Hey everyone! Karin Carr here with GeorgiaCoastHomes.com. I'm a Realtor in
Savannah with Keller Williams and today I have a very special guest joining me.
This is Jarad Brown with Certainty Home Loans. Hey thank you for having me out
today. No thank you for being on the show! So I thought that today we would talk
about the pre-approval process because a lot of people don't really know what's
expected of them when they're filling out a pre-approva,l and that you could
answer those questions. Awesome, yes the pre-approval process is the second step
in buying a home. Obviously the first is to find a Realtor, a local Realtor, that
can help you throughout the process. And the second step is the pre-approval
process. As soon as and it's a vital step in the process because this when we
really get to know our buyers. Some things to keep in mind with the
pre-approval process is the more information - the more accurate
information - we get the better. So on the front end if you're self-employed
have your tax returns for the last two years available...
pay stubs , W-2s, bank statements, all the things you can find on your smartphone. I
usually say that the most important thing that have at a pre-qualification
is your smartphone because it has so much information in it. And we do see
from time to time people are a little bit hesitant to have their credit pulled
or put in their application because they're afraid that they may not qualify.
Right. And that's the thing about the pre-qualification process, is that's when
you learn whether you can buy a house or not. There's no bad information that can
come out of it. At worst you know where you stand today and I can work with you
one-on-one to get you to where you can buy. Right! I would so much rather
have somebody find out now... okay, your credit score is about 20 points too low
and this is what we're going to do to raise it. Rather than we go out looking
at houses, we write an offer and then find out oops! Guess what? You don't
qualify . Absolutely. You don't want to fall in love with the home until you know you can buy the
home. So the pre-approval process is very
simple. It involves putting in an application and that can be done one of
three ways. We can meet in person, which is my favorite, or we can put in an application online.
You live out in town and we can't meet face-to-face. And for people who don't
have the internet or the ability to meet face to face we can also do that application
over the phone. Everybody's financial situation is
different. Every loan is different and so we can customize and cater the loan to
you and your particular situation. By the end of the application process you will
know exactly how much you can afford, what your monthly payments are going
to be, what kind of closing costs you're looking at (because just like buying a
car there's always tax, tag, and title) so you'll understand what those closing
costs are. And you'll have a sheet of paper stating that you can buy a home
using Certainty Home Loans. So how long does it normally take from the time that
somebody submits the application until they have an answer one way or the other?
An online application should have a prequel letter within 24 hours.
Wow, ok. We get automatically notified once an application has been
put on and then from there the decision can be made within just a matter of
hours. Okay cool. And the other question I always get asked is I'm afraid that it's
going to drop my credit score by filling out the application and having you pull
my credit. So how much does it really affect their credit? It is a hard pull on
your credit but it is a it is a necessity at this point when buying the
home. We need to know what your credit profile looks like from front to back.
Now once you've had your credit pulled that first time there's a 30-day window
that you can have your credit pulled by any mortgage lender and it's not going
to affect your score. 30 days? I thought it was two weeks. No. Okay I learned
something today too! You have a full 30 days and it's because they want you shopping.
They want you out there getting the best rate. It's not as if you're getting
declined and then moving to somebody else and getting declined. Okay. In that
30-day window they know that you're just out there shopping so they don't affect
your credit score on that. Okay. But buying a house is probably the biggest
thing you're going to buy so if there's a reason to have your credit
pulled, it would be to buy a home. Right, so one of the things that Jared just said
that I really like is working with a local lender. Now, you can go online and
you can get pre-approved with Lending Tree or any number of these
online lenders but if you get pre-approved with them and you decide to
go with them, they're in another state so there's probably a time difference. You
don't necessarily get the same person every single time you call them, right? I
mean, you could call an 800 number and just talk to whoever answers the phone
and if they're not responding quickly enough if it's taking a long time and
you have to repeat yourself every single time you call because you're starting
over with somebody new, that gets old really fast. The reason why I like
working with Jared so much is that I've got his cell number. If I need
information and I need it quickly I know how to get a hold of you very easily. I
can text you, I can call you, I can physically walk into your office. And as you
have my cell phone number so do all my clients. There's been plenty of times
where a client's worked a full day and they've had this question on their mind
all day that they just want to ask their lender but they never found the time
throughout the day. Having your lender's cell phone
to where you can send them a text at 9 p.m. to ask them something that's very very
important to you is very vital. And it's that relationship that carries on even
after the closing table, even after you've moved into your home. You may have
questions... what did you say about homestead exemption? What was
this that you were talking about as far as me switching insurance if I want to?
To be able to have that relationship, to pick up the phone and still get the same
guy on the phone that you talked to on day one during the pre-qual phase, to say,
"Hey Jarad, I have a question." I have clients call me every single day and I
love it it means that they did what I asked them to and they saved me in their
phone (probably as Jarad or Jarad, the best lender in America!) but they did what
I asked them to and now we have a relationship, which ultimately... that's what life's
about. I do this because I like to see people get in homes. I like to see people
achieve the American dream, that personal pride they get of home ownership.
That's the biggest thing you get from using somebody local.
One of your neighbors, somebody who lives around you, because they're going to care
more. They're going to be easy to access and ultimately they're gonna be people
that you see in your neighborhood or at the store, that you can have
that relationship with them and feel comfortable reaching out to them. Very
nice. Well, thank you so much! I think that really answers most of the questions
that I get frequently from first-time buyers. And if you are in the Savannah
area and you're looking to buy a home this is a good guy to go to to get your
pre-approval from! Don't hesitate, just give us a call we'd love to talk to you
Awesome. Thanks for joining us today. Thank you, ma'am.
All right, thank you so much for watching this video! If you liked it please be
sure to hit the thumbs up button down below, share it, make a comment, and if you
like it that much subscribe to my channel. I do put out new videos every
Monday. So thanks again and we'll see on the next one!
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