Michael S. Rosenbaum

Michael and his team of mortgage professionals are here to help your loan application and closing go smoothly.

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What You Should Know While Going Through The Loan Process

The loan process can be a tricky thing.  Sometimes it is smooth sailing and sometimes it can be a bumpy road.  It is however, always a partnership.  A partnership between the borrower and the lender.  If both the borrower and the lender work together and communicate then typically the entire transaction goes smooth.  My goal with each loan is to make the process as simple and painless as possible.  My team and I communicate upfront with our borrowers the step by step process that their loan will go through.  We in turn also let our borrowers know that there are some things that they should and should not do while trying to get their loan.  I thought that it would be helpful to let you in on the not so secret list of things that you need to know as a borrower.

1.  Be thorough –  I cannot stress this enough. When you are given the list of items needed, read and checkoff every item.  When we have complete documentation it makes the process go faster and smoother.  This is also important later when the underwriter has reviewed your loan and handed down a conditional approval.  At this time it is extremely urgent that you return any requested items as soon as possible and be sure that you do not miss anything.  Any missing information or items could delay the closing of your loan.

2.  Don’t apply for any new credit – As tempting as it may be to go out and buy all new furniture for your new home, financing this could prove to be a problem with your new loan.

3.  Don’t make any major changes to your credit – On top of not opening any new credit, don’t close any accounts or transfer any balances.  Doing these things could end up in your credit score lowering.  Better to wait until after closing to make any changes.

4.  Don’t move money from accounts without a paper trail – When getting a new loan we will need your 2 months most recent bank statements.  If there are unusual deposits, you may be required to source and explain what they are.  If you need to move money from accounts to cover what you will need to bring in for closing I advise that you move that money prior to applying for your mortgage.  If you cannot, make sure you have accurate and complete documents and records for the funds readily available.

5. Let us know upfront if you have travel plans – While it is ideal for you to be available during the entire loan process, we know that some things cannot be avoided.  Please keep us in the loop.

6.  Don’t switch jobs while trying to get a new loan – Sometimes this cannot be helped, if you do need to change jobs please keep us informed as soon as possible.

7.  Don’t deplete your savings – Just like opening new credit, it is important that your financial situation not have any drastic changes.  You will most likely need to bring in some money for your down payment or you may be required to have a certain amount of money in your accounts as reserves to qualify for the loan.

My team is committed to being accurate and providing you with the most up to date information about your loan.  Constant and open communication is an important factor in having your loan close on time and with no major issues.  We work tirelessly to get you a quality loan and get it to you on time.

Let me know if I can help you or someone you know with a new loan.  Let us prove to you how great we are!

 

Springtime Home Improvement

Springtime Home Improvement

Springtime is a great time to start a home improvement project.  Most people can look around their house and find something that they would like to change or improve.  The trouble for most people is that they don’t have the money to make these changes or repairs.  What I love most about what I do is being able to provide financial solutions to people who want to upgrade their home but just aren’t sure if they can do it due to financial constraints.  Being able to tell these clients that we have a way to “make it happen” for them is priceless.  By doing a cash out refinance, we can put these borrowers into a new home loan and provide them with the cash needed to upgrade their home.  With interest rates still incredibly low and home values on the rise now is a great time to refinance and start a Spring or Summer project.

I’m proud to say that we have streamlined the home loan process at AP Mortgage to make it as seamless and convenient as possible for our borrowers. My team is the best in the business at getting these done efficiently and quickly.  We really try to inform our borrowers ahead of time so that they know exactly what to expect during each step of the loan process.  Lastly, there are so many programs available right now that there is sure to be a loan program for just about everyone.

What do you need to know when applying for a new refinance loan to make your transaction go smooth?

  • Be prepared
    • Have all documentation gathered, organized and ready to go when you come in
    • Be aware that most refinances take 45 days to complete
  • What documentation do you need?
    • Current Mortgage Statement
    • Homeowners Insurance declaration page
    • 2 Months most recent asset statements – These would include checking, savings, retirement, IRA accounts, etc.  You will need to provide all pages of the actual statements
    • 2 Years Federal Tax return (currently you would need to provide 2013 & 2014 filed tax returns or 2012 & 2014 with a filed 2014 extension)
    • 2 Years most recent W2’s from all employers
    • 30 days pay stubs
    • If you are on disability or are collecting social security please provide your most current award letter (the letter that indicates how much you will be receiving each month)
    • Divorced and receiving or paying alimony or child support? You would need to provide your divorce decree and or any child support orders
  • Understand the process
    • After you provide your documentation I will sit down and determine if a new loan will work for you.  If everything looks good we will move forward and start processing your loan.
    • Your loan is prepared, reviewed and sent to our underwriting team who will be the final word on your loan.  The underwriter will issue a conditional approval after  they review your loan.  Please know that underwriters will look over every piece of documentation that you provide and they may ask for something else if they determine that there is a need.  This is normal.  I will say, that if you are diligent and do your homework upfront there is typically less requested at conditional approval.
    • If there are any requests from the underwriter please get in any requested items back to our team as soon as possible.
    • Understand that we have your best interests at heart – we are working diligently to make your loan happen.
    • We will communicate with you throughout the process and we welcome your communication as well

In the end, my team and I really want to make the process as easy for you as possible.  We only ask one thing of you after your loan goes through… send us a picture of your completed project.  We are invested in you and  like to see how everything turns out!

Does this sound like something you would like to do?  If the answer is yes, let me know.  My team and I are ready to help you!

Mike on the mic at the Downtown Caravan

Mike on the mic at the Downtown Caravan

IMG_6400I was fortunate enough to get to sponsor the San Diego Downtown Real Estate Broker Caravan today.  As always, it is a privilege to get up on the mike in front of my colleagues and speak.  Today I took the opportunity to speak directly to our other lender affiliates and let them know that we here at American Pacific Mortgage are doing great things.  We have had the opportunity to have several new loan officers join our team, and with that being said, we still have room for exceptional people.  One thing that we pride ourselves on is that we truly believe in what we do and we want like minded individuals to join our team.  When I say we have room for exceptional people I mean just that, we are seeking people who will contribute to our team but also people who will “wow” our clients and theirs.  We are growing something extraordinary here, and we look forward to what the future holds.  As our team continues to grow so does our passion for creating an environment that is positively remarkable.