MAKING HOME OWNERSHIP A REALITY. I encourage you to get a 2nd opinion on the largest investment you will make in your life. The difference is--I will deliver my promise. Let me help you save $$.
Get to know Santos Sanchez
On a personal level, I am a 25-year old hispanic male (oh alright! I know I have friends viewing my page and I can just hear them, "25??? yeah right!"). Ok, I'm 38! I love to laugh, spend time with family and friends, and just enjoy life. I was born and raised here in Michigan spending most of my life in Lake Orion (GO DRAGONS!) and now I live in Clarkston. I'm a huge martial arts fan (former practitioner) and amateur photographer.
Santos the Business Man.....
* I've been in the mortgage industry for over 15 years with experience in both the origination and servicing sides.
* What is the biggest complaint both customers and realtors have against Loan Officers? Lack of Communication. My customers and realtors are always in the loop throughout the entire transaction.
* I take great pride in being available for my customers and my strategic business partners. My customers know they can reach me early in the morning and late at night whether it be by cell phone or email.
* I will NEVER pull the "bait and switch." Whatever I tell you over the phone or in person, you will get in writing. And when my customers get to the closing table--there are no surprises. 100% of my business is referral business and I plan on keeping it that way. My job is to get my customer the absolute best program, rate, and closing costs that I can--PERIOD.
* Many potential buyers are nervous when it comes to the mortgage process....especially if there are credit issues. But guess what? We have all been there. I know first hand that things happen that can cause your life to be turned upside down. I am not here to judge anyone. I am here to help. When everyone else stops at your credit score--I won't. When nobody else will listen, I will.
Santos Sanchez's Blog Posts
The Mortgage Process
Before you start looking for a home, get Pre-Approved. The mortgage industry is under fire because of the dramatic increase in foreclosures. So before you go house hunting and fall in love with a home, you should first Pre-Approved just to be sure you can buy a home. Secondly, by being Pre-Approved, the seller will take your offer more serious than someone who has just been Pre-Qualified. Which leads me to me to my next point.
Pre-Qualification vs. Pre-Approval.
A Pre-Qualification is simply a discussion regarding your income, assets, and credit. Even if the lender has pulled a credit report, it is still just a Pre-Qualification. Be sure to ask if they have pulled a tri-merged report. By pulling a tri-merged report, we see all three of your credit scores issued by TransUnion, Equifax, and Experian. The bank's Underwriter will weed out the high and low scores and use the middle score. This is crucial. If your Loan Officer only pulled one score, they may be Pre-Qualifying you on an inaccurate credit score. So be sure to ask.
A Pre-Approval takes it to the next step. After our discussion regarding your income, assets, and credit, I would request your documents to verify all the information we discussed (one full month of paystubs, asset account statements to document your available cash, possibly your last two years W2's, and a copy of your Driver's License). I would then submit all of this information to a bank Underwriter so they can validate everything. Once the lender has approved all the documentation, they will issue a Pre-Approval letter for you. At this point, you have done your homework. You can now start searching for a home in the sales price range that islisted on your Pre-Approval.
You found a home and you want to make an offer on it. At that time, I would just double check that the home is within your Pre-Approval range. If all is a go, then I would type up a Pre-Approval letter for you.
Your offer has been accepted. At this point, you can lock your interest rate. Interest rates are tied to a specific invidual AND a property address. You do not have to lock your rate if you don't want to; you have up until 5 business days prior to your loan closing to lock your rate. I would need a copy of the purchase agreement so I can revise your initial application and enter in the correct property address.
An inspection is ordered. This is the buyer's call. You should get an inspection just to make sure the home is a good, quality home. Once the inspection has been performed and you give the green light to proceed with the home, I start my orders.
My orders: appraisal, title, and mortgage survey. An appraisal is ordered on the home just to make sure the home is worth the amount you purchased it for. We also order title work on the home because we want to make sure you buy a home that is free of any other liens (clear title). A mortgage survey is just a drawing of your home and the property line (not an exact measurement). We just need to be aware of any potential encroachments and/or easements. Once all of these items are received, we submit the information for a final approval or Clear to Close. The buyer should start getting quotes for his Homeowner's Insurance.
Once the Clear to Close has been received. The buyer should then finalize the payment of the homeowner's insurance policy. Within three business days of the loan closing, we will need the paid receipt and "declaration page" from the insurance company. After the insurance information is received, our closing department starts the processing of the closing documents. Once they are completed, they ship everything to the title company since they will be handling the closing of the purchase transaction. Usually the day before or the day of the closing, the Loan Officer will call the customer with the total amount needed to bring to the closing.
At the closing. The buyer brings their cashiers check for the total amount necessary to close (payable to themselves), a copy of their homeowner's insurance and paid receipt, and Driver's License. The closing itself should take no more than an hour.
SHOPPING INTEREST RATES
Ask your realtor, family members, or friends if they can refer you to a Loan Officer that they trust. This is the biggest investment you will make in your life so you need to go to someone you can trust. Your realtor will refer you to a Loan Officer they trust because they have an established business relationship with that person.
When shopping for mortgage rates, make sure you get something in writing. A Good Faith Estimate is the form you will want to request. they are easy to print out and can be completed in minutes. This form outlines your Mortgage Amount, Type of Mortgage, Interest Rate, Total Payment (including real estate taxes and homeowner's insurance), itemizes Closing Costs and gives you the total amount you will need to close. Remember--anyone can quote anything over the phone. It is what happens at the closing that counts.
Get a second opinion. Again, this is the biggest investment in your life. Why not get a second opinion? It's a win/win for you as a buyer. If I can help save you money in closing costs and/or interest, you win. If I can't beat your current deal, I will completely honest with you. I don't believe in wasting your time or mine. This way, you have verified that the deal you are getting is a good deal.
When searching for lenders or a Loan Officer, ask yourself, "what does this Loan Officer have to lose if he/she pulls the 'bait and switch.' All of my business is referral business. When I show up to the closing with my referring partner, that loan BETTER close and the only way it will close is if you are happy. If I change your interest rate and/or closing costs and you decide to walk away from the closing, my referring partner will never trust me again. I lose a ton of referrals. So I lose a lot if I don't deliver what I promised.
Is it all about rate? NO. I know interest rates are important but service is key here. As a Loan Officer, I try my hardest to make this a smooth transaction for you. I am available early mornings, evenings, and on weekends for any questions that might arise. On my office voice mail, I state, "if I haven't returned your call in 1/2 hour, please call me on my cell phone."
REMEMBER: If it sounds too good to be true, it probably is.
FOR ANYONE LOOKING FOR INFORMATION ON FORECLOSED HOMES, please visit this website: http://www.oaklandcountymiforeclosures.com/ and my business partner, Tim Redman, will contact you as soon as possible.