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What is the difference between pre-qualifying and pre-approval?

What if I have bad credit?

What if I have bad credit?

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Can anyone get a loan?

What information will we need to provide when applying for a mortgage?

What information will we need to provide when applying for a mortgage?

What is the lending process?

What is the lending process?

What is a seller concession?

What is a seller concession?

How does credit fit into the mortgage equation?

How does credit fit into the mortgage equation?

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What are terms and closing costs?

What is the difference between pre-qualifying and pre-approval?

What is the difference between pre-qualifying and pre-approval?

What do I look for in a realtor?

What do I look for in a realtor?

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What types of mortgages are available?

How does your mortgage decision relate to product?

How does your mortgage decision relate to product?

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Introduction to Homeowners Insurance

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Buying A First Home

Investment For Beginners

Investment For Beginners

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Investment Planning

Best Investment Options

Best Investment Options

Investment Strategies

Investment Strategies

Investment Management

Investment Management

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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!

 

What is the difference between pre-qualifying and pre-approval?

Mortgage Advisor Jeff Thomas discusses the process of finding a home and how to purchase a home.

This expert: 142,610 views
This series: 20,917 views

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Jeff Thomas: Hi, I am Jeff Thomas with Family Lender Inc. I am Mortgage Advisor. Today, we are going to discuss the different parts of how to purchase a home and the process you go through to find a home. To tell you little bit, about myself, I have been in the Mortgage industry for 15 years. I recently co-authored a book with Todd Ballenger called Borrow Smart Retire Rich. There are seven parts of the book which we will go over at the end of the video. Today, we are going to discuss how to apply for a Mortgage?

Host: What s the difference between pre-qualifying and pre-approval?

Jeff Thomas: There is a big difference being pre-qualified and being pre-approved. Pre-qualified is just basically two people sitting down, I would sit down with the client either on the phone or in person and just basically ask them what their income is? Ask them what there debts are, ask them what they think their credit scores are and basically run through a couple of calculations and come up with a couple of numbers and say it looks like you are approved, you could pre-qualify it for x number house payment and that equates to this value of a home.

Being pre-approved is a lot different. It s actually taking your information, we are going to sit down and take the application. I am going to review your income, I am going to review asset statements, I am going to review your credit report and then I am going to take that information and we are going to verify it and we submit it through our Automated Underwriting System or to a manual underwriter and we are going to get an approval or a variation of approval with maybe conditions, and once we have that we know that you are approved for x monthly payment or x interest rate and the value of the home that equates to both of those.

How does credit fit into the mortgage equation?

How does credit fit into the mortgage equation?

What are the key obstacles associated with character as it relates to getting a mortgage?

What are the key obstacles associated with character as it relates to getting a mortgage?

How long does the mortgage process take?

How long does the mortgage process take?

How does your mortgage decision relate to product?

How does your mortgage decision relate to product?

What do I look for in a mortgage advisor?

What do I look for in a mortgage advisor?

How does your mortgage decision relate to payment?

How does your mortgage decision relate to payment?

How does your mortgage decision relate to availability?

How does your mortgage decision relate to availability?

How does your mortgage decision relate to amount?

How does your mortgage decision relate to amount?

How does your mortgage decision relate to management?

How does your mortgage decision relate to management?

How does your mortgage decision relate to protection?

How does your mortgage decision relate to protection?