and the gift letter basically says hey israel i'm gonna loan bobby 20 000 and guess what he doesn't have to pay back right because without the gif letter um is basically going to be deemed as a loan an an added debt um that will have you know an adverse effect of your pre-approval so make sure if you have any deposits coming into your account source it's a paycheck someone is writing a check and not giving you cash um you know if it's transferred from one account to the next it has to be sourced and you have to be able to provide an loe or a letter of explanation as to where these funds are coming from why is it happening i mean the bank will ask you a whole bunch of questions do not give them any reason to further probe anything because it may delay the process right and we're not and we're not looking to to kind of uh investigate the person but we have to follow these steps and a common impulse is hey i have mattress money i'm gonna throw it in the bank because i'm buying a home so don't do anything without speaking to one of us because we'll be able to better guide you as to what and how to handle any large amounts of cash so that your process goes smoothly awesome awesome just one other thing soraya in conjunction with that gifts are permissible as you said but a lot of people what they do is they go out and they take out installment loans or loans to use as a down payment and that's a no no you can't borrow money from a bank or a credit union and use that money as your down payment to purchase a home thank you so much for bringing that up because you know a lot of people do that unknowingly um and that pretty much would adversely affect their pre-approval that it'll affect their debt to income ratio they have no idea at all whatsoever what most actually would do is whatever savings they have in their account they'll use that as a down payment if you have a 401k plan where you could actually withdraw funds depending on the retirement plan you have they may allow you to borrow up to a certain amo nt of funds or to take out a certain amount of funds right that so the the reasoning behind that is because you're borrowing against yourself so you're borrowing against your own money so if you were not to pay that back all they would do is take that money right and then you could tax on it as if it was income somebody asked a question about uh closing costs i don't know if we want to address it i don't know if somebody saw that no i didn't see it hold on i saw it it came up it was yeah there's somebody not to pay you to avoid closing costs yes so so closing costs are part of the loan you can't avoid them per se uh but sometimes you can as part of the negotiation process cover that have the seller kind of cover part of it it's called a seller's concession and sorry i'll i'll you know i'll let you speak on that as well but basically you're including part of the closing cost which is permissible on certain types of loans and the percentages may change depending on how you how much you're putting down and the loan type but it's it's something that you're including as part of the price now soraya you can talk about sales concessions and and the market right now i'm sure uh in terms of sales succession we do still still see them but they're becoming harder and harder to come by and you can kind of uh explain that if you can being that it's more you know uh people battling each other with with offers yes absolutely um you know sellers concessions for a seller is a nightmare and i'll tell you the reason why great for buyers not great for um for sellers so sellers concessions are mainly used you know based on my um you know my experience with the buyers that i have to assist with closing costs are you there i mean i'm sure am i here i am here oh can you hear me can anybody hear me i'm here i can hear you oh yeah okay so i'll start back i'm so sorry i'm not sure exactly what anyone had heard but you know a seller's seller's concession is basically a cr is basically a credit that the um that the seller actually gives back to you however it is incorporated in your loan so most of the time sellers concessions are used to assist with closing costs or sometimes a seller's concession actually could be used for any other thing i mean it could be used to uh you know as additional funds to repair items in a home whatever it is that you want to use for but the typical reason why one is needed is to assist with closing costs now it's a nightmare for the sellers because since the seller's concession is incorporated in your loan if the house does not appraise for the value plus what you are requesting for a seller's concession it will not go through it will cause some problems so for example let's say a house is for hundred and eighty thousand dollars but you actually need assistance of twenty thousand dollars um to pay towards your closing costs right so we add those two together that's five hundred thousand five hundred thousand dollars will be the actual loan cost this will be your mortgage cost but at the closing table the seller is going to provide that twenty thousand dollars for whatever it is that you need however remember we talked about earlier the appraisal and how important it is um for the value of the the house or even like the loan you're taking out it has to be that amount if the appraisal does not come back in at five hundred thousand dollars that seller's concession goes out the window and what i have identified a lot lately because i even try to use it myself for one of my buyers is in today's market the seller's concessions with banks they're not going through at all they're not going through at all so what i have done for my buyers instead of requesting for a seller's concession i will ask for a credit so if i'm putting in an offer at 480 000 and my guy needs 20 000 i'm asking for 20 000 back from that 480 in order to pay towards that closing cost um so if you really can pay for your closing costs then wonderful um but a seller's concession is very rare not a lot of sellers um actually accept it um right now in this market does anyone else have any questions regarding that i have a comment if that's okay uh earlier mike spoke about if somebody's working with us and before we even start the process if we know somebody is looking for a sales concession it's even um more critical that we're calling a couple of appraisers just to make sure that that final price on that contract is worth um you know again we can't ensure that that appraiser is going to do the job but at least if we have two or three people telling us yeah the house is worth 500 000 we know that that deal is going to go through and maybe we can even go to the cell and say listen once we have that contract we're going to order the appraisal right away we'll have results within a week so that you don't you you're not tied up in this in this contract will you please go ahead and and sign this contract and that may entice the first the seller to go move forward and you have that that knowledge that hey we have a pretty good shot at doing this yeah and the reality is you know there are a lot of sellers who wants a million dollars for their home you know and their house may not be worth that but because they had put so much money upgrading the bathroom and the kitchens and things of that sort they assume their house is actually worth a certain amount but i'll tell you one thing the seller does not determine how much the house is worth the market does right the market i mean increases and decreases over time which is the reason why it's important to have an appraisal i like the fact that quick fund actually reach out to a number of different appraisers just to make sure that we're not wasting anybody's time at the end of the day we want you to become a homeowner we're not going to do anything to stop you from moving forward to fulfilling your dream of home ownership you know that that's the goal here so uh thank you so much for bringing that up uh someone had a question um that was sent saying should i buy an investment property before i buy a single family home that's a really good question i honestly think that it really just depends on your personal situation to be quite honest um you know some individuals may not want to be a landlord especially around this time with the moratorium being extended if someone doesn't pay you rent you can't really kick them out right now until the courts open up in what june and you still have a mortgage you have to pay let's say your mortgage is five thousand dollars but you were banking on getting at least twenty five hundred dollars from that apartment my advice is do not put yourself in a situation that you are not prepared to handle yourself it's great to have an investment property but if you yourself couldn't handle the overall mortgage cost yourself um i wouldn't get into it because you have to get into the mindset of risk you know it's a risk that you're you're taking you know you want to make sure you have enough savings you want to make sure that you're doing your your dual diligence now if it's family and they're helping you out that's fine but when you actually have a complete stranger moving into your investment property you would have to pray that you have an angel tenant to help you pay for that mortgage because eventually it'll pay for itself and you wouldn't have to pay mortgage eventually as the time goes by so before deciding on a single home or a multi-family home i just want you to keep that in mind because it's not as easy as it looks but if your situation allows you to i say go for it or if you're not prepared to do that and maybe want to start off with a single family residence and later on upgrade to a a multi-family home um i think that's also um good as well um but talking about multi-family versus a single-family home only because i know someone would have asked this question do you guys can you guys answer this my mortgage guys do you think it's easier to qualify for a multi-family home versus a single again i think it depends um if if we're doing it as an investment it may be harder because you're going to have to put a larger down payment down right but in terms of your debt to income ratio it would be easier because now you have that projected rent coming in and that's offsetting the debt so again it's it it really just depends depends on on the situation um you may need to use less money down if it's your primary residence right so just individual um profiles the client to client will change up the scenarios so is it easier or harder really just depends like you said uh earlier should somebody buy an investment or a primary first but if you were saying soraya should they buy a primary one family versus primary true family was that the question um well whether it's primary or not but i would say primary because more than likely i would assume based on this question um they'll be uh occupying one unit and then the other unit they'll pretty much rent it out so they want to know if there'll be a good idea a percentage of the rental income to help you in qualifying for the mortgage but it really depends what the price of the property is as to make it whether it's easier to buy a one family or two family if you have a one family for 500 000 and a true family for 800 000 that rental unit uh the income that we can use from that is not going to be enough to make you qualify for an 800 000 mortgage if you could qualify for a 500 000 mortgage on a one family residence and that's why it's really important you know just to keep an open conversation with your loan officer and just let them know exactly you know what your goals are and you know they'll be realistic with you and say hey listen i know you want a house for 800 000 but the bottom line is you're not going to qualify for it because the supporting documents that you've provided to us it doesn't warrant you know what you would i don't mean to draw very simple it all starts with the pre-approval when you give us the documents that we ask for we show you all the options that are available to you tell you what your monthly payment would be on hypothetical numbers in terms of prices of one family two family investment tell you how much money you're going to need to put down and then we would call up if you were interested and you found a house and we would call you like three or four appraisers to make sure that the value is there so that's why the pre-approval is so important okay and just wanna i wanna piggyback on sam's um question also to avoid closing costs um as well um no one can really avoid the closing costs however there are certain programs that can supplement you know to help out with that um so let's just say if you get along with quick fund there are some non-for-profit organizations that may help with closing costs or home approvals and things of that sort and trust me i have done research on some of them and you would have to meet a certain criteria in order to qualify for a grant and some of them you have to meet certain income requirements and their income requirements if you ask me would be something that you could not even survive in new york for you know to qualify so i'm like you know is it a co-op you you're trying to give us you know closing costs for because we can't we cannot get a grant on a house in in new york maybe out of state but some of the uh the the income requirements you know for like a family of four can exceed sixty thousand dollars i mean it was ridiculous right you know what i'm talking about right i said this is ridiculous you might as well just move to the middle of nowhere you know for that um so there are so correct yeah i mean you would get you know what you would get the grants but you wouldn't get the mortgage for the mortgage amount yeah because you make you make way too much money but you know you can definitely do some research you know on some programs uh you know to assist with that um and even if they were able to assist you know with that um i i don't know a program that will do 100 maybe they'll do um a good amount but you there will be some kind of cost of the prepaid items yes that's correct does anyone have any other questions hi serea it's liz here very quick um and i know i'm listening to you guys super super informative but i just wanted to break it down a little bit more so it seems like your company is the one that manages getting you that loan approval getting you the appraisers and ensuring that everything everything is essentially done through your organization it's what i'm trying to ask so yeah i don't go to a bank to because i know the process is essential you know you try to get approved for a loan so we're not going to the bank we're going to you guys first or we're going to the bank to get the loan first oh so these guys actually represent the bank oh okay they represent the bank so you know what liz you actually brought up a really good point because some people feel like they have to go to these humongous commercial banks and sit down with a loan officer to do things but there's a difference between a mortgage bank um as versus the commercial um i me personally i do like working with the mortgage bankers or even like with a mortgage loan officer simply because you know with a with a broker they tend to like shop around and see what the you know the best rate that they got could actually get for you with multiple companies but when you're dealing directly with the mortgage bank these guys have all the key people that you need to do what you have to do their underwriting is in-house they're not really sourcing it out you know to someone on the other side of the you know the united states to take care of things waiting on answers you want to deal with a company that will be able to walk you through the mortgage process as smooth as possible with banks in general they they hire outside contractor appraisals in general anyway to go ahead and you know assess the value of the home um and nowadays you could just do what you do right over the phone i mean we're in the day and age of technology just like how we're doing the zoom call right now you can consult with your mortgage uh officer and they'll be able to you know walk you through the entire step right from the from your fingertips you could send over your bank statements a lot of us do banking online you could send copies of your pay stubs you could take a picture of it send it right on over and these guys will be able to do everything for you it's a one-stop shop and that's what we want we want a nice smooth process that's not going to frustrate us that's going to be you know effective and efficient and these guys they can definitely do that sounds good no i just want to tag some like people are always asking about the cost i think what deters people from trying to buy that home is all of the costs that are associated when i think about costs i think about the down payment i think about yes i'm gonna go to try to get this loan now i got to pay that person to try to allocate that loan for me then i got to pay the appraiser like i think what that's really the main issue for a lot of people like how many costs are involved and how do we tackle that like even with the lawyer we have to get a lawyer to ensure that they're communicating the information correctly for us well i on on for as mortgage banker you're not paying us a dollar uh we we work for the bank we have to originate the loan um you are going to have to pay for an appraisal of course because we can't appraise the property but um you're not paying us to get you the loan the bank is paying us to be here ready to originate business um you're not paying a realtor just because they're they're receiving payment as part of the deal as part of the commission from the seller so um there are costs involved of course um and it kind of depends on where the property is um and to answer you know in terms of down payment stuff like that i know sometimes people think oh you need to have 20 that's not the case um you know fha is as little as three and a half percent if you're a veteran you don't have to put any money down uh conventional you could put down five percent um so there are different ways to finance your loan and de ending on like we we said earlier where the property is depends on what the closing costs will be but it's important that if your goal is to purchase a property that you kind of come up with an idea of what you want and then speak to a professional to kind of answer those questions so you have an idea of what you may need to accomplish those goals got it alrighty thanks guys thank you thank you thank you so um you didn't ask um what were some of the things that are incorporated in um the closing costs of course you know the attorney's fees if you have a home that's about i believe a million dollars or more you have what the uh the mansion tax you have the title insurance um the mortgage recording taxes um new york state transfer tax and then you have um there's a whole bunch there's a laundry list and there's a laundry list of things and and depending on the title company that you're with and the attorney you may be able to negotiate you know some of those fees when it comes down to a down payment um i would i would have to say and liz you could attest to this too um even if you you know we didn't go where we went um you know i think it really just depends on how it's presented to um the seller and the seller's agent who you would want advocated for you because i closed on a house in brooklyn 1.124 million dollars it was a three family house and i kid you not the down payment on contract that we use was only ten thousand dollars i swear to god i will share with you guys minus the person's name ten thousand dollars um because my guys at the time they just didn't have the money at all you know and then at the the time of closing of course they paid the remainder balance but i think it just it just really just depends on the conversation that you have with all the parties involved and that there is a and under a full understanding so um it gives you some time also as buyers to save up some money because your closing costs it can be depending on the cost of the the home it can be a bit much so if you're going to purchase a home just start getting in the mindset of you know saving your money and also having some funds on reserves in the event that a rainy day should take place in an emergency because as a homeowner things happen and you want to make sure that you're prepared to take care of those things all right any other questions you could type it in the uh the box there or if you want to send it privately to liz and liz asks a question that'll be great all righty so i guess that's it all right i have a question are you gonna distribute everybody's contact information um to the group so that everyone can contact us individually if they have any questions or anything like that hey liz hey there yes sir if you guys want me to give everybody your contact i thought i was just a real question i apologize if you want to give me your contact information i can take it through zoom privately or syria can provide it to me i definitely can do that um not a problem yeah um you know because i'd like to uh people to be able to look us up uh we have great reviews online so they know that they're dealing with reputable reputable people and uh they can see how we work i mean we answer the phones you know we're here to assist so um um maybe saraya can or if you want to give me now your email i can shoot you an email with all my contact information so that you know you can kind of send it out to the to the group sounds good i'll do that right now and let's see here and you know what you could even type you could even actually type it into the chat box also um because this is a recording so you could type it into the uh the chat box guys your email address your contact um information you know for the group i know liz you'll be sharing this video to those who weren't in attendance today um and and that would be great um good thank you so much again serea this was super super helpful i know i had a great experience with you as well i really really enjoyed my time in finding my home with you and i always had questions i feel like that's a really big thing if you're buying a home ask as many questions as possible you know it's super important no questions it's a dumb question i'm very serious on that awesome awesome thank you so much uh liz and i'm so happy that you've had a great experience with me and we are all happy to have been given an opportunity to speak to um the group here um today um so as you guys could see bobby's information is right there i'm in the chat feel free to jot it down if you have any questions that you wanted to ask him privately that you did not want to ask on the the chat anything that has to do with uh loans mortgages um how you could actually improve on your credit to to get that score where it needs to be feel free to go ahead and contact him by a cell or by email all right all right guys well thank you so much for your time oh wait this is why you just said something just a very thank you my name is christy i'm the one who runs the mom group and this was helpful information i took a lot of notes you guys covered everything so no matter where people are in their like home buying process i think you like cover something for everyone so i thank you and um i will go online and make like a flyer with your pictures and your email and your numbers and i'll post it on everyone can have it okay fantastic thank you so much i want to thank you thank you very much just just seeing how their experience was and i'll get you um you know what they felt any suggestions or any things that they want to send okay great great thank you great thank you before oh before you guys go i mean i know everyone is here um you know for the information is there anyone currently at this present moment um you know looking to purchase a home even like this year uh or they're actually looking for next year in the group oh okay um i can't unmute myself um i know one mom was talking to me she already has her pre-approval um the only thing is she was looking for houses in connecticut so she wasn't sure if anyone here could specifically help her um but she's on the board and she was really excited that when she saw the board she texts me to the side and was like i'm you know i'm on the board i'm on the first step so there are moms that are like in different processes of i know i'm licensed in the tri-state so she wanted to speak to someone else and and kind of have somebody work with her through the process additional party uh you know she can even though if you already got the pre-approval letter why not get a second opinion and just uh see you know she's not entire you know uh tied to every anyone right now um but we do we do do the tri-state area i do loans in new jersey connecticut and new york oh and just and just so you know chrissy um i also have a contact in connecticut as well so even though i'm licensed for new york as realtors we actually do build relationships with real estate agents um in different states so just let me know if she would like a referral um and if that referral um agent covers that area maybe they could provide some insight and you know forward to her some homes that she could actually look at and decide if she wants to physically see them awesome and marianne just typed that she's looking for an investment property so i don't know um who if all of you could help her i think we all can depending on the area and stuff like that yeah yeah so marianne uh why don't you just type in your email address and uh bobby you could just jot that down and maybe you can provide to her some insight on how she could obtain funding for um you know an investment property and how she could start off with that and then i'll talk to marianne a little bit further on you know what's actually out there sure well thank you guys again um i do have a few people that weren't able to watch it live so if they have any questions i'll just send them your way once they see it okay awesome awesome all righty well thank you so much for the opportunity guys um let this not be the only one um if you could think of any any um you know conversation starters uh regarding real estate or mortgages just let us know and we'll be prepared to help on the next one absolutely thank you guys so much have a great night oh thank you it was a pleasure thank you very much thank you and thank you all right everybody enjoy your