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On approval bill format for Mortgage

today we're going to be talking about why you want a lender who will fully underwrite your loan and what to expect when working with a lender okay so I'm going to walk you through my team process so that you guys know the way we handle stuff and that way if you're working with another lender you may go wait what where are they or you may be like nailing it they're just like Jen I'm in good hands okay so let's talk about our process there's two ways that people usually come to us either they call us first because they have questions and they want to know how we're going to look at stuff which we love we love answering questions all day I have actually staffed up even further so that we can answer more questions because I know last year it got a little crazy at times where we were booked out far too much and I want that I want you guys to be able to get a hold of us within 24 hours so get on the calendar ask your questions okay we're happy to talk about because sometimes people will be like well this is my income I'm worried about this okay let's talk about it the other way is people just fill out applications so either someone's talked to us and they're now filling out an application after the conversation or they've watched a bunch excuse me of my videos and they they're ready they're filling out that application Okay cool so the application gets filled out I always ask everyone I say hey look like can you text or email me and let me know your full name and that you filled out the application the reason I do that is because I want to make sure we're not missing any because sometimes what will happen is an application will get diverted to the wrong person Tech is not perfect it's really good but it's like for instance if you just went to the rate.com website instead of you know my specific link you could end up with our call center and I don't want that happening also sometimes people literally type in the wrong lender but they think they're going to get me so that's why I always want to problem solve as quickly as possible so as soon as I get that I send it to Jolene on the team every single morning jolene's in California but she's on her computer probably 6 30 7 A.M sometimes a little later 7 30 a.m she logs in every single application and the corresponding State and then either Sam or Jen reviews the application the applications they're reviewing is based on the states that they're licensed in very important okay I love mortgage licenses as you guys know I'm licensed in 48 states now look if something comes through and it's incredibly complex I'm going to be involved immediately immediately but generally what's going to happen is you know Jolene looks at the application up front just to see if there's anything glaring like you know is there a red flag here so that she can let the other gals know the other gals call you okay so important guys I can't I was thinking about this as I I filmed I tried filming this before it was too long but A lender giving you a pre-approval without ever talking to you on the phone that's a really bad idea applications are not perfect and there's so many guidelines that go into how we calculate income that you really need to go through that application over the phone it's something that my business is built on you know I can sit there and go through an app and when I'm going through an app the questions I ask you know sometimes people are like whoa Jen I'm asking everything the underwriter is going to ask I'm I'm trying to puzzle piece together in my head how I'm going to structure your file okay and that's what a good lender does a good lender goes through the application line by line by line hey I see that you say you make five thousand dollars a month how do you get paid is that hourly is it commission how are you paid right very important you know because you're like why make five grand why does it matter it matters with commission you need it to your history if it's a combination of Base bonus and overtime we have to do a two-year average on bonus and overtime if it's hourly and it varies we have to do there's a lot of rules into it so the reason we're going through that application on the phone is not to annoy you it's because we're trying to figure out how to structure the loan properly okay assets same things hey I see that you put you have XYZ in this account that's twenty thousand dollars your down payment's 50. where's the other 30 coming from right questions like that we're problem solving you know we're looking to see if there's anything if you have been at your job for two years we're talking about that if it's less than two years we're talking about that we're having conversations and the reason is we're trying to make sure we properly structure your loan from day one a lot of people assume oh well the lender if I just send my pay stubs and stuff they'll figure it out maybe maybe not it depends on the lender a lot of this stuff the way it gets served up to an underwriter will depend on whether or not you get the loan you know and I'm sure there's probably someone in the comments who can attest to this I've been on the phone with Buyers you know during those calendly times where you can book to talk to us and I'm I'm literally working through okay this is when you're going to apply you know be prepared to write a letter of explanation about this this is what the underwriter is going to be find confusing this is what we have to approach I'm going to need this this this and this okay it's based on a five minute conversation and the reason I'm doing that is because I know that if I get specific things I can make the loan work but I know without those specific things it's going to be brain damage and that's what happens you know if you're working with a lender who's not properly structuring up front you end up being one of those buyers where you're like oh my God and then they asked for this and then they asked for this and then they ask for this and it's constantly peeling back the onion right and then they wanted this and that and then they denied me whereas it's like if at first you look at the picture and you know how to put the puzzle together right you have a much better chance of success so we go through the application with you to make sure everything's correct then we ask for documentation to verify everything everything gets checked out we fully underwrite every pre-approval now if you say Jen I don't want to do the work I want a week pre-approval okay but you know you're not fully underwritten that's fine we're fine you know we often do that while we're doing the full underwrite we'll give you a basic approval okay I still like to do the full underwrite just because you know we really started doing them heavily about two years ago and it's surprising some of the stuff that comes up where you're like whoa like people not filing their tax returns but giving us tax returns that's like a thing you know and I would rather have that come up when you guys don't have money on the line because when you have money on the line it's a problem so fully go through the app right get the documentation re-request the documentation then you go to our processor either Chadwick or Maria Chadwick is our chill relaxed guy you know really ties into jumbo um great guy and then you've got Maria who we jokingly call the Terminator because she is Mission focused she's been in the loan industry since the dawn of time she is incredibly fast but she is very much here is my list get it to me now right so you've got two very different personalities both are amazing they would not be on my team if they weren't but they you know I would trust them with my loan like they are great so they get it all put together you know we always ask please get them whatever they need as quickly as possible the reason they're asking for so much stuff is because we do a full underwrite of your file with an underwriter and sometimes people will be like well this other lender approved me without all this cool like they gave you a half-assed pre-approval congratulations relations that lender is not putting as much time energy or effort into you we're putting more time more energy and more effort to you so that you have a better end product so if you want to go with Bobby Joe who's not going to ask for everything but then ask for it when you're in contract with money on the line cool that's okay we're not for everyone we are for the buyer that wants to make sure they are solid before they have money on the line were for the buyer who wants to move fast when they're in contract we are for the buyer who doesn't want any anxiety waking up in the middle of the night wondering if their loan is going to get denied that is who we are for okay that is who we're for you know we do the full thing up front so that when you're actually in contract it's lower stress that is my entire purpose in lending is to make the lending process as low stress as possible so everything we do is based on if I was is buying a house what would I want what would make me sleep at night you know and I go through this process myself when I am getting qualified for a house I do it with a different lender because I can't lend myself and I go through the whole process and if someone says Jen you know you qualify you don't need to be fully on I go you better fully underwrite me you don't know what I'm hiding you know because I think it's a huge benefit it also makes your offer stronger so if only through underwriting ones for through underwriting you and I get on the phone 30 minutes to an hour it depends on what you're into some people really don't want a long call but I go through closing costs I go through line by line what to expect this is what you pay for this is you know what's negotiable this is what you need to shop this is realistic this is unrealistic we talk about it I go through payments hey this is what I'm seeing where are you comfortable should we go higher should we go lower we talk about debt to income you know how is this purchase going to affect you overall overall if you go up to this price are you going to be houseport we talk about all of that you know if you have specific houses you're looking at we get online we look at them together and I go okay watch out for this this and this or this looks great or what about this or did you look at this you know it's kind of like having that best friend who's been doing real estate for 122 years right just being your wingman right you know on the lending part of course I'm your lender very a professional like this is the way the numbers work this is what to expect but on the other side I'm also your friend who's seen it all who's going to say hey like look if I was looking I would just keep my eye out for this this and this right we see a lot of stuff I've seen a lot of stuff over the years I've seen a lot of stuff and experienced a lot with my own personal purchases as well so we do the big phone call we talk about your real estate agent if you don't have one we're happy to recommend you to one we do not take any referral fees from Agents we do not get any money for doing that we do it because we want you with strong good agents for two reasons number one it's going to make the process easier on everyone you and me and number two you're more likely to find a house seriously we go through everyone we pre-approve and if someone's with a strong agent they will find a house within 60 days period we have buyers where they've been with like the same agent for like six seven eight months and I have other people working with other agents in the same Market finding houses within 60 days that they love and they're happy with the problem's not this buyer the problem's that agent okay and look there's a lot of great real estate agents out there there are some markets where it takes a longer time to find a house but you know sometimes it is just that is a problem so we talk about that you know we're here to be your resource and then throughout the process you have me you have either Chadwick or Maria or Jen and Sam Alyssa's always there you've got this whole team of people who are rooting for your success and the beautiful thing about my team is that we're never going to push you into a house you don't want you know if in the middle of the transaction you go oh I got a report it's it's I'm not comfortable I don't want to move forward we're not going to talk you into that house we're going to go absolutely we'll cancel it now you know let's talk to your real estate agent put together a strategy to cancel make sure you know your EMD and everything's safe but you yes right whereas there's a lot of lenders where they would try to talk you into the house because they need the paycheck you know we are not that team we do a lot of business the reason we do a lot of business is because we care and we're not going to screw around and we treat your money like it's our money and we're cheap I mean within reason within reason right um so I hope this has been helpful that's our front end process that's what we do from the moment you know you either call us or you fill out an application that is the process with us so questions comments guys get on the calendar seriously like we have space I staffed up for you we're here to answer all of your questions whether you're buying a house tomorrow six months or three years from now we are here to make it a reality thanks for watching guys