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How the Mortgage Approval Process Works

Dan Woodard with Corporate Investors Mortgage Group is here to talk about the mortgage approval process.

Today I’m joined by Dan Woodard with Corporate Investors Mortgage Group to go over the mortgage approval process.

If you're thinking about buying a home, the first thing you need to do is get pre-approved. By doing so, you’ll run into a lot fewer problems when you purchase the house. For example, you as a buyer would have already provided your bank statements, paystubs, etc. for a lender to review and make sure there are no problems in your finances that might come up after the home goes under contract.

Now, there is a difference between getting pre-qualified and pre-approved. A pre-qualification is basically a short conversation between the lender and the borrower in which the borrower provides some information and the lender does some quick calculations. After that, the lender informs the borrower that they are qualified.

The pre-approval is the next step. To get pre-approved, you need to provide the documents that proves the information provided by the borrower was accurate. Completing this step is highly recommended for anyone looking to buy a home. 

Once you’ve found a home and made an offer has been accepted, your loan request will go to an underwriter. Once your loan request reaches this point, it will have gone through all the processing necessary to verify it. Whether it’s a clean underwrite or a difficult underwrite will depend on how thorough the processing was done. The underwriter may ask for some follow-up documents if they see something they have a question about, but then they will clear the loan to close.

When going through the loan approval process, make sure you don’t have credit issues, switch jobs, or leave anything out of your file.

There are a few reasons a loan will fall through. Credit issues, changing jobs during the underwriting process, or missing information in a file are the most common. Make sure you have all of those things taken care of before you start the process.

If you have any questions for Dan, you can reach him at (919-676-1111).

As always, if you have any questions for me, please feel free to give me a call or send me an email. I look forward to hearing from you!

How to Prepare for Inspections as a Buyer or Seller

When you're selling a home, you can help yourself out a lot by taking care of these items before a home inspection.

When you're selling your home, there are certain things you can do to avoid issues with the inspection. Today, I'm joined by Greg Watkins with Advance Look Inspections to help me explain this topic.

You obviously want your home to be in tip-top shape when buyers come through. There are some things you can take care of in the home before the inspection even occurs. According to Greg, curb appeal means a lot as a buyer approaches your house, so keep your shrubbery trimmed with 12 inches of clearance from the house. Doing so will also help prevent pests from getting into your home.

Additionally, don't overlook areas of wood rot, which can take place in 95% of the house. Most wood rot, Greg, says, comes from gutters that aren't clean and cause water intrusion. If you have backed up gutters, it will show up on the home inspection. This issue can cause wood rot all the way down the side of your house, including the siding, the soffit, the trim, and the fascia.

Clogged gutters can cause a lot of costly damage in the long run.

When it comes to the HVAC system, you need to change your filters, and Greg recommends that you monitor it for the first few months after you move into a house to get an idea of how much dust is in your house. Some people have a lot of dogs and don't realize how much debris can build up, Greg says.

Any areas that look dingy should be repainted, and it always helps to clean your windows. You might want to do some serious scrubbing to determine whether your windows are dirty or have a defective seal.

As for pre-list inspections, Greg says that he'll do the same inspection that he would do for a home buyer. It will include the foundation, the siding, the roof, electrical, plumbing, and HVAC system. As Greg says, it may save you time and money and makes everyone's life a little bit easier.

If you're in need of a home inspection either as a home buyer or seller, you can reach Greg at 919-523-9241.

If you're interested in buying or selling a home in the Raleigh market, give me a call or send me an email. I'd be happy to help you!

How Does Your Credit Score Impact Buying a Home?

Brandon Harris from Perennial Mortgage Group joins us today to answer eight common questions about credit scores and mortgages. 

Brandon Harris from Perennial Mortgage Group is here to answer a few common questions about credit scores.

1. Why are credit scores important to the loan process? Credit scores give the lender a history of your past, including how you pay your bills and how you work with other lenders or credit card companies. Your credit score lets the lender know if you are reliable enough to be approved for a mortgage.

2. What is the best credit score you can have? You can have a credit score as high as 900. However, any score over 760 is an excellent credit score. Also, if your credit score is higher than 760, it won’t necessarily impact your interest rate any further; 760 is a great score on its own.

3. What kind of credit score do you need in order to obtain a loan? A lot of people think that you need a credit score of 780 or above to get a home. However, you can actually have score in the low 600s and get a home. Typically, your score should be around 640, but Brandon has worked with clients in the 620 range before.

4. What are some reasons for a low credit score? Late payments will bring your credit score down, as well as not using your credit card enough. Medical collections can also drag down your credit score; on the bright side, medical collections are fairly easy to remove from your credit report.

Medical collections are fairly easy to remove from your credit report.

5. How can you raise your credit score? First of all, catch up on your payments. Once you have a strong history of making those payments on time, your score will improve. You can also speak with a credit repair agency. Sometimes, if you have a friend or family member with a great credit score, you can become an authorized user on their credit card in order to build good credit for the future.

7. How often can you check your credit score? There is no real limit on the number of times you can check your credit. Brandon recommends going to AnnualCreditReport.com once a year to check your score for free. However, if you go to several different banks in a short amount of time to check your credit, you can get a hit on your credit score. Technically, you should still be allowed to shop around if you are looking for a lender. Just don’t look at too many.

8. When does a lender check your credit score, anyway? That is always going to be one of the first things that your lender does. After the lender collects all of your information, they will get your credit score so they can put together a pre-qualification letter for you.

If you have any other questions about your credit score or the loan process, you can reach Brandon at 919.848.4748 or brandon@perennialmortgage.com. As always, if you have any real estate questions, please don’t hesitate to reach out to us. We would be happy to help you!