Paid Content by Provident State Bank – How to Land a Mortgage


>>>THIS SECTION OF
DELMARVALIFE IS BROUGHT TO YOU BY PROVIDENCE STATE BANK. [APPLAUSE]
IS THE AMERICAN DREAM, BUT THE PROCESS OF BUYING IT CAN BE
INTIMIDATING OR DAUNTING. BUT IT DOESN’T HAVE TO BE. THE FIRST STEP TO TAKE IS INTO
A BANK TO SECURE A MORTGAGE AND BELIEVE IT OR NOT, THAT IS THE
EASY PART WHEN YOU’RE DEALING WITH BANKERS LIKE THE ONES YOU
WILL FIND IT PROVIDENCE STATE BANK. THIS IS MICHAEL WHO IS THE
EXECUTIVE VICE PRESIDENT OF PROVIDENCE STATE BANKS
EXECUTIVE BRANCH. THANK YOU FOR BEING HERE. [APPLAUSE]
>>NOW, GETTING A MORTGAGE IS ONE OF THE BIGGEST MILESTONES
OF SOMEONE’S LIFE.>>YES, THE PROCESS SHOULD BE A
HAPPY AND EXCITING PROCESS, AND IT REALLY IS. BUT, WHAT MOST PEOPLE ARE
AFRAID OF IS GOING THROUGH THE MORTGAGE PROCESS.>>RIGHT.>>SO, IT REALLY SHOULDN’T BE
IF YOU ARE PREPARED.>>SO, THERE ARE BIG STEPS THAT
WE CAN TAKE BEFORE HAND, BEFORE WE START THIS PROCESS?>>OH, ABSOLUTELY. FIRST AND FOREMOST IS TO SHOP
FOR A LENDER BEFORE YOU SHOP FOR A MORTGAGE.>>OKAY.>>THIS IS ONE OF THE BIGGEST
TRANSACTIONS YOU WILL ACCOMPLISH IN YOUR LIFE. SO SHOPPING FOR THE LENDER IS A
VERY IMPORTANT PART OF IT. WHAT DO I MEAN BY THAT? I THINK YOU SHOULD CALL AROUND
AND ASK YOUR FAMILY OR FRIENDS, OTHER FOLKS WHO YOU KNOW WHO
BOUGHT AND FINANCED HOMES, ALWAYS ASK YOUR REALTOR FOR
THEIR IDEAS BUT THEN, BEGIN ALL AROUND. UNFORTUNATELY, WHEN PEOPLE CALL
AROUND, THEY SAY WHAT IS YOUR RATED WHAT ARE YOUR POINTS? AND YOU KNOW, RATES AND POINTS
TODAY OUR KIND OF LIKE THE PRICE OF GAS, THEY ARE ALL
ABOUT THE SAME, JUST PENNIES APART. THE DIFFERENCE IS HOW IS THE
PROCESS DELIVERED, AND WHAT PRODUCTS MIGHT FIT YOUR
PARTICULAR NEED.>>WHAT ABOUT THE CYBER
LENDERS?>>OH, YEAH. [LAUGHTER]
>>LET’S GO TO THE LENDERS THAT YOU CALL AROUND. SEE CALL AROUND AND YOU ASK
YOUR LOCAL BANK OR YOUR BANK NOW FOR SOME REFERRALS, THAT
YOUR FRIENDS AND FAMILIES ARE MADE FOR YOU. SO, YOU CALL AROUND AND FIND
OUT WHAT KIND OF PROGRAMS MIGHT MEET YOUR NEEDS.>>YEAH.>>SO, WHEN YOU DO GET ENTICED
TO CALL, GET ON THE INTERNET, START CALLING THE CYBER LENDERS
AS I CALL THEM, OR THE FOLKS WHO SAY WE WILL LIFT YOU OFF
REAL FAST.>>YEAH.>>YOU KNOW THE THINGS TO LOOK
OUT FOR. BECAUSE I REALLY THINK THAT
GETTING A MORTGAGE TO BUY YOUR DREAM HOME IS MORE ABOUT THE
LANDING THAN THE TAKEOFF, AND I THINK WE ALL GET EXCITED ABOUT
THE TAKEOFF.>>AND THERE IS A PERSONAL
INTERACTION WITH SOMEONE IN THE PROCESS?>>ABSOLUTELY. THE KIND OF PERSON WHO WANTS TO
LOOK AT SOMEONE IN THE FACE WHEN I DO A BUSINESS
TRANSACTION. AND I THINK IF YOU’RE DOING THE
MOST IMPORTANT ONE IN YOUR LIFE TO THAT POINT, YOU WANT TO BE
ABLE TO WALK IN AND TALK TO SOMEONE AND EXPLAIN YOUR
SITUATION TO THEM.>>RIGHT.>>YOU KNOW, YOU CALL AROUND
AND ASK FOR RATES AND POINTS, THEN YOU FIND A HOUSE AND GET A
CONTRACT AND GO BACK AND FIND OUT THEY DON’T HAVE A LOW DOWN
PAYMENT LOAN OR A FEDERAL HOME LOW BANK GRANT PROGRAM.>>RIGHT.>>MAYBE THESE ARE THE THINGS
THAT WOULD REALLY BENEFIT YOU.>>YES.>>SO IF YOU DO THE HOMEWORK
UPFRONT AND TALK LESS ABOUT RATES AND POINTS AND MORE ABOUT
SERVICE AND PRODUCTS, THEN YOU WILL BE A MUCH HAPPIER
HOMEOWNER.>>LET ME ASK YOU THIS. YOU SHOP AROUND, YOU GET THE
STUFF UP FRONT AND WHEN IT COMES TO DOCUMENTATION, YOU
HAVE TO GO BACK TO ELEMENTARY SCHOOL TO GET YOU THE THIRD
GRADE REPORT CARDS?>>NO, IT’S PRETTY EASY. WE WANT TO MAKE SURE THAT YOU
CANNOT ONLY AFFORD TO GET IN IT, BUT WE FEEL LIKE WE HAVE AN
OBLIGATION TO MAKE SURE YOU CAN STAY IN THAT HOME. SO IF IT IS IMPORTANT TO YOU,
IT IS IMPORTANT TO US THAT YOU CAN AFFORD THE HOME. SO WE WILL DOCUMENT YOUR
INCOME, AND WILL ASK YOU TO GET A COUPLE OF THINGS AND DO IT
AHEAD OF TIME. GET YOUR LAST TWO YEARS WERE
THE W-2S, THE LAST TWO MONTHS OF BANK STATEMENTS. YOUR LAST TWO MONTHS OF PAY
STUBS. BIWEEKLY, THOSE LAST COUPLE. GET ALL OF THE SCHEDULES AND
PUT THEM TOGETHER, SET THEM ASIDE, SO WHEN YOU MAKE THE
APPLICATION IN YOUR LOAN OFFICER SAID I NEED IT, YOU SAY
HERE IT IS ALREADY.>>BEFORE WE RUN OUT OF TIME,
LET THEM COME INTO AN INHERITANCE OR WANT TO BUY A
HOUSE, HOW I DO IT?>>WELL, YOU DO NOT WANT TO BE
A MOVING TARGET.>>OKAY.>>YOU WANT TO SIT STILL SO WE
CAN VERIFY EVERYTHING.>>OKAY.>>SO THE LESS QUESTIONS YOU
HAVE TO ANSWER LATER, THE QUICKER YOU WILL GET A
COMMITMENT LETTER AND THE EASIER THE PROCESS WILL BE. WE RUN INTO SITUATIONS ALL THE
TIME WHERE PEOPLE BUY CARS AND MAKE MAJOR PURCHASES AND
DEPOSITS, AND WHEN WE GO TO VERIFY, IT RAISES QUESTIONS. WE JUST WANT TO MAKE SURE WE
KNOW WHO YOU ARE AND WHAT YOU ARE DOING TO GET YOU QUALIFIED.>>TO HOLD OFF ON THE MAJOR
PURCHASES?>>YES, AND I GUESS THE MAJOR
THING IS TO BE RESPONSIBLE.>>YEAH. THE PROCESS DOESN’T END WHEN
YOU MAKE THE APPLICATION AND SOMEONE SAID IT LOOKS PRETTY
GOOD.>>I AND NOW, GOES TO
PROCESSING AND UNDERWRITING. AND YOU ARE GOING TO GET SOME
PAPERWORK FROM US, SOME DISCLOSURES FROM YOUR LENDER. WHEN YOU GET THEM, READ THEM
AND MAKE SURE YOU UNDERSTAND THEM. CALL YOUR MORTGAGE OFFICER. BUT IF YOU ARE ASKED TO SUBMIT
ADDITIONAL DOCUMENTATION, PLEASE BE RESPONSIBLE. WHEN YOU GET A COMMITMENT
LETTER, PLEASE READ IT AND UNDERSTAND IT. IF YOU HAVE TO DO SOMETHING
ELSE, PLEASE TO A.>>IF YOU HAVE TO ASK QUESTIONS
>>HAVE TO SAY, I THINK GETTING AN APPLICATION IS EASIER THAN
YOU MAY THINK THAT YOU HAVE TO BE A PARTICIPANT IN IT.>>THIS IS THE MAN WHO KNOWS. MICHAEL STERNER, THE EXECUTIVE
VICE PRESIDENT OF THE MORTGAGE DEPARTMENT.

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