Don’t make your loan tougher than it needs to be

I just closed an Idaho Mortgage loan in about 30 days that I could have had finished a week earlier.  Why did it take a week longer?  Easy, the borrower didn’t supply me with a document I had asked for multiple times.  I had to go find it from a third party and it didn’t get to me very fast.

When I start working on your loan, I will tell you what we will need to proceed and even give you a written list. 

I had asked for this document for at least 4 times while the borrower was looking at homes.  I even nudged the realtor to help me get this.  Even when the borrower got their offer accepted with a short contract closing date, they still had not gotten me that document.

When you’re getting ready to move, and have started packing up, that is not the time to start  looking.  I had to have a third party try to locate the missing document.  It was uncertain if I could even obtain that document or how long it would take.  It had the potential of killing the deal at the last moment.

In this case, the Title and Escrow company was able to get me that document in about 10 days.  It still took a lot of effort to get final underwriting approval and get the loan documents to closing before the expiration date.  This was an stressful situation that didn’t need to happen.

The bottom line is that borrowers need to get everything in to their loan officers asap.  I can work miracles, but don’t walk on water nor do I have a “magic loan wand” that can make underwriters waive loan requirements. 

As I said earlier, one of my goals as your Idaho Mortgage Guy, is to reduce the stress involved to a minimum.  Buying a home and moving is stressful enough.  Don’t bring extra stress upon yourself.

Summer home sales means more competition

Right now, our local market is one of the top 5 real estate markets in the country for home price appreciation.

What that means is that prices are way higher than last year’s.  I am not seeing any appraisal value problems this year, while last year I was constantly worried that my client’s home would not appraise for enough.

Home buyers in the Boise, Idaho market need to be ready to make an offer and close quickly if they find a home that meets their needs.  Ask any realtor in the Boise, Idaho market if there is a “bidding war” going on right now, and they’ll probably tell you about how they have had to deal with multiple, competitive offers, buyers paying over the asking price, and how many homes they had to make offers on just to finally get one.

I would offer the following advice to prospective home buyers:  don’t fall in love with one home, you will probably have to make offers on several homes to finally get one. 

You will want to be prepared in advance, so  call me to get pre approved at 208-861-7579.

New Options for Idaho Home Buyers, zero down with NO MORTGAGE INSURANCE!

Our friends at Idaho Housing and Finance Association just rolled out a new program that will give Idaho Home Buyers a better option for low down payment financing.

The Program is called the Preferred Risk Program.  It its a Fannie Mae program that will finance up to 97% of the purchase price of the home.  It doesn’t have mortgage insurance, instead the rate is slightly higher than the IHFA FHA loan program. 

The payment on a $100,000 loan would be $493 (p&I).  On a $100,000 FHA program the P&I payment would be $463 but it carried a mandatory mortgage insurance premium of $95.83. The savings would be$65.83 per month using the preferred risk program.

One other benefit the IHFA preferred risk program has it that it can be combined with IHFA’s second mortgage program, the Good Credit Rewards, to get the homeowner in the home with zero down payment.  It can also be combined with the IHFA Down Payment Closing Cost grant program for those who qualify, also creating a zero down payment financing package.

The program does require the borrowers to have a decent credit score, 660 and take their home buyer education course, Finally Home.      

We are direct underwriters for Idaho Housing and Finance Association’s programs.  I have great respect for the staff at IHFA and feel confident when placing a client with them that it will be a positive experience for my clients.

Apply Now! How to get your home loan.

Getting your loan is not as hard it might seem.  With a short application and some basic documents, we can get you approved for your home loan.

To Start, you should gather your last month’s pay stubs, the last 2 years W2 forms, the last 2 months bank statements, and any retirement account statements.

Go to my secure, online website at https://rogerhowell.com

From there, you can choose the full application or the short one.  Fill out the application, the short one only takes about 5 minutes.  Hit submit, and it shows up in my email.  I will get to work on it right away.  At this point, I will run your credit and let you know what it looks like.

You will need to get those documents to me.  Either drop them off at my office, mail them, fax them, or scan them and email to me.  I’ll put the final touches on your application and run your approval.  It is possible to have a solid pre-approval in a couple of hours if you get the documentation to me. 

If you’re buying a home, I will send you and your Realtor, a Pre-Approval Letter. 

After the pre-approval, we will prepare your loan package for your signitures.  We can email, fax, or print out the documents for your signitures. 

When you’ve signed your loan package disclosures, we will gather anything else needed for submission.  These items include: A title Report, Insurance Binder, Purchase and Sale agreement, and an Appraisal. 

When we have all of them, we submit your loan to the Underwriter who verifies that everything is in order.  If it is all in order, we get a clear to close and the loan documents will be prepared.  If there are any final underwriter’s conditions, we gather those.  We might be updating any information that is dated, such as paystubs, bank statements or maybe getting additional comments on an appraisal issue that the underwriter has questions about.  Sometimes a well and septic inspection is required, if you’re on a well or private septic system. 

Once we are cleared to close, the loan documents get prepared and sent to the title company.  When they have them worked up and printed out correctly, we schedule a closing appointment.

The closing usually takes about 45 minutes to an hour.  Once its completed, the loan records at the courthouse and the new deed to the home is in your name.  If you are refinancing, there is a federally mandated 3 day recission period.  This is in case you decide that you don’t want the new loan and you can cancel in writting.  On refinances, the loan funds and records on the 4th day after you sign.

That in a nutshell is the loan process.  If you are prepared, I can get your purchase loan done in 10 days!  Our record is 8 days.  for a refinance, add 4 days. 

Need to get your loan done quickly, I just closed one in 20 days. Start to funding!

This was a VA refinance, so it takes 4 days from signing to funding due to the right to recind period of 3 days. 

It helped that the client was prepared and got anything I needed right away.  The Title Company, Pioneer Title of Ada County, worked the signing into the clients work schedule.  It was the smoothest loan I have had in a while.

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