What Happens During Pre Approval | How to Get Approved for a Home Loan (Watch Before You Apply!)
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- Опубліковано 28 вер 2024
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I am a Housing Counselor and I am adding this video to the referrals in my class.
One of the best videos of all times that I have seen about the process, super informative, very well explained
People like to be relative on their explanations in UA-cam, their channels, but this one is sooooo goooooooooooodddddd
Thank you. My clients will love it!!! Thank you!
Thanks for watching and sharing😊We appreciate the feedback
Hi, I'm living in Long Island NY, I'm planning to buy a house I wanna know what should be my first step?And this will be my first house.
I was about to make this EXACT comment! I’m referring this video to my housing clients as well.
It'd be nice if stuff like that were taught in school. 2x-7 haven't helped much in life
It's funny, I've used to teach business education to high school students and they barely pay attention because they are thinking I don't need credit and I'm not buying a house right now. However, when they get in their 20s and they contact me -they are like Mrs. Hill I should have been paying attention. That saying "when the student is ready the teacher will appear" is very true, when things become relevant people start paying attention. But hopefully some of what I taught stuck with those 14-18 year olds.
Totally agree with you!!!
As a school teacher and been through the home buying process, I wished real estate agents could be more like school teachers. And here you are! Thank you for spreading knowledge to empower people in making one of the most important decisions in their lives. You are awesome!
Thank you so much for your kind words. Yes, there is so much to understand and we teachers have the patience🙂.
This is right on time because I’m looking to apply for a mortgage
ME TO AS WELL IM JUST LOOKING BECAUSE THERES ALOT OF SCAMS OUT HERE SO BE CAREFUL AND WISHING YOUR THE BEST OF LUCK
So I’m 23 and I’m trying to buy my first home so I’m doing my home work. I’ve watched most of your videos and I’ve been taking notes so I know what to expect once I go through the pre-approval process so thank you for everything your doing! It’s very helpful!!! 👍🏾
That is awesome! Thank you for watching!!
Great video, this is crazy you lady’s answered everything that I had as a question as I thought about them. This needs to trend for home buyers
Thank you
1. Pre-Approval (submit docs) vs Pre-Qualification
2. Pre-approval process (pay stubs, 60 days of bank statements, 2-3 years of W2's, 2-3 years of tax returns, credit pulled reviewing the Big 3 credit bureaus, hard inquiry)
3. Use the lowest median credit score of the couple.
4. Note on collections
5. Self-employed buyers
6. 10:39 Pre-approval from South Mortgage is good for about 120 days
7. Types of loan routes
8.Challenges to approval
9.
OMG all of my collections are medical! This is so informative 😌😌😌 thank you both! I can't wait to show this to my husband 😍
Mind blown, I didn't realize this either.
When she said that 1% is usually the same amount as the amortized payment hit me in my soul but it was soo helpful
Thank you for watching!
This video is amazing! Thanks for the information. All of my questions were addressed. Your teaching skills are on display when you provide insight, pose questions/answers and simplify the information. I’ve learned so much from you over the past 3 weeks - been binge-watching your videos. Keep them coming! You are amazing with this knowledge. I’m no longer fearful re: the process of purchasing a home - just more informed now. Thanks!
Thank you and you can definitely do it, Best of Luck!
I totally agree. I've been binge watching as well. I wish she was in NC, she would definitely be my Realtor. I just turned in my info to the bank on Friday for pre-qualification. Afterwards, I'm hoping to get a Realtor as great as Shaheedah
Latasha H Good luck with the pre-qualifications! Congratulations in advance!
The Real Realtor - Shaheedah Hill Real Estate Thank you, Shaheedah!
Great video as usual. I closed on my house on April 29th and your videos help me along the way on what to expect and what questions I should have been asking and what I needed to focus on. Thank you!
Congratulations! I need to interview one day for the channel so you can share your new home buyer wisdom!
Anytime
I will be watching the interview. I never owned a house and I am interested to buy one in Florida. I don’t know where to start. Please help.
Thank Thank you. You are coming through with this info. I didnt know they dont look at medical or the under 2000.00 if something charge off. Our last lender didnt tell us that. Wow.
I had a comment thread but it disappeared. None the less I came back to correct what I found out in regards to my being self employed to say there are loans that can still help someone like myself. If this gets taken down then at least I know you have my apologies for freaking out after watching this video and being straightened out about how as a 1099 NEC worker my tax return net income would be viewed and I work nights and was tired, not thinking straight and have been so stressed so it just wasn't a good time for me. I feel better now I read there is hope. Not sure if you can still help with that sort of loan Shaheedah should I make my move to GA, but I do still trust you as I know you have the heart of a teacher and I love and have learned from all of your videos. Thank you
Thank you for watching, for self employed buyers they also have bank statement loans where they look primarily at your credit and bank statements for approval. The only issue with that is you will need a larger down payment, like 10-20%, high credit score and the interest rate is usually higher. No apologies needed, I get it.
@@ShaheedahHill Yes that is correct but still doable. and No MI in most cases so it may even out a bit on that little higher interest rate. I can't help I've been Self employed in the same industry pretty much since 1988 and receiving a 1099 from the same company since 2005. I 've been saving all I can but this sudden news to move now threw me for a bad spell. My mom is receiving cancer treatment here in FL and I wasn't prepared just yet to move until at least middle of this year and so wanted to move out of state but now considering that possibility just for cost saving factors and not wanting to be homeless. Rents are crazy worse at this point of time. Anyway thanks again and should I find I can move to GA like I have wanted for many years now I will be calling you.
I wanna buy a house but I'm a little discouraged because of my income I'm scared I wont qualify and if I do the house wont be in a good neighborhood but your videos are super informative
Thank you, you should get pre-approved to at least see where you stand, then you can plan accordingly.
Best video on this topic and I watched days worth of videos.
Wow, that means a lot. Thank you for watching!
Excellent video! Feeling more confident to apply for a mortgage with the information provided.
Thanks for watching!
In my pre approval area right now waiting for the next step. Just started and ready for it to be over lol
There’s going to be a breakthrough with student loans..just wait...they know it’s not right what they are doing with that interest doubling what you have taken out originally!
Time will tell. I think if anything will be done we will know in the next 2 years.
I've been pre approved with usda. I'm working on a price negotiation now with a seller.
Congratulations! Good luck!!!
How do you pre-approve someone who is retired?
For example, credit score 785, annual income from 401k around $60k, net worth $3 million, own a home with mortgage paid off.
They will use your retirment income as your income.
You have great content. Thanks I learned so much from watching two of your videos 👌🏾
Awesome! Thank you!
Very good information! Very thorough!!!
Great questions and information. Thank you and blessings!
You are so welcome
Very informative video! Thanks for sharing!!
Thank you for sharing that it is disheartening because I feel punished just for getting an education,
My dumb-butt got a Master's degree last year....better to remain less educated than go into debt...or better to learn on your own I guess.
Thank you 🙏 so much . You are very appreciated. I love your guests.
Thank you so much for watching!
This is sooo informative. Thank you so much!
You're so welcome!
Invaluable information. Thank you ❤️
Question, what if you worked a full time job for the past 2 years of tax returns but recently moved into self employment. How would you qualify someone?
Should you do the pre-approval process if you are planning on buying a house within a year?
Yes, because if there is anything you need to work on you will know exactly where you stand.
This was good 👍
Hey! I’m watching now and I love your videos. So if you have two years of W2s and but didn’t file tax returns. Is that an issue or as long as I have my W2, 30 day stubs and checking/ savings account statements?
Man I need to know the same thing..
Ask you lender to verfiy about unfiled taxes. I have not closed a loan with a client with unfiled past taxes. Current year maybe, past years no. Because if you owe that would be a debt and often they make you pay that off first.
This video was sooooo informative. Thank you ladies. You asked some awesome questions.
Glad it was helpful!
Can you do a video on how to buy a home with poor credit
It is really difficult to get a home with poor credit, especially right now. I really recommend you improve your credit score and pay off debt to get the best mortgage terms. They do have some lenders that will lend to you with bad credit and the terms are typically bad as well and you will pay more in interest. I really want to do videos about how to make the best decisions when buying your first house.
Great Job!!!
This is awesome information delivered in such a simple, easy-to-understand fashion. Thank you!
Thank you for watching!
Can you please do a video on reserve fund requirements??
Yes, but for now - reserve requirements vary by lender. For example there is no reserve requirement for FHA loans but if there is a low credit score or high dti the lender may require you to have 1-2 month of the mortgage payment in savings at closing. Conventional loans will vary as well 0-6 months of mortgage payments saved.
Excellent video! Very informative! Thank you!
You're very welcome! Thank you for watching!
Can you make a video about private mortgage vs bank loans. Which is the difference? and which one is a better option. Thank you for your videos. We are planning to buy a house and your videos have been very helpful.
Yes, but for now - there are mortgage brokers and mortgage bankers. Mortgage brokers shop around different lenders and find you the best loan. Mortgage lenders lend directly. You should always get at least 3 quotes to see who if giving you the best deal.
I Love ur videos Very informative BUT how are you going to do a video about pre-qualification and NOT mention Bankruptcies?????? A lot of people have filed Bankruptcy and they need to know the time frame from the date of "DISCHARGE" that will qualify or disqualify them. This was my issue 10yrs ago I've already owned 2 homes
Hey Lee, I have that video here, but it is a good idea to link in the description. There is a download in this video as well. Thank you for the feedback! ua-cam.com/video/uHGKso7s3eg/v-deo.html
36 months after discharge
Thnx for this video, you taught me alot
Glad to hear that, thank you for watching!
super informative video, thankyou very much!
Thanks for watching
Very informative thanks Queens! Can someone please tell me how and or if roommates rent payment share can help qualify?
If you are not on lease, some lenders will accept a letter from the lessee verifying on-time payment history. Make sure you have record of all your payments. This is a good question to ask the lender prior to pre-approval.
@@ShaheedahHill Ok thank you much.
Great information ladies
Thanks for watching!
So are you saying multiple credit pull for pre-approval will drop credit every time. I thought there was a 14 day period for credit pull that would only drop credit once.
It should only impact your credit once during that period because the credit scoring model knows you are rate shopping.
So I heard that mortgage doesn't go off of general credit karma scores how can I obtain the mortgage credit score before even applying to be pre-approved? I feel that's what is holding up my attempt. I have had such a rough time over these past few years and I'm approaching the end of my 7 years from filing bankruptcy.
Myfico can give you the credit score that they will use for the mortgage. Here is an updated version of this video - ua-cam.com/users/livecpewL4OlpjQ?feature=share
What website do I go on for pre-approval? Do you you recommend Bank south?
I recommend you start with a lender your agent recommends but you are ready to buy you should get a total of 3 pre-approvals - one from your agents recommendation, your current lender or credit union, and one on-line or mortgage broker. Here is a more recent video on pre-approval: ua-cam.com/users/livexwVt3eG5Bi8?feature=share
@MakedaBadu Thanks for watching!
Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
What is the difference between Prequalification , qualification, and an approval letter from a lender?
She explained that in the video but typically the main difference is a pre-qualification does not include the lender collecting documents -W2s, check stubs, bank statements, etc. Pre-approvals usually require that to be submitted.
Thank you so much for doing that
Mrs Hill you explain these topics so well helping me to understand home ownership
I'm retired and on social security
In California and considering moving to the south . Mabe Georgia. Not certain just yet
Could I possibly qualify?
If you only have social security that might be a challenge but if you have social security and some additiona income like from a pension that will likely be easier to qualify. Thank you for watching. I have 2 videos you should watch next.
* Buying a House over 50 - ua-cam.com/video/rgSryomdyz0/v-deo.html
* Buying a House on Social Security - ua-cam.com/video/Xm7DMx4ZoAI/v-deo.html
Speaking on employment history of two years, my wife has had the same job for 7 years but my last two years has been 1 1/2 years with a company and my current job is 6 months. Will this hinder our approval in itself?
You may be fine it doesn't have to be with the same company, they like to see it in the same field. Consult a local lender an inquire.
Very informative
YAAAAAYYYYY I'M SCREEN
THANK YA JESUS
THAT'S WHAT HAS STOP ME FRM APPLYING A 1500 MEDICAL COLLECTION
I'M CALLING MY AGENT MONDAY
Ok great, I hope it works out!!
A hard inquiry recently took 10 points out of my credit score. I am not sure for long that will be on my credit history. 🤔
We can't come up with tax returns I 72 and my husband is 71.. We don't have that kind of credit score to get a house.
Would you recommend looking at the mortgage credit scores on fico or no?
If you want to know ahead of time where you stand that is usually pretty accurate.
If I’ve had steady income for over 2 years but started a new job that pays more about 4 months ago in the same field will the new income help with how much I can borrow?
It will depend on your income, debt and credit. Calculate your debt to income ratio and you should have a good idea of what you would qualify for.
How can you have three lenders without running your credit three times
They will run your credit 3 times but it will only impact your credit once since the scoring model knows you are shopping for a loan. Do applications within 14 days of one another.
Thank 😊 u...1..
You're welcome 😊
Any tips to getting a second house
The 2nd house would be considered an investment property so there is typically a higher down payment required 15-20%, the loan would be conventional since it would not be owner occupied. Usually banks only allow one property you own to be considered owner occupied. Also, they usually like to see at least 6 months of your primary mortgage payment on reserve(saved).
Who helps secure down payment assistance...lender or Realtor?
Lender and the buyer.
My husband has 150k in student loans and I have 60k both in idr. We both have credit scores over 630 and steady decent income over 2 years. He has 1
collection of a private school loan over 2k in which he is paying on. Should we wait to attempt to pre qualify or should we go for it?
I say do the pre-approval becuase if you don't get approved or if the terms are not favorable you will still know where you stand. Then you can have a plan to move forward.
1099 a and c great information thanks. Red lines Green line.
Am on SSI how can I qualify
Just use that income on your application. Watch - Can you afford a house for more information.
Typically how many days before closing do the funds have to be in your bank account?
There is not a typically a certain amount of days but if the money is not there by the time you go to underwrinting you will likely have to explain where you are getting the funds.
Which credit report do lenders look at?
All 3 credit scores(generated from your credit report) From Equifax, Experian and Trans Union. Please watch my where to start video, it goes over the numbers you need to know as you start the homeownership process.
Joss video
Are temp agencies frown upon during this process? Or are there certain requirements per loan?
It really depends by lender and how long you have been doing it and if there are long breaks in between jobs.
Such invaluable information. Finding ur channel has been a blessing.
I'm a truck driver, I think I'll stay company for 2 more years until I buy. Being qualified on NET, key info. Thank u.
Thanks for watching
do they take 1099
Yes, you can apply with a 1099
where do I submit my 1099?
If you have a “discharged Chapter 7” and the discharge date is 2 months shy of the actual discharge date two years, ago 8-13-18. Do I have to wait until 8-13-2020, to submit paperwork for a pre approval?? I found a home but the home builders won’t wait until August! I don’t want to lose the home by waiting as there are only 3 homes left. I’m ready to submit paperwork now.
ua-cam.com/video/uHGKso7s3eg/v-deo.html
I’ve watched one of your other videos, but it would be great to know what down payment assistance programs are available if any for someone seeking to apply for a conventional loan.
Some lenders have their own DPA programs, so you can ask them specifically what are the options for conventional. Also this video has the link for each state's programs in the description: ua-cam.com/video/uTw9wsbYGyc/v-deo.html
I am interested in purchasing a home in SC. However my score is 560. The homeni want to buy is $199K what are my chances of getting approved? And which program would be best for not perfect credit and not alot of money down? Please help! Greatly appreciated.
You are likely going to need to get the credit score up, I don't know of lender doing mortgages with that credit score. You may be able to find one but the terms of the loan will likely not be favorable. Work on getting you credit score up it will be better in the long run.
🥴
Can you apply for a mortgage without your spouse?
Yes, but you cannot use their income to qualify - only the spouse on the applications income will be used.
@@ShaheedahHill thank you!
This was so so so informative! Thank you so much for the content! I was wondering what you consider a good credit score to be. I am looking into buying with two family members. I have a 770 credit score, one family member has a 661, and the other has a 643. (I now know banks look at the lowest credit score) Would a 643 be eligible for a lower interest rate on an FHA loan? I appreciate you taking the time out to answer these questions :)))
Hi, some lenders will not loan even with FHA lower than 660 or 680 now. Lenders can set their own guidelines so when you are looking for a lender see what their minimum credit score is. It would be beneficial to every ones credit score up to above 700s to get the best rates. However, rates are low now so if it is going to take them a long time to get it up you may want to try to qualify where you are. Get approved to see where you stand, you may not need all three to qualify for the home you want and the lender can also tell you what they can do to get their scores up. Thank you for watching!
Thank you so much for such a thorough answer! It is my first time doing this and it is a bit overwhelming! You have shed some light on this and made me feel more comfortable going forward! I appreciate what you are doing here so much!!!
If my last two tax returns have my soon to be ex husbands info will that effect me adversely? I'll be just getting out of school and starting a new job when I plan to apply.
They will look at your tax returns and your current income so if you income has decreased as a result of the pending divorce you may qualify for less. But it shouldn't stop your individual chances of getting approved.
My partner and I got pre-approved after 5 years of prepping. 😭😭😭 For any of you out there still in the process, do not get discouraged. Find out where you stand, make a plan, and execute. You got this!
Congratulations!!!
I really needed this
Love your videos. So helpful. Keep going.
Thanks for watching everyone, I am going to try to schedule an interview with Micole monthly. What other video topics do you want me to cover?
This was very informative. Thanks for making this video!
Q&As are great! Here are some ideas for another Q&A session. Down payment assistance programs/Closing Costs/Amount of money to have saved for the house price/Checking and savings account requirements during pre-approval and closing (unexplained deposits/withdrawals)/Job requirements to qualify for loan (how long to be in job, will multiple jobs assist in qualifications)/DPA programs are specific to states, but what about other mortgage types i.e.HomeReady mortgage/Pre-approval process and high DTI/Can retirement loans be used for down payment and will those monthly loan payments count towards DTI/Credit scores were discussed in this video - elaborate on which median FICO score - FICO mortgage score or FICO score 8 or 9/PMI and property taxes when mortgage loan is financed at 100%
@@favorednloved1302 yes, thanks for this.
Tiara E. You’re welcome!
questions related to what will, or might change because of this crazy economy with the quarantines
Let me get my popcorn because I'm excited about this
Thanks for watching!
You ask excellent questions. Thank you for the thought that went into this video. It’s helped me out greatly.
Glad it was helpful!
Student loans is what will get me🤦🏾♀️
Same here
Shaheeda is brilliant with these questions. She’s organized, detailed, and knows how to ask the hard questions. I’m learning SO much from these videos. Great job!
My student loan is 149 monthly with a total of 18000 owed. Loan in good standing. Making 59000 yearly. Dti ratio is under 36%. Trying to buy home for 212000. Credit score 590 and trending up
I just wanted to take a moment to thank both of you ladies! I appreciate you! While I wish I had seen this video and others before starting, I learned a lot more from the both of you than I have from the lenders we've been working with. So much was explained in this video that no one else explained, however I take responsibility for not researching before I started. I'm on it now! Thank you again ladies!
Thank you so much for taking the time and leaving feedback. Best of luck!
Oh wow so informative and from two very knowledgeable WOC! I know you’re looking out for our best interests. Thanks for the video
Thanks for watching!
This was a really good video. I’m currently under contract. I came in debt free with a sizable amount of money saved. The pre-approval process was smooth. This video was honest and informative.
Congratulations on your new home! Thanks for the feedback!!
The Real Realtor - Shaheedah Hill Real Estate thank you 😊
OUTSTANDING VIDEO. I'm a relatively new listing agent and helped my sister sell her house and then buy. We were both shocked that they used her student loans to disqualify her when buying. Her credit is exceptional, DAMN NEAR 800, and we were blown away by how challenging it was to close on the purchase all because of the DTI using the student loans.
Thank you so much for watching and for you feedback.
Love this channel, I have been pre approved for conventional loan on a foreclosed home in GA. Do you have any videos on buying REO Foreclosure?
Not yet, but it has been requested so I am working on it! Congrats on the pre-approval!
Should I talk to multiple lenders in the same day or the same week?
Within 30 days it only counts as one inquiry
I just got pre approved on Friday. Girl you’re amazing! I’ve watched you videos in order to get me to this point. I came along way. Thank you!!!
Congratulations! Thanks for bringing me on the journey😊
This is the best video I’ve seen on pre-qualification and pre-approval thank you ladies so much! Our landlord is selling the house we currently rent and my husband and I are trying to figure out what to do! He’s a veteran so I’m hoping we can qualify for something.
Best of luck and thank you!
@@ShaheedahHill Quick Update: We we’re told we had to pay off the collections we had. Mines total $1700 (this is in a DMP and I’ll be done in 3 months) and he had a medical debt for $800. I guess the rules down here in South Georgia a little different on the collections less than $2000 because they requiring us to pay ours. Anywho thanks again for the great content!
Your videos kept popping up during the pandemic when I was not interested in buying a house. Fast forward 4 years and I am starting my process. I saved your videos in 2020 and they have been so helpful. I attended a webinar with Micole recently through invest Atlanta. Thank you for your content
Wow. thanks for hanging in there with me. I appreciate it!! Best of luck on the home search.
I love this, just real talk! Very informative . You ladies were on point. Thank you for the information.
@snsmowingservice998 Thank you for watching and if you liked this one, here is a more up to date version on the pre-approval process with another lender ua-cam.com/users/livecpewL4OlpjQ?feature=share
Would 401k deductions deduce the amount of income considered when calculating the approval? For a few years now I’ve been putting 30% of my paycheck towards my 401k and on my pay stub it’s shown as a deduction. Should I reduce that amount that way it’s not shown as such a big chunk of money being deducted from my pay check each month? Hope this isn’t too random of a question but thanks.
No, lenders look at gross pay so it shouldn't impact you since you can always change your contribution. Ask you lender prior to pre-approval how that may impact you.
I'm ready to jump in but I can't find Mrs. Sudduth w/BankSouth Mortgage 😔 Did she change office locations
It looks like she moved to Synovus - www.synovus.com/personal/borrow/home-mortgages/specialists/micole-sudduth
For soft pull do I need to submit documents? I'm applying through a lender right now and they confirmed it will be a soft pull but I'm confused why I have to submit all the required documents i.e. w2, paystubs, etc
If you want it to be a more accurate pre-approval than provide the documents so they can verify your income. Thanks for watching! Watch this video, it is similar but more recent than this one - ua-cam.com/users/livecpewL4OlpjQ?feature=share
I’m sure not all mortgage lenders are the same. What should I look for in choosing a good lender to work with?
I always recommend buyers to get at least 3 mortgage quotes- each lender has different fees and mortgage programs, you should also talk to them prior to the application to see if they are willing to advise you and explain the mortgage process. Also, seek referrals from friends, family and your Realtor.
The Real Realtor - Shaheedah Hill Real Estate thank you! My realtor recommended a lender but haven’t spoken to them yet. I’ll give them a call before doing the application.
@@nb0724 If you have a good idea of your credit, income, etc. They should be able to tell you what programs would be best and what interest rates are right now. My clients with good credit are getting rates between 2.75-3.25.
The Real Realtor - Shaheedah Hill Real Estate okay good to know, this will help me with questions to ask during our conversation
@@ShaheedahHill is 718 fico score considered good
I bought a house when I was 20 as a 1st time homebuyer. Now I’m 27 and married. Will we be able to apply for the 1st time homebuyer loan since my wife hasn’t taken a home loan?
It depends, do you still own the house? If you haven't owned the house in the last 3 years you will be considered a first time buyer for most programs. I just did a "Buying a House as a Couple", you should watch - ua-cam.com/users/livenge5FLwim0s?feature=share
I'm looking to apply for a mortgage loan in June. So glad I came across this video. It looks like all my ducks are in order. It's been two years of working on my credit, paying off all my debt, and saving for my down payment.
Go for it! You will be ready!
Lucky you & Congrats you got this👍🏽. I’m so sorry I didn’t get to see this and a few other of her videos before taking the plunge...