When and how would I know my loan has been approved?
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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?
Mortgage Advisor Jeff Thomas discusses how you will know if your loan has been approved, as well as terms and conditions.
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.
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