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:
The Mortgage Process By: Bruce Henderson
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
Step 8 Set a closing date
Step 9 Go over list of important dates after closing Homestead exemption filing Taxes Mortgage payment date etc
Contact Information Mortgage Works Unlimited 2240 Palm Beach Lakes Blvd Suite 400A West Palm Beach, FL Phone numbers: Cell (561) Office (561) Fax (561)