Sunday, August 20, 2017

The Loan Process and Getting Into a Home

 RANLife Home Loans - Utah's Best and Most Reliable Lenders

There are 5 main steps in the mortgage loan process. Read below to learn how to prepare and what to expect. Your real estate Agent will help you through each step, as will your Lender. Still, knowing the steps will greatly help you navigate the process and stay on track.

1. Pre-Approval Process
When looking to purchase a home, most Seller’s Agents will request that potential buyers be pre-approved by a mortgage Lender, often requiring a lender’s pre-approval letter before accepting an offer. In a competitive seller’s market, where there can be multiple bids under review, your pre-approval letter can help your offer be accepted more quickly and ahead of other buyers. Your pre-approval letter helps you know your maximum loan amount and total purchase price.

Your Agent can provide you with a trusted Lender based on your needs and expectations. During your pre-approval process, your Lender will need specific documents. Being responsive and timely will greatly assist your Lender and allow for you to stay on track with your timeline. 

Once you are pre-approved, you can get on to the fun stuff - house hunting with your real estate Agent! Looking for a Lender? Call us today to get pre-approved fast. (800) 461-4152

2. Mortgage Application Process
Once you find a home, submit an offer, and come to an agreement with a signed Real Estate Purchase Contract (REPC), you are ready to really get the ball rolling with your mortgage loan application. Your REPC will outline key dates that you and the seller must meet to keep the contract valid. One of these key dates is your Financing and Appraisal deadline. You and your lender are responsible to have your mortgage loan approved and the home appraisal completed on or before the deadline. Your lender will help push this timeline and will be in regular contact with you for all documentation needed. Be patient during this process as there can be a lot of paperwork needed to verify your employment, annual salary, current assets and debt, and any discrepancies in your information.

All of this documentation is used to produce a Loan Estimate, outlining all estimated costs, fees, interest rates, and any charges associated with your mortgage loan. At this stage, you are not yet approved for your mortgage loan.

3. Mortgage Loan Processing
Mortgage loan processors review all the information in the loan file submitted by your Lender and prepare an organized and complete package to submit to underwriting. This process includes ordering your credit report, verifying your employment, ordering the home appraisal, and ordering a property title search.
4. Underwriting Process
The Underwriter will closely evaluate the file and all documentation in the loan package, including verifying all information and double checking for accuracy. The property is also evaluated in the Underwriter’s decision to either approve or deny the loan.
Once everything is reviewed, the Underwriter will either approve or deny the loan application. Assuming your loan is approved and there are no issues with either the loan or the appraisal, you will be notified by your Lender. After getting approved for your loan and before closing on your home purchase, your Lender will lock you into your interest rate. Rates change daily, although minimally. Once approved for your loan, you are ready to move to closing on your home purchase.
5. Mortgage Closing Process
You’ve made it through the loan application process! In preparation for closing, your loan documents are sent to the title company and a copy is also provided to you for review prior to closing. Your title company will provide you with a final Settlement statement that includes all the details of the REPC and your loan. Review everything carefully to ensure accuracy. You have three days to review your Settlement statement and advise of any changes needed. Be prepared to pay anything at closing that is stated on your Settlement statement and not part of the mortgage loan. The Settlement statement will clearly state that amount. Talk with your Lender and Agent if you have questions about what will be due the day of closing. Once approved, you and your real estate Agent do a final property walk through with 24 hours of your closing.
At closing, your real estate Agent will sit with you and walk you through all of the paperwork you will need to sign. Your Lender may also be present, as will your Escrow Officer from the title company. You will need two forms of picture ID to sign all final documents. Your closing can take some time to sign documents and answer any questions. Once done with your closing, be sure to keep copies of all documents signed, including your Settlement statement, promissory note, and deed of trust. From here, your title company will complete the funding and recording of the purchase. Your title company will then notify your real estate Agent that the home is now officially yours. Congratulations on your home purchase!
Hopefully this helps you feel more confident in the process and better prepares you for each step along the way. It is a very exciting time with a lot of moving pieces.Your Agent will help you navigate the full home buying experience.
Looking for an Agent? We can help you there! Call today. (801) 478-4545
 RANLife Real Estate - Utah's Most Experienced Team

Friday, February 26, 2016

Congrats Wes Goldberg for winning Real Estate Rookie of the Year with the Board of Realtors 

RANLife Real Estate is extremely proud to announce one of our agents, Wes Goldberg, was awarded The Rookie of the Year by the Salt Lake Board of Realtors. Wes has been with RANLife since 2015. Wes is a great asset to our “RANFAM” and we are so happy that his efforts and hard work has been acknowledged and rewarded.

Wes has been in the Real Estate industry for 14 years. He played various roles and chose to take on Real Estate this last year because it was less stress and more freedom. He says he doesn’t like to waste time. “When I’m at work, I’m here to work, not to play games.” And that work ethic has surely paid off.  When asked about key elements that made his first year in real estate such a success he replied with, “I keep my head down, I don’t let distractions get in my way and I try to find a solution to whatever obstacle is placed in front of me.” He encourages people who are self-motivated, and hard workers to pursue a career in Real Estate.

We are thrilled to have such a successful real Estate team. And look forward to making 2016 even better than 2015.

We would like to thank everyone at RANLife for the help and knowledge he has gained. He says he can’t think of a better brokerage with better people.
Wes has been one of the many agents whom we welcomed to our RANLife family who have shown tremendous success since opening our Real Estate division in 2007. We are so happy to be able to provide great service to those looking for a home. From getting Pre-Approved to closing on your home, RANLife INC. and RANLife Real Estate are here for you.

Get Pre Approved today! Or find a Real Estate Agent! Click the link for more information about our company as well as contact information.

Tuesday, January 12, 2016

Finally, Home Financing Quotes You Can Bank On…

What to know about TRID is that it will make it much easier to understand what your costs will be for financing right from the outset of the home financing process.

Sandy, Utah 
Written By: John Brown

Thinking of purchasing a home? Did the initial quote received from the loan officer accurately reflect the numbers to be seen at closing? This question might ensue some laughs.

Most people are not yet aware that a major change to loan disclosure regulation took effect at the beginning of October 2015. The new regulation is called the TILA/RESPA Integrated Disclosure Rule or for short. What everyone should know about TRID is that it will make it much easier f to understand what the costs will be for financing right from the outset of the home financing process.

John Brown, a loan officer (NMLS# 1105752) with RANLife states, "The regulators got many things right with this change. They interviewed a large panel of consumers to find out what they wanted to see on these loan disclosures."

He further points out that TRID requires two new disclosures that replace the Good Faith Estimate, the Truth In Lending Disclosure and the HUD Settlement Statement. These new disclosures are called the Loan Estimate (LE) and Closing Disclosure (CD).

TRID Improvements include:
  • The Loan Estimate is easy to understand and comprehensive.
  • The Loan Estimate and the Closing Disclosure documents are structured in the same visual format for easy comparison.
  • Once you receive your Loan Estimate, the lender has little to no leeway to change estimated lender fees and closing costs in general.
  • The Closing Disclosure which in most cases will represent final numbers must be given to you three days prior to signing final documents to allow plenty of time for review.

John also states, "These new benefits have increased timelines for the financing process so be aware that in most cases loans might take a little more time than first expected."

Overall, TRID will allow consumers to trust initial estimates with greater confidence and make it easier for consumers to understand how the numbers breakdown.

Still pondering whether or not to purchase a new home or refinance a current home? Call for a complimentary home financing consultation.

Tuesday, December 8, 2015

RANLife is now approved as a Seller/Servicer for Freddie Mac
Written By Kennedy Busch

RANLife Home Loans is excited to announce its approval as a seller/servicer with The Federal Home Loan Mortgage Corporation (Freddie Mac).  
RANLife was already approved with Fannie Mae as a seller/servicer and approved as an issuer with Ginnie Mae.  RANLife is approved to make numerous versatile loan products available for our customers including Conventional FNMA, VA, FHA, USDA Rural Housing loans and now Freddie Mac Loans. The inclusion of loan products offered through Freddie Mac will provide even greater options for our borrowers. RANLife looks forward to continue to provide a much more comprehensive range of lending opportunities for its customers.
Garr Smith, CFO, RANLife stated, “RANLife is now approved with all of the same government agencies that the largest mortgage bankers are approved through for origination, underwriting and servicing of residential mortgage loans.”
Since 2001, RANLife has offered some of the lowest rates and most flexible loan programs in the industry. They strive to ensure that everyone from first time home buyers to existing homeowners receive loan products that meets their needs.  They also provide a “Customer for Life” program that allows all of their past clients to refinance at discounted pricing.
After receiving the Freddie Mac approval Greg Walker, CEO, RANLife stated, “We now have the industry Royal Flush.” and further states, “Going direct to agencies provides our customers a distinct advantage over going to a bank.” 
According to a prominent mortgage banking industry leader an industry Royal Flush is being approved as a Ginnie Mae issuer, a seller/servicer for Fannie Mae, a seller/servicer for Freddie Mac, approved with FHA and approved with VA.  RANLife is also approved with USDA to originate rural housing loans.
What Does Freddie Mac Do?
Freddie Mac is one of the largest funding sources for securitized home loans. The largest sources being Fannie Mae. The organization has and will continue to assist in stabilizing the mortgage and housing markets through unanticipated fluctuations that may affect the economy. Freddie Mac supports lending to finance affordable housing for both private ownership and rental homes.
What Is RANLife’s Role in Securing a Freddie Mac Loan?
As a seller/servicer for Freddie Mac, RANLife will originate and service the loan which includes customer service, sending out statements,   and processing payments.  RANLife will also manage the escrow account, ensuring that all property taxes and insurance are paid. RANLife has friendly and knowledgeable customer service agents who are trained to handle all types of   servicing issues and are able to answer questions regarding the loan. In addition, we oversee payment issues, past due payments, and collections offering payment assistance plans to those borrowers who may need assistance including loan modifications.

RANLife NMLS 3151

Wednesday, December 2, 2015

 RANLife Settlement with US Department of Justice
Public Statement
Written By Garr Smith
Sandy, Utah

RANLife has reached a final settlement with the US Department of Justice (DOJ) on behalf of the Department of Housing and Urban Development (HUD), to resolve allegations that RANLife violated the False Claims Act.  DOJ reviewed 96 files in the settlement.  RANLife endorsed thousands of FHA loans during the time period reviewed between 2007 and 2012.  Of the 96 files reviewed the negotiations with the DOJ centered on only 29 loan files that were underwritten between 2007 and 2010 that went into default and resulted in FHA insurance claims paid by HUD.   DOJ contends that certain files failed to comply with HUD’s rules and regulations with the underwriting and endorsing of loans with FHA insurance.  

RANLife disagreed with the DOJ that the FHA loans were underwritten incorrectly and that it violated the False Claims Act.  Nowhere in the settlement, nor the investigation, did HUD or DOJ address any concerns with Fraud or Systemic issues.  HUD has not provided any advice, or recommendations, as to changes in RANLife’s operations.  An FHA office tested some of the HUD-DOJ’s findings and determined that they were immaterial to the loans being insurable and would still receive an approve eligible through their automated approval systems.  Two of the files HUD-OIG had issues with were identified as files that RANLife used as test cases to get approved with delegated endorsement authority in 2007.  Both of these files were fully underwritten by FHA’s own underwriters and endorsed by FHA, not RANLife.  In this review by HUD-OIG they believed their own department of HUD, being FHA, couldn’t underwrite correctly.  This settlement was very frustrating for RANLife.  RANLife has always focused on compliance and a high level of loan manufacturing quality.

Because HUD is also a vital partner to RANLife we have chosen to settle with the US Department of Justice and HUD-OIG.  This settlement was not an admission of liability by RANLife, but a way to move past a very turbulent time in our country’s history.  RANLife will always be a willing and integral partner to FHA and HUD to help them meet their housing goals. 

This settlement with RANLife signifies the closing of the final chapter to the mortgage crisis of 2009.  RANLife is extremely excited for 2016 and we are growing in loan production, technology systems and employees.

Thursday, June 11, 2015

Rates won't stay this low forever states RANLife's VP

When it comes to 30 year fixed rate mortgages, there’s good news and bad news. First, the good news: With a 30 year home loan, a payment will likely be lower than with a shorter loan, and the home buyer might be able to afford a pricier house than otherwise.

The bad news? The homeowner will pay more over the long term, and it’s a very long term, indeed. Which means they will be waiting a lot longer to truly own the home.

But there’s even more good news: A homeowner can easily convert that 30 year fixed rate mortgage to a 15 year fixed rate mortgage. Over the life of the loan, there are many opportunities to switch to a 15 year term, and there are many compelling reasons to do exactly that.

“Rates won’t stay this low forever. The best opportunity for homeowners to take advantage of the lowest rates is to refinance from a 30 year fixed rate mortgage to a 15 year fixed rate mortgage.” States Adam Hamilton VP Lending Manager of RANLife, Inc. He further states, “The payment difference between the two terms isn't as extreme as most people would think.”

Why consider converting to a 15 year fixed rate mortgage?

The most obvious benefit of converting a mortgage from a 30 year fixed rate mortgage to a 15 year fixed rate mortgage term is that the home will belong to the home buyer much sooner. Less obvious but even more important is the fact that they will save huge sums of money, beginning almost immediately.

A faster, less costly path to mortgage freedom

The 15 year fixed rate mortgage loans typically have lower interest rates. The homeowner will save a tidy sum in interest over the life of the loan, and more of the money from each payment they make will go toward the balance of the principal. Because the loan’s principal drops faster, there’s also less interest to pay. For more information about interest savings scenarios visit RANLife, Inc.

If a homeowner can easily afford a home with a 15 year loan, converting from a 30 year is a great investment. And with interest rates so low, it may be less costly than people think. Rates won't stay this low forever. By eliminating 15 years from the mortgage term, a homeowner could keep tens or hundreds of thousands of dollars in their pocket.

NMLS #3151

Friday, April 17, 2015

RANLife Real Estate Announces Record Sales For 2015 1st QTR After Two Utah Cities Rank High For Best Housing Markets

RANLife Real Estate sees a hot 2015 Utah real estate market unfold as Provo, Utah was ranked as the second best housing market to invest in during 2015 according to a report that was first published in Forbes magazine on 1/9/2015. Not one but two cities in Utah made the list of the Top 20 Housing Markets in the United States to invest in during 2015.

Britton Sharp RANLife Real Estate's principal broker states, "We have already seen a drastic increase in real estate transactions in first quarter of 2015 and believe that Utah will continue to outperform other markets. RANLife Real Estate is on track to significantly increase prior year's production. We started 2015 with a record breaking first quarter."

Provo, Utah was ranked as the second best housing market to invest in during 2015, with a current average home price of around $211,000. A number of factors were said to contribute to this boom in the area, including the stunning population growth the area experienced from 2010 to 2013 and the annual job growth of 3 percent during the same period of time. The population growth in Utah during 2010 to 2013 alone was 6.2 percent per year.

Salt Lake City also made the list of the top markets to invest in, although it came in a bit lower at number 12. The average home price in that area is currently around $250,000. The annual job growth for Salt Lake City is also a bit lower than Provo, coming in at around 2.9 percent.

People who are interested in dipping their toe into the real estate investment market by purchasing some rental properties or just looking for the best area of the country for finding your first home, along the Wasatch front in Utah is undoubtedly one of the top places that you should be looking, according to the experts at Forbes. For more information contact the experts at RANLife Real Estate, Inc. and RANLife Home Loans.