Tag Archives: Apply For A Home Loan

Why aren’t more renters buying?

In our market, Boise Idaho, the cost of renting a house is more than the cost of a mortgage for a similar home. It would seem that everyone would be buying a home.

The Wall Street Journal did a survey on why, and here it is:

http://realestate.msn.com/blogs/post–why-more-renters-arent-buying

The top three reasons are directly related to our economy and job market, not worries about values dropping or other reasons.

What do you think? Comment below:

Getting a Loan? Be prepared to document everything and then some.

In 2013, getting a mortgage requires a lot more documentation than the pre-housing bubble collapse.

In 2006, you could submit a loan application with little more than a credit report and get an approval.  You might have to get an appraisal, you might have to provide a pay stub or single bank statement and many times you could get through the loan underwriting and to the closing in about a month or less.

While we still get most of our loan done in about 21 days, the work that we must do is many times more detailed.

The laws have changed as well as the guidelines of HUD, Fannie Mae, Freddie Mac, and other agencies that buy and insure loans.

As a result, we much prove that you have income, employment stability,  and assets sufficient to pay the payment.  We also need to show that you have the funds to cover the down payment and closing costs.

We also have to write explanation letters explaining why anyone else ran your credit in the last 4 months, any deposits that can’t be identified, and basically anything that someone examining your loan file could have a question about.

http://realestate.msn.com/loans.aspx has a pretty good list for the most part.  In Idaho, we use title and escrow companies instead of Attorneys and the deed is a public recorded document.  Here is my list that I use, and it works great!

The best bet is to locate and provide everything at the time of loan application, it will be less stressful that way.

The life of a loan application?

I found an interesting article on MSN money titled “the secret life of your loan application.”  It was actually pretty accurate, unlike many of their  mortgage articles.  The bottom line is the application is only the beginning of the loan process.  Enjoy!

http://realestate.msn.com/the-secret-life-of-your-mortgage-application

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. 

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