Home Loan 101 – First Steps after Contract
Home Loan 101 – Getting Started and Pre-Approval
In this episode, Rob and Adrian talk about Home Loan 101 – First Steps after the Contract. Today Rob and Adrian talk about another step in the home lending series. Listen in and learn what can be expected once you’re in contract and the steps associated with getting there. Let us know what you think! With over 25 + years of experience as licensed real estate professionals, and a long track record of winning for their clients, Rob and Adrian will teach you what it takes to be an everyday real estate millionaire. Don’t forget to subscribe, rate, and review!
Rob & Adrian
Hi, future millionaires. Welcome back to the Get Rich Slow podcast. I’m your Co-host Adrian Schermer joined here by the famous Co-host Rob Delavan.
Huh. I’m not sure about famous. Hahaha…
Well, we’ll work our way up there.
Today we’re going to continue a little mini-series we’re doing on our area of expertise here – The Home Lending Process. In a previous process, we started this off by talking about a pre-approval and how important it is to just dive into that process, as early as possible. Pre-approval, as mentioned is half education; at least the way I do it. So, if you’re wanting to learn how to buy a home. Applying to have a home. Even if you’re not 100% ready. It’s a great way to learn how to get into it because it’s more of a consultative process, than a credit card that is like, you know, “Here’s are $300 secured offer. Take it or leave it. You got 30 days. Bye.”
Don’t get me wrong, pre-approvals do expire. And generally we do tend to work with people for a very long period of time. Sometimes things move quickly. Other times, it takes years. So, get in there and try it. Let’s move to the next step! So, there’s pre-approval, Rob.
So, let’s say we do our thing on the real estate side and we’re now in contract. Alright. Hurray!
Major offer. Got it masterfully accepted.
There you go ALL of those things. Now, we’re in contract and inspections period started today. Because we got in the contract yesterday. Sooo what’s next? We’re going to negotiate and do all of our these things, we’ll talk about in different episodes, but from a lending standpoint, okay – you’re in contract. And the contract says in the 3 business days you have to have an application. Even though you did a quasi application, thru the the pre-approval process states that now you have to apply for THE loan for you’re going to purchase for THAT house. Now we know the price. Now we know the earnest money. Now we know the down payment. And now we’re going to negotiate thru inspections but now we know the terms of the loan.
Okay, let’s start over again. First step…