#26 Monday Morning Mortgage Tip w/Justin Froiland from Fairway Mortgage

Posted by Shane Andersen on Monday, January 29th, 2018 at 2:46pm.

 

All right, a little adjustment here, as we get started, sorry about that. We got our high tech camera equipment here, in the way. It's all right. Should've had this ready to go.

- We'll get it.

- As you can see, Shane Andersen here with the Brookings Home Team of Century 21, powered by Century 21, and Justin here from Fairway Mortgage. And it is Monday morning, 8:15 on the dot. And that means it's our number 26, actually 26. Our 26th episode of the Monday Morning Mortgage Tip. So, it is cold here. First of all, Justin, I have to give you a huge kudos, a huge shout out for helping our clients, Janean's clients-

- Oh, yeah, any time.

- last week. We ran into a little snafu with them, on a different lender, Justin stepped it up and as usually kicked it, or hit it right out of the park here, was able to get closed and get it done within about a week and a half. So, that was just awesome, so thank you.

- Yeah, you're welcome.

- Thank you for that,

- Any time.

- appreciate that, so again, if you guys need anything, as far as mortgage is concerned, any questions or you're having some questions, come and talk to this guy. He'd be happy to talk with you. If he can't do it, more than likely you're gonna need a little bit of help, but he can help you with that too.

- Definitely.

- Just awesome stuff, but there you go, shout to you, so-

- Appreciate that.

- Thanks again.

- Appreciate that Shane.

- With that being said, what is today's-

- Yeah, so today, thanks for having me today Shane. Today, I just wanted to spend a little bit of time talking about the different documentation that you're gonna wanna have ready when you're starting that pre-approval and pre-qualification process, and beginning to talk with a lender. There's some generic stuff that pretty much everyone's gonna need, and then each situation's a little bit different, so there's also some other items that may come up throughout the process, so don't be surprised about that. I just kinda want to go over a couple of those items. One of the big things we have to look at when we're lookin' to see how much of a loan you can qualify for is your income and how much money you make. So, there's a number of pieces of documentation we need along those lines. We're gonna need, most likely, the last two years of your tax returns and W-2's. We'll need the full tax returns. I know sometimes those can get a little lengthy, but we need everything. That's part of the income documentation. We're also gonna ask for your most recent 30 days of pay stubs from your employer, and that'll typically take care of your income. We're also gonna need some asset documentation, so we're gonna need about 60 days worth of bank statements from you to collect. We're also gonna need a copy of your driver's license, to make sure you are who you say you are. That's gonna be kind of the just of what we need to gather for pretty much everybody out there. Then there's gonna be some other one-off scenarios. For example, if you'd filed bankruptcy in the last seven years, we're gonna need that documentation to go along with that. Again, that can get kind of lengthy when it comes to the documentation. If you've ever been divorced, we're gonna need a copy of that divorce decree, and all of those different things. Sometimes, there's one-off scenarios, where it's just something that doesn't quite add up, and we need a letter of explanation where we just have you type up a document stating the ins and outs of what's in question. That usually clears it up pretty well. Those are a couple different items there. I do have, on the back side of my business card, it's kind of tough to see here, but I'll post a picture of it in the comment thread after Shane gets the video posted, so you can take a peek at that. On the back of my business card, I just have a little checklist of items that you will need in anticipation of getting that loan application filled out, and that process started. That's all I had for today. Any questions at all Shane?

- Yeah, no, as always, if anybody that's watching here has any questions for you, look up, look down, look on the sides, wherever your device shows it to you. Feel free to reach out to Justin. I'll have all of his information there on the description there as well. If you guys have a question that you want answered on our next episode, please feel free to reach out to one of us. We'd be more than happy to answer that. Free of charge.

- Yeah, yeah.

- Yeah.

- Definitely.

- It's completely free, you don't even have to come in the building, just post it right on here, and we'll be able to answer that for you. So, there you have it, that's our Monday Morning Mortgage Tip. We'll be back next Monday, with our next friend in the lending business. Til then, stay warm guys.

- We'll talk to you later.

- Thank you.

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