Power Buyer Certification1
Compete with cash buyers and be confident what you can spend on your new home. Certificate is valid for 60 days (from time credit is ordered).
About Ian Toste Garcia
I'm Ian Toste Garcia, a highly skilled and experienced loan originator with a passion for helping individuals achieve their financial goals. My passion lies in providing exceptional customer service and tailored solutions to ensure my clients' success. When it comes to reliability, trustworthiness, and dedication, I've built quite a reputation.
With over 8 years in the mortgage industry, I've developed a deep understanding of the loan application process which helps me guide my clients through all the complexities of securing a home loan. I have been working at PenFed since 2019 and am excited for the opportunity to grow the mortgage division in my area and serve our members. Looking back at the past four years, makes me really proud. We've brought people home, and that's truly rewarding. I'm also honored to have been named a PenFed Presidential Award Winner in 2021 and 2022, as well as a PenFed Top Loan Award Winner in 2022.
I hold a Bachelor's degree in Marketing and Finance. It's helped me gain a well-rounded perspective in serving my clients effectively.
Now, when I'm not educating clients, I'm a dedicated husband and father of two amazing kids. Family time is precious to me, but I also find joy in working out, playing golf, hitting the beach, traveling, and simply enjoying life to the fullest.
A pre-approval letter from your lender basically states that you have the financial ability to purchase a home at a specific price. For a pre-approval, you'll need to provide some financial data that can later be verified and validated.
That will likely include the following:
Here are some items you'll need to gather before applying for a mortgage. This will speed up the process but is not required before early disclosures, including the Loan Estimate, which are provided to you by PenFed:
After applying for a loan and having your offer accepted on a home, you'll want to keep an eye on interest rates. Doing that will help you estimate when the best time to lock in your rate with PenFed. Locking in your rate means that you and your lender agree on your final interest rate. Your lender will lock the rate and hold that rate for a specific amount of time (usually 30 to 45 days). Now your interest rate is set. Even if rates go up or down before closing, yours will stay the same through the expiration date of your lock.
Your lender delivers a loan estimate to you within three business days of your application. It supplies you with information about your mortgage including:
The purpose of an appraisal is to determine the home’s value so the lender knows the property’s worth. A trained appraiser is an unbiased third-party. It’s their job to understand the real estate in a particular area and how yours compares. The lender orders the appraisal and uses it to justify the amount of money lent for the home. Depending on the loan amount and the property, more than one appraisal may be required.
Home inspections are different from appraisals. A licensed inspector does a thorough examination of all the workings of the home. The inspector will likely review items like the age and condition of the roof, appliances, heating and air conditioning, windows, plumbing, and more. The inspection report will list out any deficiencies and repairs needed.
Underwriting is the process of verifying your loan file and property details to justify approving your mortgage. During this process, the underwriter may ask you to supply additional supporting documents. Here are some of the items the underwriter reviews:
Closing Disclosure
A Closing Disclosure supplies the detailed and expected final information concerning the costs and terms of the mortgage loan you’ve selected. This document is to be delivered to you within three days of closing so that you completely understand all of the financial requirements and closing costs.
Closing on Your Home
The day of closing is an exciting time! You should have your signature hand well-rested as there are many papers to sign. Also, you'll need to bring the necessary funds (wire, certified check or cashier’s check) listed on your closing disclosure. Once the documents have been signed and notarized, you’ll get your keys. Now life in your new home begins.
Compete with cash buyers and be confident what you can spend on your new home. Certificate is valid for 60 days (from time credit is ordered).
Protects you from rising interest rates.
Lets cash buyers tap into their equity as soon as possible, while having all the advantages of a cash buyer - without tying up your cash.
1Power Buyer Certification is contingent on a full underwriting review and approval of loan documentation and other creditworthiness conditions. Offering is subject to change at any time, some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.
2Power Buyer Lock While You Shop is applicable to first mortgage pre-approval home purchases that have received approve/eligible finding. Not applicable on HELOC or refinance transactions. To ensure timely closing within the rate lock period, the borrower must provide an executed sales contract and full property address to PenFed within the initial 30 days of the lock period. Extending a rate lock is subject to applicable rate extension fees to be paid at closing. Offering is subject to change at any time; some loan programs may be excluded. Talk to a PenFed Mortgage Loan Officer for additional details.
3Power Buyer Cash Buyer Financing is available to clients who have purchased a home for cash, provided all other cash-out refinance eligibility requirements are met. Buyer must apply for a cash-out refinance or first lien HELOC within 180 days of the cash purchase. 80% maximum LTV for Single Unit primary residence. Excludes cash-out refinances in Texas.
Power Buyer Solutions are subject to change at any time and without notice. Talk to a PenFed Mortgage Loan Officer for additional details.
Certain loan types may not be eligible for Power Buyer.
General Disclosures
Points are the responsibility of the borrower and not covered in promotions.
To receive any advertised product, you must become a member of PenFed.