So where do people mess up, with this process? Is it they wait too long to get you involved? Is it, do they not give you enough documentation? You’re what, what are the things that you’ve seen make, uh, things hold up with purchasing homes without top Trust Attorney Las Vegas?
Okay. The upfront work, mission-critical it, you don’t want to rush it. So people rush things often they, they, they’ll meet an eager new agent, driven and they’re trying to push deals through the pipeline and they’ll say, yeah, yeah, you can go ahead and qualify. Go, go see Chris at Nova home loans and he’ll get you pre-approved. I could typically tell within the first five, 10 minutes whether a person’s ready just by speaking to them. And if they’re rushed and they don’t have their ducks in a row, it’ll go sideways. Um, the other thing is, as a consumer you need Trust Attorney Las Vegas, I highly recommend you go out and interview loan officers. You want to get two to three loan officers, you know you want to interview two to three loan officers and see what their skill sets are because it’s mission-critical that you have a good loan officer who is going to address any potential problems upfront because unfortunately we have a bad name and a lot of times we just hear the bad and we hear that things go sideways at the 11th hour.
And I will say if things go sideways at the 11th hour, 90% of the time it’s your mortgage originators fault. It’s either because they didn’t calculate the income properly or they didn’t calculate the assets properly and that’s where you get into trouble. So you want to be diligent upfront, you want to get your ducks in a row up front, you don’t want to rush things. And then you also want to pay attention to what your loan officer says if he or she is giving you guidance on how to manage your credit or how to manage your assets in terms of how you’re moving the money around. Pay very specific attention to what they say. And if you don’t know, ask the questions before you make a move because you could significantly jeopardize your deal if you do things on your own and don’t seek guidance on those decisions that might require a Trust Attorney Las Vegas.
Yeah, so we trusted this podcast. We talk a lot about how to choose a trusted advisor. So I think that’s great information there. Um, I think another big thing, and, and we see it in almost every professional services industry is communication. So if you’re having trouble communicating, getting in touch with the loan originator from the beginning, not a good sign, right? We want to have somebody who’s going to communicate with you because if they need more information, you want that person to be calling you that day, reaching out and getting after you and following up every day to make sure it happens. You know, if, if it takes them three days to call you back just for the new client appointment, that’s probably not someone you want to go to. They have enough work, they’re not worried about it. That means also if there’s a problem, they’re not calling you to get it fixed right away. Uh, so that’s, you know, my, my input on that. And the other issue is, uh, I think this is a big thing that people know about once you are really in that final underwriting process, you don’t want to move money around. You don’t want to S you want to spend as little as possible not having money moving out of your bank. So why, why is that Chris? Why do people want to try and keep their finances as tight as possible? The mortgage industry to get Trust Attorney Las Vegas,
it has to abide by the anti-money laundering laws. So what that means is no cash. We, we, we have to be able to source where your assets or funds are coming from. So when I speak with a borrower, all I care about is the account where your money is, the money that we’re going to be using for the transaction. If you start transferring money from a checking account, savings account, brokerage account, money market, whatever the case may be, you’re now including other accounts into the transaction. And now we have to source where those funds came from and we have to make sure they came from a qualified source. For example, if you have a money market account and you go in deposit $20,000 into the money market account and then you transfer it into your savings account and we’re using the savings account for the final wire. Well, now we got to go and source where that money came from when choosing Trust Attorney Las Vegas. If it’s cash from them that went into the money market, can’t use that money and now all of a sudden we have a problem. So we want to identify where the majority of the funds are front and then keep them in that account and just let them sit. That way we’re not having to track things down. Awesome. All right. I think the next big thing people talk about with the mortgages is interest rates historically were still super low.
Um, so you want to talk about, you know, where are you, where are you seeing interest rates going and um, you know, kind of what, what impact, what things impact that interest rate.
But right now, as you said, we’re, we’re still experiencing historically low rates, very low. Uh, after the, after the crash of 0809070809, the fed went ahead and uh, they went ahead and just deliberately lowered interest rates to kind of ease the concerns of the country, the financial concerns of the country. And since then we’ve had these very low rates we can give you top Trust Attorney Las Vegas without question. Um, rates are, they’re fluctuating quite a bit right now. It’s like a six flags rollercoaster right now today specifically I, my rate sheet today moved three times. So it started going, rates went up this morning when I woke up, they were going up and then around 11 o’clock Pacific time we adjusted our rate sheet and brought the pricing down a little bit.