Demonstration into motif: “Greet Home buying 101. Property 101 Home buying 101 Presented from the NASA Federal Credit Union Bert Aguilera Mortgage Consultant NMLS #551894 (301) 249-1800,”- Demonstration transcript:

dos Real estate 101 Home buying 101 Displayed of the NASA Government Credit Partnership Bert Aguilera Home loan Agent NMLS #551894 (301) 249-1800, x334

3 What is a mortgage? It is also known as an interest rate, a beneficial lien, otherwise a protection desire that’s kept by a loan company. The fresh new lien is paid and released immediately following and then make prompt money towards identity of your mortgage, the mortgage was refinanced to evolve the brand new terms, and/or home is sold. It is extremely also known as home financing.

5 The mortgage Industry Moved Back once again to Rules Whenever using to have home financing 25 years back, four some thing have been critical: ? Job Balance ? Cash ? Borrowing from the bank ? Money Now, talking about nonetheless very important!

six How do you Qualify for Home financing for the 2014? An excellent Credit rating Bucks to close Complete Documents

seven Things to Avoid While preparing Discover A mortgage Many credit card debt Big orders (to buy an auto and other highest items) Changing perform Trying to get the brand new credit

8 Paperwork Requirements The latest documentation questioned toward a mortgage loan try to find the creditworthiness of your own representative if in case he or she is in a position to pay-off the debt. Investment documentation to help with money having deposit, closing costs, and you can supplies. Earnings files such as previous spend stubs layer a single times months and W-2 comments during the last a couple of years are typically necessary for salaried team.

9 Files Standards Cont’d To own one-man shop borrowers, more documents like taxation statements for the last couple of years and seasons up until now profit-and-loss statements are required. For S organizations and you can firms that are included, team taxation statements the past 2 years also are requisite.

10 Payment Charge Cost associated with the closing the borrowed funds Generally estimated in the 4%-6% on the buy purchases. Particular closing costs depends on fees charge in your area, just how much you are credit, the way you finance your own financial (points), as well as your closing day, we.e., in which it drops within the day. Closing costs can be found in inclusion to the down payment amount requisite.

eleven What is actually a place? A place try a charge the latest representative can decide to spend to reduce the pace. The fresh second segments may incorporate most other items to own credit rating, occupancy, using money (etc). For every single area is equal to 1% of your own loan amount in fact it is added to the entire closing costs. Users is also choose to spend activities otherwise loan providers can increase the brand new offered interest to minimize the applicable circumstances.

twelve What exactly are almost every other settlement costs? Pre-paids (escrows to possess property fees and you will homeowners insurance) County and you can regional transfer and you can recordation taxes Origination Charge Appraisal Charge (reduced exterior closure) Credit file, Ton Qualification, Taxation Solution Costs Payment Charge, eg name look and identity insurance policies, assessment costs, questionnaire, tape fees, and you can buyer lawyer charge

thirteen Perform I wanted a down payment? Not always. The financing partnership offers a no Off, Zero MI collection unique. Almost every other mortgages can be wanted a minimum downpayment off step three.50%, 5%, 10%, otherwise 20% of your own conversion rates. Specific home loan apps require money become the financing. Really the only borrowed finance have to are from a secured asset such as for example because a beneficial 401(k) bundle. Others enables you to explore something special away from a close relative to fund your down payment.

14 Earliest Mortgage Words LTV (loan-to-value) – New proportion amongst the level of the loan and complete worth of the house or property. CLTV (combined-loan-to-value) It indicates discover another home loan ()() to your property. Case changeable speed mortgage EMD Serious currency deposit GFE Good-faith estimate MI Financial insurance that’s necessary should your LTV is actually more than 80%. P/We (PITI) Dominating and desire (taxes & insurance) DTI debt-to-earnings ratio HUD-step one payment sheet explaining latest cost of buy

fifteen Version of Mortgage loans Variety of Mortgage loans Conforming as much as $417,000 Non-Compliant Jumbo Mortgages a lot more than $417,000 FHA & Virtual assistant /5 or Zero Off No MI Special (buy simply)

17 The fresh new Software 100% Resource in order to $650,000 – Zero Deposit required- Purchase Fund – No financial insurance (MI) necessary – You need Good credit, Income and you will Offers Trend – On 29 and you can 15 seasons Fixed, 3/1, 5/step 1, 7/step one and you may ten/step one Case – 95% Financial support so you’re able to $850,000 having 5% deposit Which give is bound so you can well qualified candidates. Certain restrictions get apply. Promote is true to own first Quarters Only.

18 List Low interest rates Prices have not been which reasonable once the 1971 cuatro.00%, 30 Season Fixed Conforming Rates effective * subject to transform everyday step 3.75, 20 Season Repaired 3.125%, 15 12 months Repaired What this means To you…

20 Monthly payment Shot getting a $400,000 Real estate loan Label: 31 Seasons Fixed RateP&We Percentage Matter 4.00%$step 1,910 5.00%$2,147 6.00%$2,398 Complete monthly payment (PITI) will include possessions taxation, homeowner’s insurance coverage and maybe home loan insurance policies

21 Points to consider When looking for Your residence? Venue and you can have to have have The limitation pre-accepted mortgage restrict your Realtor Family Advantage (mycuhomeadvantage)mycuhomeadvantage Your Payment Providers CU Identity

twenty-two House Virtue System Availability program because of Hook toward NASA’s banks personal loans Kingston web site 100 % free program to professionals Check latest listings from Several Checklist Provider (MLS) Receive college or university and neighborhood study Get a hold of a professional real estate professional and you will located as much as 20% of their percentage towards your settlement costs.

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23 Do you want To buy A property? Phone call NASA Federal’s 1 st Home loan Positives Very first. We can advice about an individual visit. Score Pre-Recognized And make an offer for the a house together with your agent Exactly what you may anticipate out of financial as soon as your offer try recognized and you will ratified by suppliers (securing price, disclosures, operating, underwriting) Financing Partnership Letter Settlement / Closure

24 Pointers Eradicate as often consumer debt that one may Save your self, Save yourself, Conserve to own a deposit & closing costs Never make significant orders, alter perform, or get the fresh new credit whenever you are qualifying to have a home loan Thoroughly evaluate your credit report Totally free annual credit history (annualcreditreport)annualcreditreport Play with Balance getting credit session

twenty five Investment that have NASA FCU That-End Store! Out-of looking a realtor to Money so you can Closing! Quick, Polite, Elite group Service All the way down Fees Online Products Personal Services

26 Free Personal Session Find out how much you can afford Speak about more loan choices Comment our home to invest in processes When you are not currently a person in NASA FCU as one is effortless!! Query you how.