Mortgage Basics - Step Two, Pre-Approval

Step Two - Pre-Approval (up to 48 hours)

Utilizing information from our meeting I will order a credit report, title work, appraisal pre-comps, and mortgage payoffs (if needed). After a review of the information I will determine the options available, contact end investors and obtain a pre-approval.

Ok, we are well on our way. The "first date" is over and now the 48-hour rule applies (you know never call the first date until 48-hours). Well anyway, let me get back to topic. The client leaves and feels good about the meeting and is eager to get a new mortgage. The loan officer feels good about the meeting and is confident that his clients will get a great new mortgage. So what happens now?

What I do here at Sagamore Home Mortgage is complete the standard 1003 mortgage application. It is important to note that this will be uploaded to Desktop Underwriter program for approval. The electronic underwriter "reads" the application with a program called "total scorecard."
EVERYBODY TAKE A REAL IMPORTANT NOTE HERE.
1. ELECTRONIC
2. TOTAL

This is were most deals will die. If everything is not impute correctly you may not get the results you are looking to get. THIS IS WERE THE DEAL STARTS TO FALL APART. Now when you run the results and do not get what you need you can make a few changes. Another important note here is that if you change the application more than three or four times the mortgage will get "locked out." You got it, more problems.

Folks, your not dealing with a pair a shoes here! Your dealing with your home. When you do not use a professional like me your bound to have problems. OK, enough self-indulgence.

Now lets say you use a professional like me, you will get the results that you are looking to get with your new mortgage.

It gets easy from this point. A professional loan officer like myself prepares and presents your written proposal. I will go into more detail with your written proposal tomorrow.

Sounds easy? It is when we all work together. So when you need get a new or refinance mortgage here in Indiana you can see why you need to contact me (ok, just a little more self-indulgence).

Happy Selling (and financing)!
Tony Grego - Indiana Mortgage Broker

 

 

Quote of the Day:
A verbal contract isn’t worth the paper it’s written on.
--Samuel Goldwyn