Mortgage Wiz is the next step for your Path To Home Ownership® clients. We have found a nationally connected broker who understands who we are, what we do and why we do it. Why? Because he is also an investor who does rentals and Lease-Options and knows what it takes to get folks with challenged credit through the process to the promised land of a new loan. For leads and clients you can submit your clients now and get the ball rolling or you can enroll them into a coaching program wherein our MortgageWiz will take them step-by-painstaking-step through the proper process of getting them approved for a loan.

Learn how to set up your membership clients for mortgage and home ownership success. Below is a video of a session with our MortgageWiz as part of our Sunday Night training series.

Tenant-Buyer “Pre” Pre-approval Consulting Service

What is it?

  • Investors/Sellers doing Lease Options/Seller Financing want to know IF and WHEN their “Tenant-Buyers” will be able to get a mortgage and then purchase the home outright from them. 
  • Our consulting service looks at almost all of the same data a licensed mortgage loan originator looks at when giving a pre-approval for a loan today. 
  • Most clients cannot qualify for a home loan today, hence the need for a Lease Option/Seller Financed deal, but want to know when they can get financing down the road, how long it will take, and what needs to get done to get there. 
  • It is NOT a true mortgage application or pre-approval and NEVER a guarantee as there are WAY too many factors that can change, are outside of our control, and in the control of the Tenant-Buyers as well. It is a analysis of current data and mortgage rules and guidelines and a game plan of what to do as well as carefully estimated timeline of how long it may take to potentially qualify based on those rules/guidelines.

Who needs it?

  • Anyone who is unable to obtain a home loan today but wants to get into a home of their own now and may qualify for a Rent to Own/Lease Option or Agreement for Deed (Contract for Deed/Land Contract... aka Seller Financing).
  • Any Real Estate Investors who want to run a professional business giving their Tenant-Buyers the most accurate guidance and help so they will actually be able to get a home loan in the near future. 
  • Any Investors or Sellers who want to be certain their Tenant-Buyers have the ability to repay.

Why is it needed?

  • Because most people who cannot get a loan have no idea exactly why or more importantly how to get to the point of qualifying. The home seller or investors typically have no idea either unless they are active in the mortgage business. 
  • It’s important that the Tenant-Buyer has a realistic chance of qualifying for the loan and that the timeframe for the Option to Buy matches accordingly. This is obviously important for the Tenant-Buyer to not loose their upfront deposit, equity/rent credits and the home itself but also for the Investor/Seller to get the property sold and the resulting profit as well as the industry as a whole! These are win-win deals when they work out!
  • Without knowing exactly ALL the reasons they can’t get a loan today, why, what to change, and how to change it, plus the timeframe that takes, it most likely won’t get done, which results in unhappy clients, potentially lost profit for the Investor/Seller, possible damaged reputation for the Investor/business and maybe even litigation, plus an overall tarnished image for this industry. 
  • ALL Seller Financed transactions (and some say even Lease Options) require proof of ATR “Ability to Repay” per Dodd-Frank rules and laws after the first 1-3 IF qualified. While this particular service is NOT originating a loan for anyone, it IS taking all the necessary steps to review Debt to Income ratios and Ability to Repay per current mortgage standards. It’s smart to outsource this to the professionals who truly understand and work in this area. Then we can ALSO get them a mortgage once they qualify through our MortgageWiz team.
  • Because it’s in the best interest of ALL parties involved in the transaction and most “normal” home buyers and home sellers and even investors have NO TRUE knowledge of how mortgages work or all the rules, guidelines and associated pitfalls today. Plus, even normal “loan officers/mortgage originators” typically are very unfamiliar with how Lease Options/Seller Financing works and the specific rules that go along with all of that. They don’t normally deal with it, care about it nor understand it.

When is it needed? 

  • Right away... BEFORE any contracts are signed to Lease or Buy the home and move in. Why? Well, what if someone is given an “option to buy timeframe” of 1 year and after careful review from a mortgage professional familiar with Lease Options/Seller Financing, they realize due to various factors, there is NO WAY they will qualify for at least 2-3 years and therefore a future “disaster” would be headed towards the Tenant-Buyer and the Investor/Seller simply because they didn’t know any better. 
  • Step 1 is to make sure the Tenant-Buyer passes the Investor/Sellers’s “background/eviction checks” and they are OK with that info that is done by a professional screening company. Then, as long as they are OK with that, Step 2 is our “Pre” Pre-approval Consulting services to focus on the mortgage process specifically.

How does the process work? 

  1. The Investor/Seller sends an email template to the Tenant-Buyer to complete a web-form. 
  2. Tenant-Buyer completes web-form answering general questions about finances, credit and if they have a current credit report and rental application they are able to share. No social security or DOB or private info is asked for. 
  3. They will also need to either upload to this web-form the credit report & rental application they obtained from a 3rd party they already completed. If they haven’t done this yet, we’ll suggest a trusted resource to do this for them and then collect the info from them later. 
  4. Next they will upload to the same web-form their income and asset documents (most recent 30-day or 60-days’ worth of paystubs and bank statements and last 2 year’s W2’s. Taxes are required IF they are self-employed or own any real estate). IF they gave that info already to a 3rd party screening service, we also collect that once we get their emailed “approval to share info”.
  5. Investor/Seller pays the Tenant-Buyer Consulting Fee via our website if they haven’t already. 
  6. Once ALL income/asset and credit report documents are uploaded (or emailed if necessary), they are given a link to use our online scheduling system to book a time with our team 24 to 48 hours after that. 
  7. A team member calls them after reviewing ALL of their info and goes over any questions with them pertaining to employment, credit, income, assets, down payment/option deposit, etc. to make sure we are able to fully complete our paperwork (our “33-point Tenant-Buyer Checklist” and the “Before & After Snapshot”). 
  8. We then complete the paperwork and email a copy of the 33-point Tenant-Buyer Checklist to the Investor/Seller and then email the Before & After Snapshot to both the Tenant-Buyer to sign and date they’ve received it and understand our recommendations as well as the Investor/Seller for their records. 
  9. The Tenant-Buyers are given FREE access to our online home buying course “Home Buyer Roadmap” (a $97.00 value) and the Home Buyer Roadmap Facebook group. The course contains over 50 videos, 14 downloads and a quiz at the end to give them ALL the details of the home buying process. 
  10. We set up the Tenant-Buyers with a trusted credit repair team (unless the Investor/Seller has one they prefer to work with right now). 
  11. Once the whole process is complete, our team will stay in contact with the Tenant-Buyer throughout the Lease Option/Seller Financing period helping answer their questions, give them guidance and tips, and even help them get their mortgage when they are “mortgage-ready” (or possibly refer to another trusted Loan Originator in our network).

Who are we working with? 

  • Investors and Sellers, coaches and Real Estate Investor Pro's around the country and their clients, students or franchisees.

Connect your clients to a true Path To Home Ownership® with a mortgage broker that understands who we are and what we do. Your client may be ready for a mortgage or may just be getting started or somewhere in between. Let’s consult and we’ll advise the right path for your client right away. Thanks!

Copyright  Trust Associates - All Rights Reserved
4426-B Hugh Howell Road, Suite 200
Tucker, GA 30084
Phone: 800-578-8580