התחל במצב לא מקוון עם האפליקציה Player FM !
Get preapproved for a mortgage with Walter Monteiro
Manage episode 304530558 series 2364153
Do you still have doubts about obtaining a pre-approval for a mortgage? Would you like to get one but has no clue where and how to start? Tune in to this episode of The Real Estate and Mortgage Show as Walter Monteiro tackles how you can get a mortgage application pre-approved and things you should know to increase the chances of approval.
Standout Quotes:
- “When we start a conversation with buyers, many of them have not spoken to a lending institution or a mortgage broker. They just make the assumption that they’re going to have no problem getting a mortgage thinking their credit is good, or they have a good job, and they can get it pre-approved.” [Walter]
- “Lenders look at a few things, they look at your credit rating, they look at your ability to sustain payments, which they call the GDS, and TDS ratio. Those are the percentages of your income, your job stability, all of that kind of stuff. And you need to be aware of what your options are because when you go into the arena of trying to buy a home in today’s environment, it is very, very tough.” [Walter]
- “Do you think that there’s going to be any chance whatsoever of the seller entertaining an unconditional offer? Highly unlikely. The only likelihood that could be is that you make an offer that’s more attractive than the others, and it has a condition.” [Walter]
Key Takeaways:
- It’s nearly impossible to obtain approval for an unconditional or conditional offer because we are in a competitive industry. If you’re not going to receive a pre-approval, you’re extremely risky by making no unconditional offers until you know what you can live with.
- Walter showed a property priced for approximately $799 and was a great home. However, the listing agent informed them within hours that there were 29 offers on the house.
- The proper way to do a pre-approval is to go through the process of providing job letters and all of the information that a lender wants to see if it’s an actual mortgage. Some lenders only offer pre-approvals. They’re deluged with a business that they don’t have time to underwrite pre-approvals, only live deals. As a result, you’ll have to rely on your mortgage professional to evaluate this information. Hence, it’s critical to work with a mortgage professional.
- Banks are primarily concerned with two aspects of funding. The first question is, can the client afford this mortgage, correct? Are they financially stable, do they have a down payment, and all that sort of thing?
- The bank is, in fact, the one who bears the risk. As a result, they have a component called the “loan to value” In other words, they will only pay a specific proportion of the property’s worth or the purchase price, whichever is smaller. Therefore, unless you have those means available to you, you run the risk of putting yourself in a legal predicament in which you risk being sued, losing your deposit, and much more. So, you must obtain pre-approval before you begin browsing for a home.
Episode Timeline:
[00:03] Should you get a mortgage approval?
[00:12] Is it essential to talk to lending institutions or mortgage brokers?
[00:29] Why is it impossible to get an unconditional offer?
[00:51] Is budgeting Important?
[01:50] Should you be competitive with your offers?
[02:08] Is it essential to get pre-approved?
[02:50] Should you consult a mortgage professional?
[03:18] What are the two elements of financing?
[03:34] Who takes risks?
[04:02] Is it essential to get a pre-approval when shopping for homes?
[04:26] Who are the recommended professionals?
Learn more about Walter Monteiro and The Real Estate and Mortgage Show at:
Visit the site for preapproval: www.myhomepreapproval.com
Website: https://therealestateandmortgageshow.com/| http://www.waltermonteiro.com/
LinkedIn: https://www.linkedin.com/in/waltermonteiro/
Twitter: https://twitter.com/waltermonteiro
166 פרקים
Manage episode 304530558 series 2364153
Do you still have doubts about obtaining a pre-approval for a mortgage? Would you like to get one but has no clue where and how to start? Tune in to this episode of The Real Estate and Mortgage Show as Walter Monteiro tackles how you can get a mortgage application pre-approved and things you should know to increase the chances of approval.
Standout Quotes:
- “When we start a conversation with buyers, many of them have not spoken to a lending institution or a mortgage broker. They just make the assumption that they’re going to have no problem getting a mortgage thinking their credit is good, or they have a good job, and they can get it pre-approved.” [Walter]
- “Lenders look at a few things, they look at your credit rating, they look at your ability to sustain payments, which they call the GDS, and TDS ratio. Those are the percentages of your income, your job stability, all of that kind of stuff. And you need to be aware of what your options are because when you go into the arena of trying to buy a home in today’s environment, it is very, very tough.” [Walter]
- “Do you think that there’s going to be any chance whatsoever of the seller entertaining an unconditional offer? Highly unlikely. The only likelihood that could be is that you make an offer that’s more attractive than the others, and it has a condition.” [Walter]
Key Takeaways:
- It’s nearly impossible to obtain approval for an unconditional or conditional offer because we are in a competitive industry. If you’re not going to receive a pre-approval, you’re extremely risky by making no unconditional offers until you know what you can live with.
- Walter showed a property priced for approximately $799 and was a great home. However, the listing agent informed them within hours that there were 29 offers on the house.
- The proper way to do a pre-approval is to go through the process of providing job letters and all of the information that a lender wants to see if it’s an actual mortgage. Some lenders only offer pre-approvals. They’re deluged with a business that they don’t have time to underwrite pre-approvals, only live deals. As a result, you’ll have to rely on your mortgage professional to evaluate this information. Hence, it’s critical to work with a mortgage professional.
- Banks are primarily concerned with two aspects of funding. The first question is, can the client afford this mortgage, correct? Are they financially stable, do they have a down payment, and all that sort of thing?
- The bank is, in fact, the one who bears the risk. As a result, they have a component called the “loan to value” In other words, they will only pay a specific proportion of the property’s worth or the purchase price, whichever is smaller. Therefore, unless you have those means available to you, you run the risk of putting yourself in a legal predicament in which you risk being sued, losing your deposit, and much more. So, you must obtain pre-approval before you begin browsing for a home.
Episode Timeline:
[00:03] Should you get a mortgage approval?
[00:12] Is it essential to talk to lending institutions or mortgage brokers?
[00:29] Why is it impossible to get an unconditional offer?
[00:51] Is budgeting Important?
[01:50] Should you be competitive with your offers?
[02:08] Is it essential to get pre-approved?
[02:50] Should you consult a mortgage professional?
[03:18] What are the two elements of financing?
[03:34] Who takes risks?
[04:02] Is it essential to get a pre-approval when shopping for homes?
[04:26] Who are the recommended professionals?
Learn more about Walter Monteiro and The Real Estate and Mortgage Show at:
Visit the site for preapproval: www.myhomepreapproval.com
Website: https://therealestateandmortgageshow.com/| http://www.waltermonteiro.com/
LinkedIn: https://www.linkedin.com/in/waltermonteiro/
Twitter: https://twitter.com/waltermonteiro
166 פרקים
Tüm bölümler
×ברוכים הבאים אל Player FM!
Player FM סורק את האינטרנט עבור פודקאסטים באיכות גבוהה בשבילכם כדי שתהנו מהם כרגע. זה יישום הפודקאסט הטוב ביותר והוא עובד על אנדרואיד, iPhone ואינטרנט. הירשמו לסנכרון מנויים במכשירים שונים.