Posted by Editor's note:In 2021, TheLifeTank.com,T.L.T.A new column "Personal Finance" was opened, and practitioners from various industries were invited to share tax, financial, housing loan and other related strategies and information for community readers.
In today’s issue, the TLT community editor invited Sherry Li, a private loan client consultant in the field of housing loans, to"Surely my mortgage can be taken down?"Experience sharing on this hot topic, the following is the main content.
/ U.S. loan buying strategy column /
As a mortgage broker, in the past year, buyers and their real estate agents have asked the most questions:Will my mortgage be guaranteed?
At present, the United States is still in the stage of "housing rush", new houses are waiting in line for an indefinite period, and the supply of second-hand houses is in short supply.
For families who buy second-hand houses, almost every buyer has to go through several rounds of "tests" such as "inspection-next offer-not selected-re-inspection".
Some of this process takes several weeks, while others take several months.Not only does it consume the patience of every buyer, but in the end, even the real estate agent may be exhausted and fearful.
Finally, I got an offer and entered the loan process. At this time, a more important question came:Will my mortgage be guaranteed?
4 steps before buying a house with a loan in the U.S.
First of all, if you need a loan to buy a house in the United States, it can be roughly divided into the following 4 processes:
- Find a loan broker and analyze the loan amount.At this time, we need to provide proof of salary and income such as monthly pay slips, tax forms, etc.
- The loan broker issues a Pre-approval Letter (pre-approval letter)
- Take a pre-approval letter to see the house, make an offer
- After receiving the offer, formally enter the loan process
10 steps to apply for a loan to buy a house
In Offer, after entering the loan process formally, until the loan is completely successful and the house key is obtained, it is divided into the following 10 steps:
- We submit basic information (birthday, SSN, availability of other properties, etc.); loan broker hard pull credit report
- To register a loan, the loan broker submits our basic documents for review by the reviewer
- Loan broker helps to order Appraisal (house appraisal report); get the report
- Bank Conditional Approval (conditional approval)
- Bank Final Approval (Final Approval)
- Loan Docs issued by the bank (Loan signature documents)
- Customer signs Loan Docs, remittance
- Disbursement after the bank's approval and signature documents are correct
- Escrow/Title company submits documents to county for record
- We take the key
What links caused the failure of buying a house with a loan?
In the above steps, if you ask me, which one will go wrong.
My answer is:Every item is possible.
As for which one will cause the loan to be unavailable,The most important are items 1-5.The following are some possible reasons, let’s analyze one by one:
The first reason for failure:We did not accurately disclose all personal information
The second reason for failure: Before submitting the documents, the loan broker did not carefully review our documents and submitted the wrong documents
The first reason for failure:The estimated price is lower than the selling price or the house needs repairs
The first reason for failure:This is the most important part and the most error-prone.Because after Conditional Approval, there are many required documents and related parties provided, if any one party or any document has a problem, it may cause the loan to be unavailable.
The first reason for failure:There will definitely be some doubts, and the loan is finally approved, what else will go wrong?The key lies in the phone work certification.Usually the bank will do a phone work certification before issuing the final signature document, in order to ensure that the lender is still employed at work during the loan period and is not unemployed.Banks also have requirements for the contact information for phone authentication, so in many cases, it will take some twists and turns to complete this item.
Summary of strategies for buying a house with a loan
When buying a house with a loan in the United States, problems usually arise, focusing on the above points.
The loan bank has"Track to the end"the rules.Once you see a "suspicious" file, you will trace the root to the end.The inspection is carried out one step at a time, and finally, if we fail to provide a certain document, the loan will basically be rejected.
The situation of some loans to buy a house seems very simple, but in the end there is no loan to buy a house. The reason is that a small link has gone wrong.
Today, with the rapid development of Internet loan services and community loan services,Every family, and every real estate agent, is faced with more and more choices, but a failed loan experience may make us miss our favorite house.
In the end, I sincerely wish everyone all success in buying their favorite dream house. (End of full text)
