goes over the in & out of typically home financing process

1. Home Financing
Process 101

2. Mortgage Payment
Principal & Interest= $591................will never change
Homeowners Insurance= $35........will go up after time
Real Estate Taxes= $136..................will never go away
Private Mortgage Insurance=$70....will go away 78%*
$832

3. Type of Lenders
Portfolio Lender- " Yakima Federal Savings"-11%
Flexible in Product Rule because lend own money
Has one set interest rate
Has total control from start to finish on loan file
Correspondent Lender- "Global Credit Union"-78%
Has to Follow Fannie/Freddie Rules and Banks
Has multiple banks good selection of interest rate
Has total control from start to finish on loan file
Funds Loan with own funds then sells loan
Broker Lender- "Now Mortgage"-11%
Has to follow Fannie/Freddie Rules and banks
Can have the most banks to broker to
"Application Taker" then total loss of control of loan file

4. Players of The Game
Mortgage Loan Officer- "Manager/Communicator"
Buyer's Agent
Home Inspector
Seller's Agent
Sellers
Loan Processor
Appraiser
Insurance Agent
Escrow Officer
Underwriter

5. Loan Process Time frame
Purchase Transactions- 28-30 days (20-22 Biz Days)
Day 1 Sent to Processing and lock interest rate
Day 2-4 Order Verifications-
VOR,VOD,VOE, Appraisal, 4506-T, Flood Cert, Title
Report,Ins Binder
Day 5-11 Wait for Verifications, appraisal 1st usually
Day 12-15 Underwriting
Day 16 Approval, Document's sent to Escrow
Day 17 Receive HUD from Escrow for approval
Day 18 Client Signs @ Escrow Office
Day 19 Receive overnight signed doc & review
Day 20 Wire Funds,Record @ court house,get keys

6. My Team
Step 1- Originate Loan- myself
Step 2- Order Verification- Amanda Lorenzi
Step 3- Processor & Underwriter
|Tammie Karras- Mostly Purchase|
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|Zenna Peterson- Mostly Refi|
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7. After submitting loan to process Do & Do Not...
Do Not- Change employers, Get Fired or Get Laid Off
Do Not- Buy a car, furniture or Etc. with cash from account or open
new lines of credit.
Make Big Cash Deposits or Withdraws over $100.00
Become disabled- This is largely out of your control. But you can
choose to drive safely and put off your skydiving adventure until later.