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Paid Content by Provident State Bank – How to Land a Mortgage


>>> THIS SECTION OF DELMARVALIFE IS BROUGHT TO YOU BY PROVIDENCE STATE BANK [APPLAUSE] IS THE AMERICAN DREAM, BUT THE PROCESS OF BUYING IT CAN BE INTIMIDATING OR DAUNTING

BUT IT DOESN'T HAVE TO BE THE FIRST STEP TO TAKE IS INTO A BANK TO SECURE A MORTGAGE AND BELIEVE IT OR NOT, THAT IS THE EASY PART WHEN YOU'RE DEALING WITH BANKERS LIKE THE ONES YOU WILL FIND IT PROVIDENCE STATE BANK THIS IS MICHAEL WHO IS THE EXECUTIVE VICE PRESIDENT OF PROVIDENCE STATE BANKS EXECUTIVE BRANCH THANK YOU FOR BEING HERE [APPLAUSE] >> NOW, GETTING A MORTGAGE IS ONE OF THE BIGGEST MILESTONES OF SOMEONE'S LIFE

>> YES, THE PROCESS SHOULD BE A HAPPY AND EXCITING PROCESS, AND IT REALLY IS BUT, WHAT MOST PEOPLE ARE AFRAID OF IS GOING THROUGH THE MORTGAGE PROCESS >> RIGHT >> SO, IT REALLY SHOULDN'T BE IF YOU ARE PREPARED >> SO, THERE ARE BIG STEPS THAT WE CAN TAKE BEFORE HAND, BEFORE WE START THIS PROCESS? >> OH, ABSOLUTELY

FIRST AND FOREMOST IS TO SHOP FOR A LENDER BEFORE YOU SHOP FOR A MORTGAGE >> OKAY >> THIS IS ONE OF THE BIGGEST TRANSACTIONS YOU WILL ACCOMPLISH IN YOUR LIFE SO SHOPPING FOR THE LENDER IS A VERY IMPORTANT PART OF IT WHAT DO I MEAN BY THAT? I THINK YOU SHOULD CALL AROUND AND ASK YOUR FAMILY OR FRIENDS, OTHER FOLKS WHO YOU KNOW WHO BOUGHT AND FINANCED HOMES, ALWAYS ASK YOUR REALTOR FOR THEIR IDEAS BUT THEN, BEGIN ALL AROUND

UNFORTUNATELY, WHEN PEOPLE CALL AROUND, THEY SAY WHAT IS YOUR RATED WHAT ARE YOUR POINTS? AND YOU KNOW, RATES AND POINTS TODAY OUR KIND OF LIKE THE PRICE OF GAS, THEY ARE ALL ABOUT THE SAME, JUST PENNIES APART THE DIFFERENCE IS HOW IS THE PROCESS DELIVERED, AND WHAT PRODUCTS MIGHT FIT YOUR PARTICULAR NEED >> WHAT ABOUT THE CYBER LENDERS? >> OH, YEAH [LAUGHTER] >> LET'S GO TO THE LENDERS THAT YOU CALL AROUND SEE CALL AROUND AND YOU ASK YOUR LOCAL BANK OR YOUR BANK NOW FOR SOME REFERRALS, THAT YOUR FRIENDS AND FAMILIES ARE MADE FOR YOU

SO, YOU CALL AROUND AND FIND OUT WHAT KIND OF PROGRAMS MIGHT MEET YOUR NEEDS >> YEAH >> SO, WHEN YOU DO GET ENTICED TO CALL, GET ON THE INTERNET, START CALLING THE CYBER LENDERS AS I CALL THEM, OR THE FOLKS WHO SAY WE WILL LIFT YOU OFF REAL FAST >> YEAH >> YOU KNOW THE THINGS TO LOOK OUT FOR

BECAUSE I REALLY THINK THAT GETTING A MORTGAGE TO BUY YOUR DREAM HOME IS MORE ABOUT THE LANDING THAN THE TAKEOFF, AND I THINK WE ALL GET EXCITED ABOUT THE TAKEOFF >> AND THERE IS A PERSONAL INTERACTION WITH SOMEONE IN THE PROCESS? >> ABSOLUTELY THE KIND OF PERSON WHO WANTS TO LOOK AT SOMEONE IN THE FACE WHEN I DO A BUSINESS TRANSACTION AND I THINK IF YOU'RE DOING THE MOST IMPORTANT ONE IN YOUR LIFE TO THAT POINT, YOU WANT TO BE ABLE TO WALK IN AND TALK TO SOMEONE AND EXPLAIN YOUR SITUATION TO THEM >> RIGHT

>> YOU KNOW, YOU CALL AROUND AND ASK FOR RATES AND POINTS, THEN YOU FIND A HOUSE AND GET A CONTRACT AND GO BACK AND FIND OUT THEY DON'T HAVE A LOW DOWN PAYMENT LOAN OR A FEDERAL HOME LOW BANK GRANT PROGRAM >> RIGHT >> MAYBE THESE ARE THE THINGS THAT WOULD REALLY BENEFIT YOU >> YES >> SO IF YOU DO THE HOMEWORK UPFRONT AND TALK LESS ABOUT RATES AND POINTS AND MORE ABOUT SERVICE AND PRODUCTS, THEN YOU WILL BE A MUCH HAPPIER HOMEOWNER

>> LET ME ASK YOU THIS YOU SHOP AROUND, YOU GET THE STUFF UP FRONT AND WHEN IT COMES TO DOCUMENTATION, YOU HAVE TO GO BACK TO ELEMENTARY SCHOOL TO GET YOU THE THIRD GRADE REPORT CARDS? >> NO, IT'S PRETTY EASY WE WANT TO MAKE SURE THAT YOU CANNOT ONLY AFFORD TO GET IN IT, BUT WE FEEL LIKE WE HAVE AN OBLIGATION TO MAKE SURE YOU CAN STAY IN THAT HOME SO IF IT IS IMPORTANT TO YOU, IT IS IMPORTANT TO US THAT YOU CAN AFFORD THE HOME SO WE WILL DOCUMENT YOUR INCOME, AND WILL ASK YOU TO GET A COUPLE OF THINGS AND DO IT AHEAD OF TIME

GET YOUR LAST TWO YEARS WERE THE W-2S, THE LAST TWO MONTHS OF BANK STATEMENTS YOUR LAST TWO MONTHS OF PAY STUBS BIWEEKLY, THOSE LAST COUPLE GET ALL OF THE SCHEDULES AND PUT THEM TOGETHER, SET THEM ASIDE, SO WHEN YOU MAKE THE APPLICATION IN YOUR LOAN OFFICER SAID I NEED IT, YOU SAY HERE IT IS ALREADY >> BEFORE WE RUN OUT OF TIME, LET THEM COME INTO AN INHERITANCE OR WANT TO BUY A HOUSE, HOW I DO IT? >> WELL, YOU DO NOT WANT TO BE A MOVING TARGET

>> OKAY >> YOU WANT TO SIT STILL SO WE CAN VERIFY EVERYTHING >> OKAY >> SO THE LESS QUESTIONS YOU HAVE TO ANSWER LATER, THE QUICKER YOU WILL GET A COMMITMENT LETTER AND THE EASIER THE PROCESS WILL BE WE RUN INTO SITUATIONS ALL THE TIME WHERE PEOPLE BUY CARS AND MAKE MAJOR PURCHASES AND DEPOSITS, AND WHEN WE GO TO VERIFY, IT RAISES QUESTIONS

WE JUST WANT TO MAKE SURE WE KNOW WHO YOU ARE AND WHAT YOU ARE DOING TO GET YOU QUALIFIED >> TO HOLD OFF ON THE MAJOR PURCHASES? >> YES, AND I GUESS THE MAJOR THING IS TO BE RESPONSIBLE >> YEAH THE PROCESS DOESN'T END WHEN YOU MAKE THE APPLICATION AND SOMEONE SAID IT LOOKS PRETTY GOOD >> I AND NOW, GOES TO PROCESSING AND UNDERWRITING

AND YOU ARE GOING TO GET SOME PAPERWORK FROM US, SOME DISCLOSURES FROM YOUR LENDER WHEN YOU GET THEM, READ THEM AND MAKE SURE YOU UNDERSTAND THEM CALL YOUR MORTGAGE OFFICER BUT IF YOU ARE ASKED TO SUBMIT ADDITIONAL DOCUMENTATION, PLEASE BE RESPONSIBLE WHEN YOU GET A COMMITMENT LETTER, PLEASE READ IT AND UNDERSTAND IT

IF YOU HAVE TO DO SOMETHING ELSE, PLEASE TO A >> IF YOU HAVE TO ASK QUESTIONS >> HAVE TO SAY, I THINK GETTING AN APPLICATION IS EASIER THAN YOU MAY THINK THAT YOU HAVE TO BE A PARTICIPANT IN IT >> THIS IS THE MAN WHO KNOWS MICHAEL STERNER, THE EXECUTIVE VICE PRESIDENT OF THE MORTGAGE DEPARTMENT

Source: Youtube

Paid Content by Provident State Bank – How to Land a Mortgage

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