How's it going everyone?
Matt Leighton.
Welcome back to another video.
In this video, I bring on a special guest.
Maybe you've seen him before in the past couple weeks.
Rich Conlon with Atlantic Coast Mortgage.
Rich, in 15 seconds or fewer, why don't you tell the people a little bit about who you
are and what you do.
Rich Conlon.
Loan Officer with Atlantic Coast Mortgage.
Born and raised in Vienna, Virginia.
Love the area, love the market.
It's one of the best in the country next to LA and New York.
Thanks for having me.
Rich, I want to ask you a question that you've probably never heard before.
How do I apply for a mortgage?
Is that a new one for you?
In today's video, we're going to go through how you actually go about applying for a mortgage.
What are the steps?
Maybe the things to avoid.
The tips that an expert who has heard that question many times...my dry humor sometimes
doesn't come across too well in the video as I'd like.
So Rich, take it away...how do I apply for a mortgage?
Alright, well it's quite simple.
If you're working with an agent, ask your agent.
Most agents should have at least one, two, or three trusted loan officers that they do
work with.
If you don't already have a family friend or whatnot.
Definitely ask your agent.
It gives you a better chance for success.
Obviously they've entrusted them so there is a level of respect.
Any time an agent sends over a referral, to get in touch with a client, to apply, that
just drops everything and we want to move quickly to make sure that happens.
So let's say, someone recommends like 3 mortgage lenders or credit unions, something like that.
What sorts of things should a consumer be looking for that would build that relationship,
that would make that person choose one or the other?
What sorts of things should someone be looking for in a mortgage company?
The most important thing is communication in a timely manner.
We operate 7 days a week mainly because we understand that a lot of the home search is
done on the weekends.
So being available for those decisions is key.
We are a correspondent lender so we work outside the normal Monday-Friday 9-5, and our company
provides us the ability to operate on the weekends wherever we are at.
So responsiveness, that is one key thing.
Another thing to look at, obviously everyone is curious about rate shopping.
That's great.
That's one of those things that you're probably going to get a different rate from wherever
you go.
Credit unions, banks, and then the corresponding lenders.
The Consumer Financial Protection Bureau does encourage you, and we encourage you; don't
just corner yourself into one lender when you first start.
When you apply, apply to a couple different ones.
It's your responsibility to shop and we encourage that.
A lot of the applications, you can apply to all 3.
A big common misconception is well I don't want my credit pulled by all 3 because that
dings my credit.
That in fact is false.
They have pretty much adhered (credit bureaus) and CFPB, in terms of letting people shop.
So if you're shopping within a 30-day period and you're working with a couple different
mortgage companies, all those credit pulls will apply for just one hard pull.
So when you're out and shopping for a mortgage and you're looking at a couple different lenders.
Don't be afraid to have your credit pulled by all.
We're going to adhere.
If you know your credit score and you would rather us not pull it at that time, we're
simply OK with that.
We'll work with you.
We're more than happy to.
When it comes to issuing an approval letter and completing the pre-approval process, we
will want to pull credit.
That's sort of like shopping for a car.
If you go to 10 dealerships...if the pulls are all in the same sort of category, it is
my understanding that they are not the hard pulls.
You're understanding is spot on.
It usually is.
In this day of age, applications can take 10 - 15 minutes and it gets back to responsiveness.
When is it submitted?
And that loan officer is at least following up and saying they got it and that they'll
be working with you on it.
So we've figured out who to get a mortgage from, you have your 3 referrals or maybe you're
working with a bank or a local lender.
You've figured out your credit score is what it is and it's not going to change significantly
when the credit does get pulled.
And now you're moving forward with a mortgage company.
What is the next step?
What do you need?
What sort of paperwork?
What sort of process?
How much do I have to spend to get a mortgage?
In that stage of the process, where do we go?
Documentation.
The day in age prior to the market crash where you could state it on the application and
the lender could take your word for it is pretty much non-existant any more after the
market crash.
So documentation will need to be provided to confirm the data that is submitted.
Lenders will sometimes issue approval letters without documentation.
Sometimes that would be a red flag.
Not necessairly to say I'm not working with them.
But that's something to look out for.
Ultimately, if you do go under contract and you get documentation after the fact, information
could be revealed.
Not saying you're witholding it...but the underwriting guidelines today are very detailed.
Cumbersome.
There's so much out there.
Most consumers don't know, nor should they know.
That's what we're hear for.
Having documentation provided definitely does help identify any potential pitfalls in the
underwriting process so you're not getting snakebit a week before settlement and all
efforts are lost.
Recently the rate has been jumping and falling and jumping.
It looks like an EKG monitor out there.
At what point does someone lock in their rate?
You cannot lock in the interest rate, it does not matter who you work with, until you have
a ratified contract with agreed upon terms.
Sales price, settlement date, downpayment, if there are any financing contingencies and
earnest money deposit.
There are times.
We understand with paperwork that needs to be passed around, there are cases when we're
dealing with the new administration...
The economy is on the rise.
Naturally, interest rates are beginning to rise again.
We're facing an upward trending market.
We do want to protect you.
A company policy of ours is if we have a verbal agreement in place and we have those details
that I specifically said: sales price, EMD, settlement date, if there are any seller concessions..
If we have those verbally agreed upon, we'd be more than happy to secure your terms and
protect you against any sort of negative market movement while we're waiting on the sellers
to sign.
We understand people are at work.
People can't get to it until later that night and the market moves on a daily basis.
So capitalizing and protecting that as early as possible, something that we also bodes
well for our clients so when a verbal agreement is placed, we'd be more than happy to protect
as long as we have confirmations on those details.
Got it.
Last question.
I'm under contract, I've locked my rate.
At what point am I approved?
Is it finalized?
Is it done?
Can I start popping champagne bottles...
Because I think that happens before settlement so you can have 2 reasons to pop champagne
bottles.
There are a couple stages and a great rule was instituted in October 2015.
TRID instituted a new rule in terms of the Closing Disclosure, aka the HUD-1.
The HUD-1 used to be delivered sometimes 30 minutes before settlement, which can be a
nightmare, not knowing you're going to close until 30 minutes is just wrong.
Truth in Lending passed a law that a Closing Disclosure must be delivered 3 days before
Settlement.
That detailed what your expected at Settlement in terms of cash-to-close.
And by that time, even a few days before, you'll know your loan is fully approved.
So there are 2 types of approval.
Conditional approval and then the final approval.
More times than not, you'll get a conditional approval a few weeks after ratification, locking
in.
My company's average settlement time is 30 days, we can do quicker.
And it's usually conditional approval can be instituted about midway and so 2 weeks
is a good timeframe.
Conditional approval is pretty much saying your loan is approved subject-to a few minor
updating items, updating documentation, barring nothing significantly changing after that,
you can expect final approval about a week before, and then right after that, it's just
a matter of receiving your Closing Disclosure so you know what you need to wire or who to
make that check out to.
Cool.
Sounds good.
That is an overview primer.
Quick hitter on how do I apply for a mortgage.
Mortgage for dummies if you will.
I will list and link Rich's information in the description below so if you have any other
questions about how to apply for a mortgage or if you're interested in moving forward
in the Northern Virginia area, you can contact him below.
Also be sure to check out this video up in the corner on the number one mistake that
people are making with Rich and across the country when they are applying for a loan.
So check out that video, and other videos on my channel and I will catch you in the
next video.
For Rich and myself, until next time, create a productive day.
Take care
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