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Understanding the Mortgage Loan Process

What is the lending process?

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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 lending process?

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.

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House

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Purchasing

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Buying

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Host: What is the lending process? Jeff Thomas: The lending process is setup over a couple of different steps, and let's just start with pre-approval. That's where you sit down and get your loan pre-approved. Then next part of that would be going out and finding a house with your real estate agent. Once you find a house, you are going to submit a contract to the seller. They are either going to approve it or they are going to send it back to you with some changes. That's the negotiations part of buying a house. Once those negotiations have been completed and everything has been signed off on then you have what we call a Ratified Contract. Once you have a Ratified Contract, a couple of things happen. A appraisal is going to be ordered, again to make sure that there is a house there and that you are paying the proper value, proper amount for the house. We are going to order title work and that's going to go to the courthouse to review the title on that property for 60 years. Once all of that is done, it gets sent to the lender and your loan is underwritten. Once it's underwritten, the underwriter may or may not approve your loan and if they don't approve it. It's most likely with conditions. A condition is just something that the lender wants more clarification on before they can issue approval. Once you get loan approval then you are going to go to settlement. In that settlement it's going to be you and your agent. The seller and the seller's agent if there are agents involved and the settlement company. You are going to sign again three main documents. You are going to sign your Settlement Statement or your HUD-1, your NOD and your Deed. That's the mortgage process. 1

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    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.