Christian Genovese

News
Mark your calendars for the 2008 Frederick Diabetes Walk on Sunday, October 12, 2008, at Baker Park in Downtown Frederick, MD. You won't want to miss it!

"I want to especially thank Mr. Genovese and Mrs. Divel for their efforts through (the finance) process. I worked directly with Mr. Genovese who, from the beginning, has been nothing but a true service employee! He takes his job seriously while taking care of others...Although he had other customers, I never felt as if I was less than his priority concern...The results of their work is a great indication of the type of company you are running, and I will continue to do business with you in the future."
— Andria K.

"I want to let you know that I am truly thankful for your efforts. It
is clear that you went above and beyond the normal call of duty to help
out. Your efforts prevailed and the advice you gave us was more
than we would have received elsewhere."
— Alan M.

1. Pre-qualification
Most real estate agents require buyers to get pre-qualified for a mortgage before they begin looking for a house. This way, buyers know ahead of time how much house they can afford. Neglecting to mention an outstanding car loan or a previous credit problem, for instance, could nullify the process. For the mortgage professional, this step can take an entire day's research.

2. Loan Application
It's crucial to supply the lender with as much information as possible, as accurately as possible. All outstanding debts as well as assets and income should be included. The loan representative is the borrower's main contact throughout the process.

3. Documentation
Paperwork supporting the application also must be submitted. Information commonly sought includes pay stubs, two years' tax returns, verifications of rent / mortgage payments, and account statements verifying the source of the down payment, funds to close and reserves.

4. The Hunt
At this point, the buyer can begin shopping for a house! When the right one is found, the terms of the sale are negotiated, including the sale price and often the type and conditions of the loan being sought. A buyer often will submit a loan pre-qualification letter to the seller, which in a competitive market; can tilt a sale in a buyer's favor.

5. Appraisal
Lenders generally require a full appraisal on all home sales. This step could jeopardize a deal if a discrepancy were to exist between the sale price and appraised value of the property.

6. Title Search
This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.

7. Termite Inspection
Most purchase loans require an inspection for termite and water damage. Some problems may need to be repaired before finalizing the sale.

8. Processor's Review
The lender's loan processor packages all pertinent information to be sent to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit.

9. Underwriter's Review
Based on the information compiled by both the loan representative and the processor, the underwriter makes the final decision on whether or not a loan is approved. Lenders are looking for borrowers who will make their payments on time and for property that will cover the cost of the investment if a buyer defaults.

10. "Conditions, Conditions, Conditions..."
It is not uncommon for an underwriter to submit a list of 10-25 conditions for the mortgage professional to satisfy. These could include: updates in the title work, updates to the appraisal, and re-verifying any or all information originally provided through alternative methods to satisfy the specific bank's underwriting requirements.

11. Mortgage Insurance
Many lenders require private mortgage insurance when borrowers put down less than 20 percent on a loan. Even if a loan meets the standards of a lender, a mortgage insurance company may deny coverage.

12. Approval, Denial or Counter Offer
In order to approve a loan, the lender may ask the borrowers to put more money down to improve the debt-to-income ratio. The borrower may also need a bigger down payment if the property appraises for less than the purchase price. In some cases, repairs or improvements on the property, such as termite damage repair may be required.

13. Insurance
Lenders require fire and hazard insurance on the replacement value of the structure. Flood insurance will also be required if the property is located in a flood zone. In California, some lenders require earthquake insurance on certain properties.

14. Settlement
Final loan and escrow documents are signed by the sellers and the buyers in the company of the Real Estate professionals and often the loan officer.

15. Funding
The lender sends a wire or check for the amount of the loan to the title company.

16. Close of Escrow
Documents transferring title are recorded with the County Recorder.

17. Confirmation of Recording
The title company then authorizes the escrow company to draft a check to the seller.

18. Begin Making Mortgage Payments
Now you are a Home Owner!

CONGRATULATIONS!



Office Directions We are conveniently located right off the Golden Mile in Frederick, MD. From 270, take Exit 13B West onto West Patrick St. Go approximately 1 mile and turn left at the light onto Hillcrest Drive. Go half-way up the hill then make a right into the office park with the all brick sign that reads "Executive Park West"