29 Apr VIDEO: Talking Home Loan Pre-Approvals with Ryan Beile, The Home Loan Arranger

TRANSCRIPTION

All  right hello everybody and thank you for watching this little video I just wanted to kind of take a few minutes to interview the man the myth the legend Mr. Ryan Beile from Homestead Financial Thank you buddy and I wanted to ask Mr. Beile all about pre-approvals ok and so thanks for being here with me today Ryan yeah thanks for having me by the way Ryan I think I’ve known you now as long as I’ve known anyone else in real estate right has it been this must have been maybe 15 years or something at least yeah cool so I’m excited to do this video with you because I actually have questions myself too you know a lot of times I like to do these videos to help you know our potential clients or clients would ever answer some of the questions they had but I have questions too and so today we’re gonna be talking about pre-approvals which is basically this like black hole that you meet with your real potential client buyer meets with their realtor right we talk about how many bedrooms and bathrooms you want what school district you want to be in all that kind of stuff and then we say at least I say hey I work with a lot of friends and family one of the things that I think is important for you to know is that I personally will never ask you anything about your money I don’t need to know how much you make um what you have whatever all I want to know from you is how much are you comfortable spinning on your property and so we stake all right right and so then they call you and this black hole of information or whatever happens and then out chugs this pre-approval letter than me and the buyer then use when we go put an offer in a house right and so I’ve got questions okay and so thanks for being here the pre-approval letter from my perspective is important because when we’re making an offer although it’s not a requirement technically to have a pre-approval letter to make an offer it’s a requirement basically in practice where the listing agent always wants a copy of the pre-approval letter essentially and so that they know that the buyer who’s making an offer is qualified and especially now when a lot of buyers find themselves in situations where there’s a multiple offer situation you want to have that pre-approval pre-approval letter in hand right now so we don’t have to wait what was Ryan we won’t be waiting that long for the pre-approval letter but we don’t have to want to have to wait at all for the pre-approval letter before we can submit our offer because time is of the essence right and so a lot of times the listing agents are comparing multiple offers and they have to you know they basically have to figure out a way to get rid of some of the offers and ultimately choose one and if there’s someone who is not pre-approved or is using some weird out-of-town lender that they’ve not heard over an online-based lend or whatever they’re often likely not to want to deal with it you know so that’s why Ryan I like working with you because you’re local your company’s local and you know we we don’t really need to go into unless you want to some stuff about homestead financial and you know how you guys have local underwriting and all that kind of stuff but this is all about pre-approval so uh I’d like to say there right let me ask you I send someone to you they call you and what is that process what is the pre-approval process well they two ways they can do it I can take all their information over the phone or I have a website homeloanarranger.com that they can go to and some people like to do that especially with the kids at my house and you know husbands social security number and his salary and they may not all know that one person on the phone so they could do it online and it’s secure it comes over and once and it comes quick so they can do it and I can pull it almost immediately the homeloanarranger.com that’s your site that’s kind of like your tagline right homeloanarranger.com nice okay yeah so that’s the first step is getting all the information what kind of stuff are you asking them for like you know kind of normal thing name address social security date of birth you know two years residents two years employment any gaps you know how much do you make you know all the basic loan application questions really and that kind of gives us the look right of this file and then I can ask little things afterwards that may fill in some blanks but okay and the other option you’re saying is they can just call you and you guys have what’s probably kind of a long conversation and you you if they if they’re ready for in otherwise you can kind of give them a list of what they’re gonna need I guess absolutely so yeah like you think you have it all now then by all means let me get a piece of paper I’ll write at all week I can open my laptop and kind of just do it all over the phone whatever is easier and some people have it like that you know I don’t my family probably does him we might have to you know go find some information but yeah it all works that way they’re kind of surprised sometimes by how much information is needed to get a loan and I’m surprised that they’re surprised you know I’m like so you want somebody to give you you know $200,000 or whatever and you’re surprised that they want to verify that you have employment or something like that you know I I think that’s surprising but I guess you’re saying you’re not asking for anything weird it’s kind of all the normal loan stuff yeah some of the weirder stuff may come like later on during the process the loan process when I say weirder to see more things to prove random things right not everyday stuff but yeah in the beginning it’s regular questions I’m also surprised by that sometimes but a lot of people they don’t do this very often you know it’s not like you buy a house every week or every month or every year or every five years right some people so there’s a lot of information that we need that they just maybe forget or don’t realize and that’s trying part of my job is to set some expectations up front and let them know that we’re gonna need some stuff from you so that they’re not freaking out during so when we receive this pre-approval letter we’ll there’s kind of like some contingencies on there for you guys about the information that you might still need to gather yeah so it’ll say contingent upon verifying all of these financials that we’ve received from them so you know their pay amount assets that they may have you know times and dates and stuff like that okay and then so then once you’ve gathered all that information you send me this pre-approval letter then we can go forth and make an offer on a property I guess behind the scenes is homestead has these people called underwriters who are basically auditors right we’re then going to kind of look through that data and they want the they want this person’s financials to sort of tell a story and that’s where the weird requests come in I guess yeah so that’s one mill like something will pop up or something from the past or an inquiry on the credit or some some weird deal will come and then we’ll just have to explain it or you know whatever we have to do to move past or check that off the list yeah so when we get these pre-approvals like you said they have those contingencies but as you are saying earlier in this market there’s so many multiple offers and different things right so the pre-approval is a very quick deal that we can do but in this market it’s probably good and what I like to do is give them a list of things that I need even preliminary things that will at least back up some of those things that we have which in turn makes their pre-approval a lot stronger than just the basic letter that’s out there right and you know you may need that when you’re putting your offer and you know for multiple offers but we like to try to you look at some of that stuff so their pay stubs and their w-2s and make their pre-approval actually real as opposed to just a piece of paper you may help them in and their buying process and that’s important as listing agents when we receive these that we look at them and we want it to we want to know that some of that stuff has been verified you know so right what’s the difference between a pre-approval and a pre-qualification letter you can get a prequel is the initial first step you give the information and plug it in the numbers work here you go the big pre-qualified to get totally pre-approved would be actually you know verifying some of that information and getting it checked off the list and knowing their income their assets you know those things sometimes we’ll put it through to the underwriter and have them look it over so that that deal is almost ready to go it just needs a contract and you know dollar amounts and can go through I have a friend that I was talking to recently and he owns a business and one of the things that he thought was super well from him it was frustrating you know and this is he thought that specific lender was like you know doing it wrong or whatever but because he owns a business he had to give a lot more proof of his financials and all this kind of stuff because I guess they see him as being riskier but thing that was interesting to him and his point was that the guy that works for him he’ll he’ll have an easier time getting home you know because his finances you know in this case are simple right he’s got a w-2 and the end you guys are not you guys that actually wasn’t I think this was maybe a business loan he was talking about but it was like it was much simpler for his employee to get a loan than it was for him even though in theory you know he has more money and they both have the same risk right if the business shuts down they’re both out of a job we’re so that’s interesting how that works yeah it seems a little when you put it that way it seems a little backwards right but yeah when you’re self-employed as you know there’s there’s a lot more to your finances than just collecting a paycheck they has the taxes already out of it of a set salary that you’re contracted for you don’t I mean there’s right there’s way more variables and underwriting is taking that you know and they’re they’re looking through all of those to kind of get to the real the real stuff so yeah it becomes a lot more intricate and you get some of that from the self-employed borrowers – they’re like wait what do you mean you need this right haven’t I given you enough I have enough in my bank account that I can pay cash for this house right you get that a lot and then we’re kind of in Cove eight times that’s why we’re not sitting next to each other right now but is it taking longer now because of all this stuff to get the pre-approval or the pre-qualification or is that not is this not really affecting that the initial wall is the same it’s the same information I can take their information and verify myself to make that a little stronger it would be more difficult to have underwriting go through it right now because of how busy they are and you know backed up everything is with COVID but getting pre-approved is typically the same process as it always was okay and just to touch on this backup thing it’s not it’s not like homestead financial that’s just backed up right it’s it’s like all bankers all lenders in general because there was this weird perfect storm of it being the hottest time in the market there was super crazy low interest rates for a minute and then Covid happened right and there’s like this perfect storm of oh my gosh the Honda riders are like there’s their files are getting stacked up bigger and bigger yeah that’s exactly right the list if it’s not just us it is everyone the big banks the you know mortgage companies everybody’s kind of jammed up okay you guys are a broker versus a bank is that right and so if I call you to get pre-approved or pre-qualified you might you’re not necessarily gonna do the loan through homestead you might end up doing it through blah blah blah blah blah and so you guys did that strategically because you like having options is that right yeah and we actually closed the loans with our money so that way we can do it quickly for the purchase process and the buyer and and close everything and then we’ll package it and you know sell it off to a service or investor so we’ll actually kind of do both right we closed it with our money so that everything goes quick on-time closings you know everything and then we’ll you know how Realtors are right we call it you we go we got this guy with low credit and no job can you do it and we’ve got this lady she’s a teacher with a lot of money but bad credit and we’ve got this other guy with tons of money you know but a wife who lives in Spain or whatever and like all these weird scenarios and I’m thinking that by you guys being brokers it gives you it gives you more outlets because you have this this lender who will do this kind of deal this lender who will do that type of deal is that right and most of our people will take different credit scores and stuff like that absolutely yeah that’s exactly right we have different options that you know if I was just sitting in a brick-and-mortar I may not have because I only have one program okay well you know we don’t have to keep this video super long although I do like talking with you but I think the point that I’m wanting people to know is a what is a pre-approval or a pre-qualification but also the importance of it and so I think that especially right now with this crazy Covid stuff happening you know buyers agents the agents that are helping buyers they don’t want to show properties to someone that they don’t know can afford the property essentially right because we’re kind of like risking our lives quote-unquote by going out and showing properties to people and so their pre-approval letters are becoming even more important they already were on top of you know the listing agents of course not wanting to accept an offer without a pre-approval letter but right I’m seeing now some listing agents are saying you can’t even show the house until I’ve received a copy of the pre-approval letter so it’s kind of interesting how that’s all going on out there how do people get a hold of you other than HomeLoanArranger.com I like that do you think I could use that absolutely you have the rights here I’ll give them to you right now yeah the easy way www.HomeLoanArranger.com by cell phones three one four three two two three seven seven six and that one is the best because you can call me text me that’s another thing about not sitting at a brick-and-mortar I don’t have normal hours just like you as you’re aware you know we’ll be doing pre-qualifications and pre-approvals on the weekends or eight o’clock at night or any of that kind of stuff so the cell phone kind of runs the whole deal I love it and this has given you you know the opportunity to now you do work 24 hours or whatever but it’s giving you the great opportunity to be able to be a kids soccer games and all that kind of stuff you know and for example ever since this Covid thing happened our company went from having basically monthly meetings the daily meetings we’re doing these daily gym calls and as you know because you’re on there every single day and I want you to know that I do sincerely appreciate that because it’s really important for our agents to be well able to ask you these questions on a daily basis you know the simple ones like water rates you know but like what’s going on with this what’s happening with that and it’s been awesome to have this relationship with you where most of the stuff that I’ve spat at you today as if I’m informed is stuff that you’ve taught me so I appreciate that right yeah thank you I appreciate it too it’s good to be involved with all that because you see all the different things that come up and maybe things that I should look for and stuff like that totally yeah it’s been great so I look forward to working with you and for anyone watching you give Ryan a call can you say your number again 314 322 3776  homeloanarranger.com alright thanks right I’ll let you go I appreciate you being on here and we’ll take care thank you