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 Mark Waterman from Great Western Bank. Mark gave a short breakdown of a loan estimate. You can reach him at 605.627.0602 or Mark.Waterman@GreatWesternBank.com His office is located at 1302 6th St., Brookings SD 57006 or on the web at www.GreatWesternBank.com
What is a Loan Estimate?
- All righty. Good morning, everybody. Shane here from the Brookings Home Team, powered by Century 21. And you can see this familiar face right here, Mark--Waterman over here at Great Western. This will be episode number 69, the last one for 2018. I want to thank everybody that has watched these episodes, and of course you guys for doing these with me. It's very much appreciated, and hopefully people are getting some good information, and gettin' some, some good stuff to go back with, and think about, here. So, episode number 69 of the Monday Morning Mortgage Tip. Last one for 2018, and of course I'll have all of Mark's information available, on the top, on the bottom, or on the sides. Wherever your device allows you to see that. So, feel free to reach out to him, if you have any questions after today's tip. So, what do you got for us today, Mark?
- Yeah, thank you very much. Congrats on getting through 2018. The entire year of all the tips. But I wanted to touch on was the loan estimate. Kind of what it is and what the requirements are. So, once you're working with Shane, and you're identifying a property, you send a purchase agreement. You bring that in to your lender, and we have three business days, to basically disclose like the initial disclosures. Part of that is the loan estimate. And ultimately what the loan estimate is, is a snapshot of all the numbers associated with your, with your specific loans. So, it goes over the ... It's a three page document, that goes over the term. It goes over the estimated loan amount, it goes over the estimated interest rate. And then it has the estimated monthly payment, that we are projecting, will be your, for the life of your loan. It has a section on if there's any pre-payment penalties, if the loan is a balloon payment at all. Then it breaks down, like estimated mortgage interest, and then if there's any private mortgage interest, things of that nature, and then at the bottom of the first page, it basically has the estimated cash to close. So, it's a great tool. That first page is the meat and potatoes of it, it tells ya everything about your loan, numbers-wise that we are estimating. The second page kind of breaks it down a little bit more. Specifically, that, I'm not gonna get into all the details, you know, on this tip, but you can sit down with your lender, go over what they are, what they all mean, why they're projected the way they are. And again, some of em are estimates, some of them are exact third-party quotes that we have gotten as a bank that we're passing on. And then the last page is more or less the signatures spot, and and just finalizing it. But, if you have any questions about what your loan is all about, and how it compares to possible other institutions, it's a great way for you, you know, to not only kno-- potentially compare, you know, situations or scenarios as well between bank to bank. So.
- Perfect. All right. Sorry about the noise in the background, I forgot to shut that off, there. But, lot of information on that. Thanks, Mark.
- Yeah. For that. And of course, it's always best just to give him a call. He can explain it a little more in detail, over the phone or face-to-face.
- Would be the best way to do it. If you are in that fence, or on that fence about thinking of buying here in the Brookings or surrounding area. So, how far can you lend out? I mean obviously, in South Dakota here.
- Yeah, yeah. Absolutely. So, Basically, our lending area is wherever there's a Great Western bank. So, South Dakota, the surrounding states. You know, there's multiple lenders and multiple locations. So, depending on the loan program, sometimes I might pass you off. But, for the most part, you know, anywhere in South Dakota or connecting states we can lend to. So.
- Perfect. Yup. So, give him a call. Like I said, up top, on the bottom, on the sides, you'll see all of his information there. Wherever your device allows you to see it. Thank you again. That concludes the 2018 episode number 69, Monday Morning Mortgage Tip. Thanks again, Mark.
- Yup. And then, I'm wearing my Bobcats colored shirt. Dallas Cole Fundraiser is tonight as well. So.
- That's right Yup. Be sure to get out to Cubby's, there and check that all out, too. So, have a great Christmas. Happy Holidays, Happy New Year. All that great stuff. We're excited to work with you into 2019. Reach out to us, and we'd be happy to talk to ya. So, thanks again, everybody. We will see you next year, 2019.
- Goodbye. Thank you.
Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!