What do you really need to get a loan?

Todd: Hello welcome to Todd Miller TV. Joined here today with Troy Weatherly who is a Lender with guaranteed rate Mortgage. Troy, great to have you on.
Try: Thank you very much.
Todd: Okay, So Troy, it seems that when a lot of people go to a Lender, they give them their social, they tell them how much money they make, and then the Lender tells them “you qualify for this much” okay? But then we
get down to the “needy greedy”, they’re being asked for all this paperwork. What are some of the things that you need from them to like actually do alone and what is the reason behind having those?
Troy: Sure absolutely. So, you brought it up. First, we need with the buyer to do the Loan application, that’s basically the blue print to determine “okay! You know, what your credit look like, do you have income, do you have some money in the bank, can you basically buy a house”. So once we have kinda figure that off of the blue print, we need to break some more. We need the actual pieces from the client to substantiate as evidence what hey told us down the loan application.
Todd: Okay.
Troy: So, things that they need: we need the most recent Thirty day pay check stubs form them, We need their W2’s for the past Two years, we need their Tax Returns for the last Two years, and we need their bank statements for the last month. All these items combined allows us to take a look at and compare what they told us on the Loan application, with what they actually make. So we can substantiate it. And when we do that, especially at the beginning of the application, we can prevent any of those road blocks or hurdles because we won’t be getting them at the last minute in the Eleventh hour.
Todd: So, it’s totally okay for a buyer to, ’cause what they all want to do is, they want to get to the fun part first. Just run right out there, see a bunch of houses and make and offer. And then, once they get this/secured the house, then they deal with the Loan part. It’s frustrating for us in the Real Estate side ’cause here we are, working all these stuff and then a lot of times they end up not really being able to qualify for a Loan. So, is that something like/will you say like what percentage the people you work with have already picked out a house?
Troy: Most people pick put the cart before the horse.
Todd: Okay.
Troy: They see what they want and they wanna call you Real Estate agents on the phone and say “come show me this house, I wanna buy this house” and then they go back ward and “oh! I need money to buy this house “cause I don’t have Two hundred or Three hundred thousand dollars cash that I might need to buy the home, so now I have get a loan” and they work backwards. Agreeing with you, the best procedure would be “Let’s meet with the Lender first, then find out how much you can buy, what can we show on paper that you can actually afford, and then let’s go look for the house” because expectation start here and sometimes drops all the way down here. and then there’s disappointment and it’s harder to help them find a home.
Todd: The name your company’s Guaranteed Rate, what’s the guarantee?
Try: The guarantee is that, we’re gonna give you the best customer service, over all rate and package of any other Lender out there.
Todd. Okay. If they wanted call you, what/how can they call you?
Troy: They can reach me directly, it’s 702-308-9821, or my email address is troy.weatherly@guaranteedrate.com
Todd: Awesome! Thank you very much!
Troy: Thank you!
Todd: Alright! So that concludes today’s video and now you know what you’re supposed to do when you buy a house. You get the Loan prequal and you get the Loan approval and do all that upfront, and then you worry about buying a house after that. So anyway, that’s my update for today, hope to see you on another video.