🤔 What is the Process of a Mortgage? 🤔

Hey, guys. So excited to be back today with our top producer, Tip of the week. I have Derek McGowan here with us. He's over in our Kansas City, Missouri office. Derek, I want to ask you a question about something that I think is probably pretty important and at the top of everyone's brain once they have that initial conversation with you and you fill out the application and find their dream home. So, so once someone gives you their application, what is the typical process that they would go through and who would they hear from when they're trying to get their mortgage?

Yeah, absolutely. No, that's. That's a perfect question. That's a common one that we probably get daily. So, yeah, we, we, you know, have people fill out the application and that could be over the phone or filling out our quick link that takes five minutes or so, kicks it back over to us. Then we're in contact almost immediately. My team and reaching out and generally the, My, my rule is, you know, as long as it was filled out before, you know, three or four in the afternoon, we'll have it back to you the same day. With the pre approval, where it's quick and simple to get started. Then we love, especially in today's busy housing market, we love to get them fully, you know, conditionally approved up front so that pre approval on day one, you can start looking for houses. You can make an offer with that. There's no stopping you. That's. That's your golden ticket to go shop for houses. But, but that conditional approval, that's where we kind of hunker down, collect the documents to kind of back up everything that was filled out, have underwriting review it. So it takes just a couple days. And this is kind of going on in the background while people shop for houses. But that way, usually that conditional approval is something that most lenders do. Maybe two or three weeks into the process, after you found a house and got your offer accepted, we try to flip that script around and get that done up front. Cause then we can turn around and kind of piggyback on an offer you might make and really strengthen it by telling the listing agent or the sellers that, hey, that we've already had underwriting review everything on this file. Our buyers, our borrowers are 100% ready to go. Now it's just up to your property. As long as it appraises and the title works good, the insurance is good, we can close. So we like to coin it kind of. It's nearly as good as cash, which really makes your offer stand out. Then you obviously place your offer with your. With your realtor, with your agent. Once it's accepted, then it's really go time for us. You know, loan goes to underwriting, takes a few days, and then we help kind of, you know, sort out the last few items, which usually, again, if you're conditionally approved, it's ordering the appraisal, which we help with on that. So that takes that stress off of the borrower's back. They don't have to go. They can't, and they don't have to go. Find an appraiser, mainly just, you know, quoting insurances and finding who works best for you. We help get the title work together, and, you know, before you know it, a few weeks later, we're finishing things up. We're coordinating a closing date and time with the title company, and you're signing on the dotted line, and the house is yours.

That is amazing. And I love that competitive advantage, because right now, you know, it's so tough to find a house that you love and that's still available. You know, once you see it, you have to jump on it.

Absolutely. No, it seems like that's the biggest fear for most listing agents is, oh, man, if we accept this offer, you know, are we going to get really bad news in a few weeks? It's going to fall through. So with the conditional approval, we can confidently say, like, hey, here, here's a certificate. Here's a. Your actual conditional approval from underwriting, like, they're back, their livelihoods, you know, rely on them approving quality loans, and they're saying, this is approved, the borrower's approved, and now it's just up to the house passing the appraisal inspection, those kind of things. But everything within our power on our side of the court is ready to go, so it really makes it stand out. And also with how busy many lenders are, that's something that kind of gets pushed aside. Most lenders don't have time to do that up front. They want that commitment from the buyer. Hey, go find the house. Then we'll work on reviewing everything. I think that's a really huge thing we can do for our clients is flip that around. You know, we take that step forward first and say, hey, we're backing you. We're 100% in. You have a loan now. Just go find your house, and I can call that listing agent and confidently kind of boost that buyer's chances of getting the offer accepted.

Yeah, that's incredible. Great job. I mean, I'm super excited about this guys out there. If you. If you found your dream house or if you're just still daydreaming, be sure to reach out to Derek and his team, and they can go ahead and get you pre approved and get you locked in immediately. So thanks so much, Derek.

Thank you so much. I appreciate it.

Bye, guys.