Here is an inside look to a lenders process!Contract Accepted
It all starts with an accepted offer! Lender's often require a fully executed contract to start their process. They will analyze the agreement between the 2 parties and sort out the details on your contract. Processing Once the details have been reviewed and analyzed, they start processing the initial loan details. During this time they send out the contract and details to their processing department where they start processing the buyers assets, income, and employment. During this time they make sure the check for buyer loan compliance and eligibility to confirm the loan and loan process. Lastly, the processors will schedule the appraisal to determine property valuation. Underwriting Once the buyer's loan has been process and evaluated, the underwriting team starts to request updated documentation. These documents consist of Earnest Money proof, Asset Verifications, Gift Letters, Explanation Letters, and Verification of Employment Status. During this time the underwriting team will determine if the buyer is fully approved. They will assess the file and determine if any additional conditions have to be met. ex: The lender may require the buyer to have payment reserves. Loan Approval Congratulations, your Loan has been approved! Underwriting has been able to clear all conditions and file acceptance has been granted. The appraisal has met value and you are on your way to closing! Clear to Close We have received the clear to close! At this time the lender will review and send out the Loan Estimate and Closing Disclosures. These disclosure will state, to the buyer, the lender fees, title fees, and closing cost that are needed to close the loan. Closed, Congrats on your new home! The closing disclosures have been received we can now schedule closing and get you moved in right away! For more details on your closing process, contact your lender!
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 Here are my TOP 3 Tips"Let's get your home SOLD" is what every Realtor says! Here are the top 3 tips to get your home sold! These tips are meant to target and place your home in the best position to get your home sold the quickest! Disclaimer: These steps do involve a little work from the seller as well. Setting the right price Price is everything when selling a home. If you list too high, many buyers will think you have over priced your home and are asking for too much. In this scenario, many buyers get turned off or they think they cannot afford your home and they never get around to see it! On the other hand, if your home is listed to low, then we miss out on potential revenue! By listing your home just right, we reach the most potential buyers and have a higher chance of receiving multiple offers! Be sure to talk to your best realtor to decide on the best list price! First Impression is EVERYTHING
We've all heard the phrase before, "What was your first impression?" Well this applies to real estate as well! When a buyer first walks into your home, they start to envisions themselves living there. If there is too much clutter or if some lighting doesn't work, guess what, the buyer will have a harder time seeing themselves living there. This is where we need a homeowners help! Recommending that the home be picked up, cleaned, and fixed of minor deterrents can go a long way to a buyer. And guess what? If your home shows well, there is a higher chance we can have multiple offers! Promo, Promo, Promo! Here is where the fun begins! Let's be honest, your home doesn't fit every buyers needs! By figuring out who our buyers are, we can promote it directly to them. Luckily for you, with our team, you get more than just a sign on the yard! Our home promotion excels from older techniques, such as postcards and flyers, to modern technological techniques. Together we put your home in the best position to gave up and showcase it to the most and best buyers for your home! And what does that mean... You guessed it! A higher chance for multiple offers!  What is my #1 Recommendation?As we pull through into 2022, there are many of us that are waiting for our income tax return. Many buyers are waiting for funds to come through to put towards the purchase of their new home. In other cases, many of us do not know what our credit profile stands. My first recommendation to any buyer that is looking to purchase a home, whether it is this month or in 6 months, is to run a credit application. By doing so we are able to get a glimpse of where our credit profile stands. Many times our profile suggests we are ready to move forward and purchase our home when we're are ready. Other times, our profile needs a little refining. The Advantage This is a huge advantage because if there are a few things we need to work on, it gives us time to work on them. If we decide to run our application when the time comes and we find a home, and we find that we need to improve our credit profile, chances are we wont be able to make the offer, nor go through the purchase. It is best to always understand where we stand as buyers, so when the moment comes we are ready to start submitting offers! An often misconception is that when we do our mortgage application that we have to buy right away. This is not the case! Give me a call when you are ready and i'll be sure to pair you up with the right lender! HAPPY NEW YEAR to AllDon't forget to share this article with a friend!
The often Misunderstanding What is a buyer representation form? A buyer representation form is a binding agreement between the Broker and Client that states they will be working together through the process of the transaction. To a broker this means they will use their best efforts to help the client is acquiring a property. For the client this means the client will work exclusively through the broker in the process of acquiring a property. Does this mean you are tied to only that agent? There are many cases where a buyer or seller might not be satisfied with the work their representative has provided. As a client, if you feel the broker has not provided the adequate effort, the broker may be in default and your agreement can be terminated. As an Agent, What do we have to say?
As an Agent, this representation agreement is more than anything a binding agreement that we will work on the clients behalf. The client is entitled to release the agent if the effort has not been met. If you have questions about a buyer representation agreement, give me a call! Christian Chapa 956.763.4728 Milestone Real Estate Group  💥 What is considered when trying to qualify for a home loan💥
Are you looking to buy a🏡 in the close future but don't know what we may ask for? Here are the top 3 things that are considered for a home loan🚨 1) Income - You are required to have income in order to buy a home, pretty logical right! The beautiful thing is that we are able to consider income from alternative sources and not only from your employment. Considerable income can stem from an inheritance, and other supplemental income. 2) Debt - Once we have your income we have to now consider your debt. Monthly debt is usually what is considered. If every month you make $2000 with $1000 in monthly payments that means you have $1000 left over. Now based on your Credit Score, a lender is able to use between 40%-55% to determine your home loan. 3) Credit Score - As mentioned before, your credit score is important for several reasons. For one, your score will allow the lender to use between 40-55% of your free income to prequalify you. Secondly, your score will allow you to qualify for certain programs that are available in certain score brackets. For more information on what is needed to qualify for a home loan, do not hesitate to reach out to one of my recommended lenders! Christian Chapa | Realtor® 956.763.4728 - [email protected] Keller Williams Laredo Jose Lastra | Mortgage Lender 956.334.5294 Service First Mortgage Rustic or Contemporary type Palapas🤔
🤔Are you more into the Rustic or Contemporary type Palapas🤔
👍Let me know in the Comments👎 Right now is a good time to start looking at home improvements! Secret is out and wood products are stabilizing again! Have questions about buying or selling? Do you know anyone that might? Call me for your Real Estate Needs ☎️ Christian Chapa 956.763.4728 Milestone Real Estate Group |
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