Mortgage Pre-Approval - Step By Step Guidance To Success ! !

We will explain why the industry requires a preapproval to view homes and make offers.

We will give you a preview of the information required to formally apply for a federal home loan.

Let you know when the loan application is "official" and what government monitoring occurs.

We will give you a preview of the formal disclosures a lender is required to provide and show you how to read them.

Before we deep dive in it's own training module, here is a high level explanation to prep you for what's coming.

Before we deep dive in it's own training module, here is a high level explanation to prep you for what's coming.

What documents are required to completed a home loan application and some of the common challenges at this stage.

Explanation of how rates can be differential from one day to the next and what factors come in to play to determine a rate.

In this section you will understand how to budget your monthly income and figure out what the best monthly house payment is for you.

In this section I will take you through our Monthly Budget Exercise and lay out your income, debts, spending and potential saving amounts.

In this section I will let you know the secrets of living & budgeting from your savings account - not your checking account.

In this section we will use our imagination as I tell the story on why to pull your money from savings into your checking account.

In this section together we will begin to determine an adequate savings goal for you and your dreams.

This section will give you a high level review of the components of a credit report.

We will give you an overview of the 3 bureaus and scoring model’s for each.

In this section we will explain what a credit inquiry is and how it could affect your credit score.

In this section we will explain the allowable time a credit report is valid for.

We will explain how we can increase your FICO score quickly through a rapid re-check.

You will learn overall what is required to qualify and what documentation is needed.

Here we will show you how lenders look at income docs to formulate "qualifying income."

Here we will explain what it means to be a salaried employee and what documentation is required.

Here we will explain what it means to be an hourly paid employee and what documentation is required.

If you are self-employed the calculations can get very thorough & paperwork intensive. Here we will break it down and explain in depth on how it will work.

We will explain how this is calculated and common challenges at this stage

In this section you will understand the different down payment options and what is specifically ideal for you.

This section explores the option of retaining money for a downpayment from a friend or family member and the template we use to document it.

You will learn how you can leverage a 401(k) account to contribute to the down payment and what risks go along with it

Here we talk about mattress money and how this CASH is HARD to document for use in your loan transaction.

In this section we scroll through our WAWA template introducing you to the ways of documenting your assets, the amounts available and what is allowed to use for a down payment.

Understanding your options as it relates to carrying and eliminating installment debt.

We will share what how credit cards impact your qualifications and what options you have to eliminate them.

We will show you how to put all interest rates and all monthly payments onto one page.

Using what you have learned you will start to customize your own preapproval figures.

DISCLAIMER: THESE RATES ARE BASED FROM MARCH 2022.

Now that you are getting ready we'll show you what you need to engage a loan officer.

I will give you a common scenario and provide responses to get a loan quote.

I will give you my perspective in California and how we can save you money.

As you start comparing lenders. you will hear this phrase. What to do then questions to ask.

I don't have a crystal ball but knowing how rate sheets work will help you.

We will break down the different stages of preapproval and what it means.

This important step is critical for a smooth process. Your participation is required.

Project confidence and connection with a video preapproval. This has been wonderful for me.