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The Mortgage Process By: Bruce Henderson. Step 1  Compare renting v buying  Communicate requirements necessary by lenders  Determine what type of home.

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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:

1 The Mortgage Process By: Bruce Henderson

2 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

3 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.

4 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)

5 Step 4  Gather all supporting documents Bank statements Payroll history Order verification of rent Order verification of employment Etc.

6 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)

7 Step 6  Order Appraisal of property Collect $300 appraisal fee.  Review appraisal results with borrower to determine how to proceed.

8 Step 7  Submit complete file to lender  Go over all conditions with borrower Satisfy list of conditions

9 Step 8  Set a closing date

10 Step 9  Go over list of important dates after closing Homestead exemption filing Taxes Mortgage payment date etc

11 Contact Information  Mortgage Works Unlimited 2240 Palm Beach Lakes Blvd Suite 400A West Palm Beach, FL  Phone numbers: Cell (561) Office (561) Fax (561) 


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