FIRST TIME HOMEBUYER ADVICE: Initial Loan Disclosures and WHY they are CRITICAL
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- Опубліковано 1 тра 2023
- #firsttimehomebuyer #mortgage #howtobuyahouse
GET PRE-APPROVED: www.zerostressmortgage.com
FOR MORTGAGE QUESTIONS: calendly.com/jennifer-beeston
I am licensed in 48 states for purchase and refinance mortgage and YES you would work with me and my team, NOT some random lender in a call center. I stand 100% behind everything I say and want to get YOU to the finish line. My cellphone is 707-478-0637. Never be afraid to call or text. Let’s get you home!:)
Initial Loan Disclosures are So important. Lenders have to send them out within 3 days of receiving your fully signed purchase contract. Loan disclosures include your application that shows the income and assets the lender is using as well as the LOAN ESTIMATE which is key to seeing if you rate is locked and if you are being ripped off. When you receive your initial loan disclosures make sure to read them and ask your lender if you have any questions.
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Licensing info: Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611
Branch Address: 1750 N University Drive, Coral Springs, Florida, 33071
Equal Housing Lender - For licensing, go to www.nmlsconsumeraccess.org Top 1% in the nation 2016-2022 www.zerostressmortgage.com NMLS #247743 Guaranteed Rate NMLS 2611 www.guaranteedrate.com/discla... www.guaranteedrate.com/licens... Equal Housing Lender - www.nmlsconsumeraccess.org State License Numbers: AK - AK247743, AL - 72998, AR - Licensed, AZ - 1007541, CA - CA-DOC247743, CO - 100516570, CT - LO-247743, DC - MLO247743, DE - MLO-247743, FL - LO66900, GA - 70357, HI - HI-247743, IA - 33839, ID - MLO-2080247743, IL - 031.0054184, IN - 41478, KS - LO.0039219, KY - MC717200, LA - Licensed, MA - MLO247743, ME - Licensed, MI - 247743, MN - MN-MLO-247743, MO - MO-247743, MS-247743, MT - 247743, NC - I-189119, ND - NDMLO247743, NH - Licensed, NM - Licensed, NV - 66544, NY - Licensed, OH - MLO-OH.247743, OK - MLO20600, OR - 247743, PA-247743, SC - MLO - 247743, SD - MLO.08498, TN - 205478, TX - Licensed, VA - MLO-40552VA, VT - VT247743, WA - MLO-247743, WI - 247743, WV - LO-247743, WY - 8203 Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Guaranteed Rate, Inc. is a private corporation organized under the laws of the State of Delaware. It has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
So glad we found your channel. It has helped during the stressful time that it can be.
I am so happy it has helped:)
I'm finding that lately most of the sellers in my area are not accepting FHA. It's frustrating to see that we don't qualify for the majority of houses on the market right now. There's been very little available as it is. My realtor called yesterday to ask why the seller wasn't accepting FHA for a house we were interested in and the answer she got was that there's peeling paint on the exterior windows. Also that the home already had 20 offers that day with cash or conventional. I just feel discouraged!
It sounds like you are In a very competitive market. Keep in mind if the house had 20 offers the person who "won" is likely paying more then the house is worth and 19 cash and conventional offers lost. In this circumstance even cash would not have guaranteed you the house. I would keep at it and not blame the loan type as much as the amount of competition.
I’ll be down in Port St Lucie this July looking around at homes
Nice! I would start getting some homeowners insurance quotes on houses you like when they come up as insurance is the key here for sure
Happened to me I completely didn’t know
Can you do a video on the difference between APR vs Interest Rate? I’m on the GR Loans app and it’s a bit confusing for me.
is it normal to get and sign an initial loan disclosure before putting in an offer for a house? we are not sure if we are going with this lender and don't want be stuck with them
You are never stuck with a lender. We have an initial disclosure on our preapprovals as well
I just started and my lender sucks I have been calling to their office and no answer :(. I am over here trying to find info about initial loan disclosure because I have question about my loan estimate charges and the delivery waiver . Jennifer very knowledgeable .
If you were leaving messages for them and they’re not calling you back and it’s been like 24 hours that’s bad. If that’s what’s happening, perhaps you should dump them. If they don’t call you back tomorrow, give me a call as we can probably close your loan faster and save you money. 707-478-0637.
Does gross it up (regarding income) mean adding the amount that would be taxed if it was taxable income - as in social security or pension income?
We gross up non taxable income or if it is just a portion that is nontaxable we gross up that portion
what if after sending the initial disclosure and you are still within the 3 days for release. the borrower says I need to change it from a 15yr to 10yr. Can I send another initial disclosure since I am still within the 3 days?
We would send updated disclosures
Okay so if i have 7 years of credit history 800 credit score but havent used any credit or credit card in 1-2 years would i still qualify ? And also do i have to prove how i paid my 300$ credit card balance ? I paid it in cash but all my saving are from work paychecks.
If you still have a credit score you should be fine. We don’t have to prove how you paid the credit card if you are newly applying
@@JenniferBeeston okay thankyou!
I've heard that there is sometimes a clause in mortage documents where if you rent the house out in the future, you are required to send the rent income to the mortgage company. Where would one look for this clause to make sure it isn't there?
I have never heard of or seen that clause.
Hey Jennifer, what happens if the lender didnt re-disclose my loan.
It depends on what it was over etc
@@JenniferBeeston the LOA accidentally locked my loan a week ago. My LO said we should unlock it because we all thought inflation would come in mediocre and it came in hot unfortunately.
He unlocked it and pricing since has been brutal as you know. They never redisclosed. This is UWM by the way on a jumbo loan. Do you think UWM would give us that same day pricing because they never re-disclosed?
Yikes, they would not redisclose if you were unlocked, but there would be some sort of notification. Are you sure you were ever actually locked? It’s also not easy to unlock loans so I don’t really know how they did that.
Even though I have a home already through VA loan can I purchase a mobile home?
To add on the property or?
LLLLocked ! 😀
How long do some Lenders lock the rate for???
2,3,4 months?
Depends on lender. We do 90 days without it being considered a king lock but can do up to 360 in certain loans
#1. If a realtor tells you that $10k is needed at closing, then switches to $5,600 is that part of their job? To negotiate the down payment for the offer?
#2. Let's say you make an offer on a Friday, if they accept the offer, is it part of the process to pay $1500 two days later to the title company as a hold for the house and $100 of that is to guarantee you can back out within 10 days? The rest is earnest money? I hope I'm asking this right. 😅
Option $ is around $50 per day until your inspection is done like around 5 days so your option is around $250, thats nonrefundable, pretty much you pay the seller per day so you could conduct the inspection. Earnest $ is refundable, depending on your contingencies like financing, appraisal, inspection,.... . Earnest $ is around 1 to 3% of offer price or could be higher if the market is super competitive. Earnest money will be kept by title and deducted from your closing cost
@Nguyen Pham Thanks for answering Phung. Good to know we follow the same channels.