Residential Mortgages - For Homebuyers and Realtors
5
“A Movement of Change” Making Mortgages Simple!
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Transcript of Residential Mortgages - For Homebuyers and Realtors
“A Movement of Change”Making Mortgages Simple!
6-7-1 – The Process Redefined
6 Business hours for the underwriter to decide on your loan – PRIOR TO SUBMITTING A
CONTRACT
7 Business days to process your loan – THE DAY YOU GET UNDER CONTRACT
1 Business day to clear your loan to close – AFTER YOUR LOAN IS PROCESSED.
UNDERWRITE 1ST – PROCESS 2ND Ask your loan officer “Will my loan be
approved prior to me submitting a contract?”
If not, ask “WHY?”
Accept nothing short of
underwriting at the beginning of
the process. KNOW BEFORE YOU
SHOP!!
Mortgages are Document Intensive
Be prepared to provideThe following
Underwriter Decision
Govt. Issued ID
Pay Stubs & Bank
Statements
Federal Tax Returns &
W2’s/1099’s