Good morning all this is Camille, O'Donnell
And I am a I'm a real estate agent broker with O'Donnell properties here in Chester
Maryland and we are at Knoxies Table. Which is a
Fantastic restaurant over here by the Chesapeake Bay Bridge and a couple weeks ago. I did a video about
pre-approval and
pre-qualification letters and
I've got back a lot of feedback and some questions so this morning
We're just doing casual real estate lending shop, and I brought a lending expert here, who is
Like vice president of lending that washed you through the mortgage and where is that out?
We're located headquartered in Bethesda, but we also have a branch in Easton on the Eastern Shore side around okay, so
How long have you been in the business?
I've been lending for over 25 years and
so we've seen a lot of changes in the industry obviously over the years and
You know the guidelines really have stayed pretty much the same for the most part, but what has changed is technology?
We're seeing a lot of cleared the closes and and lessen you know 15 days 10 days
That's amazing so it's always 45 to 60 days always it really was and and you know it's really
You know for a seller if you can actually get out of the house in ten days
You know I don't think sellers are ready for how fast the lenders are actually moving now
Which is kind of cool?
But if the house is vacant and it's in move-in condition and the appraisal comes back satisfactory
You can really you can really get in the house in less than two weeks. You know
Well I'm gonna start with some questions that I got back from my last video
And I'm just gonna just throw them out there we're doing this very casual so we don't have this like scripted or
we're just kind of doing it you know by the
On-the-fly as I say so what kind of programs. Do you have for first-time homebuyers?
It's a great question commencer first-time homebuyers
Some of our favorites because
They tend to be the ones with serious motivations, and they really want to get their credit to marathon
I think there is so much fighting and well
And you know kept in a first-time homebuyer received their home keys at settlement
And is there a better feeling than that I'm watching their face and their smiles and to know that they're bona fide home owners
So though they finally arrived home ownership. How do you do you?
Provide a lot of I'm gonna say comfort because they are scared and they are anxious
But I have to say even you know
Buyers who bought 20 years ago
They're just as scared as almost the first time homebuyers because they haven't bought/done it
Home buyer programs can vary you have everything from CDA lungs all the way to a more
I would say
Well-equipped first-time home buyer might be 5% down
It really just depends on the borrower, so there's so many programs here on the shore
We like USDA yeah, and the CDA stands for
Community Development
Association loans and we're considered rural in this area so that opens up more
Programs for first-time homebuyers, and is that all based on your income and mutation and how many are your family?
Absolutely so many of the first-time homebuyer programs have income
descriptions limitations
USDA has property limitations because it is rule so if you're on the Eastern Shore, and you know from Kent Island Ocean City
Typically you're going to be okay. There are a few pockets and cities that you know USDA probably does not allow
But there's actually a chart. You can go online plug in the home address and see if it is eligible and for a
Usda who universe doing that what I mean doesn't that allow them to come with less money as a down payment
Yep, so typically you can get zero down
and which is which is great and the sellers are allowed to contribute to the buyers closing costs, so you can have
You know a seller
contribute maybe five to ten thousand dollars toward a buyers closing cost assuming they can do it and
Typically come in with little to no money at the table for you know for the buyer, which which is a big deal
It's probably the best loan program as far as
Having a need for some cash help you know from the seller and a lot of times the lender the lender can also
Contribute by raising the interest rate a little bit
They can create a little bit of lender credit
And maybe give you back to half a percent or one percent
Whatever is needed to contribute as long as they still close. I know I've worked with you in the past on some transaction deals and
Yeah, part of their story is that?
It's amazing that lenders can actually help and contribute. It's just like they manipulate they
React we actually help often
We don't know
But we actually do a lot of behind the scenes work and massaging that no one ever really realizes
But we try to keep as much anxiety off as the buyers or the seller so you know we know it's a very tense time
There another question I got was why should a prospective buyer contact a mortgage by guy
Versus a bank and before going out looking for homes. That's a two-part question which eyes
great questions to the two-part answer is
There's various lenders out there. There's a bank is basically going to take you to their
their loan officer and
The trouble with a bank and even some lenders is that many lenders only have one warehouse line
Where they draw their funds to you know to fund the loan to closing and so they have one set of guidelines
one program for each borrower you know
So you have so many more options and so many more channels
That's right
So the other side of that is the broker
So the the broker has the ability to look at a dozen different lenders that can do a US tour out there the lender broker
So the difference between a lender and a broker is that a broker typically does not fund a loan
So we're not we're not held hostage to a set of guidelines that go to the warehouse
We are
We you know we have the ability to look at the guidelines from each lender and find the one that fits
best for our borrower and getting to know these various lenders over the years a
Broker typically is going to have more seasoning than a standard lender
and
they're they're going to know how to how to get through the system and probably give you a better rate and better service just about
every time
So I
Behind you 100% on that definitely check out a mortgage guy
Um what's the difference between a pre-qualification letter and a pre-approval letter?
That's always confusing it people always ask me that yes, so it's changed over the years
So a pre-qual letter is if a buyer calls a lender and they say hey
You know I'd like to get pre-qualified to buy the home so a lot of times
You don't get a chance to look at W2's's. You don't get a chance to look at pay stubs or
Even tax returns in some cases if they're self-employed so you're basically getting verbal information over the phone and obviously
You know the people are being forthright, and as honest as they can
But there are some guidelines that prevent us from using some income and even some assets. I'm gonna interrupt
You just because I'm trying I I know I have some potential first-time homebuyers, so let's say I am
susie-q from down on the Block
In the hood and I call up and I say hi Dave
This is Susie and I want to see if I qualify
To have a mortgage and my agent Camilla told me you're really cool, and you'll be able to help me
So what do you want? What? What do you what do you have to tell me? What do I need to do first?
What do you want to see well as far as getting?
pre-approved, which is the next level so prequalify is you're just getting some verbal information you're getting some assets and income you're giving them a
General idea of what they qualify for it's all over the phone correct. It's all over the phone so a pre-approval
you've actually had the lender had an opportunity to review the taxes review the
W2's review the pay stubs and the assets to make sure that the assets are coming from an
Acceptable source so what should they be?
Trying to actually get in order before they call you yeah
Well prequalify czar fine really pre-approvals where the lenders had a chance to pull credit and review assets and income is
Paramount so if my buyer is so anxious say today is Wednesday, and they want to go out looking on Saturday
And I'm trying to rush you because they're excited and I don't want to lose momentum
So what would they need?
To give to you before say Saturday
so I don't waste their time you know or my time or the potential seller is clear great question so if they're
Self-employed really we're gonna need tax returns tax because they're corporated we need the corporate taxes. Okay. They're a partnership. We need to see those
Taxes as well now if they're just w2 and they're working for a firm
Just pay stubs w-2s
Typically a couple pastes
Bi-weekly if it's weekly par four I stubs would be great
and then
License no. That's down the road. We tortured them with that stuff later
Upfront. We just need the pay stubs and the WTS and the bank's tapes you try to keep it as easy as we can because
That's the cracks are qualifying
Crossing T's and dot Nuys yeah, you need a copy of your driver's license
and
We'll get that down the road from one of our friendly local
processors to an Morris in this mine and Deseret Kelly and Bethesda, and Oh wonderful
and I've met them and they are wonderful, and so I can't say enough good things about the mortgage team that I have and
in our company, but so pre-approval is you've actually verified assets income and
You really want it you really want to do that okay?
You you really want to make sure that the income is okay?
Because the lender typically their underwriter is going to look at that information, and they're gonna be the ones that say yes. Yes yes
okay, so
Pre-approvals are better Suzi calls you today on
Wednesday do you think by Saturday you can give me kind of a a gauge like what they what rain? Oh, right?
that's what you know I know agents love that because you know just
Trying to actually give it feet and get to the closing table is
Always, you know it's a journey so
Now you had some questions too on the real estate side we actually have these on our phone
you know we were gonna print them out, but you know what everybody uses technology, so why not just save everything to our phone and
We got it at our fingertips
Hopefully I can answer these to write your the questions that we have for Camille and the real estate side is
Should she talked to a bank or a lender before looking at home so we talked about that that already?
But here's a good one make sure they buy or they sure they rent if they're
You're trying to make the best decision. They don't know if they're able to do it, so how do you handle that?
actually, it's part of the the
Job description that falls under a realtor's hat because we do a lot of counseling
Okay, and when we meet with them, and they're not sure whether they want to you know sell their house or
They could be a first-time buyer
And they don't know if they shouldn't should continue to rent and so that's very sensitive so we do ask them some preliminary questions like
Well, how long do you plan on stayin in the location? Do you see your job changing?
You know in locations
Are yous pretty much settled you know in your family
Do you want to stay in this location if you can see yourself staying in your home for about you know six seven years I?
Definitely would say you know go ahead and pursue
Purchasing if you're gonna say no. I'm wanting to be there maybe three years
You know or four years, and you know we've run the number is we have this little
calculation tool offered through us through our
MRIs which is like the MLS system, and if you plug them in and kind of gauges them to whether they should rent or buy
My phone number is four four three
seven eight six zero
Two zero zero or find it on the subtitles yep
And you can reach me on my cell at four 100 200 seven one four zero, and I wish we could take you around
KNOXIES
Okay, very beautiful. They've done a lot of additions too, and they're going to be able gonna be a big deal. Oh
Yeah, I think done amazing with the weddings here John has yeah
He found a gold mine here, and John if you're listening. I hope you don't mind. They're just like
Promoting we're promoting KNOXIES. We'll send you the bill later. Yeah-hA!
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