Our
Heritage is Tailored for Your Success.
Sanctuary Home Mortgage’s 30-year legacy in Atlanta leverages personal relationships with the area’s top-performing REALTORS® and local appraisal experts to unlock an unmatched financing experience firmly grounded in community and deeply invested in your success.
barry.underwood@sanctuaryhomemortgage.com
NMLS 1892473 GA 68117
direct: 404.307.1814
fax: 484.594.2380
BARRY UNDERWOOD
Loan Officer
With a dynamic professional background that includes experience as a retail loan officer, account executive in the wholesale mortgage industry and as a real estate agent, Barry Underwood enjoys applying 20+ years of multifaceted expertise to all types of lending needs. He finds that misconceptions about down payments and qualifying options keep people from realizing their goals, and he welcomes the opportunity to make the entire process less stressful for his clients.
Born and raised in Memphis, Barry graduated Summa Cum Laude from Christian Brothers University. Since moving to Atlanta, his career has been focused on the Atlanta real estate market, from real estate sales to mortgage financing, both on a wholesale and retail level. His clients gain a significant advantage as he combines empathy, product knowledge and financial skill with a connection to the local market. He transitioned to Sanctuary Home Mortgage in 2020, drawn by the company’s emphasis on in-house services, a customercentric culture and competitive pricing with superior service.
Having experienced both sides of the real estate transaction – as a real estate agent and loan officer – his unique perspective fosters a more compassionate and seamless experience for everyone involved. When he’s not helping clients, he enjoys volunteering with Project Open Hand, staying active through workouts and biking and relaxing through reading and traveling.
B.S., Marketing, Christian Brothers University
Presented by
BUYER’S BLUEPRINT
THE HOME-BUYING PROCESS
Scan the QR code to view the full Homebuyer’s Guide.
DOS AND DON’TS GLOSSARY OF TERMS:
Do
• Get pre-approved early prior to starting your home search.
• Understand your monthly budget and funds needed for purchase.
• Organize funds early – liquidating stocks / investments and 401K loans.
• Keep credit utilization below 30 percent of the maximum credit card limit.
• Ask questions and keep the lines of communication open with your lender.
• Stay organized and maintain a paper trail of your asset documentation.
GATHER DOCUMENTS
□ Two most recent pay stubs
□ Last two years of W-2s or 1099s
□ Copy of Driver’s License
□ Last two months of complete bank statements
□ Last two months of any stock, mutual fund or IRA / 401K accounts
ж If self-employed, two years of complete tax returns
Don’t
• Make large credit purchases before buying.
• Transfer large amounts between different asset accounts.
• Open new lines of credit or accumulate additional debt.
• Make late credit payments with your monthly debt obligations.
• Go on vacation during the loan process without discussing with your lender.
• Change your employment status without checking with your lender.
• Have your loan pre-underwritten.
• Work with a local lender with a strong reputation in the local marketplace.
• Build home search price off your budgeted monthly payment rather than your maximum qualification.
• Organize funds to close early.
• Work with a trusted REALTOR® with a proven track record in the local market.
Appraisal: An estimated value of the property. As part of the loan approval process, the lender will hire an appraiser to assess the property and determine whether the loan amount is appropriate to its value. The appraiser uses several factors to determine the property’s value, including location, condition and the sales price of recently sold comparable properties in the area.
Discount Point(s): A one-time fee a homebuyer pays directly to the lender (usually a bank) upfront at closing in exchange for a reduced interest rate.
Earnest Money: A deposit paid by a potential homebuyer to a REALTOR® upon bid acceptance that indicates their intention to purchase the house.
Escrow: A “forced” savings account, in which a portion of the monthly mortgage payment is set aside by the lender for payment of such expenses as property taxes or hazard insurance. This assures the lender that adequate funds will be available to pay these.
Jumbo Loan: A loan that exceeds the purchase limits by Fannie Mae and Freddie Mac. Also called a non-conforming loan.
Mortgage Insurance: Insurance for the lender in the event that the borrower defaults on the loan. Typically required when the loan has an LTV of 80% or greater.
Pre-Approval: A document from a lender stating that the lender is tentatively willing to lend you, up to a certain amount.
Scan the QR code to review more helpful glossary terms.