Presentation to your motif: “Invited Real estate 101. Home buying 101 Home buying 101 Shown of the NASA Federal Borrowing Union Bert Aguilera Home loan Associate NMLS #551894 (301) 249-1800,”- Demonstration transcript:

2 Home buying 101 Real estate 101 Shown from the NASA Federal Borrowing from the bank Relationship Bert Aguilera Home loan Representative NMLS #551894 (301) 249-1800, x334

step three What’s a mortgage? Its known as a mortgage, an effective lien, otherwise a safety focus which is held by the a lending institution. This new lien is paid and you will put-out immediately after and come up with quick costs to your term of your mortgage, the loan try refinanced to alter the fresh words, or even the home is sold. It is very also known as a mortgage.

5 The mortgage Business Has gone Back to Principles When using for a mortgage 25 years back, five anything have been critical: ? Work Stability ? Bucks ? Credit ? Money Today, speaking of however important!

6 How do you Qualify for Home financing during the 2014? A healthy Credit history Dollars to shut Full Papers

7 What to Avoid When preparing Discover Home financing Plenty of personal credit card debt Major requests (to buy an auto and other high things) Switching jobs Obtaining new credit

8 Files Conditions The fresh new documentation expected for the a mortgage are to choose the creditworthiness of one’s user of course, if he could be capable pay back the debt. Investment documentation to support finance having advance payment, closing costs, and you will reserves. Earnings paperwork like previous spend stubs layer a-one day period and you can W-2 comments for the past 2 yrs are usually needed for salaried staff.

nine Documentation Standards Cont’d For one-man shop borrowers, even more papers such as tax returns during the last 24 months and year up to now profit and loss comments are needed. Having S companies and you will businesses that is actually integrated, business tax statements the past 24 months are called for.

10 Payment Charge Cost on the closure the borrowed funds Generally speaking estimated in the 4%-6% with the purchase deals. Accurate settlement costs depends on fees fees in your area, how much youre credit, how you loans their home loan (points), along with your closing day, we.e., where it falls inside the times. Closing costs come in addition with the down payment matter necessary.

eleven What is actually a spot? A place are a charge new representative can pick to pay to attenuate the pace. Brand new additional segments may incorporate almost every other activities to possess credit score, occupancy, subordinate money (etc). Each area is equal to 1% of your own amount borrowed and that’s placed into the full closing will cost you. Participants is also choose to pay things or loans in Augusta IL with bad credit loan providers can increase the fresh new offered interest rate to minimize the newest applicable circumstances.

12 Exactly what are almost every other closing costs? Pre-paids (escrows to have possessions taxation and you will homeowners insurance) County and you may local import and you may recordation taxation Origination Charges Assessment Charge (paid down external closure) Credit file, Ton Degree, Taxation Solution Charges Settlement Charge, for example label research and title insurance coverage, review fees, survey, tape costs, and you may buyer lawyer costs

13 Would I would like a deposit? Not necessarily. The financing commitment also offers a no Down, No MI collection unique. Almost every other mortgage loans is also need the very least deposit away from step three.50%, 5%, 10%, if you don’t 20% of your own conversion rates. Some home loan software require money become their finance. The sole lent money must are from a secured asset such as since the an excellent 401(k) package. Other businesses allow you to explore a present from a relative to cover your down-payment.

14 Very first Financial Conditions LTV (loan-to-value) – The brand new ratio within number of the loan and also the full property value the house. CLTV (combined-loan-to-value) This means there can be an extra mortgage ()() towards the possessions. Arm variable rates mortgage EMD Earnest money put GFE Good-faith estimate MI Home loan insurance coverage that is required should your LTV try more than 80%. P/We (PITI) Prominent and you can focus (taxes & insurance) DTI debt-to-earnings proportion HUD-1 settlement layer detailing final price of buy

fifteen Brand of Mortgages Particular Mortgage loans Conforming up to $417,000 Non-Conforming Jumbo Mortgage loans over $417,000 FHA & Va /5 or No Down Zero MI Special (get just)

17 The new Software 100% Resource so you can $650,000 – Zero Advance payment required- Buy Financing – Zero mortgage insurance coverage (MI) necessary – You desire A good credit score, Earnings and you will Deals Pattern – On 29 and you will 15 year Repaired, 3/step 1, 5/step one, 7/step 1 and you may 10/step one Arm – 95% Financial support so you can $850,000 having 5% down payment That it bring is bound so you can well qualified individuals. Specific limitations will get pertain. Provide holds true having top Residence Simply.

18 Record Low interest Cost haven’t been so it reduced given that 1971 cuatro.00%, 30 Seasons Fixed Conforming Cost productive * susceptible to alter every single day step three.75, 20 12 months Fixed step three.125%, 15 12 months Fixed What this implies To you…

20 Payment per month Take to to own an excellent $400,000 Home mortgage Term: 31 Season Repaired RateP&We Fee Matter cuatro.00%$step 1,910 5.00%$dos,147 six.00%$2,398 Total payment per month (PITI) ought to include property taxation, homeowner’s insurance and perhaps mortgage insurance

21 Things to consider When looking for Your house? Place and you may must have have Your restriction pre-acknowledged financing limit your Agent Household Advantage (mycuhomeadvantage)mycuhomeadvantage Your Settlement Team CU Term

22 Family Virtue System Accessibility program using Hook to the NASA’s site Free system so you’re able to people Examine most recent listings from the Numerous Record Solution (MLS) Receive college and you will area data Discover a professional real estate professional and you will receive to 20% of their commission towards your closing costs.

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23 Do you want To acquire A home? Label NASA Federal’s step one st Financial Gurus Earliest. We can advice about your own session. Get Pre-Acknowledged And then make a deal into the property along with your agent Exactly what you may anticipate of financial once your provide try recognized and ratified by vendors (securing speed, disclosures, handling, underwriting) Loan Connection Page Settlement / Closing

24 Guidance Cure normally unsecured debt you could Save yourself, Save your self, Save yourself to own a deposit & settlement costs Try not to make any major purchases, transform perform, or score the latest borrowing from the bank while you are qualifying to own a mortgage Very carefully take a look at your credit history 100 % free yearly credit report (annualcreditreport)annualcreditreport Play with Harmony for borrowing from the bank consultation

25 Money that have NASA FCU You to definitely-Stop Shop! Out-of finding a representative so you’re able to Capital in order to Closure! Quick, Courteous, Elite Services Straight down Charge On line Tools Individual Services

26 Totally free Private Consultation Discover how far you can afford Speak about additional loan solutions Feedback our home to invest in process While you are maybe not already a person in NASA FCU as you’re easy!! Query all of us exactly how.