Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Emmy Lebert from Dakotaland FCU. Today, Emmy talked about the different types of verifications needed throughout the process of buying a home, and why each one is important. You can reach Emmy at 605.697.5922 or firstname.lastname@example.org Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com
Types of Verifications
- Hey, good morning, everybody. Monday morning, 8:15 on the dot. It means it's our Monday morning mortgage tip. I've got Emmy here from Dakotaland Federal Credit Union to talk about a mortgage tip here for you today. Before we do that, just remember, I'll have all of her information for you either on the top, on the bottom, on the sides. I don't want to hit you here. On the sides, wherever your device allows you to see that. Feel free to reach out to her if you have any questions after this, or even weeks down the road, she'll be happy to answer any of your mortgage questions. With that being said, what kind of tip do you have for us today?
- We are going to talk about, a little bit, verifications on our end of what we have to do just so you know that we're not asking for things we don't need, or being nosy bankers. We do have to verify deposits. When we do that, we'll send a verification to your financial institution that they'll fill out and send back. Some financial institutions won't do them, so then we'll go ahead and ask you to give us two months of your bank statements. What we really look at is just making sure that there's no large deposits that you're getting as a gift or anything like that, that we know where all your funds are coming from. Another thing is, we have to verify your employment with your employers, so again, we send a verification to your employers, which they fill out and send back, stating what you make annually or hourly. Then that is, a lot of the time, the money that we use as your income for your debt to income ratio. The other thing, too, is, we have to verify if you're in a flood zone. With the flood zone, we just check, make sure that you're not in a flood zone. If you are, we'll come back to you, and let you know that you are required to get flood insurance. Then you can go out to basically any insurance company that you would want, and get some quotes on that. It's better to get numerous quotes and go from there. These are some of the things that we just request. Like I said, we're not being nosy. It's stuff that we are required to have in our file.
- It doesn't just stop at the beginning. Once we have an offer put in place, and that process starts, you potentially will continue to ask for documents.
- Right, and it can go up to even a couple days before closing. We have to do everything, and then our underwriters have to review our files, and they might ask for additional documentation at that time too, so it really is a process. Really, you are not closed until you're sitting at that closing table.
- Exactly. Yep, just don't feel upset because she is asking for continuous paperwork and documents 'cause it is just something that's part of the process, and is required to make sure that loan is smooth, and we can close when we're scheduled to close. All right, well, thank you for that Monday morning mortgage tip. That concludes the first Tuesday, November fifth of November. How many times can I say November? I'll say November a bunch more times. That is the first Tuesday in November of our Monday morning mortgage tip.
- It's Monday.
- It is Monday too, so I need some caffeine. I don't drink coffee, but maybe a Mountain Dew or something. Again, if you have any questions on anything, please feel free to reach out to her. I'll have all of her information. You can also reach out to me as well. Give me a call, text me, whatever it takes. Thank you for watching, and if you do know of anybody that could benefit from this video, please feel free to sha-- I can't even talk today. Feel free to share and tag anybody that also would be interested. I think I'd better quit there. You guys have a great week. Happy Monday, we'll see you later.
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