Housing Wire

MARCH 6, 2023

The combination of an economic uncertainty, high mortgage rates and persisting affordability challenges will further reduce purchase demand, which keeps Monson and thousands of loan officers up at night. I see a lot more low credit scores, funky income, foreign nationals or bank statement loans,” he said.

Loan Officer 384

Loan Officer Loans Pre-approval Mortgages 384

Realty Biz

DECEMBER 20, 2021

But then, you’re about to invest potentially tens of thousands of dollars in the form of a down payment on your new home.That could leave you with very little left over in the bank, so you’d better make sure the home and the mortgage you choose,are a good ones. . Pre-approval. You will learn how much of a loan you qualify for.

Pre-approval 113

Pre-approval Loan Officer Loans Finance 113

Realty Biz

DECEMBER 14, 2021

But then, you’re about to invest potentially tens of thousands of dollars in the form of a down payment on your new home.That could leave you with very little left over in the bank, so you’d better make sure the home and the mortgage you choose,are a good ones. Pre-approval. You will learn how much of a loan you qualify for.

Pre-approval 109

Pre-approval Loan Officer Loans Finance 109

Keller Williams

AUGUST 17, 2022

Over the next several months, the housing market will be more in line with pre-pandemic market conditions,” shares KW chief economist Ruben Gonzalez. As a partner of Keller Williams, our loan officers are here to provide your clients with the easiest home financing experience available,” says Ball. “We

Finance 90

Finance Pre-approval Loan Officer Mortgages 90

Housing Wire

APRIL 18, 2023

When rates start to trend down, the company expects to add more loan officers, call center staff and operation staff. That referral process is an age old, where the real estate community will give up a third of their commission for being delivered a qualified, pre-approved borrower that came out of the relocation world.

Loan Officer 370

Loan Officer Loans Pre-approval Mortgages 370

Realtor.com

APRIL 29, 2021

To avoid this fate, make sure to crunch your numbers in our mortgage calculator or a home affordability calculator , and apply for mortgage pre-approval to see just where you stand in terms of how much house you can afford. Pre-qualification and pre-approval are essentially the same. Absolutely not.

Pre-qualification 122

Pre-qualification Pre-approval Mortgages Fixed-rate mortgage 122

Housing Wire

SEPTEMBER 14, 2020

But when should the lender inject the loan officer or consultant into the process? Can the borrower shop for a loan anonymously? But without enough information about the borrower, the lender will struggle to provide a pre-approval. How early in the process must the borrower be identified?

Lending 466

Lending Mortgages Technology Loans 466

Redfin

AUGUST 13, 2020

Clearing your way to get approved for a home loan will ensure that you are ready to act when that dream home appears on the housing market. Follow these ten steps for how to get a home loan and put a plan in place to finance what will most likely be the biggest purchase of your life. Step 1: Know your credit score.

Pre-approval 68

Pre-approval Loans Pre-qualification Banks 68

Redfin

APRIL 7, 2023

Get pre-approved for a mortgage My advice to first-time homebuyers is to find a good loan officer and get pre-approved, fully underwritten approval is best. Work with that loan officer and their agent to understand what timeframes they’re comfortable with in an offer.

Pre-approval 59

Pre-approval Agents Pre-qualification Debt-to-income ratio 59

Realty Biz

MARCH 9, 2021

Getting Pre-Approved for the Family Opportunity Loan. Getting a pre-approval letter from a lender for the Family Opportunity Loan is almost identical to getting approved for any conventional mortgage. The borrowers will need to present documents showing their income for the past 2 years.

Pre-approval 144

Pre-approval Earnest money deposit Debt-to-income ratio Loans 144

Housing Wire

DECEMBER 28, 2023

In his 20 years in mortgage banking, no year has compared to 2023 in terms of difficulty, said Ben Cohen, Guaranteed Rate ’s managing director and a top-producing loan officer. It was another brutal year, pushing loan originators to work longer hours, close loans faster while diversifying their mortgage product offerings.

Loans 432

Loans FHA loan Mortgages Loan Officer 432

Housing Wire

JANUARY 31, 2023

. “I didn’t want to just jump for money,” Miller said, noting that some lenders with lower rates have complexities of putting together a loan — and transferring over existing clients’ loans is a different process for every company. But not every LO will find a new workplace. In-house is key.

Loans 397

Loans Mortgages Loan Officer Pre-approval 397

Redfin

MARCH 3, 2022

It’s recommended to get pre-approved before house hunting to give yourself a realistic idea of how much home you can afford ; however, a mortgage pre-approval doesn’t guarantee that your loan application will be approved. Give your loan officer full disclosure from the start – tell us everything.

Closing 62

Closing Title search Purchase and sale agreement Title 62

Housing Wire

JANUARY 27, 2023

The lender runs its business based on a “no-loan-officer” model in which all of its 45 employees are licensed and delegated to a specific role in closing a loan. Back in the 2007-2009 meltdown, we had loan officers with us at that time. A lender with $624.6

Lending 397

Lending Loans Pre-approval Loan Officer 397

HomeLight

AUGUST 16, 2021

Bank of America has two national DPA programs. These classes may be available online or in-person, and you will need to supply a certificate of completion to your loan officer. Step 5: Get preapproved for your loan. Preapproval — an actual conditional loan approval — beats pre-qualification, which is more of an estimate.

Loans 96

Loans VA loan FHA loan Purchase and sale agreement 96

HomeLight

JUNE 28, 2021

HUD’s Office of Housing also includes the Federal Housing Administration (FHA), an agency that insures mortgage loans issued by FHA-approved lenders to protect against losses if a borrower defaults on a loan. The buyer must work with a HUD-approved real estate agent/broker for all bidding (HUD homes are sold at auction).

Pre-approval 94

Pre-approval Pre-qualification FHA loan Inspection 94

Housing Wire

MAY 10, 2023

This has serious consequences for real estate agents and loan officers alike, since it’s usually a zero sum game. I sent pre-approvals two-to-three times a day, and then there are 30-plus offers on the homes and I virtually never get contracts,” one veteran loan officer told HW in late March.

Loan Officer 384

Loan Officer Pre-approval Marketing New Construction 384

HomeLight

AUGUST 31, 2022

If you meet eligibility requirements, many banks, credit unions, and other financial institutions have loans that allow homeowners to convert part of their equity to cash. Banks, credit unions, and other lenders each have their own criteria. If that application is approved, they now have two loans.

Equity 102

Equity Finance Loans Closing costs 102

Realtor.com

NOVEMBER 11, 2022

. “Talk to your bank or a reputable mortgage company to see what you qualify to purchase,” explains Rosanne Nitti , a Realtor® with RMN Investments & Realty Services, in Laguna Beach, CA. Step 2: Qualify for a home loan or loan pre-approval. Step 3: Learn how a loan officer can help.

Pre-approval 131

Pre-approval Pre-qualification Debt-to-income ratio Loan Officer 131

HomeLight

MAY 31, 2021

These are things you just might not know as a buyer — but your agent and loan officer can give you guidance! What type of home loans do you offer? There are several types of home loans out there, and you’ll want to ask any potential lender which ones they offer, as not all lenders support all loan types.

Mortgages 58

Mortgages Debt-to-income ratio Loans Closing costs 58

HomeLight

OCTOBER 8, 2020

So, it has allowed my sellers/buyers to get approved, and then go out and find the home that they’re in love with and be able to write a very strong offer, not contingent on the sale of their house, and win. ” And fortunately, I had just been approved to be a Trade-In agent with HomeLight. And I picked up a new trade-in.

Agents 79

Agents Pre-approval Inspection Staging 79

HomeLight

OCTOBER 26, 2021

But that is only a preliminary step to getting final approval for a mortgage. We’ve asked Richard Helali, Loan Officer and Sales Lead at HomeLight Home Loans , to pull back the curtain to explain what happens during mortgage underwriting. The last step is the approval process. How long will it take?

Pre-approval 81

Pre-approval Mortgages Loans Loan Officer 81

HomeLight

OCTOBER 5, 2020

” She adds, “You need a strong pre-qualification letter from a legitimate lender, and there’s no getting around that. There is a process you must follow to get pre-approved for a mortgage. Bank statements can also be used for certain mortgage loans if you have a non-traditional job or a side gig.

Short sale 76

Short sale Sales Pre-approval Pre-qualification 76

Realty Biz

JANUARY 19, 2024

Start by gathering all relevant financial documents, such as bank statements, tax returns, and pay stubs. This documentation will be necessary when applying for a mortgage pre-approval. It's advisable to reach out to multiple lenders and obtain pre-approval. Next, examine your credit score and history.

Debt-to-income ratio 100

Debt-to-income ratio Pre-approval Purchase and sale agreement Inspection 100

Redfin

FEBRUARY 10, 2021

Well, it’s not only the difference between getting a low-interest rate on a home loan versus a high one, but it will also directly impact how much a bank or lender will loan you. Banks like to see a healthy savings account and other investments or assets (i.e. Get Pre-approved. Build Up Your Savings.

Debt-to-income ratio 73

Debt-to-income ratio Pre-approval Inspection Purchase and sale agreement 73

HomeLight

AUGUST 31, 2021

It’s a DIY world, and she secured her loan ( with an equally awesome rate ) by going direct through her bank. This can include bank statements, credit reports, property appraisals, income verification, tax returns, assets, and liabilities. Lenders then use this info to weigh the financial profile of an applicant for approval.

Mortgages 74

Mortgages Closing costs Loans Banks 74

Housing Wire

AUGUST 22, 2022

The lender approved their application for a loan with a 2.25% interest rate, with a “conservative” estimated value of the house at $550,000, pending approval. The couple believed this work increased the value of the home above its pre-improvement value.

Loan Officer 370

Loan Officer Pre-approval Equity Loans 370

Realtor.com

FEBRUARY 23, 2021

of whites had their loan applications rejected, compared with 6.8% of multi-minority race individuals hoping to be approved. On top of racial discrimination, “they’re less likely to get help with the down payment from the bank of Mom and Dad,” says Theodos. Only about 5.5% of Asians, 9.3% of Hispanics, 11.7%

Mortgages 116

Mortgages Loans Loan Officer Lending 116

HomeLight

SEPTEMBER 30, 2021

A hard worker with an hourly paid job at a nearby prison, the client was able to save and use the Neighborhood Assistance Corporation of America (NACA) program through Bank of America. Department of Housing and Urban Development (HUD)-approved counseling agency, providing more than 31% of the housing counseling in the country. “It’s

Loans 82

Loans Pre-approval Mortgages VA loan 82

The Close

DECEMBER 29, 2022

If your clients are concerned about getting approved for a loan, you can remind them that a co-borrower agrees to back the borrower in a mortgage loan. They sign all of the loan documents, have interest in the property being purchased, and are required to pay the monthly payments if the primary borrower is unable to.

Purchase and sale agreement 98

Purchase and sale agreement Title Proof of funds Pre-approval 98

Notorious ROB

DECEMBER 19, 2022

To be fair, there were a number of big announcements, but the one I honed in on was this one: We plan to overhaul our current mortgage funnels away from third-party lead generation and toward Zillow Home Loans , and bolster our loan officers’ tools and capabilities to help the customers who come their way. I think that happens.

MLS 79

MLS Agents Pre-approval Brokerage 79