The Whipple Group’s Proven
HOME BUYING SYSTEM
TABLE OF CONTENTS The Ordinary Agent
2.
Your Team Advantage
3.
Team Excellence
4.
Contact Us
5.
Meet The Team
6.
Meet Our Mortgage Lender
9.
Who We Are
10.
Success Stories
11.
The Home Buying Process
12.
Your Buyer Specialist Will/What You Can Do
15.
Our Pledge to Home Buyers
16.
The Benefits of a Buyer Specialist
17.
3 Main Reasons People Buy Homes
19.
Things You Should Know
20.
We Can Work With Any MLS Member
22.
We Can Work With For-Sale-By-Owners
22.
We Can Work With Builders
23.
Guide to Home Ownership
24.
Overview
28.
Mutual Agreements
29.
Home Buyers Guarantee
30.
Step By Step Home Buying Guide
31.
Do’s And Don’ts
58.
Glossary
59. 3
THE ORDINARY AGENT How does the single agent get anything done?
Advertising, Marketing & Internet Feedback from Showings
Runner, Post Office Trips & Office Supply Purchasing
Is The Loan Approved Yet?
Setting up Buyer MLS Searches & Scheduling Showings
Prospecting New Business
Home Brochure Design & Printing
Negotiating Contracts , Home Inspections, Settlements & Problem Solver
Deposits & Contingencies Focused Attention on Listings & Sellers
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YOUR TEAM ADVANTAGE
LISTING SPECIALIST MANAGER Listing Department Manager
DIRECTOR OF OPERATIONS Sales Management & Client Care
BUYER SPECIALIST MANAGER Buyer Department Manager
MARKETING DIRECTOR Brochures, Advertising & Publication Design
TRANSACTION COORDINATOR Documentation,Title, Escrow & Contingencies
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TEAM EXCELLENCE The Whipple Group’s Career Sales of over 322 Homes
The Ordinary Agent Sold 4 Homes This Year
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CONTACT US OFFICE
562.374.7644
Homes@TheWhippleGroup.com
BEATRIX WHIPPLE
562.972.4336
Beatrix@TheWhippleGroup.com
JENNIFER DYKEMA
562.760.2253
Jennifer@TheWhippleGroup.com
WILL HAINLEN
562.453.9016
Will@TheWhippleGroup.com
DENISSE ARANDA
562.360.4838
TC@TheWhippleGroup.com
SALLY LEE
714.337.3032
Marketing@TheWhippleGroup.com
For a quicker response on weekends, send us a text!
MEET THE TEAM
BEATRIX WHIPPLE
OWNER, LISTING SPECIALIST MANAGER & REALTOR® Beatrix Whipple has been a licensed Realtor for over 16 years. In a market that’s constantly evolving, Beatrix believes staying one step ahead is key. When selling your property, she uses systems-based models alongside technology to make certain your property reaches qualified buyers to create the highest impact with the most relevant buyers. Being a longtime resident of the Long Beach, CA area she knows first-hand knowledge of all the unique areas and vibrant neighborhoods that make up such a beautiful city.
JENNIFER DYKEMA
PARTNER, BUYER SPECIALIST MANAGER & REALTOR® Jennifer brings a strategic yet personable approach to the home buying and home selling process. She plays a vital role in property valuation, identification, negotiation and advising and guiding our clients through the precontract and escrow process. Meeting new people and helping clients find the right house to call home is her passion. Raised in Southern California, she has the experience and local know-how to help you make the best possible decisions as she understands that buying and selling is one of the biggest events in a client’s life.
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WILL HAINLEN
DIRECTOR OF OPERATIONS & REALTOR® Will Hainlen is dedicated to oversee all of the moving parts that take place during the transaction while handling the logistics to make sure crucial goals and timelines are met. As a licensed Realtor of over 10 years he compliments The Whipple Group as the Daily Operations Manager. He also fields inquires and handles showing appointments while overseeing all the details of the escrow process. Will ensures that all transactions are working seamlessly, always keeping a close eye on the process to allow no room for errors.
SALLY LEE
MARKETING DIRECTOR Sally Lee handles the marketing process of your home so your sale can reach it’s full potential. She has lived in Long Beach for over 10 years and received her degree in Graphic Design and Business Entrepreneurship from California State University Long Beach. After working in marketing departments in the real estate field on both the East and West Coasts she is equipped to give you the absolute best marketing experience that your property deserves.
DENISSE ARANDA
TRANSACTION COORDINATOR, NOTARY & REALTOR® Denisse is the team’s dedicated transaction coordinator and a licensed notary. She handles all of the paperwork and legal documentation of every transaction. Her role is to ensure that documentation and disclosures are perfectly executed, delivered and received by the deadline due. Denisse is the main point of contact for cooperating agents and their support staff, lenders, escrow officers and title companies throughout the transaction.
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MEET OUR MORTGAGE LENDER
ANDREW SOSS SENIOR MORTGAGE PLANNER, THE SOSS MORTGAGE TEAM NMLS#259002 | BENCHMARK MORTGAGE NMLS#2143 With 16+ years in the residential finance industry, Andrew has seen it all. That experience allows him the ability to provide his clients all the education needed for them to make informed financial decisions. Andrew is an avid golfer and poker player and has numerous mortgage related accolades including being named to the top 40 under 40 list by Mortgage Professional Magazine. He resides in San Juan Capistrano with his wife, Karla, and his daughter, Hadley and his son, Everett. P: 949.258.9555 | C: 408.212.1769 | assos@benchmark.us | AndrewSoss.com
Ark-La-Tex Financial Services, LLC d/b/a Benchmark Mortgage 5160 Tennyson Pkwy STE 1000 Plano,TX 75024. NMLS ID #2143 (www.nmlsconsumeraccess.org) 972-398-7676.This advertisement is for general information purposes only. Some products may not be available in all licensed locations. Information, rates, and pricing are subject to change without prior notice at the sole discretion of Ark-La-Tex Financial Services, LLC. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions may apply.
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WHO WE ARE WHY WE ARE QUALIFIED
SERVICES TO OUR CLIENTS INCLUDE
Over 16 Years of Real Estate Experience
Property valuation, marketing and selling
• Over $140 million in sales • Annual volume of 70+ transactions • Members of NAR, CAR, HAFA Certified • Zillow Premiere Team with over 150 5-star reviews • Yelp’s Top 10 Realtors in Long Beach
property, handling all print and digital aspects of advertising, identifying replacement property, liaison between finance, escrow and all parties, touring property, negotiation, coordination and guidance throughout all steps of a Real Estate Transaction.
WHY WE LOVE REAL ESTATE We sell Real Estate because we love the relationships we build. We understand how monumental, exciting and life-changing it is to buy or sell a home and we want to help to make it both memorable and joyful. Our team is dedicated to you and we treat every client like they are our only client. We’re in this for the long haul, we’re a part of your community. We know how important making the right decision is, both financially and for your best life. We are here to help you every step of the way.
We can’t wait to get to know you!
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SUCCESS STORIES
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“Beatrix and her team at the Whipple Group went above and beyond during the purchase of our first home. She helped us navigate the process with patience and was super responsive and knowledgeable. We could not have been happier with the service and would be happy to recommend the Whipple Group to our family and friends.” - M. Nguyen
“Their willingness to answer any and all questions we had throughout the entire process of getting our condo sold and trying to find a new home for us has not gone unnoticed. It has cemented, in our minds, that we will remain clients and friends with them for whatever life change arises! Thanks again from the bottom of our hearts for being everything we asked for and more.” - B. Allen
“Everyone I dealt with at The Whipple Group was professional and helpful. They made selling my loft while living across the country an easy process. They kept me informed and helped guide me through tough decisions that I always ended up feeling good about. I love Beatrix and can’t but recommend her and her team with the highest praise.” - W. Rossitter
“What impressed me the most was the knowledge of the specific local market, particularly lofts and the downtown Long Beach area. They had sold or knew details of every property/building I inquired about. They always responded almost immediately and their marketing strategies are top notch.” - R. Quinonez
“Beatrix and team are both very professional and wonderfully personable. We have bought and sold a house with the Whipple Group; both times we had very smooth experiences. In fact, Beatrix was able to sell our house before it even went to market - and at above asking price (talk about stress free!). The team are very responsive to any questions or concerns, and clearly have years of experience in the Long Beach property market. Thank you for all your help!” - S. Edson 11
INITIAL PREPARATION
Consult with buyer specialist. Buyer’s agency agreement signed
THE HOME BUYING PROCESS Fact: Most buyers find their next home in fewer than three home viewing appointments a total of twelve homes!
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Interview with lender preapproval for loan
Credit qualification
Conditional approval
ESCROW/ CLOSING Director of Operations & Transaction Specialist takes over
Escrow opens
Offer accepted! In contract
Due diligence and contingency period
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Loan underwriting/ approval
Negotiate with seller
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Loan doc signing and closing funds wired
Prospective home located. Make offer
SE
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Closing! Take possession of new home!
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Work closely with your buyer specialist to find a home that is perfect for you.
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YOUR BUYER SPECIALIST WILL... • Listen to you and take the time to find you the right home. • Supply information in local real estate practices. • Provide information about neighborhoods, community activities, school systems, shopping, medical buildings, banks, etc. • Negotiate on your behalf and act in the Buyer’s best interest. • Keep confidential all information regarding client, or any other client of Sales Agent that might also be interested in the property. • Supply you with listings that match your criteria. • Help you to find a mortgage lender that offers the best home loan for you. • Be by your side through the entire process.
WHAT YOU CAN DO • Review the listing information on homes that interest you. • Tell your buyer specialist if and when you change your requirements and need to see additional properties. • Take accurate notes and photographs of homes that interest you. • Request that your Buyer Specialist show you all of the homes in your price range. • Shop for a mortgage before you shop for a home. • Remember, your Buyer Specialist represents YOU. It is your Buyer Specialist’s goal to find you the perfect home at a price you can afford. It is important to keep an open mind and be flexible for house hunting trips. Nine times out of ten, we will find you your new home in fewer than three appointments.
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OUR PLEDGE TO HOME BUYERS • To exclusively represent your interests, the home buyer.
• To point out the strengths and weaknesses of various properties.
• To keep confidential your financial information and price intentions. Whenever available, we will share with you the seller’s motives.
• To negotiate exclusively on your behalf as the homebuyer, the best possible purchase price, terms and other pertinent conditions.
• To counsel with you to determine the type and location of property that will meet your needs.
• To offer an independent, professional written inspection of the property you select and quality home warranty as part of your purchase price.
• To diligently search for the type and location of property that meets your needs.
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• To give you our undivided trust, loyalty, and confidence.
THE BENEFITS OF A BUYER SPECIALIST LOYALTY
Always works in your best interests.
DISCLOSURE
Researches and discloses all relevant information to the buyer. Keeps the buyer regularly informed.
CONFIDENTIALITY
Will not disclose information provided by you to others without your consent.
DUE SKILL AND CARE
Aids in the negotiation of a reasonable and fair purchase price. Makes sure the purchase is completed in a timely and expedient manner.
Your buyer specialist is your own “personal shopper” and will email you all new listings as they hit the market.
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MAIN REASONS PEOPLE BUY HOMES THE AMERICAN DREAM Whether it’s your first home or your fifth home, there is a sense of pride and joy in owning your own home.
TAX ADVANTAGES Property taxes and qualified home interest are tax deductible. Consult your tax advisor for the latest information.
INVESTMENT POTENTIAL A home is likely to be your largest investment. In the long run, appreciation in the value of your home will outpace inflation. You can use the equity in your home as collateral.
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THINGS YOU SHOULD KNOW CHOOSE A HOME WITH AN EYE TOWARDS FUTURE NEEDS. Buying a home is a big investment. If you can stretch a little today to buy a home that you can grow into, do it.
ONCE YOU ARE READY TO BUY, MOVE QUICKLY. The best properties go fast. Once you have made up your mind to buy a home, be prepared to make decisions quickly. If you find the right house today, but are not ready to move until tomorrow, you may already be too late.
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NOT ALL “FIXER-UPPERS” ARE GOOD DEALS. Before you proceed, do a careful evaluation of what you will have to invest and consult with your realtor to learn what you can reasonably expect when you put the home back on the market.
SHOP WITH YOUR HEAD, NOT WITH YOUR HEART. Remember the purpose of your “needs and desires” list. Shopping for a home is an emotional process. Your heart will cost you money, use your head.
LOCATION, LOCATION, LOCATION. No home is an island, and the value of yours is affected by the homes that surround it.
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WE CAN WORK WITH ANY MLS MEMBER • As a member of the multiple listings service, we can show you any property listed by any real estate company in the state. • If you see an ad in the newspaper or sign in the yard, call your buyer specialist. Your buyer specialist will provide you with information and show you the property. • We work for you! Important: if you happen across a listing agent (the agent that represents the seller), tell them that you are represented by us. *
WE CAN WORK WITH FOR-SALE-BY-OWNERS • Homeowners trying to sell their own homes usually do so because their homes are over priced and they are hoping you will be willing to over pay. • Homeowners selling their own property will work with us if we introduce you to the property. • If you see a property that is for sale by the owner, let us contact the owner and make an appointment for you. Important: our services are often paid for by the seller! It could cost you nothing to have us help you purchase a home that is for sale by owner. *
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WE CAN WORK WITH BUILDERS • To exclusively represent your interests, the home buyer. • To keep confidential your financial information and price intentions. Whenever available, we will share with you the seller’s motives. • To counsel with you to determine the type and location of property that will meet your needs. • To diligently search for the type and location of property that meets you needs. • To point out the strengths and weaknesses of various properties. • To negotiate, exclusively on your behalf as the home buyer, the best possible purchase price, term and other pertinent coiditions. • To offer an independent, professional written inspection of the property you select and quality home warranty as part of your purchase price. • To give you our undivided trust, loyalty and confidence.
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HOME SEARCH STEP 1: CHOOSE AN AGENT Decide who you would like to represent you as a realtor. Your “agent” is your realtor and you should determine right away whom you want to work with. An agent puts a lot of time and effort into finding a home for you and the relationship should be an exclusive relationship. An agent will do a lot of the legwork of finding you the right home and you should feel comfortable with this person, as you will be spending a lot of time with them during the life of your escrow. You should feel that your agent is honest, dependable and experienced.Your agent will call other agents on your behalf about properties and negotiate on your behalf. Your agent has a fiduciary duty to represent your best interest and if you interact with another agent during your home buying process, you should make it clear that you are already represented. This will avoid a lot of potential miscommunication. The seller pays your agent’s commission from the proceeds of the home sale and the buyer is not responsible for paying their agent’s fees. In return, it is expected that you remain loyal to your agent and in an exclusive agency relationship.
STEP 2: GET PRE-APPROVED Talk to a lender to first determine what purchase price you qualify for, and what purchase price you’re comfortable with, in terms of monthly payments. Once the home has been identified, you will need a lender pre-qualification letter in order to submit your offer. It’s best to get these items finished prior to an offer to best understand how to work within your budget. Your agent should be able to refer a lender or two, who they have worked closely with in the past. A lender can also de-mystify the various loan programs available, whether you have the minimum (0-3%) or a down payment, or a larger sum available to you, a lender can help you determine the best use of your funds towards a home purchase. A lender can also help calculate fees and dues which are sometimes missed in the budgeting of the purchase such as property taxes and home owner’s association dues.
PRE-APPROVAL LOAN PROGRAMS Many buyers are applying for a loan and obtaining approval before they find the home they want to buy. Here’s why... You minimize the trauma of not knowing whether or not you qualify. Once qualified, you look at the right-priced homes. You save money dealing with a comfortable seller. A pre-qualified buyer is a stronger bidder. You close more quickly.
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STEP 3: CLOSING COSTS Closing costs are costs associated with the purchase of a property, separate from the down payment. Closing costs will be determined by your lender and are made up of several things, such as prepaid interest on your loan, prepaid property taxes, escrow fees, title fees and lender fees. Once we are in escrow on a property then exact amount of closing costs can be determined by your lender because they’ll have the exact escrow fees.
EXPLANATION OF CLOSING COSTS APPRAISAL FEE: This fee pays for the house to be professionally appraised. Paid prior to closing. WIRE TRANSFER FEE: This is only applicable to some loans. RECORDING FEE: This is the fee associated with recording the transaction. COURIER FEE: Sometimes your lender will be required to courier documents to obtain final signatures. LENDER’S PROCESSING FEE (VARIES SLIGHTLY): This is the profit that your Lender makes for putting the transaction together. Also, some of this fee goes to pay the processor for packaging your documents. HOME INSPECTION: This is paid to the home inspector at the time the property is inspected. Paid prior to closing. ESCROW & TITLE COMPANY’S CLOSING FEE: This is the fee that the Title Company charges for preparing the closing documents and to actually facilitate the closing of the transaction.
STEP 4: OFFER / NEGOTIATING THE CONTRACT THE OFFER: When the offer is presented, review each section of the purchase contract. Your buyer specialist will go over every detail of the purchase contract with you. They will be sure that you fully understand the terms and possible counter offers. Pay attention to a few important details: When is the closing scheduled? When can you take possession? Which deadlines are important and/or required by the seller? PRICE: This is where your buyer specialist will be of great assistance to you. They will assist you in getting a fair price on your new home, with minimal risk of losing the contract. Take a cooperative approach and keep an open mind. Be willing to be flexible. Don’t be afraid to ask your buyer specialist for advice.
Important: We help with negotiations, but we are not real estate attorneys. If you have any reservations about the purchase contract, it is in your best interest to have an attorney review it for you. *
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ESCROW STEP 5: HOME INSPECTION / PROTECTION PLANS HOME INSPECTION: WHAT TO EXPECT YOUR HOME INSPECTION IS AN IMPORTANT PART OF THE CLOSING PROCESS. Refer to your purchase contract to see how many days from acceptance to have the home inspected. Usually it is between ten and seventeen days. Be sure to schedule the inspection well within the timeframe. We advise you to attend the entire inspection. So be sure that you schedule accordingly. We would be happy to recommend a great home inspector for you. It is up to you to select your home inspector. Use Yelp.com or ask us for a referral. The purpose of the home inspection is to have a professional take a look at not only the major mechanicals of the home (furnace, A/C, plumbing, roof, and electrical), but also to look at things like the dishwasher, windows, foundation, and even the kitchen sink. A good inspector will spend approximately two to three hours inspecting a home or condo, even if it is in good condition. You can expect the inspector to look at everything from the outside in, including the roof all the way to the attic, and down to the crawlspace or basement. Remember to take notes and ask questions! This will be your new home. Now is the time to learn all you can. What kinds of things should worry you? Comfort level is a somewhat personal thing, but keep the following in mind when we talk about asking the seller to fix anything. • Major mechanicals are the most important and most likely to be fixed by the seller if necessary. • Decorating and/or personal preference or improvement items are not likely to be addressed by the seller. • Minor concerns could go either away, like broken window seals, leaky faucets, downspouts, etc. Remember that the price you are in contract for can be a factor, i.e. If you get a great price on the home because it needs work. Do not expect the seller to fix too much before you close.
HOME PROTECTION PLANS AS AN ADDITIONAL BENEFIT, WE WILL HAVE THE SELLERS PROVIDE A HOME PROTECTION PLAN FOR YOU. Coverage is for one year and includes: • Central heating system • Electrical central air system
• Plus other optional coverage • Interior plumbing
• Built-in appliances • Electric pool equipment
If the home you choose does not have a home protection plan, you can purchase coverage yourself. Our buyer specialist will provide you with the information on available plans.
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STEP 6: CONTINGENCIES Contingency periods are built-in safeguards for the buyer which are built into the purchase contract.The contingency period is the 17-day period the buyer has to do their due diligence inspections and reviews. Per the contract, the earnest money deposit is refundable until the buyer has signed off on all contingencies. You sign off on contingencies in writing with your agent. Unless a contingency is signed off, it remains intact, even if the time period passes to release the contingency. Removing a contingency essentially says “I’m comfortable with the information I’ve just gotten on this home, I’m ready to take the next step forward”. While your agent works escrow and the seller’s agent to get all of the reports and information together for your review, your lender is also working to finalize the loan approval. Part of the approval process is getting the property appraised. This will also be an out of pocket expense. An appraisal will cost between $500-$600 and if there is a loan involved with the purchase, the lending bank will require an appraisal to make sure the property value meets the purchase price. This appraisal coming in at value is one of the built in contingencies of the purchase contract. Examples of the different contingencies are: home inspection contingency, seller disclosure contingency, appraisal contingency and loan contingency. As you progress through escrow and conduct inspections of the property, read HOA documents (provided by escrow, if applicable to the property) and receive loan approval, you’ll remove contingencies as you move forward.
CLOSING STEP 7: FINAL LOAN CONTINGENCY & APPROVAL Once you’ve received conditional loan approval, it’s time to release the loan contingency! With all the contingencies removed, the escrow is in the home stretch. NOTE: Because all contingencies are removed from this point on, if you try to cancel escrow, the seller may be entitled to keep your deposit as liquidated damages. Do not release a contingency until it has been satisfied, or your agent advises you to do so.
STEP 8: LOAN DOCS & CLOSING FUNDS Once you have has final loan approval and the “clear to close”, the lender will issue your loan docs. This is the next to last step in the purchase process and you’ll sign loan docs at the escrow office, your lender’s office or a mobile notary will come to your work or home to sign you. Escrow will also; at this time give you a final statement of money due to escrow for the balance of the down payment and closing costs.You’ll wire this the same way you wired your deposit. Once docs are signed, escrow will send them back to the lender for review. Review can take from 24-48 hours. The lending bank may ask for additional documentation for the final review. As lending guidelines become more stringent, it’s not uncommon for the banks to ask for more and more documentation. You should provide the lender with any documentation requested as quickly as possible to make sure the loan moves along smoothly. Once the bank has reviewed the loan docs, they’ll fund the loan. Once the loan has funded, the deed to the property will be recorded in your name. The confirmation of the recording is the official close of escrow! Your agent will receive the final paperwork from escrow, and often times there is a check for you for reimbursement of any extra monies that the escrow company built into the closing costs. Once escrow has closed, the transaction is finished!
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OVERVIEW TIME PERIODS • Deposit must be in escrow within 3 calendar days of acceptance • First set of contingencies due to be released 17 days after acceptance* • Loan contingency to be released 21 days after acceptance* *
Unless otherwise agreed in writing on the contract or counter offer
OUT OF POCKET COSTS • Home Inspection: $250-$450 • Appraisal: $500-$600 • Condo Certification if purchasing in a condo community: $150-$250
IMPORTANT THINGS TO REMEMBER! • Do not acquire any new or extra debt during this process, it’ll affect your loan approval • Do not quit your job or start a new job without first discussing it with your lender • Do not spend your down payment before it’s due in escrow
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MUTUAL AGREEMENT AS YOUR BUYER SPECIALIST, WE WILL: • Use our best efforts to find the home that meets your needs. • Commit our time and resources to find exactly what you want. • Continue to search for a home for you until we find exactly what you want or you tell us to stop looking. • Focus the energies of our entire office to find your next home.
MUTUAL AGREEMENT WE ASK YOU TO: • Let us know if your plans change. • Tell us if you want to look at a home listed with another broker, builder, or for sale by owner. • Tell us what you like and dislike about each home we show you. • Work with us until we find the right home for you. • Sign the buyer’s agency agreement.
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HOME BUYERS GUARANTEE If after six months of living in thehome you purchased through our team you are not 100% satisfied, we will sell it for Free* What could be better reassurance than that? *
Some restrictions apply.
We can offer this guarantee because we are confident that you will love your new home!
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STEP BY STEP HOME BUYING GUIDE Congratulations, you’ve taken the first step and decided to buy a home! Use this journal to keep track of your home buying search. There is a place for you to take notes about your mortgage and the houses you want to see and the ones you see in person. You will also find graph paper, note paper and a real estate glossary.
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Address: Square footage:
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# of Bathrooms:
IT’S THE ONE! IT’S PERFECT!
Address: Square footage:
Price:
IT’S THE ONE! IT’S PERFECT!
Address: Square footage:
# of Bathrooms: IT’S THE ONE! IT’S PERFECT!
Address: Square footage:
Price:
# of Bedrooms:
Price: # of Bathrooms: IT’S THE ONE! IT’S PERFECT!
NOTES & REMINDERS:
NOTES & REMINDERS:
NOTES & REMINDERS:
VISUALIZE & PLAN YOUR NEW HOME!
VISUALIZE & PLAN YOUR NEW HOME!
VISUALIZE & PLAN YOUR NEW HOME!
VISUALIZE & PLAN YOUR NEW HOME!
RESOURCES Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Use this section to write down referrals for contractors, inspectors and anyone house-related that you may need. Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
Company: Website: Contact: Phone: Email: Notes & Reminders:
DO’S & DON’TS DO... House hunt with a pro. Stay with your current employer. Job history is important. Keep your spending in check. Stay current and make payments on time. Keep good records of all your transactions for your loan.
DON’T... Don’t just get pre-qualified for a mortgage, get pre-approved. Don’t max out credit cards, close accounts, consolidate debt or pay off collections without talking to your lender first. Don’t place untraceable funds into your bank account. Don’t make any big purchases over the next couple of months or apply for any new debt until after closing.
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GLOSSARY Adjustable Rate Mortgage (ARM): A mortgage that provides for periodic changes in the interest rate, based on changing marketing conditions. Amortize: To liquidate or extinguish (a mortgage debt, or other obligation), especially by periodic payments to the creditor or to a sinking fund, to write off a cost of (an asset) gradually. Annual Percentage Rate (APR): the annual rate of interest; the total interest to be paid in a year divided by the balance due. Appraisal: The act of estimating or judging the nature or value of something or someone. An estimate of value, as for sale, assessment, or taxation; valuation. Closing: The final step in property purchase where the title is transferred from the seller to the buyer. At closing the seller receives payment for the property. Also known as settlement. Closing Costs: Fees charged to a purchaser by a bank, lawyer, etc. For services related to a sale, a title search, an appraisal, etc. Any expenses over the purchase price of a house, land, etc., that is paid by the purchaser or seller at the completion of the sale. Closing disclosure: A closing disclosure is a five-page form that provides final details about the mortgage loan you have selected. It will be sent prior to closing and the initial document must be signed 72 business hours before closing. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage (closing costs). Contingency: A clause in a purchase contract outlining conditions that must be fulfilled before the contract is executed. Both buyer and/or seller may include contingencies in a contract, but both parties must accept the contingency. Conventional Loan: A private sector loan, one that is not guaranteed or insured by the U.S. Government. Deed: A writing or document executed under seal and delivered to effect a conveyance, especially of real estate. Disclosures: The release of relevant information about a property that may influence in the final sale, especially if it represents defects or problems. “Full disclosure” usually refers to the responsibility of the seller to voluntarily provide all known information about the property. A seller found to have knowingly lied about a defect may face legal penalties. Earnest Money: Earnest money is required at the time your purchase contract is accepted. It goes into the broker’s trust account and is looked upon as a ‘deposit’ on the house. It helps the seller feel that you are serious about the purchase. You will receive your earnest money back at closing and may use it toward your closing costs and/or down payment. It is a provision of your contract that the broker receives your earnest money at the time of final signatures.
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Easement: A right held by one property owner to make use of the land of another for a limited purpose, as right of passage. Escrow: A contract, deed, bond or other written agreement deposited with a third person, by whom it is to be delivered to the grantee or promisee on the fulfillment of some condition. Fannie Mae (FNMA): A federally-chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential home buyers. Federal Housing Administration (FHA): Provides mortgage insurance on loans made by FHAapproved lenders throughout the United States and its territories. FHA insures mortgages on single family and multifamily homes including manufactured homes and hospitals. Fixed-Rate Mortgages: A home mortgage for which equal monthly payments of interest and principal are paid over the life of the loan, usually for a term of 30 years. Freddie Mac: Federal Home Loan Mortgage Corporation (FHLM); a federally chartered corporation that purchases residential mortgages, secures them, and sells them to investors; this provides lenders with funds for new home buyers. Lien: The legal claim of one person upon the property of another person to secure the payment of a debt or the satisfaction of an obligation. Origination Fee: A fee charged by a lender for evaluating and processing a loan application, usually a percentage of the face value of the loan. PITI: Principal, interest, taxes and insurance. Promissory Note: A written promise to pay a specified sum of money to a designated person or to his or her order, or to the bearer of the note, at a fixed time or on demand. Rate Lock: A commitment by a lender to a borrower guaranteeing a specific interest rate over a period of time at a set cost. Title: In property law, a title is a bundle of rights in a piece of property in which a party may own either a legal interest or equitable interest. The rights in the bundle may be separated and held by different parties. It may also refer to a formal document, such as a deed, that serves as evidence of ownership. Title Insurance: Insurance protecting the owner or mortgagee of real estate from lawsuits or claims arising from a defective title. Underwriting: The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower’s credit history and a judgment of the property value. Definitions provided by Dictionary.com
T h e W h i p p l e G ro u p. c o m 2883 E. Spring Street, Suite 100 | Long Beach, CA 90806 | 562.374.7644 | Homes@TheWhippleGroup.com
| DRE#01355505 | DRE#01917184