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debbie mark was licensed by the department of business oversight under the california residential mortgage lender act and mls id 237-926 also licensed in arizona zero nine four one five zero four florida seven six five zero eight georgia 69178 illinois zero three one dot zero zero five eight three three nine nevada five seven two three seven oregon tennessee one eight four three seven three texas washington two three seven nine two six how do you sell points dbo one six six six eight one arizona one zero one six four eight she's a mortgage mom she can get things done when you're in need and don't know where to go pick up the phone and call mom [Music] all right well welcome to mortgage mom radio i'm debbie marcou and this is my homebuyer workshop and a couple weeks back on the radio i promised i was gonna do one entire workshop all brand new make sure that it's all completely up to date for 2021 the last workshops that i did were at the beginning of 2019 so quite a bit has changed but i decided you know what a three four hour seminar workshop webinar whatever you want to call it that's pretty difficult to try to sit through so i'm gonna actually break it up into pieces and i'm gonna do one piece at a time we're going to start from the beginning some of the information is the same things like terms don't change over time but then we're going to get through everything and this course is going to take you so if you come week to week every single week for the next six seven eight nine ten weeks however long that it takes us to get through every part of the process you will actually see a new workshop with all of that information if you think that this is uh really great you love the information you want to continue to follow continue to watch please subscribe to the channel it makes a huge difference for me the algorithm is there gets more people watching please like the video and make sure that you guys do click on that notification button that is gonna let you know when i've uploaded the next part two part three part four so we're gonna get you through all of it but this is a new 2021 making sure that we're up to date with everything again some of this is going to be very similar to workshops from the past things don't really change very often and some of this is going to be brand new because guidelines do change and we are in 2021 and things are a little crazy so we're just going to go ahead and jump right in and if you have any questions whatsoever always feel free to reach out how do you guys do that give me a call you check the podcast you check get get on the phone app and we're going to go through all of that with you but you can always reach us at the office 844 935 935-3634 so let's go ahead and get started and uh we'll go from there not working matt not working matt all right so like i mentioned the best way to get a hold of us is get the phone app the phone app is absolutely amazing it will do everything for you that you that you need i mean you can listen to the podcast and old shows you can go you know straight to videos on youtube you can apply for your loan you've got a calculator you can run a calculator and know what that monthly payment is going to be and it's not just you know the calculator from zillow or redfin or realtor uh this is this is real these are real numbers if you're not putting 20 down payment there's mortgage insurance if you're a vet and you're not considered you know disabled with the va of 10 or more you're going to have to finance your upfront um funding fee and you know these are all going to get taken into account in this calculator so very very important when you're trying to decide where where do i fit what is going to be comfortable for me what price range is going to work that you are actually looking at the correct numbers here in california not all states but because i live here i'm going to refer to california quite a bit we reassess based on your sales price so 99 of the time in a rising prices environment where homes are appreciated in value your real estate taxes are going to be more expensive than the taxes from the seller so if you are using a calculation from online uh they're going to use the current seller's taxes and that's not going to give you a real representation of what that monthly payment would be that you should be counting on and working on and budgeting with so text the word mom to 36260 you're going to put 36260 in as the actual telephone number and then you're going to just put mom and you're going to get a link to our phone app go ahead and click on that link save it to your home screen and you are good to go again you guys can watch the videos you can go do your calculators you can listen to the podcast you there's even an affordability calculator so if you're a little bit you know shy not quite ready to pick up the phone and give me a call and talk to me and start that pre-approval process and you're just kind of trying to figure things out on your own use the affordability calculator and the one thing that i can tell you is that 99 of the time that affordability calculator is pretty conservative so we're probably going to be able to get you to some higher numbers than what you're going to see from there but it's a great starting place it really is so um that is the phone app you can call us from the app you can email us from the app you can literally get you can anything that you need to do you can do from that phone app so that would be the very best way to contact us get that you know calculator on your phone it is the best tool you could have at the point that you're out and you're looking at homes or you're surfing the net you see one that you really like you can immediately open it up run the numbers run the payments and know whether or not that's something that's going to work for you if you don't know what to actually plug in to the calculator you can see the calculator on the screen and it's having you put in your purchase price how much percentage down are you going to do it has you put in an interest rate so if you don't know what rate send me a quick email from the app tell me what you're trying to do and i'll give you a conservative rate that you can throw in there just for payment purposes uh taxes one and a quarter percent is usually the standard tax base it's kind of the the underwriters mortgage loan officers guide to what they use when they're pre-approving a borrower so use one and a quarter if you know that the property has melloroos or special assessments or you know that the property taxes are lower than that in the you know area where you live or you know that they're higher i mean texans i got to tell you guys your taxes are really high arizona you guys have great taxes you're actually pretty low so again if you guys want to know what to plug in there i am here for you i'm here to help you send me an email right from that phone app tell me what you're trying to do where you're trying to buy and i'll tell you what numbers to plug in there so that you can truly be running numbers to make sure that this is something that is going to be affordable for you so what do we got next here we go how do you contact us okay so we just kind of went through that we've got our phone app obviously text the word mom to 36260 we are on facebook every wednesday we are live at five on facebook and youtube so if you like youtube subscribe to the channel you like facebook uh you guys have to follow us i think is what it is you're gonna follow the page uh make sure you put your thumbs up on the page and you'll know when we go live so those are great ways to contact us you can always call us that's the best way and when you call us you're gonna get an appointment to talk to me literally me directly i swear i promise and if it's not me it is somebody from my team you'll talk to carrie you'll talk to larry you'll talk to heidi you've seen all of us on the show we are all real pers people persons doing this for a living and um you're gonna you're gonna talk to somebody here but 99 of the time you are truly going to talk to me so give us a call matt's going to get you all set up with an appointment it's 844-935-3634 all right you've got to contact us what comes next see if we can get my pointer to work this time all right buzzwords so this is going to be the name of this week's show is real estate buzzwords and the reason i say that is you know what in the heck are they talking about you can see i put that up on the screen there are so many words that mean things that are mean the same thing and they're using the same words it means something different and so we want to get you prepared the best way to get prepared is to understand the lingo you start talking to somebody and we all talk in acronyms and we all use words that don't make sense and you know it's if you understand it you're going to be able to calm down a little bit relax buying a home is a very stressful process not only are you going to make the biggest purchase of your life realistically most likely uh but you are putting money in you're having to apply for a loan you're having to qualify you're having to show us everything about you we're going to see your bank statements and your pay stubs and your w-2s and sometimes your tax returns and your business tax returns and if you're self-employed we might want p l's and we're going to dig and we're going to see everything so just that piece is stressful and then on top of that you got appraisals that are going on and you've got real estate agents that are showing you properties and you've got physical inspections and you have so many things that are happening that if you can understand every little piece that you understand is just going to bring down the anxiety level which is going to help you to get through it better and easier so we're going to jump into buzzwords again buzzwords is going to be the name of the game for this show or this workshop or this unit what do we want to call it matt a unit 101 102 i don't know what we're going to call it a unit um but this is going to be for unit one we're calling it real estate buzzwords and that's where we're going so we're going to start with an appraisal what is an appraisal people get very confused they've got an appraisal and they have a physical inspection right an appraisal is different than a physical inspection the appraiser works for the bank that is me he is working for me now i don't get to select who that appraiser is we have to make sure that it is an independent third party that is doing the appraisal why do we do it well if you want to buy a home for four hundred thousand dollars and that property is only worth 350 what bank wants to lend you money for something that it's not worth we need to make sure that we're lending you money on a property that we could in turn take it back and get it paid for if we needed to so that is something very important for you guys to realize that is an appraisal that is not a physical inspection the appraiser is going to make sure that health and safety issues are there the property has what it needs the property is the the uh smoke detectors are in your carbon monoxide detectors are in your water heater is you know braced for earthquake safety especially being here in california um if there is no flooring on the ground we need to have flooring that is health and safety if there's windows missing or cracked windows if there is a you know stains in the roof we're going to make sure that that roof isn't leaking so health and safety issues that is what that appraiser is looking for they are not an inspector so that is something different that you are going to do your uh your real estate agent once they get you into escrow get your offer accepted open escrow moving forward the first thing you're going to do with them will be a physical inspection that is when you're going to actually hire somebody to go through the property and check everything out check that all of the utilities are working right and the appliances are working right and that the plumbing looks good and you know the roof is in great shape and you know the wiring and everything is good to go on that house so that is going to be a completely separate thing two different prices for each and something to keep in mind that you need to have that money available for you on hand at the time that you're looking for a home even if we find you a loan that is zero down payment you still need to get an appraisal and you still want to get your physical inspection so those are very important all right your closing disclosure that's going to come at the end of the transaction we will very many times refer to that as a cd it is a closing disclosure this is going to be the final disclosure that you will receive before the loan documents are drawn for you to sign for your loan so what we're doing is we're confirming for you all of the final loan terms this is your loan amount this is your interest rate this is your apr here's all of the fees broken down here's the monthly payment yes you want your property taxes and insurance included in it and that is what your closing disclosure is going to be you're going to get many estimates throughout the transaction but the closing disclosure is the one that gets things started it gets the clock rolling we cannot legally by law close your loan for three business days after you have signed your closing disclosure and this is on a purchase on a refinance owner occupied property those lengths and times are actually longer so that we'll get into on another day but we are talking purchases and purchases only today so your closing disclosure needs to be signed three business days prior to closing the loan you need to see that you're going to sign the closing disclosure then in three business days i can then send out your loan documents to sign and the loan documents will be the final documents that you will sign before we fund the loan so that is your closing disclosure condo review if you buy a condo we need to make sure that it is warrantable we need to make sure that we can finance it we're going to look at the reserves and the budget for the hoa and the community and you know there's things that are going to go into that and that's what a condo review is contingency all right contingencies are fun um contingencies are going to be part of your contract that you write with your real estate agent the contingency periods are for different steps along the way and there's going to be a different number of days based on what contingency that you're talking about so you're going to have your initial loan approval contingency how long are you willing or how long do you need to get your loan approved before you're willing to check mark that off and release it to the seller so once you say you know let's say we do a seven day contingency on loan approval that means that i have to get your loan approved and through underwriting subject to conditions but you and i are going to go through those conditions together know that they are items that we can obtain that we feel very comfortable in doing such as your homeowners insurance you know policy or the appraisal to come in um little things you had a large deposit in your bank account where'd that come from oh that was a gift for mom okay cool so as long as we go through the conditional loan approval and feel very very comfortable in all of the items that are in that conditional approval then you would be able to remove contingency on that item which was the loan contingency there will also be an appraisal contingency how long is it going to take for us to get the appraiser out there get the report back and get the appraisal underwritten and approved and what the reason you have a contingency on appraisal is what if your appraisal does come in low or what if there are things that do need to be repaired for health and safety that are called out by the appraiser you need some time to go back to the seller to try to work those things out so that's going to be another timeline of contingency you'll have a physical inspection contingency and we just talked about what your physical inspection is that way you've got time to get the inspection done go back to the seller say yo want to get some items repaired or you want to get a credit for the cost of those repair items that you'll do it on your own but you've got that time in those contingency time frames once all of your contingencies in your contract have been removed is when your escrow deposit is then basically could be taken by the seller you could forfeit that if you were to back out of the transaction so they put the contingencies in place to make sure that you've got the time that you need to get all of the important things done you've got your loan approved you've got the appraisal back you've done your physical inspection now you're going to actually remove contingencies and say i'm in it to win it i'm going to close this deal seller if i back out you get to keep my deposit so that is what contingency is very very important to understand those things and your real estate agent should be taking you through the contract all of the different contingency contingency options and all of the different time frames and you should feel comfortable with that when you write that offer so dti debt to income ratio what is that so your debt to income ratio is all of your debt including your new housing payment divided by your income your gross income and we use debt to income ratio in figuring out how much that you qualify for on average we you know normal guidelines will allow up to a 45 debt ratio but there are loans that will let us go higher fha will let us go to 56.9 some loans will let us go to 49 some loans will only let us go to 38. so depending on what the loan program is that we decide you belong in we will have to abide by the debt to income ratio for that underwriting guideline for that loan program that debt to income ratio again is going to be all of your debt plus your housing payment divided by your gross income now if you're self-employed guys not your gross income not your 1099 not what you brought in all year you're going to be divided by your net so what did you actually tell uncle sam that you made after all of the expenses that you had so self-employed you're a little bit different but that explains your debt to income ratio docs yeah we're going to get you your docs um docs are just you an abbreviation for your loan documents or any documents that we need hey do you think you'd send those docs that i asked you for matt hey do you think that you know we're going to have you know loan docs out tomorrow hey could you send me that doc over again that you sent me yesterday doc is just a document you're going to hear that over and over again it's not the doc to you know put your phone on and charge it um but we are talking documents actual documents okay so let's get into the next thing this is where it starts to get confusing with escrow because there's two different things with escrow and i should have i did actually i was gonna say i should have put it on there twice i did actually put it on there twice so we've got your escrow okay so in california and other states there's numerous states that are escrow states there's other states that are attorney states and there are some states that are just title states the end of the day you always have a neutral third party depending on where you live that is working for you so you've got your attorney working with title you've got the title company taking instruction got an escrow company taking instruction i did an entire show with jennifer davidson on the youtube channel that you can go back and you can watch so look for a show that was from i would say early december and it was with jennifer davidson and it explains all about what escrow is what's the function of escrow and what do they do but basically they are the neutral third party that is taking instruction from everybody and making sure that all of the details of the contract are being adhered to so everything that was agreed upon is what's getting adhered to at this point in time they take your money they hold your money you know in a neutral third-party place they can't give it back to you without getting the seller's permission the seller can't demand it without getting your permission so escrow is a really great thing to have but that gets really confusing when you also start talking to your loan officer about your monthly payment and your escrows so it's totally two different things in your monthly payment you have an option to impound your taxes and insurance you also have an option to not impound your property taxes and insurance and it does depend on the loan program so a va loan an fha loan most government loans are going to require you to be impounds which me impounded which means that you will have escrow as part of your monthly payment and this has nothing to do with the escrow company that we just talked about so um you if you have at least 10 down or more on a conventional loan and almost all jumbo loans will not require that you do impounds that is your choice most people choose to have impounds which means that their monthly payment is going to include an escrow portion of the payment so that would be your property taxes and your homeowner's insurance broken down into a monthly amount over 12 you know 12 months so total per year divided by 12 that is going to get added to the principal and interest and that's what's going to make up your principal interest taxes and insurance or some people say p-i-t-i so again difference between escrow difference between impounds totally different escrow company escrow in your payment is whether or not you're impounded or not so again it's so much better to understand what all of this is because that could get very very confusing if you've never been through the process before and you don't understand and somebody starts their own words at you like you need to send your money to the escrow company and they're going to send you a document to sign but hey you're also going to spend 700 a month as your escrow payment with your you know you see that on your closing it's very confusing so just better to understand what each thing is fico that is the credit score that is the credit bureaus we've had credit guys on go back and watch george hartman go back and watch our credit cowboy he talks all about fico scores if you want to know more about that give me a call i think most people understand what a fico score is but it is your credit score given to you by the credit bureau and it is a way that credit scores are determined fico is the actual calculator that is being used all right h o way homeowners association some homes have hoas some don't that is a separate cost it is not part of your monthly payment to the lender but it can be a cost for the housing track that you live in it can be a cost for your condominium or your town home an hoap is a homeowners association fee for your subdivision sometimes it's if you're in a condo it's going to cover water and trash and it's going to cover the building insurance all of the ground maintenance if sometimes it doesn't include all of those things but it's definitely going to cover insurance and ground maintenance if you live in a single family home that is within a homeowners association you are you are basically paying to cover all of the ground maintenance and making sure that everybody that lives in your neighborhood is keeping their home in a particular order so certain colors no cars on the front yard no trash hanging out you know people aren't parking their rvs in front for you know two three weeks at a time or permanently um so in hoa you can choose to live in an association area or not but hoa stands for homeowners association all right hoi or homeowners insurance so as i was talking to you about your principal interest taxes and insurance and the escrow part of the payment including your taxes and insurance your hoi is your insurance your homeowner's insurance this is not to be confused with mortgage insurance that we will talk about later but your homeowner's insurance is different homeowners insurance is what is going to cover your home for fire theft sometimes flood pipe breaks and ruins everything that is your somebody slips and falls on your property that can be a pretty big lawsuit that is what your homeowners insurance is to cover you for is for your home and again different than your mortgage insurance so homeowners insurance will sometimes be referred to as hoi but that is what your homeowners sometimes will be called your fire insurance sometimes it'll be called hazard insurance but at the end of the day it's all the same thing hazard insurance fire insurance homeowners insurance that is your policy you get to select it you get to work on it you get to find it you get to call your agent get me a quote and that is the company that we are going to use for your home all right an ello or a loan officer i am a loan officer i am an lo it's one in the same thing again i'm just giving you the acronyms of each a loan officer is a person who helps borrowers require a loan such as mortgages from banks or other lending institutions loan officers often work directly for the bank or lending institution and can assist in determining the credit worthiness of the borrower that is the legal definition of a loan officer basically a loan officer is going to take your application they're going to work with you to get your files set up they're going to get your file submitted to underwriting and then an underwriter is going to take over and get the loan approved they're going to work with you throughout the transaction to make sure that they're helping you to collect things that are needed they're going to price the loan talk to you about interest rate go through your fees with you they're the licensed person that is helping you through the transaction that is me i am your loan officer all right your le or your loan estimate so your loan estimate is going to look very very similar to the closing disclosure that we talked about that comes out at the end but this is the upfront initial estimate that your loan officer your lo is giving you they're giving you their best guess of what they anticipate to be the fees for your loan so you're going to get this loan estimate right up front in your initial disclosures and you're going to go through this with them so that you have a good understanding of what to expect come the end of the transaction that is your loan estimate now we've got your value or your ltv and you'll hear people talk about that well you want me to give you an interest rate quote matt what's your ltv all right ltv is the calculation of your loan amount divided by your sales price so if you're buying something for 400 000 and you are going to put down 80 000 we're going to take 4 um 320 divided by 400 is going to be an 80 loan to value so um we are basically just asking you how much money are you putting down at the end of the day are you putting 20 down 10 down 5 down 50 down that is your loan to value so you're going to take your loan amount divided by your sales price if you're doing a refinance again i know you guys are listening to this and this is all geared towards purchase but refinance your loan to value is what do you owe how much is the new loan amount that you want divided by what is your home worth what is it going to appraise for so same exact idea as a purchase but that is how we come to your loan to value or ltv all right mellow roos all right so mellow roost is something that is in a lot of newer areas newer tracked housing i'm going to read for you what the actual words are it says the definition is a form of financing that can be used by cities counties and special districts such as a school district to finance major improvements and services within the district so basically you want to build a new school and the city or the county is going to go ahead and take a loan for it and then they're going to pass it on to the homeowners of the brand new area that they just built this brand new school in so on top of your base county property taxes that you're getting taxed by the assessor there's going to be a special assessment which is called melloroos that is going to go on top of that base tax rate so if you are out looking at brand new homes homes that were built in really 2000 they're usually around for about 20 years so about 2 000 won at this point 2002 and above you could run into a house that has mello roos which can make your property taxes more expensive and make the payment more than what you estimated when you first fell in love with the house and it could change whether you qualify for the property so you definitely want to be asking your real estate agent as you're out looking at properties does this home have mellow roofs and if so how much is the mello roos on an annual basis then you know to add that amount per month so if it's 5 000 divided by 12 take that dollar amount per month and add it to the payment that you calculate to know what your complete principal interest taxes and insurance will be if you have questions about melloroos again all of this any questions that come up as i'm going through all of these things we want you guys to reach out to us and ask us the questions hopefully you heard me earlier you got the you downloaded the um phone app and you can reach out that way you guys can watch wednesdays live at five we're on youtube you can always ask questions there as we're doing this this is going to be on wednesday you're hearing me saturday mornings on go country you're listening on youtube at a later date there's always a way to get a hold of us go to the website send us an email give us a call get on my calendar you know anything that you need or you have a question about we want to hear it from you put it in the put it in the feed below whether you're watching on facebook you're watching on youtube put your question in the feed i know that it's there i'm going to go in i'm going to answer it for you so whatever is the easiest way for you to get through to us you know feel free to do so but i i just want these are such important things that people don't understand that i want to make sure we're understanding this and i'm only doing these buzzwords today next week we're going to get into loan programs what's this what's that fha usda jumbo you know what are all these things we're going to go through that next week and then the week after that we're going to do what are closing costs and how much money do you need and then we're going to go through how do you get pre-approved and then how do you find a real estate agent and then what happens now i'm in escrow so we're going to go through all of these different pieces of the puzzle it's a new year and we want to make sure that everybody is going to become a homeowner if that was your goal this year and so we're gonna start at the beginning and i'm gonna go as many weeks as it takes until we get through the end of this and you guys can always go back watch us on youtube subscribe to the channel turn on the notification every wednesday we're live at five we're gonna go through a piece of the workshop not only that but just the workshop's gonna get uploaded for you and you know we're here to help in any way that we can so let's move on to the next piece we've got mortgage insurance or pmi so you're gonna hear people say pmi pmi is mortgage insurance what is mortgage insurance well i'm going to read you the definition it says also known as mortgage guarantee and home loan insurance is an insurance policy which compensates lenders or investors for losses due to the default of a mortgage loan mortgage insurance can either be public or private depending upon the insurer so fha has a mortgage insurance premium they actually call theirs mip conventional loans with less than 20 down payment have private mortgage insurance but mortgage insurance is basically an insurance policy for the lender if you put less than 20 down payment you stop making your housing payment you go into foreclosure the lender needs to somehow guard against the losses that they're going to take sure they can take the property back they can list it for sale they can sell it but there's going to be costs associated with doing that and they need to make sure that they at least get out what they lent you so that s what mortgage insurance is all about that is going to be an extra part of your piti principal interest taxes insurance if you have less than 20 down payment and we're not putting you into a loan that is already specific with no mortgage insurance and we're going to talk about that in loan programs next week but if you have mortgage insurance it is p-i-t-i-m-i am i mi it's another piece of the the the puzzle if you're buying a condo or a townhome or a home that's got hoa it's p i t i m i hoa so just remember those are all going to be part of your total monthly nut in buying this home all right physical inspection we went over that already when i talked about appraisal so i won't drag you through the mud processor so what is the difference between a loan officer and a processor and an underwriter all right i'm your loan officer i'm working with you i'm like that guy you call that attorney and you need to tell me what the real truth is and we got to figure out how to make your circle fit into a box that's me your processor is going to come into play after i've submitted your loan to the underwriter the underwriter has approved your loan subject to conditions the processor is going to work with you and the underwriter directly to collect any remaining items that the underwriter has requested to feel good and fuzzy and warm and put that big check mark on your loan and get the loan funded so that is who your processor is on my team you're going to work with tiffany tiffany is amazing she is fantastic and she is you know just a wealth of knowledge i'm always there following along heidi is always there following along carrie is always there following along but you've got different people that are doing different pieces of the process to make it a fine oiled machine and to make it go through smoothly and to make the process good so that is who your processor is all right let's see if we get the next page to go all right there we go all right buzzwords continue this is our last page and then we are done with this piece so property taxes what are property taxes i think we all kind of have an idea i'm going to read the description or yeah it's description right definition i'm gonna read the definition uh so that you actually understand what property taxes are in definition form it is a levy on property that the owner is required to pay required guys keep that in mind required it's not optional the tax is levied by the governing authority of the jurisdiction in which the property is located it may be paid to a national government a federated state a county or a geographical region or a municipality so it depends obviously on where you live in the country how they do their property taxes who your tax assessor is where does it that bill get paid but ultimately you owe your property taxes if you don't pay your property taxes they can take your home they can sell your home at auction at the courthouse steps so you always want to make sure that you are getting those property taxes paid if you feel that paying that bill one big chunk once a year or twice a year is going to be very difficult for you then you want to impound those property taxes and have an extra escrow payment as part of your mortgage payment so your t in the p-i-t-i principal interest taxes insurance so that is what your property taxes are you want to make sure that you know how you're going to cover those all right real estate agent versus a realtor and i get this a lot some people are i'm a realtor and i love it and i think it's great so i just wanted to kind of touch on that really quick because i think you'll hear it especially when you're trying to decide who you're going to work with that might be one of the items that somebody's pitching hey i'm really great because i'm a realtor i'm not just a real estate agent so a real estate agent who is a member of the national association of realtors which means that he or she must uphold the standards of the association and its code of ethics brokers can work alone or they can hire agents to work for them real estate salesperson another name for a real estate agent so anybody that has a real estate agent real estate sales person's license is considered a real estate agent if they are or a broker is part of a member of the national association of realtors then they can actually call themselves a realtor so just so that you understand what those differences are if they are a member they do have to uphold different standards and ethics which i think is a very good thing and i think that that would be something important to be looking for when making that decision of who do i want to work with who do i want to represent me all right last two we're down to two and we're done for today so title report or we call it a prelim you'll call me up and i'll say well i don't have your prelim back yet i don't have your title report back what is that all right so your title report a title report is made um when the report is ordered is called a preliminary report or a prelim at the time of recording and up to the date the report is issued which is the final title report so that gets kind of confusing in definition right basically what it is is that we need to get title insurance for you if i do a loan for you against your property i need to make sure that there are no other liens in my way i need to be the first person in lean position so that if you do default i'm gonna get my money back so i am going to order a title report or a preliminary title report from a title company who will do the insurance so again we had a title insurance agent on we had joe pena on couple weeks uh i want to say in the november right matt it was early november i think right um but we had joe pena on and he talked all about what title insurance is and why you have to have it and why you have to pay for it so something very important go back again watch the youtube they're all there look for joe pena look for title report you'll find the show that we did but we do need to have title insurance on every single loan that we do and for your property and we're making sure that there are no other outstanding liens or judgments against the home so that we can take first position the title report is going to show me everything about your home from property taxes if you're a manufactured property it's going to show me that you did all of the paperwork to get your hud tags it's going to show me if you're delinquent on property taxes it's going to show me if you have any irs liens or any other uh you know mechanics liens are against the property if you have a second mortgage even if something doesn't show on your credit report if it's there and it's tied to your home we're going to see it we're going to find it and then we're going to clear all of that up throughout the transaction and then we're going to go ahead and close the loan and now you've got clear title and title insurance so that is what a title report is or a preliminary title report it is a title insurance company pulling all of the information that they possibly can for us and showing it to us on paper so that we understand what we're working with all right last one and i don't think that i really need to delve into this one much we had john olkoski on um i want to say he was probably from uh late october maybe right before holiday maybe early november uh halloween i'm sorry uh maybe early november but i think he was before halloween so you might want to go back to about october in our in our shows um but john was our underwriter that we had on your underwriter is the one that is actually going through your file looking at your income your pay stubs your tax returns your w-2s everything about you oh and matt just moved our screen he's gonna fix it right now not a big deal um but he um the underwriter is the one that is going to give you the stamp of approval to be able to look at matt's having all kinds of fun all kinds of fun with this powerpoint totally good everybody knows that i'm doing this i'm doing it live i'm a real person there's no double takes sorry getting through it one time and moving on but your underwriter is the one who is ultimately going to say yes you can have your loan and they are very busy and they are great um there's a lot of things you know about underwriters that are amazing wealth of knowledge i would absolutely tell you if you not you know want to know a little bit more about their workload what they do you've thought in your mind before hey i might want to get in the mortgage industry maybe i want to be an underwriter go back and watch our show that we did with our underwriter john he was amazing but in short i package your loan your loan officer i hand it in to my underwriter my underwriter reviews it and approves it says hey conditionally you know as long as you get me this i will go ahead and approve this loan the loan goes to then to your processor who is my tiffany and tiffany then collects everything that john wants sends it back to john john puts the stamp of approval and then we move over to our closing department so lots of other moving parts and pieces in between and that's what this is going to be all about so remember if you enjoyed this you guys liked it you felt like this was valuable information please give me a thumbs up please subscribe to the channel please turn on the notifications it really really helps me quite a bit i'm gonna keep bringing all of this information to you free it's gonna take us probably eight to ten weeks to get through the entire powerpoint the entire workshop start to finish and i'm gonna keep doing it and bringing it to you so again you guys can watch us wednesdays live at five on youtube and you're gonna see each piece for the next however many weeks it takes us we're gonna upload just this piece that i did right now and each week to youtube so if you subscribe to the channel and you turn on the notifications every time we upload the next webinar you're gonna know it's there and you can go in and watch real quick and um you know we just we love that you guys follow and thank you so much for your time if you have questions you give us a call you call our office it's 844-935-3634 if you haven't already make sure you download that phone app text the word mom to 36260 if you tuned in late into the show go back to the beginning learn about the phone app it's amazing and um we hope that you guys are loving this so we'll be back next week we're going into i believe let's see what next week is matt already pulled us through so we're going to benefits of homeownership it's going to be next week why do you want to be a homeowner why do you want to buy a home what are the benefits we're going to go through that next week then the week after that we're going to get into loan programs so i think i kind of jumped ahead a little bit earlier in the show so anyway i hope you guys enjoy it please call us 844-935-3634 join us on facebook and youtube live wednesdays at five ask your questions we are there we're watching it we're putting it on we're streaming we're gonna talk about it we're gonna 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