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    Good Mortgage Advice: The Home Buyer's Guide to Financing a Home - A Crash Course for Confidence
    Good Mortgage Advice: The Home Buyer's Guide to Financing a Home - A Crash Course for Confidence
    Good Mortgage Advice: The Home Buyer's Guide to Financing a Home - A Crash Course for Confidence
    Ebook55 pages1 hour

    Good Mortgage Advice: The Home Buyer's Guide to Financing a Home - A Crash Course for Confidence

    By M. D. Baltazar

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    About this ebook

    Want to get a jump start on buying a home? Here is your first step. This book is a great way to get the basic information that you need to effectively pursue the purchase of your next home. Written by an experienced loan officer, this book is sure to help you set the right expectations for yourself.

    LanguageEnglish
    PublisherBaltazar Partners, LLC.
    Release dateMar 24, 2016
    ISBN9781524279653
    Good Mortgage Advice: The Home Buyer's Guide to Financing a Home - A Crash Course for Confidence
    Author

    M. D. Baltazar

    M.D. Baltazar has been in the mortgage business since 1997. After graduating from the University of Arizona with a Finance degree, he went on to obtain his MBA his 2001. Michael has consistently been a top performer throughout his professional mortgage career, while also hiring and training many loan officers along the way. His love for training, motivating and encouraging others has also carried over into becoming an author and public speaker. Michael is also happily married and has 7 amazing kids!  

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      Book preview

      Good Mortgage Advice - M. D. Baltazar

      Table of Contents

      Chapter 1:  Let’s introduce you to the key members of the financing  process

      Chapter 2:  The three-legged stool: credit, income and down payment

      First Leg:  Establishing, understanding and enhancing your credit

      Second Leg: Critical income factors to keep in mind

      Third Leg:  Understanding down payment options and requirements

      Chapter 3:  Understanding more about the various loan options available

      Bonus Section: Understanding PITI

      Overview of the different loan options available

      FHA/VA/USDA Loans

      Conventional Loans

      Portfolio Loans

      Private Money Loans

      Chapter 4:  Three costly misconceptions about financing a home

      First Misconception:  All lenders are the same

      Second Misconception:  I shouldn’t apply for a loan until I have saved up enough money

      Third Misconception:  If I am unaware that it is fraud, it is not fraud

      Chapter 5:  Ten critical mistakes to avoid while choosing a lender

      Chapter 6:  The three questions to ask yourself before you apply for a home loan

      Appendices, Acroyms & Key Terms

      Chapter 1: Let’s introduce you to the key members of the financing process

      Mortgage Company: A mortgage loan is a loan that is secured by real or personal property. In this book, we will often call these home loans. The mortgage company that grants these loans is often referred to as the lender. It is quite common that the lender that processes your loan will sell it to another mortgage company for servicing.

      Loan Officer: This person takes your personal information for the loan application (in person, by phone or online), pulls your credit and gets a decision on your application. If you are prequalified, then your loan officer will let you know what documentation is needed to verify the information you provided on the application. This person can also be referred to as a lender.

      Processor: This person helps the loan officer put your loan file together for underwriting. The better the processor, the more you will interact with this person. Otherwise, you may find that your loan officer is doing a lot of the administrative parts of the loan process. This is not necessarily a bad thing, but something to keep an eye on because you want you want your loan officer to be focused on the more specialized tasks. Plus, it is also important to have your loan officer or processor available so you can ask questions along the way.

      Underwriter: This person has the final say on loan applications. An underwriter reviews the documentation provided in the loan file and makes sure that it meets the loan requirements. Oftentimes, the underwriter will request more supporting documentation than what the loan officer/processor thought was needed to meet loan requirements. This is totally alright, even if it can be a bit of a nuisance. (Note: if an underwriter approves a loan that does not meet loan requirements and it is caught after the new loan goes into effect, this could cause the lender to incur significant costs/penalties and even a bad reputation.)

      Appraiser: Certified or licensed person who provides a professional opinion of the value of the subject property. This person is usually paid upfront by the loan applicant, through the selected lender. An appraisal report is required to finance a home; it is a great tool used to make sure that you are not overpaying for a home while ensuring your lender that the home’s value is sufficient.

      Attorney/Title Company: Depending on the state you are buying in, this 3rd party company assists with

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