ABOUT 45 DAYS ON AVERAGE OF
COURSE
TO CLOSE A HOME LOAN AND ANYONE
AND GOING THROUGH IT WILL ADMIT
THE PROCESS CAN CAUSE SOME
STRESS OR A LOT
OF STRESS. BUT FORTUNATELY
THERE ARE STEPS
A DAY EVERY HOME BUYER CAN TAKE
TO SIMPLIFY THEIR JOURNEY TO
HOMEOWNERSHIP JOINING US NOW TO
DISCUSS IS MICHAEL ROMER
MANAGING
PARTNER AT ROMER DENNIS LLP
GREAT TO HAVE YOU TAKING THE
TIME, THANKS A LOT FOR BEING
HERE HAPPY FRIDAY TO YOU SO
APPLY FOR A MORTGAGE ADMITTEDLY
AN ABSOLUTELY HUGE STEP FOR
EVERYONE INVOLVED WHAT IS THE
BEST WAY YOU THINK FOR HOME
BUYERS TO REALLY BEST PREPARE
FOR THIS PROCESS.
>> FIRST A THANK YOU FOR HAVING
ME TODAY, IT'S A IT'S A
PLEASURE AND THE KEY REALLY IS
TO
BE PREPARED. YOU KNOW
UNPREPARED BUYERS TYPICALLY
LOSE OUT IN A COMPETITIVE
MARKET AND TO BE PREPARED
REALLY THE KEY IS TO HAVE ALL
THE DOCUMENTATION READY IN
ADVANCE BEFORE YOU
ACTUALLY PROVE APPLY FOR THE
MORTGAGE AND THAT'S REALLY
CRUCIAL. I CAN'T STRESS THAT
ENOUGH.
>> OF COURSE THERE'S A TON OF
PAPERWORK TO GET INVOLVED IN
THE MORTGAGE PROCESS, ANYONE
HAS BEEN THREATENED KNOWS HOW
LONG AND REALLY HOW DIFFICULT
THAT PROCESS CAN THEY WANT SORT
OF DOCUMENTS THE BEST RECOMMEND
THAT PEOPLE SHOULD REALLY
PREPARE IN ORDER TO BEST SECURE
A MORTGAGE LOAN.
>> THERE WAS A REAL ESTATE
ATTORNEY HERE IN NEW YORK I
ADVISE ALL MY CLIENTS AND I
ADVISE ALL PROSPECTIVE
BORROWERS TO HAVE A FOLDER ON
THEIR COMPUTER WITHSTAND PD
APPS OF OUR WHOLE LIST OF
DOCUMENTS AND WE'RE TALKING
ABOUT THE SIMPLE STUFF LIKE A
PHOTO ID. YOUR
YOUR LICENSE PASSPORT HAVE 3
YEARS OF TAX RETURNS HANDY 3
MONTHS OF BANK STATEMENTS OF
ALL YOUR ACCOUNTS CHECKING
SAVINGS MONEY MARKET RETIREMENT
ACCOUNTS, RECENT PAY STUBS FOR
ALL THAT FOR ALL THE
INDIVIDUALS THAT WILL BE ON THE
LOAN SO FAR
ALL BORROWERS IT'S REALLY
IMPORTANT TO HAVE ALL THIS
INFORMATION HANDY AND AVAILABLE
SO THAT WHEN
YOU APPLY YOU'RE READY TO GO
AND YOU'RE MAKING IT EASIER FOR
THE BANK.
>> YEAH ABSOLUTELY WANT TO MAKE
IT AS EASY ON YOURSELF AND ALL
THE OTHER PARTIES OF ALL NOW OF
ANYONE WHO'S BEEN REALLY
THROUGH THE PROCESS OF BUYING A
HOME KNOWS HOW IMPORTANT IT IS
TO GET PREAPPROVED FOR A HOME
LOAN BEFORE EVEN LOOKING AT
POTENTIAL PROPERTIES HOW CAN
THIS STEP HELP BETTER REDUCE
STRESS. THERE'S GOT TO BE A LOT
OF REALLY GOOD TIPS FOR PEOPLE
TO KNOW.
>> IF YOU WANT TO BE TAKEN
SERIOUSLY AS A BUYER YOU NEED
TO HAVE A PRE APPROVAL LETTER
IN ADVANCE IT'S THE PRE
APPROVAL LETTER
WILL SAY HOW MUCH YOU CAN
AFFORD THIS WE'LL TELL YOU HOW
MUCH YOU
CAN AFFORD AND WILL TELL ALL
PARTIES INVOLVED POTENTIAL
SELLERS BROKERS INVOLVED.
HOW MUCH YOU CAN ACTUALLY
AFFORD SO THAT YOU'RE NOT
WASTING ANYBODY'S TIME. PRE
APPROVAL LETTER IS
REALLY CRUCIAL. NOW BUYERS
AGENTS REALTORS
REPRESENTING BUYERS, WE'LL WANT
TO WANT TO HAVE THEIR BUYERS OF
TINA PRE APPROVAL LETTER IN
ADVANCE AND A GOOD AGENT WILL
WALK THAT BUYER THROUGH THE
PROCESS IN THE BEGINNING SO
THAT THEY ACTUALLY HAVE THE
LETTER THAT THEY ARE PREPARED
AND THEN IF THEY FIND THE HOME
OF THEIR DREAMS THEY'LL BE
TAKEN SERIOUSLY.
>> OF COURSE REAL ESTATE
PROFESSIONALS INTERACT WITH
MORTGAGES ALL THE TIME HOW
COULD HIGHER AN AGENT OR
REALTOR BETTER HELP YOU THE
PROCESS IN AND OF ITSELF.
>> I
STRESS AND I ADVISE EVERY
CLIENT ACTUALLY WORK WITH AN
AGENT THAT WILL REPRESENT THEIR
INTERESTS. SO IF YOU'RE LOOKING
FOR
A HOME. YOU WANT TO FIND
SOMEBODY IS EXPERIENCED KNOWS
THE NEIGHBORHOOD KNOWS THE AREA
UNDERSTANDS THE PROCESS START
TO FINISH IT COULD ALSO WALK
YOU THROUGH THAT PROCESS AND
THERE EARLIER YOU ENGAGE IN
AGENT THE BETTER. THE EARLIER
YOU ENGAGE A BANK THE BETTER.
AND THE EARLIER ENGAGE IN THAT
STATE SENATE
THE BETTER BECAUSE YOU'LL BE
PREPARED YOU'LL UNDERSTAND
EVERYTHING GOING INTO THE
PROCESS AND WHEN YOU FIND THE
HOME OF YOUR DREAMS YOU'LL BE
READY TO GO.
>> AND OF COURSE AS YOU ADVANCE
IN THE MORTGAGE PROCESS IN AND
OF ITSELF THE FOCUS ON.
>> ON THE LOAN APPROVAL TO
MILLER INVOLVES ALL AN
INDIVIDUAL'S FINANCIAL ABILITY
TO READ PAY THAT LOAN BACK SO
WHAT DO LENDERS BEST CONSIDER
WHEN ACTUALLY DETERMINING THAT
IT AND HOW IT'S GOING TO GO.
>> TO REALLY BREAK THE SENATE A
LAYMAN'S TERMS OF A BANK AND WE
REPRESENT ABOUT 30 ACROSS THE
COUNTRY HERE BUT AT A BANK WILL
TYPICALLY WANT TO SEE THAT A
BORROWER IS
ABLE TO. PURCHASED THE HOME SO
THEY HAVE ENOUGH MONEY TO
ACTUALLY BUY THE HOME WITH A
MORTGAGE AND THAT THEY ACTUALLY
HAVE ENOUGH MONEY TO AFFORD THE
MORTGAGE GOING FORWARD. SO THE
BANK WILL LOOK AT SIR THINGS
SUCH AS I
IN HISTORY. THEY LOOK AT YOUR
CREDIT REPORT THEY WILL LOOK AT
A KEY FACTOR, YOUR DEBT TO
INCOME RATIO WHICH IS OTHERWISE
KNOWN AS YOUR DTI
SO THE BANK WILL TYPICALLY
WANTS TO KNOW HOW MUCH YOU'RE
SPENDING VERSUS HOW MUCH YOU'RE
MAKING AND BANKS TYPICALLY WILL
WANT TO SEE ADT I HAD THAT
INCOME RATIO OF UNDER 35% IN
ORDER TO APPROVE YOU FOR LONG.
>> I LET'S CALL THIS WHAT THIS
IS THINGS MOVE VERY QUICKLY
IN AN INCREASINGLY COMPETITIVE
MARKET SO TALK TO US A BIT
ABOUT THE BEST ADVICE THAT YOU
HAVE FOR MAKING SURE THAT
PEOPLE ARE PREPARED TO MOVE
QUICKLY.
>> WELL, I'M HAPPY TO REPORT
THAT IN NEW YORK AND IN OTHER
AREAS THROUGHOUT THE COUNTRY
THE RESIDENTIAL MARKET IS
PRETTY BUSY AN ACTIVE AND THANK
GOD FOR THAT AFTER ALL THAT
WE'VE GONE THROUGH IN THE LAST
YEAR OR SO SO THE KEY REALLY IS
TO JUST
BE PREPARED. IF YOU WANT TO BUY
IN A COMPETITIVE MARKET YOU
WANT TO MAKE SURE THAT YOU ARE
WORKING WITH THE
RATE AGENT THAT YOU'RE WORKING
WITH THE RIGHT BANK AND
ULTIMATELY THE RIGHT LAWYER,
BUT IT ALL STARTS WITH THAT
DOCUMENT THAT WE'VE TALKED
ABOUT THIS PRE APPROVAL LETTER
BECAUSE YOUR OFFER WON'T BE
TAKEN SERIOUSLY BY THE LISTING
AGENT REPRESENTING THE SELLER
OR THE SELLER UNLESS IT'S
ACTUALLY SUBMITTED WITH THAT
PRE APPROVAL MEANING THAT
EVERYBODY INVOLVED KNOWS THAT
YOU'LL BE
ABLE TO AFFORD WHAT YOU'RE
CLAIMING TO BE ABLE TO AFFORD
AND THAT'S REALLY IMPORTANT YOU
WANT TO MAKE SURE THAT YOU HAVE
ALL THESE PIECES TO THE PUZZLE
IN PLACE AND NOWADAYS IT'S
REALLY ELECTRONIC EVERYTHING IS
THERE YOU CAN UPLOAD DOCUMENTS
INTO A FOLDER MOST BANKS THESE
DAYS ALLOW YOU TO JUST UPLOAD
THIS PDF INTO A FOLDER AND THE
APPLICATION PROCESS IS REALLY
SIMPLE. SO I'M HOPING TODAY
THAT I'M TAKING SOME OF THE
STRESS AND IT IS IT'S IMPORTANT
JUST TO BE PREPARED.
AND AS LONG AS YOU'RE PREPARED
AND YOU HAVE THE RIGHT TEAM OF
PEOPLE BEHIND YOU YOU'LL FIND
THAT HOME THAT YOU'RE LOOKING
FOR AND HOPEFULLY WE'LL BE ABLE
TO CLOSE ON.
>> MY SPECIAL THANKS THERE