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welcome back Realtors to another very.special episode on how to prequalify.your clients i'm ishmael alvarez the.broker of partnership Realty glad to be.with you we are today going to go over.how to prequalify clients even though we.are not mortgage brokers nor do we want.to be poor gauge progress or or even.behavior acting in a mortgage broker way.but we must know what's going on with.our files at all given time why well.clients depend on us very much to know.you know what's going on with the foul.at what stage to follow us at how.Sooners are gonna close you're talking.about very important steps in buyers or.even if you represent a seller's life.you are talking about buyers that have.given notices to their tenants whether.to the landlord where they're living at.and they have to move out we up we need.to be ready to be able to assist them.and help them and answer all their.questions at every given time and every.step of the way what if you represent a.seller same thing seller's gonna.probably sell their house go in and put.a down payment on another house and now.they have a responsibility on a.contractual agreement on another.property that they must comply with okay.so they're gonna be calling you the.realtor trying to find out where we got.in this stage and you know and get.trying to get updates so we need to know.at all time listing agent if you.represent the buyer the listing agent is.one as one of wants to do and get up and.updates the seller wants to get updates.from his listing agent title company.everyone involved wants to get updates.and you guys need to know what's going.on now pre-qualifying a your client.we're representing a buyer today but.pre-qualifying a buyer is very.easy steps that you have to know why.must you know for many many reasons.okay one is that we need to know about.the clients needs not only in the.property but we need to make sure that.they are with the appropriate lender so.when we ask a few questions to these.buyers we're going to have all the.answers for them and guide them with.maybe speaking to one two three or four.different lenders that have was called.the right matrix and what is a matrix.it's the right guidelines for that.particular buyers needs okay.you guys as realtors we are always held.holding the short end of the stick when.a deal falls apart okay.you can't get a hold of mortgage lender.you can't get a hold of anybody and now.your buyer is losing you know they're at.risk of losing their escrow deposit and.guess who has to be there to help them.all the way to the very end until we.make sure that we get that escrow.deposit back and we get this file to.come to an end now could come to an end.whether it closes or whether it becomes.a dead deal either way we're there for.the client through a system now we don't.want a dead deal boy those are words.that I just don't want to hear nor any.of us we want it to close okay but you.guys need to know everything that's.going on if for example a buyer comes up.to you they've got certain questions.that they want to know and you're gonna.ask a few questions without looking at.the people's credit report pulling their.credit you don't need to see their pay.stubs you don't need to see their their.tax returns you don't need to see their.bank statements you don't need to see.anything for that fact all you have to.do is ask us a couple of simple.questions and by asking these simple.questions now you're gonna be able to.guide them and knowing and knowing that.what their needs are your being able to.guide them.say listen you can speak to this lender.this lender this lender give them a four.or five six lenders that have the.certain programs that that client's.needs are now you would think that all.lenders have the same programs right.they don't some lenders their minimum.credit score it's a 640 some have a 620.minimum credit score okay.FHA will allow down to 585 down to a 590.well not in these days with the corona.with the Cova 19 going on.lenders are a little bit more.conservative on the credit criteria but.they're still closing loans within 30.days loan commitments within 15 to 20.days everything is running smoothly on a.conventional loan FHA loan VA loans are.easy as heck to do via loans we love.them FHA loans and conventional loans so.they're the lending practices by our.government is phenomenal is phenomenal.but we need to know we need to know what.client the lineup which which lenders.okay so what happens if you only work.with one lender ah what a mistake that.is partnership Realty works with about.over 22 different lenders and each one.of them is different to each other why a.lot of their programs are the same but.the each lender has a different called a.niche program something that they called.their own that they specialize on okay.and I'll give you an example what if the.one lender you work with their minimum.credit score that they'll accept us is.620 and your clients got a 605 607 603.well geez you're gonna present them over.to your mortgage broker your mortgage.lender and they're gonna come back and.say to you ah sorry.realtor we don't accept below a 620 tell.your clients that once they get their.credit scores up come back and see us.wrong answer okay.here's just gonna happen with your.clients they're just not going to take.your word for it they're gonna keep.talking to other Realtors and.once they speak to one of partnership.Realtors that are highly trained okay.that's why we've got two classrooms.inside our office here in Palm Beach.County and we're teaching classes five.days a week in Spanish and then the.separate classroom which is on the other.side of the office which we're teaching.classes five days a week in English so.we're teaching them both languages and.we're teaching you guys on what to do on.every aspect of the real estate world so.let's go back to that 620 score if your.clients got a 605 you're not gonna take.that one lenders of you know whatever.their answer is it's the final word.you're going to go to another lender.that you that that you do know that goes.as low as six hundred scores or 602 now.what's the difference between the.interest rate between a 600 and a 700.score nothing it's the same rate it's.the same rate okay so it's not like.you're 605 is gonna get a higher a.higher interest rate and then the the.guy with the individual with the 700.score is going to get a lower interest.rate it's the same interest rate between.a six hundred and eight 700 or a 750 to.that fact okay but you need to know.which lender will accept a client that's.got a 605 603 607 617 okay you're not.gonna lose that client because if you.lose that client you lose thousands and.thousands of dollars in the next you.know in the next year and not even to.speak for the next following years to.come and referrals lenders will work.with 75 80 loans 200 300 loans well guys.guess what I wish that I could say the.same thing for a realtor but it's not.like that you might have one client at a.time three client at a time can you.afford to lose that one client the.answer is no you can't afford to lose it.so that's why you need to know all the.lenders that we work with.and every time that they are doing a.presentation of going over other loan.programs you need to be present and see.this okay to get familiar write down the.notes about these lenders and what their.niche programs are okay.so it's really important in a realtors.life to understand the financial world.oh my god is it important yes if you're.selling a condo a single-family home a.villa a townhouse how about a triplex.five Plex.how about a multi-family you know the.multi-family can have ten fifteen twenty.units can have fifty units you have to.be there and available to a system at.the same token you know what if you've.got a self-employed individual what if.you've got a foreign national what have.you got someone doesn't have a social.security card they've got an i10 card.but they're legally working here in the.United States okay you need to be able.to help everybody that comes across New.York you know your real estate world and.not everyone's going to come in with a.little blemish in in their financially.finances someone's gonna come in what.they're all perfect clients well we wish.that was the real world it's not it's.not okay out of ten clients we're.probably gonna get two perfect clients.and then we get eight they've got.blemishes they're normal they're normal.individuals like myself you know I've.had my ups I've had done my downs with.credit you know I've had you know so it.could happen to any of us all you have.to do is forget one day you've got a lot.of credit cards or a few credit cards.and you just forgot to make a payment.and the payment could be ten dollars a.month you go it's ten dollars well guess.what the credit reporting agencies they.don't see the difference between a $10.minimum payment on a credit card to a.hundred dollars or even to a thousand.dollars a late payment is a late payment.guess what happens your credit report.credit score sorry.goes down absolutely goes down your.credit score Falls okay so if this.happens because you were on vacation you.had some emergency or something like.that and you just forgot to pay that one.Discover card which had you know a ten.dollar late I mean so it's not a late.fee.I had a ten dollar minimum payment or.Capital One or something like that you.know you're not a bad their client is.not a bad person they just overlooked it.but we as realtors as professionals.which you are considered professionals.at least in the state of Florida we are.DBPR we're professionals we need to know.these things okay we need to know.everything about this you know the.financial world so let me go over here.what I would I believe in 22 years.that partnership Realty has been open.and we've been around and we've been.teaching this to hundreds of thousands.of our Realtors okay this here this here.is the success for you to be a.successful realtor in the entire state.of Florida because guess what you're.licensed for the entire state of Florida.okay so listen for you to be a hundred.percent successful realtor not 100.percent commission even though.partnership Realty we are a full pledge.true hundred percent commission okay we.don't have any monthly fees we don't.have any franchise fees you don't pay.for anything unless you either sell.something or you rent something and we.have a flat fee on that one so for you.to be a hundred percent realtor the best.realtor there is in the state of Florida.50 percent of your 50 percent of your.success is going to come from the.financial world now what are what are.the questions that every single buyer.their fears that they've got that they.want to know you know Ishmael from their.realtor Ishmael we only we really don't.want to go over $1,500 a month we don't.want to go over $79 a month because we.don't want to end up defaulting on this.loan so we really can't go over.so you guys have to be able to make that.calculation it's just an estimate.it truly is now let me ask you a.question when your client goes to get.pre-qualified at any major bank any.major lender or any mortgage broker what.do they give them is called a gfv a Good.Faith Estimate did you hear that last.word estimate they have no clue of the.property they're buying they don't know.the taxes they don't know the insurance.they don't even know the interest rate.they're assuming that the interest rate.what is that until they lock the.interest rate they don't have an actual.payment so it's an estimate us we could.do the very same thing we don't want to.be mortgage brokers I do not want you to.be mortgage brokers either you.specialize in one field or the other but.don't do both do not do both okay you're.either a realtor and specialized.okay or you're a loan officer then you.don't you're not a realtor you.specialize in mortgage lending so here.we're Realtors but I am going to give my.client an idea of what the payment is.because I'm not gonna start showing them.homes that the payments are $2,300 a.month and then when they go to the.mortgage broker and they're expecting a.1,700 or a month payment and the.mortgage broker says yeah your payment's.2350 with 12 cents they're gonna freak.out they're gonna say oh my god Ishmael.showed me this house well that's the.wrong thing to do because you're giving.bad expectancy okay to your clients and.you yourself are sort of you know you.know not doing too well because you are.kind of kidding your own self you know.you think you've got a client and you're.not you're wasting the clients you're.raised to the clients time so here's.something we need to be professionals at.all given time we need to know what the.heck is going on at all given time okay.and you'll understand this too as we get.towards the end of this video the other.thing is.on the is knowing how much money the.client has to work with if the client.says to me Ishmael only have 8,000.Ishmael I only have 12 15,000 then.that's all the client needs to come to.the table with if anything I wanted to.come with less than that so let's just.use twelve thousand dollars for example.okay know what a lot of realtors will.not partnership Realtors not those but a.lot of Realtors from other agencies I've.heard them because they've come from.other agencies here and they've told me.oh we don't go to our closing now I know.why they're telling me that they're.afraid of the unexpected okay they're.afraid at the time of closing to loan.officer is there okay.and sometimes the loan officer.themselves won't be there the title.agent is there and when they go to tell.your clients oh by the way your payment.and here's your note and this is what.you're gonna pay per month with taxes.insurance and everything you are at you.know $2,400 a month $2,100 a month well.geez that's not what we expected we were.told 1700 okay you guys need to be at.every closing to make sure that your.client is protected from the beginning.of this transaction to the very end you.are there to make sure everything goes.smoothly and if you are on top of your.job everything will go smoothly so you.will comfortably go to the closing you.will comfortably be there the payments.gonna be 17 21:35 for example I don't.think the clients gonna bark at $10 or.$5 especially with the lenders done.their job correctly and and giving them.all their paperwork in the beginning you.know and they're accurate on so it's.very important to be a fit to be.associated and working with the right.with the right lenders okay now that's.50% of your success of being a hundred.percent successful.realtor what's the other 48 percent the.other 48 percent is just you being you.now how does that work I want you to be.you I want you to be a professional I.want you to be professional at all given.time okay then I want you to answer your.calls at all given time now that doesn't.mean that truly does it mean that when.some call someone calls you if you're in.the middle of a meeting or you're in the.middle an appointment you're in a.showing and an open house.God knows writing up a listing writing.up an offer god knows what it is okay.but answer your call in a timely manner.soon as you're done answer all your.calls answer all your texts it's seven.days a week us as Realtors were seven.days a week why because our clients work.from Monday to Friday and sometimes they.get home at five six seven o'clock at.night they really don't have time but.there are available Saturdays and.Sundays so not answering your calling a.Saturday or Sunday then you are going to.lose a lot of clients like that and.you're gonna lose a lot of money you're.gonna lose a lot of money okay as well -.and a lot of money in the long run.because remember being a realtor it's.not just the job it's a career it's.forever it's as if it's for your entire.lifetime as long as God gives you life.that you can walk talk think and you.know you're selling real estate.it beats social security oh my god I'd.hate to see myself in a later age you.know and and and just collecting Social.Security no way I'm gonna be closing.property so I'm gonna be going on.vacations I'm gonna be doing everything.because I'm a realtor Realtors are.career and it's for life and the longer.you've been in real estate then but the.more database you're gonna create but.you have to work at it okay now number.three is your farming area you need to.know your market area your market area.your market area okay you need to know.it like better than the back of your.palm okay you need to know that okay you.need the.that so well so if your farming area is.a certain demographical area then that's.your farming area me particularly I work.the entire state of Florida I have no.issues getting in the car and driving to.Gainesville if I'm gonna close the.property and make twenty thousand.dollars twenty three thousand dollars or.even fifteen thousand dollars are you.kidding.if you guys don't want to go call me up.I'll do it for you and we'll split it.yeah guys I want you to go I want you to.go and make the entire hundred percent.commission okay you should and it's fun.oh my god.we could talk about that forever we'll.talk about in a sales class okay that.we're going to be coming up today is a.basic basic financial class and it's.very important so the other 2% is.contracts and forms we have a TC.Department.these are transaction coordinators these.ladies will handle there's one gentleman.too so forgive me for saying that.there's also one gentleman so these.ladies and this one gentleman will.handle your transaction from the offer.stage of it all the way to the CTC to.the title and then you need to go to.your closing and collect your Commission.you need to be there with your clients.okay but you guys need to follow my.youtube classes that I provide they're.all lower contracts contract laws.understanding the assets contract you.need to follow all of this the financial.laws as well too because why you're the.responsible realtor me I love knowing.every single corner of the real estate.world because the more I know about real.estate the more successful I am now how.does that make me successful because I.can help the public I can help my.clients and my clients by me helping.them we're gonna send me more clients.and more clients and you're not and it's.not gonna stop I've had clients that.I've sold properties to 20 years ago and.they've come back 20 years later now.think about this how many Realtors you.think they've run into and family.members that they.run into in that 20-year span a ton but.why are they coming back to me 20 years.later to give me the listing of the home.that I sold them why because they.remember how he treated them with the.professionalism with the proper.information.I didn't mislead him I was there to help.him to make it am a very unpleasant.experience okay I can't tell you how.many clients come back Oh in that.meantime of that 20 year I can't tell.you how many referrals I've gotten from.them okay so it's very important to.understand every corner of the real.estate world and watch all these classes.that I provide you can watch them.through YouTube go to a partnership bill.T and put on whatever subject you want.and it's going to pop up so here I'm.going to just show you some of our.lenders that we've got here that you can.contact if you want more lenders I can.provide you more names and numbers for.them just contact myself and we'll be.more than glad to send it to you to you.knowing the right lender just know is.lining it up with the right with with.the knowing the right lenders - right.signing them up with the right client.you have to you you know kind of line.them up correctly and we always have.three to four lenders and let them.choose a which is the right lender that.they want to work with okay what are the.three qualifying questions that you must.ask your clients so you don't get your.hopes up high and you certainly don't.get their hopes up high can you imagine.telling your client listen ma'am sir.folks I've got the most awesome lender.and the planet well in Florida okay I've.got a phenomenal lender he's going to be.able to help you so now you've got their.expectancy up you got the clients hopes.up they're sleeping very calmly oh.they're soaked.they're very happy cuz they're gonna see.this they see this realtor I'm sorry the.lender the net the very next day so when.they get oh by the way you're expecting.seeing us up you're also excited you've.got a client boy you can barely sleep.that night you're so excited okay or BAE.are you slept very comfortably that.night because you've got your.first client their second client or so.forth but when your client goes in.interviews with that lender and finds.out they they can't buy boy that's a bad.reputation on you okay and there goes.your you know you were up you know on.cloud nine there you are coming back.down right back down to earth again know.we need to know what what all about our.clients without without looking at their.pay stubs without seeing their tax.returns without seeing their credit.report we need to know all about them so.we can speak to this lender so if I call.the lender up and I say well what did.you not like about him oh they have a.six oh five score and our minimum credit.score is 640 oh well you know what I'm.gonna tell that lender okay thank you.very much for taking the time and.speaking with them and guess what I'm.gonna do I'm gonna tell the clients.police I apologize my fault I let me sit.let me take you over to two different.other lenders or three other different.lenders that will go below a 640 that.will do a 617 I heard you were at 617 so.they'll do a 617 okay and it's the same.interest rate 30-year fixed no.prepayment penalty FHA loan phenomenal.so we need to ask the three questions.credit employment and funds to close.what is funds to close how much money do.you have to buy now I'm going to show.you the three lending institutions or.programs that are out there but we're.only going to go over one we're gonna go.over the Fannie Mae Freddie Mac's we're.gonna go over the HUD loans conventional.loans FHA VA s HomePath and you know.those are the ones that we're gonna go.over today portfolio loans are more for.self-employed individuals people that.own their own business and things like.that those loans have not gone away.they're still here it's just that.they're on standby right now until these.things our market changes a little bit.the interest rates go up which you know.they're gonna go up interest rates right.now phenomenally low phenomena a great.time to buy the.rates are so low right now great time to.buy tell this to your clients okay the.property values have dropped not much.between 10 to maybe $30,000 depending on.the neighborhood depending on the house.but again a drop of about fifteen to.twenty thousand ten thousand dollars and.an interest rates from five five and a.half four and three quarters to three.and a quarter interest rates that is a.substantial amount in the payment.that could be anywhere from four hundred.dollars all the way to five six hundred.dollars per month that's the big savings.can you imagine your client buying a.home two months from now three months.from now the property values have gone.up the interest rates have gone up and.now they're paying unnecessarily an.additional five six seven hundred.dollars more per month on the APR how.much more are they gonna pay at the end.of thirty year loan they're gonna pay a.ton of money back this is free money.right now at these low interest rates.that we've got this is free money I mean.I've been selling real estate when I've.seen it at ten percent at twelve percent.eight percent seven percent so when I.see three percent ago my god that's.exciting.then it's always much exciting that is.such a low interest rate dear Lord you.know I'm sure the lending institutions.don't like this you know because they.certainly want to make a little bit more.money but the rates are gonna go back up.again you'll you mark my word on that.okay the third one is private lenders.private lenders could be corporations.you know could be individuals with a lot.of money and so forth like that and.these are people that have really bad.credit they're self-employed they don't.even you know that their taxes are.horrible I'd there's so many different.other you know forms but these.individuals can get a loan they can also.get a loan but call me if you've got.like number two four full someone's.self-employed portfolio or call me if a.private lender and I'll help you with it.you could always call me you could.always call any of our administrators.here our managers you've got a hanna.stern you've got guillermo martinez any.of us call.sup so we're to go over government loans.government loans again are conventional.loans FHA VA s and USDA loans as well.too but those are for rural areas call.me up because they're phenomenal.programs there aren't here any and in.Palm Beach County but poor st. Lucie you.can find it you can find it going up.west to like the areas of Lakeland and.stuff like that sure like it's sort of.like the little farm areas you know but.I mean it's 100% financing phenomenal.loans phenomenal loans and guys remember.you Realtors your license for the what.state Florida the entire state of.Florida so if you're gonna pass on a on.a closing in Sebring if you're gonna.plaster they're closing in Gainesville.Lakeland are you kidding me no your Lake.City you're not gonna do that so but you.need to know about these programs and.we're gonna be doing more classes on.these and I recommend that you guys stay.tuned now how do you stay tuned go to.Facebook we're live on Facebook and.we're live on YouTube when you're on.Facebook hit like so that way you'll be.getting notifications of all our classes.and when you go to to YouTube hit.subscribe you'll get notifications all.the upcoming classes okay so you need.again the three questions that you need.to know what what are they credit job.and funds to close I use the 620 score.there cuz that's pretty much the norm.but remember they were there we do have.lenders I know lenders our company knows.lenders that will go all the way down to.a six hundred score okay portfolio loans.I'm not going to go into them heavily.but this is a self-employed individual.someone who owns their own company.they're not w-2s okay won't go into it a.truck driver anyone that owns their own.and owns their own business sir they're.entrepreneurs they own their own.business but they're not w-2s private.lenders could be foreign nationals.someone who doesn't have a Social.Security card could have an ITN card.they're legally working here in the.United States okay so I'm with horrible.credit.there are so many different scenarios.but that is private lenders now please.keep in mind there are some portfolio.lenders and there are some private.lenders that are still lending but you.need to call me up and I'll certainly.guide you which ones they are foreign.nationals dear Lord they're coming in.and they can't get all the money out of.their country because their country will.give them will tax them heavily after.after a certain dollar amount they'll.tax them very heavily so they only bring.certain dollar amount into the US to buy.a property here you need to be able to.help them with the right for a national.lender okay so how important is to know.all this absolutely it's all very.important let's go into government loans.okay 620 or greater you know is the norm.but it doesn't have to be and you're.gonna understand this in a minute it.doesn't have to be FHA's and convention.will require three lines of credit three.trade lines they call it these are on.their credit report at least open for 12.months or greater or higher okay so that.is for a regular FHA loan now there's.alternative alternative can you talk to.the alternative credit credit okay these.are manual under writes your client can.buy a property but I cannot tell you how.many people I in fact I spoke to one.last week I interviewed a family there.was the husband the wife and the.daughter they're present in my office.and the loan was in the husband's name.but the wife was telling me that the.husband doesn't believe in credit I go.sir.you have to okay you've got to do this.why because you know having credit cards.is not a bad thing having credit cards.with you know good limits on it speaks.about you who you are that you have the.capability of buying this or that.you work very hard you work extremely.hard and you want to know that if you.want to go buy a car or buy a car for a.daughter or a grandson granddaughter.niece nephew anyway anyone that you want.to help out that you've got the.capability to purchasing this property.for them okay but if you show up and you.go back I'm all cash but I don't have.that thirty thousand dollars to buy this.cash or that fifteen thousand dollars or.whatever the dollar amount might be from.that guess what's gonna happen the.interest rate because your scores are.not good the interest rates are going to.go up okay and you're gonna have to put.substantially a lot more money down to.where you can probably go in there and.do a sign and drive just sign and take.the car you have to have credit your.clients have to have credit not just for.them but the for their family members.because you think you never know when.they're gonna need them so I'll give you.an example someone can go and apply for.a credit line of $5,000 so they've let's.say they've gotten a local card from any.of our you know discover Capital One.there's so many of them okay you don't.have to misuse that money you can go out.to dinner with your family and just put.a $300 dinner into it okay or maybe go.buy something that you need you want to.maintain a low balance what happens here.is the credit agencies monitor all that.and when they see when they see that you.know you're a very well managed budgeted.individual guess what happens to your.credit score shoot straight up why.because you are not maximizing you're.not maximizing the $5,000 you're not.abusive with your credit can you imagine.by you going over there and putting.$4,300 immediately on it then they're.not going to give you a good credit.score the score is going to go down why.you're about to go belly up with these.four or five 810 credit cards that.you've got so no the more managed you.are the more budget you yourself that.you budget yourself the greater your.credit score increases but having credit.is.good thing it's not a bad thing so let's.go back to alternative trade lines in a.manual underwrite let's say your client.makes really good money they're bearing.the job a good time a good very good.very good while okay they've got four or.five years or more in their working.three years you know the government only.needs two years 24 months okay they make.excellent money and they've got good.money down but they have no credit score.what are the lines of credit that you.can use the alternative lines of credit.that you can use for a manual underwrite.first of all an FBA fpl credit reference.letter so you have to have had a light.bill in your name for the last 12 months.and FPL is going to send you a reference.letter now in the last 12 months there.cannot be a 1 x 30 what does a 1 x 30.means there can't be any late in the.last 12 months because if you aren't.able to pay your light bill on time well.how are you gonna pay a 30-year mortgage.okay.okay which is certainly more than $200.for $300 a month.it's like $1,300 a month you can barely.pay your so it's got to be you've got to.be flawless for the last 12 months.no one x 30s or imagine a 2 times 30.that's not going to work so if you've.got your your your FPL credit reference.letter then you your rental history also.works as a second line of credit okay so.you're gonna get your lender was going.to get what's called a vor verification.of rent and it's gonna state that you.made your payments on time you never.been late so now you've got to some.water companies will give them to you.others will not they won't give you this.credit reference but car insurance.you've got to have car insurance if you.have a car you got to have car insurance.okay they're also going to give you this.same credit reference letter you know so.now you've got three credit reference.letter.and you can sell a house to someone who.does not have you know just the.traditional credit reports so number one.that's going to the credit reports the.questions that I'm going to ask the.clients right now without seeing their.credit report without pulling their.credit reports I go ma'am sir I want you.to talk to me and speak to me about you.know the lines of credit that you've got.that are inside your that are in your.credit report I don't want to know how.much car insurance you pay I don't want.to know what your your your your comcast.bill is your Xfinity Direct TV or.anything like that I don't want to know.what your grocery bill this I don't want.to know what your f P&L biz bill this I.learn know what's on your credit report.do you have a car payment no I mean I.put a zero what if they say yes okay so.I want to know who do you have the card.a credit card I mean the car loan with.so in this case I'm using Ford Motor.Credit and how much is your payment 380.I'm gonna I'm gonna write down 380.dinner might ask him if they have any.student loans even though the student.loans are deferred it doesn't matter you.still have to use the minimum payment.but if the client says to you listen but.I'll start paying for another two years.it doesn't matter you still have to use.the minimum payment so here I'm using an.example of fifteen thousand so I'm going.to put down $60.00 so you can put a.hundred dollars whatever you feel you.know it's better to be higher than lower.so you know so how many credit cards.with open balances that's the key word.open balances do you have I don't want.to know about the ones that are that are.at zero balance I want to know the ones.that you owe on them so here in this.case we're going to use four they've got.a Visa Card the old $600 I want to know.what the minimum payment is not how much.you send them per month what the minimum.payment is in this case here is $25.00.so I'm gonna write it down the next one.is is a Discover Card how much do you.owe on that one $1,100 what's the.minimum payment 50 perfect write down 50.the next ones Home Depot what do you owe.on I owe 700 what's the minimum payment.$50 and the last one sir.Sears card what do you own that 300 was.the minimum payment $25.00 now you need.to add up all this revolving and the.installment payment installment payments.are contractual agreements like a car.loan that's gonna be paid off in 60.months 60 sorry 60 months 72 months it.doesn't matter.that's an installment payment but the.rest of the credit cards and so forth.are revolving credit so in total we have.five I'm just gonna call it revolving.credit for this class we have five.hundred and ninety dollars in revolving.credit now if you guys remember back.when you did your local exam when you.got your frequent course as a as a.Realtor as an associate licensed real.estate associate the question was you.know what is an FHA loan ratios 31:43.was the answer the front 31 back 43 now.true reality in the real world is it's.the bottom forty six point nine nine and.fifty six point nine nine so what is the.front in ratio that is going to be the.housing payment divided by your gross.income that's going to give you a.percentage and could be thirty one.percent now what is the back end ratio.we're going to add the revolving credit.plus the housing payment divided by your.gross income and that's gonna give you.the back end now we'll go over it more.in a minute okay three questions again I.want to know about your credit I want to.know about your employment funds to.close how much money do you have.let's talk about the employment usually.for these loans are all w-2 some some.some 1099 s are you know you can be used.let your lender determine that until we.do a class on 1099 so how to read a tax.return and then.you'll know before we been sending it to.your lender and wasting their time and.then your lender is gonna say oh my god.this Realtors got no clue in what.they're doing they keep sending me all.these bad loans or you know you don't.want to be recognized as that lender I'm.sorry realtor you want to be recognized.as the realtor that sends them a client.already that is capable and able to.buying okay so I tell you out of 10.self-employed at least two or three do.qualify so but I want to work with w2.employees what's the w-2 employee a w-2.employee is someone when they paying.weekly or bi-weekly that they take out.what's called Social Security Medicaid.FICA when they take out all these.diskens all these Medicaid FICA and.Social Security.that's a w-2 employee a 1099 they pay.them gross but they take nothing out.okay so let's use a gross income of.forty nine thousand dollars and we're.gonna divide that by twelve and that's.gonna give us four thousand eighty three.dollars per month okay now to go up to.forty six point nine nine and fifty six.point nine nine there has to be what's.called compensating factors because.they're above the 3143 that I showed you.earlier so what are compensating factors.well these are good things in the end.alone itself that your borrower or sorry.your client has been on the job five six.seven ten years twelve years oh my god.that's the ability to the loan that your.client is not putting the FHA minimum of.three and a half percent down they're.putting ten twenty thirty forty fifty.sixty percent down compensating factor.that your client doesn't have a minimum.620 score they got a 720 at 800.compensating factor.here's another compensating factor what.if the mortgage payment is $1,500 per.month right and they've got at least two.months reserves two months reserves what.does that mean that means after they.bought their home.they paid for everything they still have.in their accounts $3,000 that is enough.that is enough.god forbid the client loses their job.they have enough put away to make the.mortgage payment for the next two months.those are reserves guess what that's.called compensating factors okay so.let's do the example now of revolving.credit okay so we have the monthly.income gross monthly income of four.thousand eighty three dollars now if you.look at the revolving credit there's.some minus in front of it.- five hundred and ninety of revolving.credit gives us an available income of.thirty four ninety three we're going to.work with thirty four ninety three so go.here take the available income of thirty.four ninety three multiply it by forty.five percent now I want to explain why.forty five percent if we can go to the.page prior to this one see here 46.percent front end 56 percent back in.forty five percent is less is less than.then fifty six fifty six point nine nine.so I want you to take the thirty four.ninety three multiplied by 45 percent.and it's going to give you a housing.payment of 1570 $1.85 that is what your.clients mortgage payment comes out to.now that includes principal and interest.taxes insurance and mortgage insurance.everything has to be including their but.guess what us as Realtors we just.figured out what their mortgage payments.it can come out to that's the minimum.that they can afford.let the mortgage lender tell them the.maximum that they can afford I don't.need you guys to be precise I don't need.you guys to be accurate all I need you.is to be inside the ball field know.one disappointed you to be the picture.of the Mets okay.no one appointed you to be the catcher.or first basement or shortstop I.wouldn't want to be a shortstop right or.the pitcher I guess I would the money.that those guys make sign me up but you.guys don't need the star of the show.let the mortgage lender be the star of.the show on that one but at least you.guys know that you have a you have a.capable buyer okay and you give them a.good range of where they can qualify it.once they talk to the lender guess what.then they're gonna get an exact well not.exact because it's also an estimate.because that lender does not have locked.in an interest rate does not know what.the taxes are gonna be does not know.what the insurance is going to be they.don't work in an insurance company they.don't know any of this they don't even.know what the sales price is gonna be so.what are they gonna give them a good.faith estimate remember the key word of.the in the back what is it.estimate okay so again let's take a look.here at the 1570 185 and we've got the.revolving credit we're gonna add it back.in now and we've got a total total back.in a backing of 2161 so let's figure out.the front end and let's figure out the.back end take the total debt of 21 61 85.divide that by the gross income and it.gives you a 53% back in ratio remember.it was fifty six point nine nine well 53.is way below I think I got a pretty good.client so far so now let's take again.the housing the front end the housing.payment of 1571 divide that by their.gross income and it gives me a thirty.nine percent right in okay here we go.we got a front end of thirty nine and.fifty three remember I showed you is.forty six point nine nine and fifty six.point nine nine we're so below I think.we've got ourselves a client now let's.get excited because we've got ourselves.client and let's call up the realtor I'm.sorry the lender and tell them about our.client so we need to figure out now most.important what's the house you know the.what is the amount the value of the home.what did I write down we need to figure.out the house payment we already know.the house payment I'm gonna fit I'm.gonna show you guys how to back it out.I'm gonna show you guys how to back it.out okay I'm going to show you guys how.to back it out because once we back it.out and we get the principal and an.interest then we're gonna figure out.then we're going to figure out what the.value of the home is because see I.personally or any of our Realtors they.don't want any of partnership Realtors.they don't want to sit down with the.client and then send them over there if.my client leaves the office they're.gonna leave with about five or six.listing seven eight listings so like I'm.already I'm already making a developing.a relationship with this client okay I.don't want to lose this client to.another realtor so I am going to show.them that I am the right realtor to a.system and help them in their real.estate needs and here are sir ma'am.folks here are you know some listings in.your range that you can start looking at.them but we'll know more and we'll be.more exact once we get that.pre-qualification letter okay now what's.the risk factor that can happen if you.just let them go without the listings.hopefully they do not they go straight.home and go to bed and hopefully they.have a very early appointment a very.early appointment to see the mortgage.lender boy that's the mortgage lender.it's not too busy I guess or I don't.know okay what if in the meantime a.family member calls up your client so I.hear you're buying a house and who are.you using well I'm using this guy.Ishmael Alvarez.oh well why aren't you using my wife my.wife is a realtor why don't you use in.my husband my son my daughter my niece.my sister a good chance you're gonna.lose that client okay let's not try to.lose that client.let's do our jobs correctly let's give.them some listings and let's try to keep.them there we can't hold them and we.can't force them to be with us either.they have the right to go and work with.whoever they feel most comfortable with.but darn it.you've done a good job of portraying.yourself as a professional so let's say.they do get that phone call in the.morning and why aren't you using my wife.or my brother or my sister when brother.shows up to talk to him brother has no.clue on there what talking about you.know what the clients are gonna do.listen love you to death.you're a great brother-in-law but yeah.well they're not gonna tell them to his.face but they're not gonna work with.them because why they're they are.clueless to what they're doing they're.gonna work with the realtor that knows.what exactly what they're doing they're.a professional okay.so knowledge is power that's why I have.so many classrooms here in Palm Beach.County up in Dade County in Port st..Lucie.we've got classrooms going on five days.a week teaching our Realtors how to.become the best most successful realtors.in our state of Florida okay so now no.I'm gonna go back to that sorry we need.to figure out we need to figure out okay.what the pit is that was also on your.exam local and state what is pit.principal and interest taxes insurance.and mortgage insurance so we're gonna.and that all of that has to add up to.this grand total at the bottom of that.1571 85 so let's take a look at how.we're going to do that well before we.take a look at how to do that we've at.we need to ask the third final question.sir how much money do you have for the.purchase of this home okay so in this.case here they're telling me they have.$8,000 so I'm gonna work with $8,000 now.these are all estimates that either.lenders gonna give them or you're gonna.give them it could be eight thousand a.little bit more or aqap 8,000 a little.bit more but no one likes you yourself.wouldn't like you know.that they're expecting to be around.$8,000 and when they go to the closing.its 9700 or $9,800 that's a bad surprise.we don't want to do that because that is.a reflection of us and how you know who.we are so we need to be as precise and.as accurate as possible if anything we.need to when we do our estimates who.want to be high so at the time of.closings were lower and then we look.like heroes without the Cape okay so.remember something and we're going to do.this in another class or you can go into.our YouTube and look up any of our.contract classes you can look up any of.our contract law classes financing.classes look you know finance laws and.it's going to show you how to break down.that eight thousand dollars and make it.work in a purchase but we'll be doing.some more classes in the very near.future.what does it break down to the eight.thousand dollars has to be broken down.and used number one under five five.categories the first category is.downpayment FHA loan is three and a half.closing costs it can range anywhere from.four two percent all the way to six.percent.homeowners insurance can't buy a home.without being insured appraisal fee well.you got to pay for that one about 550.525 God knows what every lenders.different home inspections it can range.from 150 all the way to 350 okay so now.let's go back to that pit what is the.pit principal and interest property.taxes homeowners insurance and mortgage.insurance and how are we going to break.this down well if you look at our.payment that we estimated here at the.bottom of 1571 85 and everything going.up has a - - - except that here I'm.going to show it to in a little easier.way here is 1571 what was it 71 85 okay.now that's the total that we said that.the payments going to be at so what.we're going to do is we're going to -.the mortgage insurance so.in another class I will teach you guys.how to calculate mi mortgage insurance.okay but right now I don't want to go.into that because that's a completely.different class all within itself all I.want you guys to do is just use an.estimate remember you don't need to be.the pitcher you don't need to be the.star player all you need to do is know a.little bit and put them in the range put.them in the range let the lender do.their job okay so just use an estimate.of $200 or 260 whatever you want to use.in this case here we're using $200 now.what's the next one mortgage SR.insurance.properties have to be insured even the.lender and I don't care if it's a major.bank they don't sell insurance and even.if they did sell insurance they don't.know have a property yet and they don't.know what the insurance is going to be.on that property because of the area.does it mean flood insurance it's in a.windstorm area you know so the year of.the house there's so many factors so.what is it Lin they're gonna do in a.bank gonna do that we given and um.they're gonna give them an estimate what.are we gonna do give them an estimate so.we're using twenty five hundred dollars.per year so that comes out to 208 we're.miny seeing all that from here that's.all a - taxes we don't know what the.property taxes are because there has.been no home picked out yet or chosen.yet neither just a mortgage company to.the lender they don't know what.property's gonna pick out we don't know.what the property taxes are gonna be so.we're gonna use sixteen hundred dollars.that comes out to 133 now if we subtract.all that from fifteen 7185 gives us a.P&I of a thousand thirty 85 now with.that P&I principal and interest we're.gonna figure out that what the price of.the home we're gonna figure out the.price of the home.so that way we can start giving we can.give that same evening or say same.afternoon or that morning we can give.our clients 6 7 8 or 10 MLS reports so.they can start looking at properties.from the outside if you like the.neighborhood then they're gonna call you.up they'll give you the MLS report and.you'll get showing instructions to go in.there and show them the property so how.do we figure that out.final step ok what is the price of the.home based on the payment well let me.show you the price of the home we need.to figure out the principal and interest.okay it's a thousand thirty 85 that's.P&I where are you going to go to be able.to calculate this thousand thirty eighty.five two places that you can go actually.three to your mortgage lender I didn't.put it up there to your mortgage lender.you can go to our website ww1 hundred.calm or you can go into your MLS right.in your MLS where you've got the listing.it's got a mortgage calculator right.there up in the upper right-hand side.you can figure it out but us we're gonna.go into our website that's our website.this is partnership bilities website.okay but take a look at right there it.says mortgage let's click on mortgage.it's gonna bring you down we have a very.handsome lender here mr. Havana in.Fiesta from absolute mortgage phenomenal.lender but see here where it says.mortgage calculator let's click on that.now here's what we're gonna do we have a.sales price of a home of $250,000 I want.to change that I want to put 230 so.let's take out the five take out the.five and put a three in there okay then.we're going to come here FHA loan is.three and a half percent down let's put.3.5 that's the down payment then we look.at this now we know the down payment.already on a two hundred and thirty.thousand dollar loan we already know.that the down payment is eight thousand.fifty dollars didn't our client tell us.that they only had eight thousand.dollars to put down this is a phenomenal.tool phenomenal tool to work with okay.now let's go to the interest rate it's.defaulted at five percent because at.that point it was at that time at that.point it was it was at five going up or.down give or take so in this case here.I've see I'm seeing race right now at.3.1 3.2 3.45 I mean so let's just use.three point five percent interest rate.and we're gonna go down and now take a.look at this the total payment is nine.hundred the P and I sorry principal and.interest is 996 sixty five guess what I.feel very comfortable at giving my.client and giving my client okay a.property listings at two hundred and.thirty thousand dollars this is below a.thousand thirty and again you're gonna.put it within the range all you need to.do is put them within the range let the.mortgage lender do their job now we're.almost done with this class but I still.have one more thing I want to do I want.to open up our forum simplicity now as I.mentioned before this is a basic basic.financial class okay this is a basic.financial class so we are going to show.you now for an advanced class on the.document that you're going to use and I.want you guys to have it uploaded and.saved on your desktop or print it out.and we're going to do it all by hand so.on our advanced financial class okay so.we're opening up our MLS we are going to.go into forum simplicity now we're going.to go into packages when you click on.package who do you represent.we represent a buyer so we're gonna come.down and it says buyers package click on.buyers package.then all your forms when you represent a.bar they're all there but we're going to.come down and we're gonna find a.document there that says I got to see it.pre-qualification form click on that and.you're going to upload that you're going.to save it upload it onto your desktop.there it is.so let's save it so we don't go on the.desktop.go ahead and save it and put it on.desktop just go up go to desk desktop I.click click folders you you can click.out of you on.so this is you put your clients name in.there you know there you go and just.save it in there all right here just do.it if you want close that let's just.close the whole thing all right go ahead.and open it up here's the document this.document is the sign this document is.design that you guys all you do is fill.in the blanks and it's going to.automatically do everything for you.we're gonna do this in an advanced class.but at least you know where it's at so.when you guys see when you guys see that.we're doing an advanced class I want you.guys to have this document open whether.it's on your desktop or it was sitting.on top of your desk you know and we're.gonna be holding classes starting next.week that you guys are welcome to come.in and sit here and you know it'll be a.workshop you can ask questions we can.answer them and we're going to go over.everything but this document right there.that's in your forum simplicity is going.to do the pre-qualification for you now.one of the most beautiful things here.that we're going to do is if you go down.please here right here the borrowers.gonna sign it Cole borrower's gonna sign.it okay and these are your clients that.they've gotten an estimate they just.didn't throw them out there you know.blind fool excited you know and also.read here at the bottom it's in red very.important do not change jobs during the.period they need to see this you need to.tell them you need to read this to your.clients don't change jobs don't change.your car loans don't open fear get new.credit cards meeting on time your credit.has to be very very you know untouched.do not touch it okay do not touch it.don't let them touch it after you close.on your home if you want to go buy some.furniture or city you know any of the.local furniture stores that's fine you.does expect that you're gonna go buy but.for qualifying purposes please do not.touch your credit don't because it'll.hurt you enormous ly and it'll probably.bounce you out especially if you have a.low credit score right now of maybe 605.603 and you've got a new credit card.you've got some inquiries on there and.it dropped you down to below 600 it's.you know be before the FHA loans went.all the way down to 585 but right now.they're not they're 600 it's like the.minimum that we want to be at so guys.thanks for being with us it's a pleasure.having you and I love all the comments.and all the the emails the text that you.guys are sitting on how helpful these.classes are I hope that these classes.will help you make a lot of money and.help you help the clients okay and.establish a great successful career in.real estate again I'm Ishmael Alvarez.with partnership Realty have a great one.

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  8. You can also share this signed QUALIFYING REAL ESTATE COURSE APPROVAL FORM with other people or upload it on the cloud.

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