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 Barb Adelaine from BankStar. For Barb's last MMMTip before she retires, she gives a detailed list of things a home buyer should do with their lender before they purchase a home.  You can reach Barb at 605.696.8562 or barb.adelaine@bankstar.com.  Her office is located at 1301 6th St., Brookings SD 57006 or on the web at www.ebankstar.com 


Prevent Foreseeable Finance Errors with These Steps



- Good morning everybody, how you're doing? Shane here from the Brookings Home Team, powered by Century 21. Monday morning. Not too cold but still cold.

- Still winter.

- Still winter, yeah. One more full week before Christmas in the holiday season. So hopefully you guys are getting everything taking care of there. But we are at 08:15, which means it's Monday Morning Mortgage Tip. And for, I'm gonna cry here a little bit

- Oh,

- For the last time, we've got Barb Adelaine from BankStar. This is her last little video here before retire. So we go back. You got me my first mortgage back at the other bank--

- Oh, wow!

- many, many years ago.

- Yeah.

- So yeah, thank you for all your work that you've done here. And thanks for these, I appreciate it. And--

- You're welcome.

- hopefully it's been good there. So good luck with your new chapter.

- Good.

- And thanks for being the last one.

- Thanks.

- Well, we've got one more next week. But the last one here for you. So as you guys jump on here, please let us know. Give us a heart, give us a thumbs up. And always, I'll have her information on the top, on the bottom, and on the sides. And if we can get her replacement to jump in and take her place, please comment on that too. So we can--

- Well, that'll be great.

- Yeah, tag her and, or don't tag her. But just let her know. We would like her to continue on with this. So I'm gonna stop talking. Barb, what's your Monday morning tip today?

- So for my final performance here.

- What I really think is the most important thing for buyers of all shapes and sizes. Not just first time home buyers but people who haven't been in the market for a while, they have to be more prepared as a buyer on their own credit and income side. And then, maybe, they have been in the past. The rules get more difficult, the houses are selling faster when they come on the market. So you don't have time to go look and then, maybe spend two weeks looking for your tax returns and you'll get a round two because that house will be gone by the time you get ready.

- So I really strongly encourage not just the pre-approval, where you go to the bank and the lender does the math and goes, "That'll probably be good."

- I would really encourage you to provide all your documentation and ask that to be underwritten so that you're credit approved. So that means as long as you don't quit your job, or suddenly earn less money, or buy a new pickup that's got a giant payment, or something like this. As long as your debt and your income stay about the same, you know you're good. Now, it's all about the house. So when you've find it, you're ready to make your offer immediately when you see that house, you know exactly what you can afford, you know you don't have to worry about it. It's just appraisals and paperwork and you'll be done. It's a much smoother process. All the bumps for you are out of the way at the very beginning. Some people worry that it's gonna cost them a little money. It depends on the lender. But they are pulling a very full credit report and doing some work when you go to this level. So it may cost a little bit. And you get what you pay for.

- So if you wanna be all the way ready without problems, that is a good way to go. And you have to ask for that. Some things you're gonna need to take along with when you meet with your lender. You'll want two months pay stubs that's a different number, different amount of pay stubs, and it'll be depending on how you get paid. Two months worth, most recent ones. Same thing with bank statements. Two months worth, the most recent ones. Not one from last July and last week. Two in a row, most recent. Your two most recent tax returns, including the W-2's or any other documentation that you use to proof income for when you're figuring out your taxes. If you've got any self-employed income, be prepared to make a profit and loss statement because it's almost the end of the year and they wonder how you did. We're always looking at your behind on those tax returns. Then, once you are credit approved through the underwriter, just keep in touch with your lender. When you get a new pay stub, just make a routine to drop it off there. When it's the next month, then you got a new bank statement, drop it off for them because that keeps everything fresh in your file. Make sure there's no oopses once you've find a house. Though that's my best advice.

- Perfect, a lot of good information with that there. We've talked a little bit about pre-qualifications and pre-approvals, but this is a little bit more detail into that. And, of course, as I've said before if you have any more questions for Barb, please reach out to her and let her know. And she'd be happy to talk to you or her new sidekick, they're two.

- I will be in the bank until March. But most new people are moving over to Patty Winter, who has already replaced me in the bank. And I'm just taking care of details and backing out the door.

- Perfect, yes.

- Perfect.

- All right, well thanks Barb, I appreciate it.


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!

Posted by Shane Andersen on
Email Send a link to post via Email

Leave A Comment

e.g. yourwebsitename.com
Please note that your email address is kept private upon posting.