*Chapters* 00:00 - Introduction 00:40 - What is an underwriter? 01:47 - Sourcing Funds and Bank Statements 04:38 - Should You Change Your Spending Habits? 07:00 - Shoot for a Conditional Approval 09:28 - Ask Questions About Underwriting BEFORE YOU BUY!
@ttturner23812 жыл бұрын
Can you make a video explaining utility bills and house maintenance bills for a 1200 monthly mortgage
@ttturner23812 жыл бұрын
To tie in with the affordability video you made
@melaniemoore56352 жыл бұрын
Your videos are so helpful! I appreciate you! Thank you.
@christhemyth2652 жыл бұрын
Got my offer accepted Friday. Out of 8 offers (Some were higher than mine) they decided to choose mine. My closing date flexibility, offer letter, and connection I made with the seller when looking at the house won them over. :) This is my first time buying a house.
@aparnabell83652 жыл бұрын
Congratulations!
@montieltonymontiel41982 жыл бұрын
Congrats 👏
@beejay43972 жыл бұрын
...or they didn't like the color of the other buyers.🎉
@TheTyreese622 жыл бұрын
@@beejay4397 let’s open some eyes
@TheTyreese622 жыл бұрын
@Rachel Sheldon because it really happens. Obviously I know what race your not.
@gregorriusadolphus27292 жыл бұрын
After working in the mortgage industry for ten years and buying three houses myself in the past 13 years, the best advice I can give-as soon as you submit your loan app, don't make any major purchases. Only make the mininum payments on your cards, and keep all your money in one or two accounts, and only give them what they ask for lol. And give it to them within a day.
@PurpleDog062 жыл бұрын
This is advice I've been given before, but I'm not sure what really counts as a "major purchase." My goal is to have more money in my accounts and a lower debt balance when I close next month than when I applied for my mortgage, and part of that is definitely no big purchases, but if someone maintains their debt and income and can afford a large purchase with reserves left over, they could afford that large purchase, right? I've kind of just always wondered what exactly that means because a charge might be normal for someone and very atypical for the next person.
@DanceOutYourHeart Жыл бұрын
Why only pay the minimum? I would think it would be better to pay debt down right?
@WinTheHouseYouLove2 жыл бұрын
May the underwriting mommies bless us
@Ruffychu2 жыл бұрын
Javier I miss the live streams :( the good news is that we are officially home owners as of 11/24/2021!! I'd be lying if I said your videos didn't help us a ton.
@dempseydoodle20102 жыл бұрын
Oh man, I didn't even know what underwriting was until I was already in it. I'm supposed to sign closing documents tomorrow and I'm still freaked out that something is going to mess me up on this. I had everything in order and mostly ready to go, I got approved for everything last week then yesterday they finally started calling my employers to check status, which is fine I have nothing to hide but now I'm second guessing if I put a wrong start month for the job I've worked for 14years. Can't wait for all this to be over. Waiting to hear from all these people is the WORST.
@buttercup59202 жыл бұрын
Hey did you get your house ?
@dempseydoodle2010 Жыл бұрын
@@buttercup5920 I can't afford the house yet but I did get the land
@Daniel2433205 ай бұрын
What kind of information do they ask your employer ?
@jmac45089 ай бұрын
Thank you. I’m a week into my closing process with everything but the appraisal done. Can’t do anything but wait now and mi brain was spiraling. Much more reassured now ty
@LivingtheSprings2 жыл бұрын
Underwriters are dream slayers. 😁 Jk, but really never understood why they don't do the underwriting sooner. Or prep buyers better.
@tanktexas2 жыл бұрын
Hey Javier I wanted to say thank you for your advice man. Me and my wife purchased and closed on my new build in Sept. I literally watched every video for the past year or so to prep myself . You helped us so much man. Keep it up! I'm late but I been busy af lol
@wreckim2 жыл бұрын
You mean you didn't wait for the 80% market crash coming soon? It's just so sad to see all these other youtubers (not all) predicting that waiting is the game. It hasn't been for over 10 years now. Javier is just being helpful, but not sensetional.
@SeanBaker2 жыл бұрын
Underwriter schmunderwriter. Had all my documents in order! Gimme my house! 😂
@RJ-cv2uw2 жыл бұрын
I close this Friday on my First home. Gotta say, i was prepared with 20% DP, closing cost, good credit and I DO NOT wanna go through this process of buying a house again. Shit's dreadful, the long ass waiting period just waiting on the underwriters decision. The weird shit they ask as part of the conditions. One of my conditions was for me to explain how my new distance in commute wont affect my job. I wanted to tell them bitch I got a car. But had to be professional. Long ass process, but well worth it in the end. Speaking of source funds. Before I apply for the mortgage, I closed a CD account that I had because I know I would need that money for DP and all. They wanted to see proof of the money leaving my checking too the CD, proof of the money being deposited in the CD, proof of the funds leaving the CD after I closed that account, and proof of it being deposited back in my checking, proof of the check I got back, copy of the check and more. Just annoying, but gotta go with flow. Soon as they ask for something, I gave it to them within hours.
@QuantumSorceress2 жыл бұрын
Yes, never again unless it's the zombie apocalypse and they've chased me out of my house. Otherwise, I ain't leaving!
@beejay43972 жыл бұрын
Sounds like a melanin thing.
@yelladiamond8875115 Жыл бұрын
I am laughing so hard 🤣 😂 😆 bihhhhh I got a car
@sutterangel7141 Жыл бұрын
R J -YOU made my day with sharing your experience and viewpoint on this! Omg 😆
@antonioreyes26924 ай бұрын
Bitch! I got a car.😂😂😂
@jessicabixler16582 жыл бұрын
Lol...when I bought a house in my 20s during 04 my loan didn't get approved until the day before closing and my realtor freked a little when I went on vacation the week before.
@jesusismysavior8449 ай бұрын
If I have 10k on my savings and $200 in my checking,will I get denied by the underwriter.
@onlyintime9914 Жыл бұрын
Yes... Try to get conditional approval for the underwriter? That way it you can get documents in earlier and won't have to submit everything last minute
@SpeakOutTV6 ай бұрын
Watching this video was very very helpful! Me and the wife was approved under conditions. Later that week we were denied again for 3 term in 4 months. Lost for words for this process and can definitely use help.
@DenniB19902 жыл бұрын
Hey Javier, Thanks for your advice and tips. I've been watching your videos for over a year and we closed this month. I still watch your videos for the great content. Keep up the great work.
@JustFunFK82 жыл бұрын
Closed on my house on Thursday 👍🏽 I actually did buy a TV with my CC but paid it off the next day lol
@diegolara42022 жыл бұрын
To survive underwriting is easy, ones you are conditionally approved, just don't touch your savings until you buy your home, don't make any weird large deposits without being able to prove where it came from and don't buy anything in credit. Oh and don't lose your job. If you follow these simple steps there is not reason for a conditional approval to become fully approved.
@j.kisart61002 жыл бұрын
I’m supposed to close on April 1st. I’ve given them everything that they’ve asked for so far. I recently got a credit line increase on one of my credit cards about a month ago but I have not charged anything I’m praying that this doesn’t hurt me….. or my wife definitely will!
@alextiffbrown53212 жыл бұрын
@@j.kisart6100 how did it go? Did you get to close on time.
@j.kisart61002 жыл бұрын
@@alextiffbrown5321 closed April 8 with zero issues!
@carlamarquina15042 жыл бұрын
Hi Javier! Your videos have been so helpful. First time homebuyer here! I am currently under contract and watching this video really helped settle some of the anxiety I have about the underwriting/final loan approval process. Keep up the great work!
@Wilburbruh Жыл бұрын
Just got my offer accepted today! Nervous about this process over the next few weeks before my close date on March 3rd.
@melidamaldonado36362 жыл бұрын
And you make a video about this until now 😭. I had a nightmare with my lender because I didn't know all these things. We are finally closing a week later after the closing date. My lender sucked and I wish I would have made all these questions in the beginning
@wreckim2 жыл бұрын
Listen. To. This. Man. ........spot on on every point. BTW, don't use a credit card you haven't used in a long time. I did, for a $20 purchase at the Home Depot, and had to write a letter to the UW. The credit card was re-awakened and for whatever reason The Home Depot updated my account and upped my credit limit from $1K to $7k. Not a good move.
@j.kisart61002 жыл бұрын
I’m closing April 1st and Macys just gave me a 3k credit line increase but I haven’t charged the card…. Do you think that this will hurt me?
@youtubemom4972 жыл бұрын
OMG that’s bad!? i just did this on purpose to try to boost my credit score by a few points!! 😬
@j.kisart61002 жыл бұрын
@@youtubemom497 I haven’t been told anything yet from my lender but I google it prior to doing so and it said that it would more than likely help.
@losheroes60762 жыл бұрын
I heard that if your divorced they look to see if you pay child support.. im not on child support but i do give her money every week
@joannat1898 Жыл бұрын
Actually, increasing your spending limit is good because it’ll reduce your utilization rate, which can boost your credit significantly. It’s one of the ways I raised my credit score to over 800.
@SXJAYSX2 жыл бұрын
I'm doing the USDA loan process. Got my first CTC from the lender and was sent to the USDA on Monday for second CTC. They asked for updated bank statements up until today, today. Sent them this morning so probably won't be hearing back until Monday 😭 Another weekend of stress and crappy sleep! Woo. Hopefully I'll get it and can meet my closing date on next Friday 😭
@jetbluee44572 жыл бұрын
Right now me and my fiancée are 11 days from closing but our contract got kicked back by underwriter because my wife opted out a long time ago getting hard copies of paystub but can get statements earnings online from our job website and the underwriter won’t accept them as paycheck stubs we call our job HR and accounting they said they can’t send any old ones . Now I guess we have to wait another month for two paychecks stubs 😒😒😒😒
@j.kisart61002 жыл бұрын
So how did it go? I’m closing on April and so far so good!
@spider.coffin2 жыл бұрын
Underwriting for me was stressful, but nothing compares to the stress I’m in now with my next step. I’m doing a VA joint loan and after underwriting, the VA needs to approve everything. My close date was 11/9. It is now 20 days later and I still haven’t closed. Defeated would be the word to describe this.
@emredreyyandanovic32582 жыл бұрын
Did you close? Are there penalties if you pass the closing date? Already gave them all documentation. Waiting what for “Clear to Close”…
@nombre12482 жыл бұрын
@@emredreyyandanovic3258 not always punishment once communication is 100% transparent
@Jonathan-cz4ky2 жыл бұрын
@Rachel Sheldon it’s actually 0.5% of the mortgage balance idk who gave you your information but this is why it’s so irritating talking to people about refinancing their homes. So much misinformation going around…just look it up!! Funding fee for a va cash out is 3.5%. You’re exempt from the funding fee if you receive va disability benefits. There is no “minimum” amount you have to pay other than those percentages I just gave. Not every lender uses those percentages but I would recommend only looking into the mortgage companies who do use those percentages because they’re more likely than not the ones saving you the most money on your closing costs. And regardless most people just roll it into their loan so you don’t have to pay anything up front.
@Just2gofoods2 жыл бұрын
Thanks for your tips. They come to my feed just in time!~Elizabeth
@LoriLivers2 жыл бұрын
Great info for first time home buyers! I'm a real estate investor and get asked about this stuff ALL THE TIME. Now I can send them to this video. Well done 😀
@MR3DDev2 жыл бұрын
Oh no I payed off my car last year and I am debt free, the underwritter is gonna flip out
@QuantumSorceress2 жыл бұрын
I am currently under contract and I am constantly having panic attacks because I am paranoid that my lender will suddenly deny my loan for whatever reason. I did get my state pre-qualification letter, but I am worried that my lender perhaps didn't actually check my credit score or did not look too deeply into my documents which might result in a rejection. Ahhhh. I've been so anxious all weekend that I have been binging nonstop! Doesn't help that I have ADHD and ASD, so I'm naturally always very anxious and now I'm behaving impulsively since I cannot calm down. It's a Catch-22! I never want to buy another home again if this does get through. I am just so anxious that I've paid for all of this and that and to have the whole thing fall through D:!
@Jesussaveme852 жыл бұрын
I’m going through the same thing. I suffer from debilitating anxiety and this home buying process and kept me up at night over this last month. I have 3 days til close and still think something will come up that they missed. I have my clear to close and everything it’s a really sickening feeling. If all goes will this will be my retirement home because I’m not doing this again. 😅 Good luck with everything just try to remember if doesn’t work out maybe you are dodging a bullet.
@glowbeauty16742 жыл бұрын
Same. I haven’t slept in a couple months since since pre approval. I finally closed yday. It almost didn’t happen!!!!
@Jesussaveme852 жыл бұрын
@@glowbeauty1674 Congrats to you. Enjoy your home. I close this morning thank God. It’s been an undertaking for sure.
@QuantumSorceress2 жыл бұрын
@@Jesussaveme85 Well, a positive way to look at it is... This is just reactive anxiety so it's completely natural and normal! I think that everyone gets a bit nervous about the home buying process. You'll make it!
@monicarenee79492 жыл бұрын
It’s like I literally could have written this myself. Going through same exact thing, down to the binging and Anxiety/ADHD
@mirla8387 ай бұрын
I'm sorry the kiss in the end just made me forget what the whole video was about😅😅😂😂😂 hilarious
@bg5097 Жыл бұрын
So glad I put house hunting on hold til next year. Watched the houses I liked drop $40k! My issue is if it’s ok to take a new job right before I start my house hunt? Same industry but a new job or should I just stay with my current job?
@clombardo141 Жыл бұрын
Javier, your videos have helped us immensely. You have really calmed us down and helped orient us in this process. We have one last question that we cannot find the answer to at all. We got pre-approved for a mortgage with our own funds and we are ready to submit an offer for an NYC condo. We are however concerned that the seller will look at our post closing equity and get nervous that we don't have enough post closing equity (liquid) for more than a few months. To combat this, my patents have given us a substantial gift to replenish the funds we lost in closing costs. This isn't used towards the mortgage contract or loan at all (the bank seemed to think our retirement funds were enough). How do we make sure this gift doesn't spook the underwriter before closing? We want the money deposited before the offer (for the seller confidence) but don't really need it until after closing. We are worried about risk of not getting the loan in the end because of this. We have asked the lender and he said to not worry about it but I'm nervous going by his suggestion alone. Have you seen this before? Help!
@jopu6432 жыл бұрын
Thanks for the video. Going to chat with the loan officer about the conditional approval if it’s not brought up.
@jayem58072 жыл бұрын
Javier, have you ever had two clients going for one house? Or is it simply not allowed?
@RetrieverTrainingAlone10 ай бұрын
What about a sudden death and inheritance for example the ability to put 80 percent down due to inheritance instead of the original 20% down? What is the method to document that large deposit?
@lorenahernandez33732 жыл бұрын
Love learning from your videos. Thank you for sharing your knowledge.🙂🙂
@angelicasosa2642 жыл бұрын
Your the best .. thanks for all the advice, your my uncle joe …. Lol pregúntale a Juan…
@joshc27642 жыл бұрын
When I interviewed all the lenders I applied to, they all tell me the same thing when I ask about their underwriting department lol. I love when all the loan originators tell me the same thing to try to earn my business.
@evangelistaalbertomercedes79052 жыл бұрын
So you are saying that If I’m in the buying process or underwriter process I should continue using my credit cards as normal as long I don’t go crazy. Let’s see my credit card limit is 6K buy something for example worth $100 and pay it once the statement come? I though once you are in the loan process you should stop using your credit card completely. I guess I was wrong. Can you shares some more details to me thank you.
@jessdaniels98532 жыл бұрын
They count your min payment so just use normal. He has a few videos about this that are helpful
@auggiedoggiesmommy17342 жыл бұрын
Can you explain why two homes we put offers in on (one we backed out of because we discovered Cujo dog next door who was left alone all day and we are home all day so BAD fit)…. the lender waived the appraisal?
@therealdealtn.ga.2 жыл бұрын
Following for responses.
@JavyVidana2 жыл бұрын
What is your down payment?
@liz36ma2 жыл бұрын
I’m pretty sure Appraisal can be waived if you meet specific loan amount ( less than 400k), income, credit score and down payment requirements
@JavyVidana2 жыл бұрын
There’s no specific amount. If the loan amount is well below the purchase price (can be accomplished if you’re getting an amazing deal or putting a big down payment) the lender can choose to waive the appraisal.
@geegebre9338 Жыл бұрын
Super informative and helpful!! Thank you sir!!!!!
@johncruz62402 жыл бұрын
Thank you, your channel is interesting and informative. Keep up the excellent work.
@ktdin3192 жыл бұрын
Bro... that opening line is a BAR!!!
@petesilvestri Жыл бұрын
Does the lender order the appraisal… ?
@randolphwhite57422 жыл бұрын
Question...how long do u have to buy a house after u get approve for a home loan?..can u shop around for homes for a month?3 months?
@PrissyKrissy152 жыл бұрын
Super helpful!
@joannpreston29992 жыл бұрын
Thank you Javier 😊
@johnrossgonzales4192 жыл бұрын
Can you make regarding buying a ready to build home.
@dmenaced2 жыл бұрын
Great video Javier! Thank you! About the conditional approval within the first few weeks. I’m a bit confused, besides asking them to approve it before the appraisal is completed, are we also asking them to speed up the appraisal?
@rudolphambriz35622 жыл бұрын
question: thinking of selling my house and then buying another ( contingent) should i pay off my credit cards completely to raise credit score or keep making the minimum payment?
@Jesussaveme852 жыл бұрын
Hello, I close on my home in 3 days and just wanted to tell you it’s not necessary to pay off credit cards, paying down debt is always good but your DTI is what they are looking at to make sure you are not living outside of your means. Good luck!
@dianaprince28272 жыл бұрын
Excellent video!!
@teesnapz5830Ай бұрын
Underwriting is currently beating my tail...🤦🏿♀️
@Jesussaveme852 жыл бұрын
Javier if I got my rediscloure packet with the final numbers and close in 3 days am I in the clear for denials?
@jessdaniels98532 жыл бұрын
Good ?? Same here but I haven't seen my appraisal yet? Biting nails
@erobins83522 жыл бұрын
Good info bro awesome channel 🤙
@ClulssCrs33102 жыл бұрын
The Lender already asked me for all the money info, now the Underwritter will ask again? Or can the Lender, who I'm talking with personally with, is also my Underwriter? That part is very confusing. I'm a first home buyer and I was asked all that before I made offers.
@JavyVidana2 жыл бұрын
Sometimes they are not in sync and will request it again. When I’m talking about statement I’m not saying the underwriter will specifically ask for it I’m saying to have it prepared. Technically when you get pre approved they pre underwrite so it’s all going to the underwriter.
@tracy9805ify2 жыл бұрын
@@JavyVidana Hi Javier, do underwriters usually contact the borrower’s bank directly to obtain bank statements or to verify bank statements?
@robertlandry57332 жыл бұрын
Underwriters are the people who sit in the dark room under a bare light bulb, and wearing a green visor and when they are not prying into your entire life, they are dealing Black Jack or cooking books for somebody.
@sharonbunn731110 ай бұрын
Also I’ve worked in healthcare 20 years but due to divorce I have gaps.?Will I get the loan
@sharonbunn731110 ай бұрын
Ty soo much for the info! I am pre approved but most house are accepting conventional loan. Am I qualified for both? I’m waiting 8 days for conventional loan. I found my house . $199.9 I make 35k & 12k in ssi.?
@auroracruz7865 Жыл бұрын
2:37 can i still change my lender/mortgage company? Not sure what stage I am in now, maybe underwriting. Submitted all the docs. Already. I just got a better rate offer from my bank. What can you suggest.
@hollywoodstacks3942 жыл бұрын
What about 401k
@truckingwithtobee2 жыл бұрын
Congratulations!!!!
@Demiurge662 жыл бұрын
The only way to get past underwriting is just to have your shit together and ducks in a row before you even think about applying. Underwriting can two things, painless process or painful depending on your situation.
@losheroes60762 жыл бұрын
Im divorced and i heard that child support counts as debt. Im not on child support but i do give her money. What do you think should i bring this up to my lender
@JESTME209 Жыл бұрын
The video so very helpful thank you!
@EricTheOrphanHunter Жыл бұрын
God bless
@leea35317 ай бұрын
Javier I have a question 🙋🏾♂️
@TonyaNicole7 Жыл бұрын
childhood trama 😂😭🤣
@stephanieoropeza40052 жыл бұрын
Hi I’m in process of pre approval and hoping to start looking at condos soon. I owe 2k in credit card and savings for my down payment. Would it be okay to pay off the 2k and be debt free if I have available funds or just use that for my down payment?
@SwayzeDaGhost2 ай бұрын
I need this answer too.
@infinityGtd2 жыл бұрын
Hi bro I’m doing a cash out refinance loan officer is putting through underwriting will I get approved ¿
@SamuelClemente77182 жыл бұрын
Good content. I'm on my 4th home
@bridgetrhoades39592 жыл бұрын
Good job 🍒😃
@tjlivejaxkson23110 ай бұрын
well my lender sent in everything...now the under writer is insisting on speaking to the employer...this is annoying' as i have given them irs transcripts...and 19 months ofpay stubs and w-2 pay stubs and transcript 3 months of the bank stamens ... still she saying well we need a complete 24 months... i wrk temp jobs often this last job i been at amazingly for 16 months and the job b 8 months... nope she wants 24 so i pieced together a complete 24 months wihtthe other temp jobs. this process is stressing me out as the seller done work i paid out for inspection, paid off the little balances i had and paid for appraisal.. told my apartment manager i be leaving .. and honesty 2 weeks and still dont have approval from underwriting... this is ridulous... and 1000 earnest money... i burnt out and well with a stressful job and much better job wailing in the wings this is too much stress
@alainr68847 ай бұрын
Hey! Going through the same issue now, I worked a couple of temp jobs and the last one I’m at for almost a year, any update, were you all good at the end!?
@tjlivejaxkson2317 ай бұрын
well I had to go to the head of those companies... but it had been so long that now the current job makes it a full 2years..lol but i did not get the house but just wrote and got accepted for another house and the paper work is all done just sent in my last check stubs and bank statements ( as far as the other house i had a closing and then found out the title was messy so move don to the next)my lender told me you are all set. We don't need anything else just doing the inspection now ...best wished to me !
@shawn18692 жыл бұрын
I've been buying all kinds of big purchases like furniture. It's ok as long as i pay off my credit cards and don't open any new lines of credit right? In escrow expected to close in a month. Thanks Javi!
@khadijahdavis15726 ай бұрын
Hi thanks for this video, i have a question, I'm new to this whole process, i am having a new manufactured home placed on my land, i went through a FHA lender and I've just signed the docs, and the escrow papers and they've already appraised my property, the home has been ordered, the process I'm currently in is the 'final underwriting review' , does that mean that the funds were approved?, or is it still a change that my loan can be denied during this process?, I'm asking because i used my land as a down-payment and i had to sign over the deed to my land to the builders until all construction is done then my land reverses back to me or to the lenders, but the docs that i signed stated that if for any reason that the loan falls through than i wld be responsible for the full payment and if i can't pay the full payment then my land will be taken and foreclosed on by the builder. So in this current step that I'm in, have the funds been approved or can the loan still be denied??, I'm so nervous about this because i certainly don't want my land taken from me
@k4kevin30032 ай бұрын
Can we get an update? How did the process go?
@khadijahdavis15722 ай бұрын
@k4kevin3003 as of last week they have come out and poured the concrete footers, so sometime this week they will be bringing in my double-wide 😁, I'm sooooo excited and sooooo ready to get out of this RV
@astridjolie4330 Жыл бұрын
Lol..my childhood trauma..🤣🤣🤣🤣
@hustler-69222 жыл бұрын
Man to Man, Javier is kinda hamsome.🐖
@glowbeauty16742 жыл бұрын
I am almost didn’t close yday because of the damn underwriters. They wouldn’t accept 3 certified court ordered documents!!!!!
@sclapsclap177 Жыл бұрын
I have nothing
@SussexSquad2 жыл бұрын
Well, I for one, think you are very handsome lol. So thanks some handsome guy on youtube! lol
@ganjaflip85762 жыл бұрын
who is trying to gift me the downpayment for a house?