“Navigating the Home Loan Process”


THIS IS THE SHOW ALL ABOUT YOU AND YOUR SPACE,
YOUR HOME AND SURROUNDINGS. WE’RE DESIGNING SPACES.
SO SOME OF OUR FRIENDS JUST BOUGHT A HOUSE AND WE TALKED ABOUT IT AND THOUGHT, “WHY DO
WE KEEP PAYING FOR RENT WHEN WE CAN GET OUR OWN HOUSE?”
SO WE STARTED LOOKING INTO BUYING A HOUSE AND THE STEPS THAT WE NEEDED TO TAKE TO GET
A MORTGAGE. BEST DECISION I’VE EVER MADE. …SINCE MARRYING
HER. (CHUCKLING). IT’S SO NICE TO MEET A YOUNG COUPLE LIKE SHAWN
AND CLAIRE WHO COME INTO OUR OFFICE AND WE EDUCATE THEM ABOUT BUYING THEIR FIRST HOME.
THEY HAVE A LOT OF QUESTIONS. WE BREAK A LOT OF THE MYTHS IN THE FIRST TIME HOME BUYING
PROCESS, EDUCATE THEM, AND MAKE THEM FEEL COMFORTABLE IN ENTERING POTENTIALLY THE LARGEST
FINANCIAL DECISION OF THEIR LIFE. CLAIRE AND SHAWN, I’M REALLY GLAD YOU GUYS
CAME IN TODAY TO TALK TO ME ABOUT GETTING PREQUALIFIED FOR YOUR NEW HOME. THERE’S A
LOT OF MYTHS OUT THERE ABOUT FIRST TIME HOME BUYERS AND DOWN PAYMENTS, SO WE’RE GONNA WORK
THROUGH ALL THAT TODAY AND MY GOAL IS TO GET ALL OF YOUR QUESTIONS ANSWERED, EDUCATE YOU
GUYS ON THE HOME BUYING PROCESS SO YOU FEEL TOTALLY COMFORTABLE WHEN YOU WALK OUT THE
DOOR TO GO SEARCH FOR YOUR NEW HOME. THIS MAKES ME FEEL SO MUCH BETTER ABOUT THIS.
WE HAVE FRIENDS WHO ACTUALLY JUST CLOSED ON A HOUSE AND THEY’VE ALREADY MOVED IN. WITH
THE ECONOMY THE WAY IT IS RIGHT NOW, DO YOU REALLY THINK THIS IS A GOOD TIME FOR US TO
BE BUYING A HOME? I THINK IT’S A GREAT TIME, AND HERE’S WHY.
OVER THE LAST SIX YEARS, A LOT OF THINGS HAVE CHANGED. THE ECONOMY IS DOING BETTER, PROPERTY
VALUES SEEM TO BE ON THE RISE, INTEREST RATES ARE STILL VERY LOW, SO THE BIG IMPORTANT THING
IS WE WANT TO MAKE YOU GUYS FEEL COMFORTABLE WITH WHAT YOUR PAYMENT IS GONNA BE, WHAT YOU
CAN QUALIFY FOR. SO WHEN YOU GO OUT AND SHOP FOR YOUR HOME, YOU CAN MAKE A GOOD, CONSCIENTIOUS
DECISION ON A HOME THAT’S WITHIN YOUR BUDGET, THAT YOU FEEL REALLY GOOD ABOUT.
HOW MUCH CASH DO WE NEED TO COME UP WITH FOR A DOWN PAYMENT ON A HOUSE?
WELL, THAT’S THE GOOD NEWS. ANOTHER MYTH OUT THERE IS YOU HAVE TO PUT 20% DOWN TO BUY A
HOME, AND TODAY, WITH THE PROGRAMS THAT ARE AVAILABLE, THAT IS SIMPLY NOT THE CASE.
A COMMON MISCONCEPTION ABOUT PURCHASING A HOME IS THAT YOU’RE REQUIRED TO HAVE A LARGE
DOWN PAYMENT. THAT IS SIMPLY NOT TRUE. THE GOVERNMENT OFFERS MANY LOAN PROGRAMS: VA,
USDA, FHA… WITH A RANGE OF DOWN PAYMENTS. FROM 0 TO 3.5% DOWN. THAT 3.5% CAN EVEN COME
FROM A GIFT FROM YOUR FAMILY MEMBER SO YOU CAN GET IN WITH FAR LESS THAN YOU WOULD THINK.
(MUSIC) SO CAN YOU TELL ME MORE ABOUT THE PROCESS?
ABSOLUTELY. I’M GLAD YOU ASKED THAT QUESTION. THAT’S WHAT WE’RE GONNA DO TODAY. DID YOU
BRING YOUR INCOME AND ASSET DOCUMENTATION, BY ANY CHANCE? OKAY, GREAT. SO HERE’S HOW
THIS WORKS. I’M GONNA REVIEW YOUR DOCS, RIGHT HERE IN FRONT OF YOU, AND THEN I’M GONNA TAKE
YOUR LOAN APPLICATION WHICH IS BASICALLY A EASY INTERVIEW. I’M GONNA FIND OUT YOUR TWO-YEAR
RESIDENCE HISTORY AND YOUR TWO-YEAR OF EMPLOYMENT HISTORY. AND THEN WHAT I’M GONNA DO IS RUN
YOUR CREDIT REPORT ON MY COMPUTER. IT TAKES ABOUT 60 SECONDS. WE CAN REVIEW IT TOGETHER.
THAT’S GONNA GIVE ME YOUR FICA CREDIT SCORES. SO WITH YOUR LOAN APPLICATION, YOUR INCOME
AND ASSET DOCUMENTATION, AND YOUR CREDIT REPORT, THAT’S BASICALLY THE PREQUALIFICATION PROCESS.
SO AT THE END, I WILL ACTUALLY BE ABLE TO TELL YOU GUYS HOW MUCH OF A HOME YOU CAN AFFORD
AND QUALIFY FOR, WHAT THE PURCHASE PRICE IS, HOW MUCH YOU’LL NEED FOR A DOWN PAYMENT, SO
THIS WAY YOU’RE ARMED WITH ALL THE DETAILS YOU NEED WHEN YOU GO OUT HOME SHOPPING, BUT
MORE SPECIFICALLY WHAT YOU CAN AFFORD AND WHAT YOU’RE GONNA FEEL COMFORTABLE WITH. SO
THERE’S ANOTHER GREAT TOOL THAT WE CAN EMPOWER OUR HOMEBUYERS WITH, AND THAT’S CALLED THE
MORTGAGE MAP APPLICATION. AND WHAT THIS APPLICATION DOES, IT GOES ON YOUR PORTABLE DEVICE, SO
WHEN THEIR OUT ACTUALLY LOOKING AT HOME, THEY CAN PULL UP THE MORTGAGE MAP APP, AND CALCULATE
TO THE PENNY WHAT THEY’RE PAYMENT’S GONNA BE. AND THEY FEEL TOTALLY COMFORTABLE, LIKE
“THIS IS THE HOUSE FOR US AND WE CAN AFFORD IT”.
HE REALLY OPENED OUR EYES TO THE POSSIBILITIES. WHAT’S THE NEXT STEP NOW?
SO HERE’S THE EASY AND THE FUN PART. NOW THAT YOU GUYS ARE PREQUALIFIED, YOU CAN GO OUT
SHOPPING FOR YOUR HOME. WHAT MY ROLE IS IS TO GIVE YOU PREQUALIFICATION LETTERS AS YOU
OFFER ON THE DIFFERENT HOUSES AND ONCE WE’RE UNDER CONTRACT ON A HOME, I’M GONNA GET THE
PURCHASE CONTRACT FROM YOUR REAL ESTATE AGENT AND THAT REALLY PUTS MY WHEELS IN MOTION.
I’LL ORDER YOUR APPRAISAL. ONCE I HAVE THE APPRAISAL BACK IN HAND, WHICH IS USUALLY A
FIVE TO SEVEN DAY PROCESS, I WILL CALL YOU UP AND WE’LL REVIEW YOUR APPRAISAL TOGETHER.
AND IF YOUR APPRAISAL CAME BACK AT YOUR PURCHASE PRICE OR ABOVE YOUR PURCHASE PRICE, WE SUBMIT
YOUR LOAN FILE TO OUR UNDERWRITERS WHO MAKE THE FINAL LOAN DECISION ONCE THEY’VE SEEN
THE HOUSE AND SEEN THE APPRAISAL. AND THEN WE GET OUR APPROVAL AND I CALL YOU GUYS AND
CONGRATULATE YOU AND SAY THAT YOUR LOAN’S TOTALLY APPROVED, AND THEN YOU GO DOWN TO
THE TITLE COMPANY, SIGN YOUR LOAN DOCS, WE FUND YOUR TRANSACTION, AND GUESS WHAT? NOW
YOU GUYS GET TO ENJOY YOUR NEW HOME. SO IT’S REALLY JUST GETTING EVERYTHING IN
ORDER. ABSOLUTELY.
(MUSIC) SHAWN IS ABSOLUTELY ON THE RIGHT TRACK HERE. AS A FIRST TIME HOME BUYER, YOU NEED
TO GET ALL YOUR DUCKS IN A ROW, AND ONE OF THE MOST IMPORTANT THINGS IS MEET WITH A LENDER
AT THE BEGINNING OF THE HOMEBUYING PROCESS, TO HELP BREAK SOME OF THE MYTHS ABOUT HOW
MUCH MONEY DO I NEED FOR A DOWN PAYMENT? WHAT DOES MY FICA SCORE NEED TO BE? IT’S MY JOB
TO EDUCATE THEM AND PREPARE THEM SO WHEN THEY DO FIND THEIR HOME, I CAN MATCH THEM WITH
THE BEST MORTGAGE AVAILABLE TODAY. AT PRIMARY RESIDENTIAL MORTGAGE, ONE OF OUR
TOP FOCUSES IS TRUELY TO EMPOWER AND EDUCATE OUR BORROWERS. IF YOU WOULD LIKE TO LEARN
MORE, PLEASE VISIT OUR WEBSITE AT primaryresidentialmortgage.com. (MUSIC) SO IT TURNS OUT, OUR MORTGAGE PAYMENT
IS LESS THAN WHAT WE WERE PAYING IN RENT. DEFINITELY THE RIGHT MOVE FOR US. I THINK
WE’RE FINALLY READY TO TAKE ON SOME NEW CHALLENGES OF BEING HOMEOWNER.
THE FIRST STEP IS BUYING NEW FURNITURE. (LAUGHTER).
VISIT designingspaces.tv TO SEE THIS PORTION OF THE SHOW AGAIN. AND YOU’LL FIND A LINK
TO PRIMARY RESIDENTIAL MORTGAGE AS WELL. BRINGING NEW LIFE TO A MASTER BEDROOM AND
BATH TO THE ENJOYMENT OF A MUSIC SYSTEM THAT DELIVERS CRYSTAL CLEAR SOUND ANYWHERE IN THE
HOUSE, OR SECURING A MORTGAGE FOR THAT DREAM HOUSE. WE ARE DESIGNING SPACES.
YOU CAN VISIT THESE WEBSITES TO LEARN MORE ABOUT THE PARTICIPANTS ON THIS EDITION OF
DESIGNING SPACES.

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