We sat down with Jennifer Rogers with FBC Mortgage this past week to ask some questions that might better clarify the mortgage and financing process for future home buyers. By the end of the conversation you’ll see the the home financing process isn’t as daunting as one might think.
JENNIFER A ROGERS – MORTGAGE LOAN ORIGINATOR
Office: 407-872-3383 Cell:321-217-2533 Email: [email protected] NMLS: 1327514
Jennifer Rogers joined FBC Mortgage, LLC in 2015. Prior to joining FBC Mortgage, LLC, Jennifer worked 28 years in Mortgage Lending, 15 years working for JP Morgan Chase and 5 years working in Residential Real Estate. She has worked with clients purchasing their very first home to retirees looking to downsize. With her extensive knowledge in Mortgage Lending and Real Estate, she is proficient in all areas of the mortgage business but specializes in working with First Time Home Buyers, FHA, VA, Conforming & Jumbo Products as well as Renovation/203K Loans. Jennifer was born in New York but has lived in the Central Florida Area for 47 years. She visits New York City frequently to spend time with her son, Justin.
Asking an Industry Pro
RTC – For a buyer looking for financing, what is the initial step the buyer should take to obtain financing with FBC Mortgage?
Jennifer – Buying a home is an exciting experience, but it can be one of the most challenging if you do not understand the mortgage process. Many feel overwhelmed because of the amount of paperwork involved. Knowing what to expect, especially if you’re a first-time homebuyer, will help you make solid decisions about your home purchase. The first thing I would suggest is to perform a “financial check-up”. Do you have verifiable employment and income for last 2 years, do you have a good credit history, do you have money saved for your down payment and closing costs? These are all questions you should ask yourself when you are doing your financial check-up. Speaking with a Loan Officer who can review your income, expenses and credit history is vital in the first steps in obtaining a Mortgage. This will determine your qualifications for a mortgage as well as the type of mortgage and the amount you can qualify for.
RTC – What are the most common obstacles buyers are seeing when it comes to financing?
Jennifer – The most common obstacle I see is not having a good credit history, not enough or no credit at all. It is important to have a good credit history. If you have not established credit or need information on how to improve your credit history, one should seek the assistance from a Homeownership education counselor. There is a list of housing counseling agencies approved by the U.S. Department of Housing and Urban Development. You call 800-569-4287 or visit: www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
RTC – What can the buyers do to better prepare themselves for the financing process?
Jennifer – Know Thyself and Educate Yourself. Once you have done a financial check-up it is important to educate yourself. There is so much information from Government Agencies that can be accessed on line, that doing a little bit of research in advance is the best preparation. Speaking with a Loan Officer can be very helpful in preparing for the process. An experienced Loan Officer will take the time to review your information, explain the process and inform you of different mortgage options available. I do want to issue a word of caution when seeking information on-line. With the rise in internet scams and identity theft, you need to be careful and protect yourself. You never know what is on the other side of a website. It is important that you never enter your personal information onto a website link without speaking with someone first. Always verify the authenticity of the individual or company before offering your personal information.
RTC – What is the application process?
Jennifer – When applying for a mortgage there is an application that must be completed. This is typically done either directly with the Loan Officer or through a secure on-line Link. At FBC Mortgage we have a secure web based application through our Website (Simpleloan.com) where a Buyer can apply directly on-line. This streamlines the process and allows some of the documents to be uploaded directly to the site. This will help eliminate some of the documentation gathering and makes the process a bit less daunting. The Buyer would need to be prepared to provide their financial documents such as, pay stubs, W-2’s and Tax Returns, Bank Statements. Here at FBC Mortgage we strive to be as paperless as possible. Using the SimpleLoan.com helps to eliminate some of the paperwork involved and we utilize electronic signing of Initial Disclosures.
RTC – What are some financing programs that FBC Mortgage offers, and do you work with local and state Down Payment Assistance Programs?
Jennifer – FBC Mortgage is a full-service Lender. We offer your standard Loan Programs FHA, VA, Conventional, and USDA offering 30, 20, 15 and 10 year terms. Sometimes a Buyer may not meet the criteria for the standard loan programs, so we do have a wide assortment of “Out of the Box” programs that may meet their needs. We also work with Local and State Down Payment Assistance Programs and participate in the Florida State Bond Program. We are a one stop shop and have a variety of loan programs to fit most Buyer’s needs.
RTC – Once the buyer is approved, what’s next?
Jennifer -Once the Buyer has completed the application process, their loan is then sent to the processing department for review before submission to the underwriting department. This is the time when the processor will contact the Buyers if they need additional documentation or additional information. They will then submit their loan to the Underwriter for Approval. Once the Loan is Approved, this is when any conditions from the underwriter would be cleared. Once we have the conditions cleared we then will prepare for closing. The Buyer will need to have their Homeowners Insurance in place and their funds ready for transfer to closing agent.
RTC – The buyer is ready to close, what should they expect when it comes to the closing?
Jennifer – This is the day the Buyer has been waiting for! The Closing Agent will contact the Buyer directly to schedule their closing time and provide their wiring instructions for their funds to be wired. This is the most secure way to send funds and most Closing Agents prefer a wire transfer. It is a secure way to transfer funds and the funds are immediate. There is no waiting period for funds to become available. They will meet with the Closing Agent and sign all their final Mortgage documents. They will be provided with their Closing Disclosure, which is a breakdown of all the charges, fees and final amount needed. The Mortgage and the Note will be signed along with other disclosures. The Seller will sign a Warranty Deed giving Deed ownership over to the new Buyer and of course – The Keys to their New Home!
For some more information on the process of financing your next home purchase, reach out to Jennifer directly. To start your home search, simply start here!