“ “ Crash Course” Crash Course” Patrick Brock Mortgage Loan Officer Bank of America Home Loans 626-253-3944 (cell) patrick.brock@bankofamer ica.com * Preapproval * Preapproval * Documents and Information * Documents and Information Needed Needed * What You Will Need * What You Will Need * Investment Purchases * Investment Purchases * 203K (Rehabilitation * 203K (Rehabilitation Loan) Loan) November 6, 2010
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* Preapproval* Preapproval* Documents and Information Needed* Documents and Information Needed* What You Will Need* What You Will Need* Investment Purchases* Investment Purchases* 203K (Rehabilitation Loan)* 203K (Rehabilitation Loan)
November 6, 2010
PREAPPROVALPREAPPROVAL
PreapprovalPreapproval
Why should you get preapproved for a Why should you get preapproved for a mortgage before you begin your search for a mortgage before you begin your search for a
home? home?
Why should you get preapproved for a Why should you get preapproved for a mortgage before you begin your search for a mortgage before you begin your search for a
home? home?
Because there are 3 people who will benefit Because there are 3 people who will benefit from that preapproval:from that preapproval:
Because there are 3 people who will benefit Because there are 3 people who will benefit from that preapproval:from that preapproval:
YOU! The BuyerYOU! The BuyerYOU! The BuyerYOU! The Buyer
Your AgentYour AgentYour AgentYour Agent
The SellerThe SellerThe SellerThe Seller
Benefit To…Benefit To…YOU! The BuyerYOU! The BuyerYOU! The BuyerYOU! The Buyer
"Please let me know how much house I can afford." "Please let me know how much house I can afford."
There are simply too many variables to answer that question:There are simply too many variables to answer that question:credit history credit history
income income debtdebt
special mortgage programsspecial mortgage programsetc.etc.
"Please let me know how much house I can afford." "Please let me know how much house I can afford."
There are simply too many variables to answer that question:There are simply too many variables to answer that question:credit history credit history
income income debtdebt
special mortgage programsspecial mortgage programsetc.etc.
Benefit To…Benefit To…
Your AgentYour AgentYour AgentYour Agent
By knowing what the financial parameters are, your By knowing what the financial parameters are, your agent can spend more time looking for houses that agent can spend more time looking for houses that
"fit.""fit."
Sound Good?Sound Good?
By knowing what the financial parameters are, your By knowing what the financial parameters are, your agent can spend more time looking for houses that agent can spend more time looking for houses that
"fit.""fit."
Sound Good?Sound Good?
Benefit To…Benefit To…
The SellerThe SellerThe SellerThe Seller
A PREAPPROVED offer will definitely stand out! A PREAPPROVED offer will definitely stand out!
When it comes to a seller evaluating offers, "a bird in the hand..." When it comes to a seller evaluating offers, "a bird in the hand..." definitely applies. definitely applies.
Simply put: it is better to stick with something you already have, Simply put: it is better to stick with something you already have, rather than pursuing something you may never get. rather than pursuing something you may never get.
A PREAPPROVED offer will definitely stand out! A PREAPPROVED offer will definitely stand out!
When it comes to a seller evaluating offers, "a bird in the hand..." When it comes to a seller evaluating offers, "a bird in the hand..." definitely applies. definitely applies.
Simply put: it is better to stick with something you already have, Simply put: it is better to stick with something you already have, rather than pursuing something you may never get. rather than pursuing something you may never get.
DOCUMENTS DOCUMENTS NEEDEDNEEDED
for preapprovalfor preapproval
Documents and Information NeededDocuments and Information Needed• Full name of person(s) applying for the home loan
• Date of birth(s)
• Current mailing address for the past 2 years. If renting, what is monthly rent?
• Name of employer, local address, local phone number, position/type of industry, years at employment (if less than 2 yrs with current need previous as well)
• Most recent one (1) month consecutive pay stubs showing current & year to date income
• W2’s for the last two (2) years
• Past two (2) years Federal Tax Returns, all schedules
• Two (2) most recent month’s statements for all checking/savings/401k/CDs, stocks and bonds, etc. (all pages)
• List of all other owned properties appearing on your credit report (if any), including rent amounts and landlord contact information, etc.
• If Condominium, full insurance policy issued by your Home Owner’s Association (HOA)