The Loan Process & The DO'S & DON'TS When in Escrow!!
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- เผยแพร่เมื่อ 15 ก.ย. 2019
- DO YOU KNOW THE 9 STEPS OF THE LOAN PROCESS?
The loan process is a lot like playing hopscotch! You have to finish one step to jump to the next one. Just like hopscotch, there are 9 steps needed to win. A win means your loan funded!
STEP 1:
- The seller and buyer agree on all terms in the purchase contract.
- An Earnest Money Deposit (EMD) check needs to clear before escrow is opened.
- DATES TO REMEMBER: Loan Contingency, Appraisal Contingency and close of escrow.
- Let your employer know you're buying a home so they fill out a VOE for you.
STEP 2:
- Processor sends out loan estimate and disclosures to you. The processor submits all documents such as paystubs, tax returns, credit report, source of downpayment, purchase contract, title report, and escrow signed paperwork to underwriting.
STEP 3:
You'll receive a conditional loan approval.
STEP 4:
The processor orders all loan approval conditions and appraisal. Also, the client can request a home inspection and termite inspection.
STEP 5:
The underwriter looks over all documentations to clear the loan for loan docs. The CD (Closing Disclosure) goes out and they also clear appraisal and if the value comes in short, this is when your renegotiate.
STEP 6:
Your loan docs are out!
STEP 7:
It's time to sign all your loan docs and final escrow docs.
You also review your final HUD aka your final receipt on how much to bring in to close.
STEP 8:
You will need to bring in the rest of your downpayment and closing costs.
This is also when you do your final walkthrough.
STEP 9:
CONGRATULATIONS! Your loan funded!
THE DO'S ✅ & DON'TS🚫 WHEN IN ESCROW!!
DO:
- STAY CONSISTENT IN YOUR WORK. Do not take time off. If you're working overtime, or you're getting commission, make sure it stays consistent!
- SEND YOUR LOAN OFFICER YOUR PAY STUBS AND PAPERWORK PROMPTLY. You want these conditions moving through.
- SAVE MONEY. Don't start spending money until your house is closed. You want to make sure you have enough money saved in case you're short to close.
- PAY YOUR BILLS ON TIME. Do not allow any lates!
- GIVE YOUR LAON OFFICER MORE REFERRALS.
DON'T:
- DON'T TAKE TIME OFF OR STOP WORKING YOUR NORMAL SHIFTS/OVERTIME.
- DON'T RE-RUN YOUR CREDIT TOO MANY TIMES CAUSING A CREDIT INQUIRY. This can bring down your credit score!
- DON'T RUN YOUR CREDIT WITH HIGH BALANCES. Your credit report lasts 90-120 days. The last thing your lender wants to see is a higher balance which can affect your DTI.
- DON'T FINANCE ANYTHING NEW/LARGE (CAR, JEWELRY, ELECTRONICS, ETC.)
- DON'T TRANSFER MONEY AROUND YOUR ACCOUNTS. Leave everything alone until you close escrow!!
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- Minh
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Thank you so much for distilling down the confusion of finalizing a home purchase. I've been searching for something like this for over two years.❤
Excellent info.!!!! THANK YOU!!!
Our pleasure!
Good content thanks
I love the passion in your presentation. Keep up the great work!
ty
Great video! So helpful! 👏🏾👏🏾
Wow this video is so helpful for first time home buyer. More power to you
Ty
Great information
Glad it was helpful!
very nice information
Awesome video
Ty fam🤛🏽
HI Minh, Awesome Videos and very informative, I am also NMLS, got my license about a year ago, and still learning, glad I came across your Videos.
Thank you! Glad I can help.
Thank you
You're welcome
wow awesome, content, does that work the same for apartment complex
Informative, transparent, and straightforward! Thanks
Glad it was helpful!
Following the yellow brick road man
Are you a mortgage originator, if so do you recommend that career
What if I already put PTO time in to be off for a vacation months before I go into escrow will that delay my closing or loan amount?
As long as ur over goes back to normal u will be ok, they will average it over 2 year and excluding the gap
Is it bad if I've bought a TV with cash?
Your ok
Is EMD applied to closing cost?
That or down payment, it’s applied to the whole transaction
What if there is EMD residual funds after closing costs and all that . Do you get that back ? How? When ?
Your good !! Can I work for you
Are u a processor ?
@@WhatsAMortgage I wish but I’m taking my NMLS / MLO test in a week , I love your energy and your super smart , seems like processors are in high demand ?