Youtube daily bit Sep 8 2017

- Hey, everybody.

I'm Jody and I just wanted to talk a little bit

about lenders today because I've had a lot

of clients that have had to deal

with some lender issues lately,

and I just feel like it would

be really good to just kinda do

a general discussion on them, so here goes.

If you are a buyer or you're thinking

about buying in the next six months,

what you wanna do before you even

get a real estate agent is you want

to shop around some lenders and get approved.

A lot of people immediately go to whoever they bank with

because that is what they know,

and they want everything to be streamlined

and on the same website when they click.

But, just to let you know, basically whoever you go with

is going to end up selling your loan afterwards,

so don't go off of anybody

that you already bank with based on that.

Because your loan's gonna change no matter what, usually.

Who I like to go with is somebody

that's local to you because during

the process of closing your house,

you're going to be making a lot of phone calls,

if not physically going into the location

to visit your lender.

Lots of issues can arise,

lots of documents that they need at the last second.

Underwriting could all the sudden say

hey, we need X, Y, and Z from you right now,

and sometimes it's just easier to go in

and be face-to-face and drop things off physically.

I love working with local lenders as a real estate agent

because if I need something, it's the middle of the night

or it's a weekend or it's late at night,

early in the morning, typically I can get them on the phone.

I can text them, usually even if they're on vacation,

if they're a really nice guy,

they'll answer the phone for me.

And there's a lot of things that I need to know,

as your real estate agent.

Starting off, I need to know

what type of loan that you have.

A lot of the houses that you will want to look at,

sometimes they won't qualify under that type of loan,

so I need to know if you're VA, conventional, FHA,

what type of loan.

Also I need to know exactly how much we can spend.

Sometimes people go into it thinking

oh, you know my husband and I both work full time

of course we can spend, you know,

350,000 dollars on a house.

And then it turns out, oh well,

only the husband's income qualifies

because the wife has been at her job less than two years.

There's all kinds of things that go into this.

Or if there's been a bankruptcy or you know,

there's so many different things.

Or say you work for yourself as a business owner,

well a lot of that income if

it was written off in your taxes the previous year

or the year before that,

that income doesn't qualify,

a lot of the income that you're actually making.

So, those are things to think about.

Also, you know, when it comes down to closing,

you wanna get that lender on the phone.

And if you're going with someone

that's USAA, Wells Fargo,

US Bank, Bank of America, somebody big,

typically they're headquartered not in the time zone

that you're actually going to be purchasing in,

and they do so many different loans

at a lower interest rate that they are almost impossible

to get onto the phone,

and that exact thing happened

when my husband and I purchased our last house.

We were with Wells Fargo because that's who we bank with,

and they were pretty close to my husband's work,

but literally we called 10 times a day

in the last week of closing,

and we would not have closed on time.

We would have been homeless

because we were selling our house

and we needed to close on the house that we were purchasing,

and they were not answering the phone.

We would go there, we would call,

we would try to talk to their manager.

Nobody would answer us.

And even the money that they told us

that we needed to bring to closing was even wrong,

and so it's Friday and it's 4:45 p.m.

and we're supposed to close and everything closes at 5,

and we're 1000 dollars short

because somebody told us the wrong number.

So we had to literally run across town,

sweating bullets, trying to make it there by 5 o'clock

so we can quickly wire another 1000 dollars,

luckily we had it.

We had to pay another wire transfer fee.

So I'm just saying, you know,

it's so good when your realtor

and your lender and everybody, they're all on board,

they know each other, they have a good relationship.

So what I would say is get preapproved

before you even meet with your realtor

because that makes you look like a serious person

who's ready to go,

and you can't put in an offer

on a house without that preapproval.

And in this market, you're going to need,

the second you find a house, to put an offer on it,

especially here in Seattle.

So you're gonna to want that preapproval done.

You're gonna want it not through a giant bank.

You're gonna want to shop around a rate

to maybe two or three different lenders

and then choose who you feel most comfortable with

'cause at the end of the day,

who you trust and who you're most comfortable with,

that's the most important thing.

So that is my little spiel on lenders.

Hope you guys have a good one, take care.