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Ever wonder what in the world is happening with my home loan? You are not alone every day I have clients call me wondering what is happening to their loan and who are all these people involved. In this episode I attempt to break down all the moving parts of the loan process when buying a home. We also take a look back at loans that were done in the past (remember those sub-prime loans). Finally I will walk you through how to get your loan done faster and more importantly easier by doing all the work upfront. Thank you for listening and hope you enjoy.
(05:20) Tweet from @NickTimiraos with Wells Fargo numbers showing the amount of loans going down. This is what got me thinking about the loans that happened in the past and how we may see some sub-prime loans come back. I do believe I said in the show the tweet came out from Wells Fargo and that is incorrect it came from the Wall Street Journal economics correspondent Nick Timiraos. My apologies Nick.
(06:24) Fannie Mae and Freddie Mac getting phased out of the picture and what that means to you and I as borrowers
(12:01) Scotsman Guide Residential subscription. I subscribe to this to see a small glimpse into what is going on in the lending world from a lender perspective. This can also show you some of the loan products available
(15:17) Documentation Documentation Documentation. This section I take you to one of the classes I taught in the past and some of the loans that were completed with less documentation needed. Loans like Stated Income Verified Assets, Stated Income State Assets, No Income Verified Assets, No Income Stated Assets and No Documentation required.
(26:37) Underwriters are DIVING INTO your credit. It is one thing to have a good credit score. It is something totally different to have good credit. Understanding the difference can make the process much smoother.
(29:57) I get asked every single day this question: ” I know we have an appraisal that is due, but who does the appraiser work for?” I answer that question in this section
(37:45) Is it possible to get a totally free credit report before I start applying for a loan. Yes it is and you can find it HERE