Mortgages

[Office setting.  Rimmy Dunlop is sitting behind his desk, with a couple, Matt and Gaby, sitting across from him]

Rimmy Dunlop: Hi. I'm Rimmy Dunlop, a loan officer here at First American Bank, and today we're talking with Gaby and Matt about what they might expect as new home buyers and how they go through the process of getting a mortgage. 

Matt: Gaby and I are ready to buy our first home and we don’t know where to start.  We really want to know what to expect, what we need to do, and how to go about getting a mortgage. 

Rimmy: At first the process can seem intimidating, but at First American Bank we'll guide you through the process and be with you every step of the way.  

Gaby: What do we do to start?  

Rimmy: When looking to buy a home, you may want to start by getting pre-approved for a mortgage. 
  
[On screen text: Get pre-approved with a First American Bank lender]
 
Rimmy: Getting pre-approved simply means that you have applied for a mortgage with First American Bank, and we have determined that you qualify. We look at your past credit history, we review your savings to make sure you have a down payment, and we evaluate your income to make sure you can afford the house. Next, we will recommend the best mortgage product for your situation.

Matt: So assuming we qualify and we are pre-approved, what are our next steps?  

Rimmy: This is the fun part. Once we know how much you are qualified to borrow, it is time to go shopping.   

[On screen text: Find a Realtor.] 

Rimmy: Find a good realtor that knows the neighborhood and then, find the house of your dreams. We will give your realtor a copy of the pre-approval letter, so she knows you are pre-approved. When you find the right house, you and your realtor are going to make an offer to buy the house. 
  
[On screen text: Make an offer to purchase a home.]

Rimmy: When your offer is accepted, you should order an inspection.  

[On screen text: Get an inspection.]

Rimmy: An inspection will tell you all about the house- is it well built? How are the appliances?  How about the roof? If anything needs to be fixed, the inspector will tell you and you can then work with the seller to make sure all work is done before you close on the house. This is also when you will submit your updated income and asset documentation.  

[On screen text: Submit updated income and asset documentation] 

Rimmy: Depending on your line of work and other variables, we are going to ask for items such as pay stubs, tax returns, W2's and bank statements. We will have an appraisal ordered to verify the value of the house.  

[On screen text: First American Bank will appraise the house.] 

Rimmy: We will also work with the seller to make sure the title to the house is clear. 

Gaby: OK. So who does that and who pays for it?  

Rimmy: We work with several licensed appraisers and title companies and will arrange it. The seller traditionally pays for the title work and you, as the buyer will pay for the appraisal at closing. Once we verify your income and assets, review the appraisal and your mortgage is approved, you’re in the home stretch. We will work closely with you, your real estate agent, and the seller to set up a closing date. 
 
[On screen text: Set up closing.] 

Rimmy: At closing, you will bring your down payment, sign mortgage documents, and receive the keys, congratulations you'll be a new homeowner!  

Matt & Gaby: Thank you, First American Bank.
 
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