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 explained the importance of completing the pre-approval process before submitting an offer on a home. 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
Verifying Income Before Submitting an Offer
- Good morning everybody. How you doin'? Shane here from the Brookings Home Team powered by Century 21. And yes don't adjust your dial it is Tuesday morning, but this guy had a holiday yesterday. He was workin'. He was workin', but I'm not officially in the bank part of things. So we're doing our Monday morning mortgage tip on Tuesday morning here with Mark Waterman from Great Western Bank. And as normal, I'll have all of his information for you on the top, on the bottom, on the sides where you've been invited that and feel free to reach out him anytime if you having questions after this or just wanna talk to this nice guy here. So with that being said, Mark take it away.
- Yeah, thank you very much, and thank you for living me out yesterday morning. I hope so. I guess the tip that I want to talk about it has been covered a little bit in a previous topic. The difference between, you know pre-qual and pre-approval and all that right. I guess the main thing that I want to talk about and I literally am working on a deal right now. Where it did come up as a potential issue where an application was filled out without letting me verify the information. And more or less the stated income is, you know, I'm having a hard time to proving with the stated income that the borrower had, you know, with the under-writers so it's important, you know, especially at this time of year once, you know, the whole home buying, you know, seasons you're gonna start picking up here and everything in the spring, but I would encourage you if you are looking at purchasing a home and maybe you have over time income, bonuses, commissions, anything like that. I would encourage you to fill the application now and give it to your lender. Provide them, you know, pictures, tax returns and pay stubs and allow them to actually review that prior to, you know making an offer on a home just based on stated income. So same goes for self-employed individuals, you know, that the income can be treated. Maybe a little differently than what they think, you know, that make on a monthly basis so, you know, maybe it's better maybe it's worse, but did I think it's something that we should always kinda, try to head off before an offer is made and actually calculate what that monthly income actually is. So, once we gave you pre-qual like that, you know, even if it's two months down the road, you know, we might get an update of pay stubs or something, but, you know, at least we have an idea as to what that monthly income is so.
- Good, okay. Yeah, you know, you don't wanna get caught with your pants down so at least
- Yeah, your right, we could
- Yeah exactly. I mean it's, you know it's not good for anybody, you know, that the borrower, the lender, you know, the real estate agent involved so it's obviously something that, you know, I'm sure you've had it come up before, you know, but it's something that, you know, I personally wanna try to avoid and if we had the full picture ahead of time, you know, that would be an ideal, I know it's not always possible, but it's certainly nice to know that we are working with actual numbers so.
- Good, good, so some great information, thanks Mark, appreciate that and thank you for adjusting the schedule to come in today on Tuesday so. If you do like I said have any questions for Mark, please feel free to reach out him, and you know, all his information be on his post here, and you know, he'll be happy to answer any of your questions and if you don't wanna to talk to him and you wanna talk to me, that's fine too, I'll pass it on, but if you have any other questions that you'd like answer on the next episode of, feel free to DM us here and we'll hope be happy to do that on the next episode, too. And as normal if you like this video, please share it, tag anybody else you'd think would be interested in watching and listening to it we'd appreciate that, and that's it. Have a great week, home shows coming out, don't forget about that's here in couple weeks so, get ready for the home show. Have a great week we'll be back next Monday, Monday morning more and more to step. Thanks guys, I'll see you.
- Thank you.
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