About Robert Bates
With extensive experience in the mortgage industry, Robert is dedicated to helping clients achieve their homeownership and financial goals. Specializing in a wide range of loan programs, he offers expert guidance for:
- Conventional Loans
- FHA Loans
- VA Loans
- USDA Loans
- Virginia Housing Loans
- Reverse Mortgages
- DSCR (Debt-Service Coverage Ratio) Loans
- Bank Statement Loans
- Profit & Loss (P&L) Mortgages
Whether you're a first-time homebuyer, a veteran, or a self-employed borrower, Robert is committed to finding the right loan solution tailored to your unique needs!
Tips for a Smooth Mortgage Process
A reminder of the 3 out-of-pocket costs that you will incur during the purchase process (a refinance only requires the appraisal):
1. Earnest Money Deposit (EMD) – This is a good faith deposit that you will give to your agent to put down toward the purchase of your home at the point in which the contract is accepted. This is usually less than 1% of the purchase price and typically as low as $500 (negotiable). Our loan underwriter will require proof that this was withdrawn from your account (so you can get credit for it toward your required down payment at closing). Please be sure that you write a check from one of the same accounts that you provided to us on the application. After it clears, we will need to see a copy of the cleared earnest money deposit check along with a statement or bank-stamped activity printout showing the funds were paid through that account.
2. Home Inspection – This is a thorough visual inspection of the structure and components of a home to find items that are not performing correctly or items that are unsafe. This inspection is not required but recommended. We do not need a copy of this report. Should you choose to get one, the cost is normally $450 paid directly by you to the home inspector at the time of services rendered (typically by personal check).
3. Appraisal – An expert opinion of a certified, state-licensed appraiser used to value a property. An appraisal is required by all mortgage lenders to determine that the sales price is in line with the home’s value. This cost is normally $550. We will order this report for you using the credit card authorization that is part of the loan document package. We will only do this once our underwriter gives us the green light to do so, and we typically like to wait to be sure that the home inspection (should you choose to get one) is cleared of concerns before ordering the appraisal (after all, you don’t want to pay to know the value of something that you don’t want to buy).
Please DO NOT do any of the following during the loan process:
- Make any large deposits (including cash) into any of the accounts that you have listed on the application.
- Transfer money between accounts (unnecessarily) as you will need to show the sources of the deposits made into these accounts. It’s best to move money around as little as possible once you are pre-approved.
- Allow your bank accounts to drop below the balance of what you need to close your loan. Definitely want to avoid any “insufficient funds” or overdrafts appearing on any of the bank statements used for loan processing.
- Establish any new credit lines/cards (including new furniture), finance anything new, co-sign for anything for anyone, or work on consolidation of existing debt. Also please use existing credit accounts as sparingly as possible during the loan process. Please call us if you plan to make a large purchase on an existing credit account so we can ensure that it won’t jeopardize your loan status (debt-to-income concern)
- Close any existing credit accounts. You can pay them down/off, but do NOT close them as it can have a negative affect on your credit scores
- Change companies, change or quit jobs, accept a new position within the same company, or change pay structures (example, less base and more commission)
- Use cash as an earnest money deposit (EMD). The EMD will need to come from one of the accounts that you have provided us a bank statement for (also will be listed on your loan application)
If there are funds due from you at closing, the title company/closing attorney will require a cashier’s (bank check) from the same account that you have verified through us on your application. Please do not use any unverified accounts or undisclosed gifts to pay for your cost to close.
If you encounter a special situation or have any questions or concerns please give Carol or Ryan a call ASAP so we can discuss and put your mind at ease. We want you to have a comfortable process and communication is key!
