Category Archives: mortgage

买房贷款

我很幸运做了很多贷款并且在很多客户中赢得了靠谱、利率好以及工作高效的reputation,这里想分享一些tips给来帮助顺利close transactions。

买到房之前

  1. 尽早提交材料拿pre-approval letter,这样可以确定看什么价位的房子,看有没有risk,如果有怎么处理。同时开始准备贷款材料,一旦mutual可以马上开始做。注意: condo/townhouse的HOA可能会减少pre-approval里的贷款额度
  2. 准备好首付:需要有两个月clean的bank statements. 首付最好尽早到位集中在一个帐户,该卖股票的找好时机卖,需要从国内转钱的尽快,跟别人换钱多次要特别注意,有可能这部分钱不能用,甚至整个帐户的钱都不能用。大额转账需要来源清楚。有些公司的401K可以取5万出来做首付。自住房首付最低可到3%-5%
  3. 注意提高保养信用分
  4. 如果有工作变动或其它变化,及时跟loan officer沟通
  5. New condo建议找builder推荐的lender

合同Mutual后

  1. 尽快提交材料开始贷款过程并且锁定利率
  2. 购买房屋保险,effective date就说closing date
  3. 如果agent有rebates,可以用来cover closing costs,通知loan officer
  4. Condo要麻烦一些:跟loan officer合作order HOA questionnaire
  5. 及时提交lender所需要的各种材料

常见问题1:我可以waive financing contingency么?
今年是西雅图最近10多年来抢房最厉害的一年,以前没有这么高比例的waive financing,所以这个问题经常会被问到。贷款最终能否通过是在提交贷款后由lender的underwriter决定的,所以没人能打保票说一定会过(这么说的人要注意是否靠谱),但是可以根据收入、信用、资产债务等来评估通过的概率,然后由Buyer决定要不要waive financing。我自己做过很多买房贷款,目前还没发生做不下来的,希望不要发生。但听说在别的地方有一位buyer有几次late payments导致最后没有通过。Waive financing意味着如果贷款不能通过最后会损失earnest money,可以衡量一下风险做informed decision。另外,condo/townhouse在贷款方面也有少量风险,并不是所有的condo/townhouse能够贷款。

常见问题2:多少天可以close?
SFH大部分情况下可以30天close,复杂的情况或者担心有delay可以适当加几天,一般不用超过35天。Condo最好35天。其它情况请咨询loan officer

贷款 – For Real Estate Brokers

我很幸运做了很多贷款并且在很多客户中赢得了靠谱、利率好以及工作高效的reputation,这里想分享一些tips给跟我合作的房产专业人士来帮助顺利close deals。

Mutual前

  1. 尽早让客户准备pre-approval letter,这样可以确定看什么价位的房子,并且跟我沟通看有没有risk,如果有怎么处理。同时建议客户开始准备贷款材料,一旦mutual可以马上开始做。注意:condo/townhouse的HOA可能会减少pre-approval里的贷款额度
  2. 让客户准备好首付:需要有两个月clean的bank statements. 首付最好尽早到位集中在一个帐户,该卖股票的找好时机卖,需要从国内转钱的尽快,跟别人换钱多次要特别注意,有可能这部分钱不能用,甚至整个帐户的钱都不能用。大额转账需要来源清楚。有些公司的401K可以取5万出来做首付。自住房首付最低可到3%-5%
  3. 让客户注意提高保养信用分
  4. 如果有工作变动或其它变化,让客户及时跟loan officer沟通
  5. 写Offer时closing date写 date or sooner,这样如果提前close不用addendum。大部分情况下30天close,condo建议加5天做缓冲。如果waive financing contingency注意风险,因为没人能担保一定能贷到款,即使客户条件非常好,只能calculate risks。Condo如果waive financing有更高的risk,因为Fannie Mae/Freddie Mac对condo有不少要求
  6. 现在西雅图很多房子需要抢,这里简单介绍一下抢房
  7. New condo建议找builder推荐的lender

Mutual后

  1. 让buyer尽快提交材料包括 PSA / contract开始贷款过程
  2. 找listing agent要escrow company联系方式(名字、电话、邮箱和地址)发给loan officer
  3. 提醒buyer购买房屋保险,effective date就说closing date, premium paid at closing
  4. 尽快提交Form 40给closing gent。如果有credit给buyer,同时发给loan officer,注明credit可以用来cover closing costs。如果credit超过lender允许的closing costs,closing agent / escrow会把多余的给你的公司,你的公司再给buyer,会有一点点B&O tax (1.x%)。中介直接把钱给buyer是不合法的
  5. Condo要麻烦一些:尽快找listing agent拿HOA company联系方式(名字、电话和邮箱)和master insurance给loan officer
  6. 贷款过程中可以找loan officer询问状态包括问appraisal。如果loan officer反应escrow company不给力,建议联系listing agent帮忙催
  7. 一旦贷款完全批准CTC (cleared to close),可以看看signing date和closing date (funding date)看没有没问题,能不能提前close
  8. 其它各种问题都可以问loan officer:譬如buyer签字时在外地怎么办,换工作了怎么办
  9. 注意有不少事情不在loan officer控制范围内:closing agent是否给力,appraisal company有多快、估值多少,HOA company速度等

最后一步是lender打款、escrow company做recording,recording收到receipt即可帮buyer拿钥匙交房!恭喜又帮助了一位客户!

常见问题1:我可以waive financing contingency么?
今年是西雅图最近10多年来抢房最厉害的一年,以前没有这么高比例的waive financing,所以这个问题经常会被问到。贷款最终能否通过是在提交贷款后由lender的underwriter决定的,所以没人能保打保票说一定会过(这么说的人要注意是否靠谱),但是可以根据收入、信用、资产债务等来评估通过的概率,然后由Buyer决定要不要waive financing。我自己做过很多买房贷款,目前还没发生做不下来的,希望不要发生。但听说在别的地方有一位buyer有几次late payments导致最后没有通过。Waive financing意味着如果贷款不能通过最后会损失earnest money,可以衡量一下风险做informed decision。

常见问题2:多少天可以close?
SFH大部分情况下可以30天close,复杂的情况或者担心有delay可以适当加几天,一般不用超过35天。Condo最好35天。其它情况请咨询loan officer

Mortgage – Lender – Provident Funding

Every lender is different. Provident Funding is unique since it provides very competitive rates and has strict underwriting requirements. Here are the steps.

1. File review:Lender will send you an email from NoReply@myloanzone.com. You can click the link to go to https://www.myloanzone.com/ to sign some docs electronically. You need to type your SSN on the web site. Your Loan Officer (LO) will also send some docs for signing.
Note that for the Property Characteristics Disclosure,Choose I/We do not in most cases

2. Underwriting:Lender will have some conditions/TODO items during underwriting. You can upload the required docs directly or send the docs to LO. You just need to look at the Borrower section and the Broker section.

  • One doc is called Incomplete Credit Application. It is a reminder and you can ignore it.
  • Verification of employment: you can use a coworker’s email address. Refer to Step #5.
  • Tax return: you can go to  https://www.irs.gov/individuals/get-transcript  to get the transcript or upload your tax return. Note that it needs to signed (electronically for by hand)
  • Letter of explanation: no template needed. Just write a simple doc, save it as a pdf and sign it electronically or by hand

3. Closing Disclosure: Lender will send the Closing Disclosure after your loan is CTC (cleared to close). You can go to the portal to sign electronically. If there is a non borrowing spouse, the spouse needs to print the page as below, hand-sign it with the date your sign on the portal and then scan it back to your LO.

4. Signing: you need to bring your green card or I-797 with current visa if you are not a US citizen. There are two notes and not every notary knows about that.

Noe #1: NOTICE OF RIGHT TO CANCEL: do not forget to initial the highlighted dates

Note #2: ALIEN STATUS ID CERTIFICATION: Option 1 is for green card holders. Option 3 is for I-797 with visa

5. Funding review:Lender will do VOE (verification of employment). It will ask for Manager/HR’s email address. Lender does not accept the third party web sites like theworknumber.com, inverify.net, truework.com because those websites refresh the data monthly. Suggest using a coworker/a friend’s email address which needs to be your company domain. The questions asked by the lender are very simple. e.g. is the borrower still working? Replying to the email takes literally a couple of minutes.

Mortgage – Steps

First, congrats on working with a trustable and professional loan officer (LO)! The loan process might take 30 to 60 days. Here are the steps. Please feel free to contact your LO if you have any questions.

  • 1. Prepare documents:LO will send the document list to your email address. Normally you can get all the docs ready by spending a couple of hours of focus time although it may take a couple of days.
  • 2. Build your loan file and lock rate:LO will pull your credit and use your docs to build a loan file. LO may ask you additional questions or docs.
    1. Once the loan file is done, LO will send it to the lender with the best rates for your case. Then the rate can be locked. Once the rate is locked, it can not be changed. There might be a little penalty for some lenders if the rate is locked and you decide to back out.
    2. To improve the efficiency and customer experience, LO will pay for the credit report fee instead of asking for your credit card info. The fee will be paid at closing by you or you can paypal/zelle the fee to LO outside closing.
    3. Please do not open new credit lines (e.g open a new credit card, buy a new car), avoid large deposits, keep your account clean and maintain enough balance.
  • 3. Sign initial docs:Lender will send you some docs for e-sign。Most the docs are disclosures . The most important doc is the Loan Estimate(LE) and there are many numbers in it. Your LO will explain every number to you if you like. Lender may mail the hard copy of the docs to your home and you can ignore it. If the lender is Provident Funding, please read Provident Funding
  • 4.1 File Review: Lender will review your file and may ask for additional docs
    1. if appraisal can not be waived, an appraisal will be required and the fee will need to be paid before closing. To improve efficiency and customer experience, , LO will pay for the appraisal fee instead of asking for your credit card info. The fee will be paid by you at closing or you can paypal/zelle the fee to LO outside closing.
    2. If it is a condo(some townhouses are condos legally), you need to get the signed HOA questionnaire and the master insurance policy from your HOA. To avoid a delay, please contact your HOA company ASAP. There might be a charge of $100 to $400.
  • 4.2. Title and Escrow: Chicago Title will be your title and escrow company. The contacts are Lachmi Murjani (Lachmi.Murjani@ctt.com, Escrow Assistant) or Jun Lu (Jun.Lu@ctt.com, Escrow Officer). Escrow will send you an email which contains a few files. One of them is the prelim title and the sender is Chicago Title Eastside Title Unit via smartview – svo@smartviewonline.net. You can disregard the email. Escrow will send another email and the sender is noreply@inhere.com asking filling out a questionnaire. The email might go into the spam folder. Here is some reference for filling out the form.
    • Power of attorney: Normally select NO unless you can’t sign yourself.
    • Lender Name and Loan Account Number: use the info of your current mortgage. Pay Off Loan As Part of Closing: YES. since the new loan will replace the old loan. Have your entered into a forbearance…? Normally NO. It is not a common case.
  • 5. Underwriting and CTC:
    1. The underwriter may ask for additional docs like new paystubs, new bank statements and new mortgage statement. LOE for credit inquiries;LOE for large deposits. Once all the conditions are satisfied, your loan will be CTC (Cleared to Close)。
    2. Lender will send you Initial Closing Disclosure(CD) before or after CTC. This doc is very similar as Loan Estimate. Please let your LO know if any number is not correct. If your spouse is not the co-borrower, she/he needs to hand-sign the CD. Note that some numbers like prepaid interests and payoff may change depending on which day the loan will be closed.
  • 6. Signing
    1. Escrow will call you to schedule a signing appointment. You can go to the escrow company’s office OR ask for a mobile notary so you can sign the docs at home. The person who calls you might tell you that the mobile signing has a charge of $95. The fee is already included. Going to the office would not save your money. The escrow company will send an email to confirm the appointment. Please feel free to reply to the email if you have any questions.
    2. If signing at home, please prepare blue ink pens and a table. You can sign at your garage or the backyard or any place you are comfortable with. Please follow the COVID protocol.
    3. If married, both husband and wife need to be present to sign.
    4. Get your driver’s license ready. If the lender is Provident Funding and you are not a citizen, get your green card or I-797 with current visa ready.
    5. You can provide your bank account info for automatic payment at the signing.
    6. If there is cash to close from borrower in the closing disclosure, please do a wire transfer ASAP after the signing or get a cashier’s check beforehand and give it to the notary. Note that the cashier’s check needs to be from one of the bank accounts you submitted to avoid unnecessary trouble.
    7. Repeat step 5.2: if you haven’t, make sure that you understand the numbers on the Closing Disclosure to avoid questions at the signing. The notary does not know the details.
    8. You can cancel the automatic payment of the next month with your old lender.
      If the lender is Provident Funding, please read Provident Funding
  • 7. Funding
    • Lender will do funding review. There might be new conditions. Once the funding review passes, Escrow will disburse funds and record it at the county. Then your loan process is complete.
    • The balance on your old lender’s account might not go to zero immediately. It may take some time for the old lender to process the payoff demand.
    • The old lender will refund all the money in the old escrow account if you have one. If you don’t get a check within a month, please feel free to call your old lender.
    • In case the old lender gets more than the payoff amount, it will refund. Some banks like First Tech will refund it to your savings account directly.
    • Note that you can’t do another refinance or sell your house within 6 months. Otherwise there will be penalty (sometime it is as high as $10k) because if you do that, the lender will have monetary loss. Ask your LO if any questions.
  • 8. New Lender
    • In general, there is no payment for the month after your loan is closed. e.g. if your loan is closed in Feb, there will be no payment in March. Your first payment would be on 4/1.
    • Lender may sell your loan Fannie Mae or Freddie Mac. This is almost by design. The loan servicing company will be probably a different company.
    • Note that you can’t do another refinance or sell your house within 6 months. Otherwise there will be penalty (sometime it is as high as $10k) because if you do that, the lender will have monetary loss. Ask your LO if any questions.

贷款 – 报税 tax return

很多朋友在疫情带来的历史低利率下做了refinance或买房子贷了款,那在报税时有什么要注意的呢?我不是税务专家,不能提供税务建议,这里仅提供一点信息供参考,如果有问题请咨询税务师并以他们说的为准

自住房

报税时如果选standard deduction,那就没什么事了。只有在用itemized deduction时,才需要考虑贷款方面的影响。可以抵扣的部分是一整年交的利息interests和买点discount points的费用。取个例子

年收入$100k,去年付了$5000利息,买点花了$1000,那可以把$5000+$1000从收入里减掉

我这边>95%的人贷款时没有买点,特别是no cost refinance的情况。如果你不确定,可以看Loan Estimate or Closing Disclosure. % of Loan Amount (Points) 那一项,没有就是没有买点

投资房

投资房子是有租金收入的,可以把利息与买点的费用从租金收入里减掉

参考文章:https://turbotax.intuit.com/tax-tips/home-ownership/mortgage-refinance-tax-deductions/L2fzA7hg5

贷款 – FAQ

Q1: No cost refinance到底指什么?
A: 我说的no cost refinance是no points and no fees. 具体来说 1. 不用花钱买点 points 2. 不用出loan costs (Loan Estimate里的A, B, C),也就说不用付各种fees (origination charge, credit report fee, appraisal fee, title insurance, escrow fee etc)

Q2: Escrow company与escrow account有什么关系?
A: 它们都有escrow这个词,但完全不是一回事。Escrow company是负责close transaction的大家都信任的第三方独立的公司,所有的钱都汇到他们的帐户,然后从他们的帐户出来,title insurance和deed of trust recording也是他们做。Escrow account是在lender那里用来交property tax 和 home insurance的完全属于借款人的帐户。

Q3: 我能贷款多少?
A: 能够贷款多少需要计算一个很重要的参数叫DTI (debt to income ratio),计算方法如下
DTI = 每月债务/ 每月税前毛收入
每月债务 = mortgage, car loan, student loan等,信用卡简单起见可以忽略
每月税前毛收入= monthly base salary + monthly cash bonus
monthly cash bonus: 用过去二年的cash bonus相加除以24个月
DTI 最好不要超过43%,但买自住房非jumbo loan可以达到50%。这样你可以算出每个月的最大债务,然后用google搜索 mortgage calculatorhttps://www.google.com/search?q=mortgage+calculator, 用google网页提供的计算器就可以倒推出可以贷款多少,注意上面没有包括property tax和home insurance。另外,上面没有计算股票收入,如果加上可以贷款更多,非jumbo loan很多时候不能用股票收入。

刚刚解释了最基本的原理,明白后可以在网上找计算器来算,譬如用下面这个。注意:股票收入是要打折扣的,不能用前一年w2的全部收入来算。https://www.nerdwallet.com/mortgages/how-much-house-can-i-afford/calculate-affordability

上面的方法能够知道大概,更准确一些的计算需要找loan officer。

Q4: 如何做电子签字?
A: 用acrobat reader,找到Fill & Sign。可以参考这篇文章https://www.howtogeek.com/164668/how-to-electronically-sign-documents-without-printing-and-scanning-them/

贷款 – 解读 payoff amount

做refinance快close前有一个很重要的文档叫Closing Disclosure,Page #3会提到给旧lender payoff amount,这个数字让很多人疑惑,因为跟旧lender网上的unpaid principal不一样,这个很正常。这里解释一下算法。但不管怎么说,这个payoff amount是旧lender给的数字,他们对这个数字有权威

Payoff amount算法如下
payoff = unpaid principal + interest + 一点手续费(recording等)
举个例子:假如1/1/2021付过贷款后你看到 unpaid principal还剩下$400k,1/15/2021你要pay off你的贷款,payoff amount = $400k + 1/1到1/15的利息 + 一点手续费(一般$100多)

如果你的payoff比上面说的还多,很有可能是在12/2020就拿了payoff statement,1/1/2020你又付了一次payment,这个非常common。一般两种办法解决
办法#1 按payoff amount来,旧的lender会退钱寄check给你,他们不会多收,也不会少收
办法#2 找旧的lender再要一次payoff statement
这两种都常见,那为什么不总是按#2来呢?因为找旧lender拿payoff既要花时间也有一点费用(一般<$50)。譬如说First Tech就很慢,要5个business days,少有的情况要更长,会影响Closing。

贷款 – Lender – Provident Funding

每个lender都有自己独特的地方,Provident Funding 利率好要求严格更是这样。

1. 正式申请和电子签字:贷款提交后,lender会通过 docs@myloanzone.com 发邮件,然后在 https://www.myloanzone.com/ 上电子签一些文档,之后一二天内Loan Officer会用AuthentiSign发文件电子签字,有可能进spam folder,注意查收。在myloanzone上签字时要输入自己的SSN。注意:
1.1 做two factor authentication时输错两次就会被lock,会导致没法电子签字。考虑到security和compliance,lender不能reset,之后过程会麻烦不少
1.2 下面这个表RIGHT TO RECEIVE A COPY OF APPRAISALS,选 I/We agree.。不影响收到appraisal report,但可以避免不必要的delay

1.3 Form 4506-C Request for Transcript of Tax Return: 需要填SSN
1.4下面这个表Property Characteristics Disclosure,对绝大部分房子来说选I/We do not

1.5 如果是cashout, purpose写 increase savings or home improvement 和 will NOT result in any additional debt.

2. 上传lender所需要文件:贷款approved with conditions后会有一些Items,可以自己直接上传,最好都用PDF文件。只需要关注Borrower这一块,不明白的地方尽管问Loan Officer。

  • 有一个文档叫Incomplete Credit Application,用来提醒要及时上传文档,可以忽略
  • Item – Tax return: 最好是去IRS拿 transcript https://www.irs.gov/individuals/get-transcript ,或者更麻烦一些,上传自己的tax return,注意签字那一页需要电子签字或手签,joint return夫妻双方都要签。同时需要proof of refund or payment made,用bank statement即可
  • Item – SSA-89,必须手签,不能在电脑上签,否则会被SSN政府机构reject
  • Item各种Letter of explanation: 不需要模板,写个文档很简单地解释一下(跟平时写工作邮件一样),写完后sign & date扫描上传即可
  • Item – 5.20 Provide proof BANK XXX is paid current in the month(s) of XX. – 如果问的前一个月,用最新mortgage statement即可,这样可以证明你前一个月的月供已经付过。如果问的当月,在现lender网站上把付款记录打印成pdf即可
  • Item6.75 Provident Funding will need to verify that XXX is actively employed with YYY on the day of funding. Provide a contact name along with a verifiable phone number and work email address for the borrower’s Supervisor and HR contact in order to facilitate this process. – 建议用同事/朋友的公司邮箱代替,细节参考第5步
  • Item10.36 Provide an invoice from your home owner’s association (HOA).  – 找HOA要HOA statement即可

3. 签Closing Disclosure: 贷款完全批准后,lender会准备签字文档,主要有三个
1. Closing Disclosure: 电子签字即可
2. Closing Documents – Non Date Sensitive: 电子签字即可
3. Closing Documents – Date Sensitive: 当面签字的文档
如果有non borrowing配偶,需要打印#1. Closing Disclosure里的最后一页签字页(如下),让配偶手签,签字日期写电签同一天,然后扫描发给Loan Officer

4. 签字时如果不是公民,需要带绿卡 或 I-797 with current visa。签字有两个特别注意事项,不是每位带你签字的人都清楚。签字后尽快上传most recent paystub

签字注意#1: 签NOTICE OF RIGHT TO CANCEL时,注意要在highlight的两个日期那里 Initial

签字注意#2: 签ALIEN STATUS ID CERTIFICATION时,Option 1是给绿卡用的,Option 3是给I-797 with visa用的

5. Funding review:这个阶段开始做VOE (verification of employment),lender会说需要Manager/HR的email address,但用同事的也可以。在COVID期间Lender不认可第三方的网站譬如theworknumber.com, inverify.net, truework.com等,因为这些网站的信息最多一个月更新一次。建议用同事的email address,需要是公司邮箱。Funding前提醒一下VOE联系人就说lender会发邮件,最好能及时回。问的问题很简单(譬如 Is XXX actively employed with YYY?),联系人按实际情况回复Yes即可,没什么责任

贷款 – 说说Condo

Condo贷款跟SFH比要麻烦一些,主要是要找HOA拿HOA questionnaire和master insurance。贷款申请后尽快发邮件或打电话给HOA,2天不回复就follow up。贷款人联系HOA效果更好,原因是每家HOA都不一样,业主一般更熟悉。另外,HOA如果连业主都不理,别人就更不用说了,业主还有投诉渠道。

HOA questionnaire上有关于Condo小区的各种问题,譬如说HOA控制权在谁手里等,lender用它来审核是否能够批准贷款。另外,不少lender不接受新Condo。这个Questionnaire每家lender模板还不一样,很多HOA把这个服务外包给了一个叫Homewise的网站,在上面order需要收费,上面有通用模板,但各家lender总是要求自己的模板,大部分情况收费$200-$300,也有收近$400的。有少数小一些的HOA会自己填questionnaire。拿这个questionnaire需要时间,可能一二周,必要的情况可以花钱rush order

Master Insurance就是给整个小区的保险,很多时候可以直接找HOA免费要或在HOA网站上免费下载,也有HOA要求去Homewise上付费order的。

这两项在贷款close前就付费了,建议把收费的receipt/invoice(登录homewise网站下载或HOA会要)发给你的loan officer,到时费用会出现在Closing Disclosure上的 Borrower Paid Before Closing这一列说明你已经付过了