About this course
Hey Friend, Joe Tafolla here with Seattle’s Mortgage Broker and I’m excited to be able to teach you how to navigate a mortgage so you are in control, can navigate the process without a ton of stress and ultimately able to pick out the best deal that is right for you and your homeownership plans.
Here's what to expect within our EDU Portal. An online portal where you can learn about the entire mortgage process when working with a mortgage broker like SMB - from contact to closing and beyond.
Here's a quick look at the overall streamlined timeline for either a home purchase or refinance at the highest level. We will break down the entire process in further EDU Portal videos.
One of the most common questions we get asked is, "What does a broker do?" This video explores what a broker is and how we can help you whether purchasing or refinancing.
The Inspector, the Appraiser, the Realtor and the Lender... who does what? Each person plays an important but distinct role in the real estate transaction and this video explains who would be your go-to individual for aspects along the process.
Once the application has been filled out and you have provided any needed supporting documents, the timeline begins for us. Here's our commitment of timeframes when it comes to moving your application through the process.
What types of documents can be accepted during the loan process? Some of underwriting's requirements for documents can seem confusing, so this video breaks down a few key things to keep in mind when formatting documents for submission.
When asked for a PDF to satisfy certain conditions, more is needed than a simple screenshot converted to the requested file type. See how we need your documents formatted in this video.
How do we keep track of needed documentation to make sure nothing gets missed and holds up the loan process? We use software called Floify - here's a quick breakdown as to how it works.
As of 2020, what are the loan limits for conforming, conforming high balance and jumbo loans? And which of these loans does your mortgage fall under? This episode goes into what you need to know.
Having friends or family gift you funds during the course of your home purchase transaction? Here are the do's and don'ts that will help you avoid any headaches with underwriting or uncomfortable requests from the giftor.
What is earnest money and what does it go towards? This video talks about the need for earnest money and where it gets distributed should the deal go through or collapse.
What's the difference between an appraisal and an inspection and are both required for the mortgage loan process?
Many buyers see a long inspection report of home 'issues' and begin to freak out! This video we discuss what things you should expect to see on an inspection report that shouldn't raise any alarm bells, and what should!
What are Appraisal Management Companies, what do they do, and why do you have to have them as part of the mortgage loan process? This video explains AMC's in depth.
What's the difference between APR and Non-APR fees and how do you know whether you are getting a good deal? Find out in this episode from SMB.
What are the APR costs involved when it comes to a refinance? And how does that cost scale with a refinance that costs more or less?
What are the APR costs involved when it comes to a purchase? While the cost can scale with the home price and other variable factors, Joe outlines a baseline estimate to use when making your calculations.
Let's put our best foot forward to the Underwriter and get some EZ Conditions checked off the list before we're even asked. That way we get the Underwriter to really like your loan application and expedite the process!
Everyone wants the best location, with all the features at the lowest price. But how do you learn to compromise aspects of the perfect home that may not be realistic. Here's a practical look at home shopping and knowing what boxes you can reasonably tick. We call it the Golden Triangle.
These are the critical steps during the pre-approval process that must be taken to ensure you the best possibility of securing the house of your dreams. Don't forget to get us involved as early on so that we can present you as a strong buyer to the lender as soon as possible.
Some example contingencies that might be placed on a mortgage loan are: an Inspection contingency, an Appraisal contingency or a Financing contingency. What are each of these contingencies for and how do they protect you as the buyer, or in some cases hold you back?
What is a sign that it may be a good idea to include a fast closing on a home offer? This is the first of a series of tips we'll look at for offer strategies.
What are the correct ways to approach locking the interest rate of your loan? Locking the rate early can either be a good idea or a bad one, depending on the rate environment. Here's everything you need to know when deciding when to lock the interest rate for your home loan.
How do you navigate receiving funds from friends and family while your loan is under contract? There are a few simple practices that will make the workload far easier for everyone involved.
What are assets and what are not? It's important to know what you can count towards this figure and the details of why something like a gift may not qualify.
How do you calculate your income to satisfy the loan condition? This can be a very simple step if you are simply a salaried employee, but if you are someone who earns regular overtime, commissions, bonuses etc - we need to know how to calculate these additional sources of income.
Helping Washington Home Buyers Achieve Financial Success
Seattle’s Mortgage Broker – Joe Tafolla
Call: 206-251-0818
Email: joe (at) seattlesmortgagebroker.com
Questions, comments or concerns? Click Here
506 2nd Ave, Suite 1400, Seattle, WA 98104
NMLS 209726
www.nmlsconsumeraccess.org
A Division of Seattle Mortgage Brokers LLC
MB# 761615
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