9 Simple Mortgage Steps & The Whole Mortgage Process
Learn the simple loan steps and the whole loan process.
Buying a home, but not sure of how the loan process works? These simple steps explain in a quick get to the point video how the process works, what happens every step of the way and will help you Fire Your Landlord®
In this video, Chris Trapani the Mortgage Pro, uses his 27 years of experience to bring you what you should know and what you need to know to buy a home using any type of mortgage. This whole loan process is virtually the same for Conventional Loans, Jumbo Loans, FHA Loans, VA loans and other types of mortgages.
While the qualifications and guidelines are a little different for each of these loans, the process is the same.
Today in 2018, after the mortgage meltdown, there are many more rules put in place before a consumer is allowed to get a mortgage and before a lender is allowed to provide one. While most of the rules are just extra paperwork and extra time that must elapse between each even (covered in the video) one of the major rules is the "Ability To Repay" often called ATR. Unless a borrower can "Prove" that they have income, ample enough to pay the mortgage, the loan cannot be done.
As an example, many self-employed people write off expenses on their income taxes that show that they grossed $100,000 as an example, but they have $90,000 in expenses. That leaves a $10,000 profit. You really can't buy a home with only $10,000 annually in income. They also state that "I really make ......" Well, if you lie to the government about your income to save taxes, the government will not give you a low-interest home loan, backed or insured by the US government.
In order to prove income for a loan, it will require slightly different documentation depending on how you are paid (salary, hourly, overtime, commission, self-employed etc.)
Watch the video and please
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You can also start the loan process with a home loan application online at http://www.FireYourLandlord.info
It only takes 5-10 mins to get your process started. FHA loans real estate - now is the time to learn the whole loan process and Fire Your Landlord!
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Chris Trapani "The Mortgage Pro"
NMLS# 240870
Cell: 310-350-2546
Commerce Home Mortgage
8311 Haven Ave, Suite 210
Rancho Cucamonga, CA 91730
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