If you are looking at buying a home, then this is the place to start. The normal process of trying to get pre-approved for a mortgage home loan before you start looking, leaves a lot to be desired in the market place today. First off, banks and lenders guidelines are so wildly different these days, not to mention changing daily. With our service you can take the fear of the unknown and of not getting the right information, away completely. mortgage companies are failing daily, which just adds to the confusion because there's no telling if the loan officer or even the company you were dealing with when you started looking for a home, will still be around when you find one. Since we don't do any loans at all, we are not subjected to this constant upheaval, like the banks and mortgage lenders. What is it? The Homebuyer Prep service is just as the name implies, a service to prepare you for the mortgage process before you start looking. We will set a discovery appointment with you to go over you needs and goals in the home buying process and how that translates into a mortgage plan. Then we'll show you how to pull your own consumer credit report, so that we can determine what if anything needs to be done there. We have you pull it, because this way it doesn't show as an normal inquiry on your credit report. Once that's done we will provide you with the following. - Gather Information Needed - This is a big step, because we want to make sure we are basing our plan on the facts as an underwriter would see them and not on assumptions or estimates. This is one of the biggest reasons the mortgage process can take so many different twists and turns and end up be a stressful nightmare. All because the loan officer didn't take the time to go over everything properly.
- Determine Eligibility - we will determine what programs you're eligible for, but because we're not a lender, we can't approve or deny you. Most of our customers believe this is one of our greatest strengths, since we're looking at the situation objectively.
- Provide a Written "Credit Path" - if we determine that eligibility is unlikely at this time, we will put together a full written plan on what needs to be done in order to buy a home down the road. We believe that this is a very important feature, especially with credit restrictions tightening all the time. A mortgage lender will just send you on your way and maybe if you're lucky they will tell you what needs to be done. A written plan is the only good way to give you a road map to what needs to be done and to insure that you still remember all of things that need to done in 3 to 6 months later.
- Do a Total Cost Analysis - this is the only real way to accurately compare up to four different loan programs and to look at the best options. It is done by comparing loan structures by how much they will actually cost you, out of your pocket over say the next 5 to 10 years. This will show you the relationship from one mortgage program to another and will provide invaluable insight when talking to lenders later on.
- Loan Structure and Program Recommendations - based on our experience and what the Total Cost Analysis reveals, we will go over with you, our recommendations and give you the ins and outs, so to speak regarding those recommendations.
- Letter of Pre-Approval Opinion -we will provide you and or your Realtor with a letter that you will need to submit offers on homes. It says that based on our expert opinion that we believe you are currently able to be approved for a home loan/mortgage.
- Ongoing Phone Support - this is also a very important part of our service and that is providing you with phone support for questions that you have along the way....and you will have questions!
All of these things will make sure that you are fully prepared to speak with banks and mortgage companies when you need to, what questions to ask and what programs to find out about. This will prevent you from getting steered in to a mortgage, because that's what they are selling...or steered out of a certain kind of mortgage because they don't offer it. At Know Loans, we believe that this service is a great value for the service and piece of mind that comes with it. Buying a home is a very large purchase and there are hundreds of thousands of dollars on line, when you look at the total amount you will end up paying back. Who wouldn't spend a small amount of money to help arm themselves with the knowledge they need to make sure it's right?
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Homebuyer Prep