When and how would I know my loan has been approved?

To properly view this site, javascript must be enabled and Flash version 9 or higher must be installed.
Get the latest Flash player
Jeff Thomas
Mortgage Advisor, Family Lender
www.lendingsolutions.net  
703-830-9808

Jeff Thomas is a Mortgage Advisor and Financial Educator with Family Lender, Inc. located in Fairfax, Virginia. Jeff has seen the mortgage business change significantly in the 15 years he has been in the business. Changes such zero down loans, to relaxed underwriting guidelines to borrowing more than the house is actually worth on a purchase or refinance transaction. 

With the changes in the mortgage industry, Jeff has had to make changes in the way he performs his job. Jeff originally thought he was a loan originator, but after realizing the positive impact he could have on other peoples lives he made some basic adjustments to his business and now sees his position and career as a financial educator.

By taking the time upfront to get to know the people he serves, Jeff has been able to positively impact and improve the lives of the people he works with by providing relevant and timely advice. . This assistance comes in many forms, from insurance to painting to helping interview the right retirement professional. This core group of professionals allows Jeff to concentrate on providing the right advice for each person he works with.

Jeff is one of 200 people in the country that is both a Certified Mortgage Planning Specialist – CMPS and a Certified Liability Advisor – CLA. Jeff recently co-authored a book with Todd Ballinger, called “Borrow Smart Retire Rich”.  The principles addressed in the book will be covered throughout the video. 

Jeff hopes you gain insight on how to purchase and finance a home and hopefully you will find your time well spent and walk away with some information you did not know before.  Jeff Thomas, Where Advice Does Make A Difference!

 

When and how would I know my loan has been approved?

In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides valuable information to indivduals who have purchased a home in the past. This video includes an overview of the four parts of a loan file, mortgage jargon, the loan process, house hunting, the types of mortgages available and the 7 steps on how to manage your mortgage correctly.

This expert: 54,296 views

This series: 14,206 views

Print

Transcripts

Host: When and how would I know my loan has been approved?

Jeff Thomas: You are going to know it's approved because your mortgage advisor is going to give you a call or e-mail and it should only take, from the time you take your application and it's submitted to underwriting, it should only take 24 to 732 hours. In times of a high volume it may take longer but typically it's three to four days to get your mortgage approval back and once you get the approval back, you may or may not have what we call condition and a condition is something that an underwriter would like more clarification on to give them a warm and fuzzy feeling that you are going to repay your mortgage as per the terms.

Other Videos

  • How do you incorporate the internet with your college search? This video discusses the steps a high school student should take to begin the process for identifying the right choices and applying to college. It will provide you with both facts and expert opinion on various aspects of the college selection and admission process. There are suggestions on how to plan and strategize for gaining admittance to college. In addition, it will highlight different aspects of the process and breaks each down to a specific segment like standardized tests, college essays, financial aid, etc. to name just a few. We will offer suggestions on how to get started, remain on schedule and finally how to make the best choice for college. This video will provide every student and parent with the necessary insight as to how to begin and best move forward with the college process.
  • How to Improve Handwriting This video will show how to improve handwriting.
  • Job Hunting - Salary Negotiating In this video, career expert Brian Alden talks about some salary negotiating tips.  Before you begin negotiating salary you must know what you're worth by knowing your true compensation.  Watch now to get all of Brian's tips on how to get the salary you deserve.
  • How long is a good college essay? This video discusses the steps a high school student should take to begin the process for identifying the right choices and applying to college. It will provide you with both facts and expert opinion on various aspects of the college selection and admission process. There are suggestions on how to plan and strategize for gaining admittance to college. In addition, it will highlight different aspects of the process and breaks each down to a specific segment like standardized tests, college essays, financial aid, etc. to name just a few. We will offer suggestions on how to get started, remain on schedule and finally how to make the best choice for college. This video will provide every student and parent with the necessary insight as to how to begin and best move forward with the college process.
  • How to Prepare for Finals In this video series, Amanda Medders of Tri-Ed Tutoring, explains how to prepare for mid-term and final exams.
  • Basic Math: Lesson 6 - Video Clip #8 - Arithmetic of Fractions: Division