Presentation on theme: "The Mortgage Process By: Bruce Henderson. Step 1 Compare renting v buying Communicate requirements necessary by lenders Determine what type of home."— Presentation transcript:
Step 1 Compare renting v buying Communicate requirements necessary by lenders Determine what type of home you are looking to purchase (condo,townhouse, single family) Give general timeline
Step 2 Access Credit Reports (tri merge) Collect $15 for credit report Explain credit report in detail Determine where improvements can be made. Provide tips for improving credit scores.
Step 3 Compare lender’s requirements with current credit score Advise of the purchase price they can qualify for Give Good Faith Estimate Highlight the purchase price and monthly payments (PITI)
Step 4 Gather all supporting documents Bank statements Payroll history Order verification of rent Order verification of employment Etc.
Step 5 Connect pre-qualified client with realtor Review executed contract with borrower Provide new good faith estimate Highlight closing costs and mortgage payment (PITI)
Step 6 Order Appraisal of property Collect $300 appraisal fee. Review appraisal results with borrower to determine how to proceed.
Step 7 Submit complete file to lender Go over all conditions with borrower Satisfy list of conditions