About Us
About Element Funding a division of Primary Residential Mortgage Founded in 1998, PRMI is a nationwide lender licensed in 49 states with a funding capacity of one billion dollars. Since 2001, they have maintained an average annual volume of nearly five billion dollars and provides an exceptionally strong foundation. Element Funding, the top division year after year, provides customers with cost A DIVISION OF PRIMARY RESIDENTIAL MORTGAGE INC
benefits, purchasing power and financial stability. Element Funding is one of the South Florida’s fastest growing mortgage lenders. As a well- capitalized, full-service mortgage banker, Element offers conventional, VA, FHA, USDA and other mortgage products to best fit your needs. Element Funding works with top builders and agents throughout the South Florida area and assists customers by providing fast approvals, competitive rates and a smooth home financing experience.
Core Values
• Integrity in the loan process • Innovation in products, programs and services • Support for our partners • Caring for the communities we serve • Exceptional customer service
Your Satisfaction
Built upon trust, commitment and dependability, we are dedicated to creating an enduring relationship with you and meeting your needs. As your partner in home financing, your ultimate satisfaction is very important to us.
The Difference
We offer you a skilled team of mortgage experts. • Upfront underwriting within 48 hours of loan submission • Processing and closing within the branch • Operations team together for more than 20 years • Fast closings • Great rates
About Us
At Element Funding, we’re dedicated to giving each customer a great experience. Determining the best financing options for our clients means understanding them at the LOCAL level. Which is why Element Funding is dedicated to hiring local home Loan Originators at each of our unique branch locations. Our team has decades of combined experience in the mortgage industry and can help your clients reach their shortand long-term goals. Our local specialists have the resources of a huge national mortgage company and the friendly attitude of your neighbors. We know the area and the market, and we’re invested in our community.
About Us Element Funding Fl Keys Tavernier Business Center Suite 201 Tavernier, FL 33070
About Us
A DIVISION OF PRIMARY RESIDENTIAL MORTGAGE INC
The Difference Direct Lender/ In-House Process
In-House Underwriting means faster loan approvals and higher pull through from dedicated, local decision makers. Our mortgage process gets originated, appraised, underwritten, processed and funded ALL at the local level.
Communication
We communicate throughout the loan process, explaining it clearly, while educating you on the product choices that fit your individual needs. Agents receive text/email alerts throughout the loan process!
Experience & Integrity
Over 100 years of combined residential lending experience, Element Funding will seamlessly guide you through the home buying process.
Technology
Our customers will experience a paperless Online mortgage application process where they can link tax returns, pay stubs and asset statements without having to deal with scanning or faxing.Weare a paperless Mortgage Lender!
“A High Powered Mortgage Company With A Hometown Feel”
About Claire
Claire Montang
Loan Originator | NMLS# 1658906 91760 Overseas Highway, Suite 201 Tavernier, Florida 33070
Relocating to the Florida Keys as a baby and having the opportunity to grow up in a small, close-knit community has shaped Claire Montang into the hardworking woman she is today. Having been raised by a single mother who owned her own business, Claire knows the true value of accountability and professionalism. In addition to being a member of the local Rotary Club, Claire has been working in the service industry since she was 15 years old. Her passion for helping people drove Claire to become a Mortgage Loan Originator. With her personable demeanor and focus on delivering value, Claire strives to help every individual she serves understand the loan process and make it as stress-free as possible. Delivering the best mortgage product tailored to the individual’s needs is top priority for Claire.
Mobile: 305.916.8485 Office: 305.249.1449 cmontang@elementfunding.com www.elementfundingkeys.com @missmortgageloans
Meet Our Team
Claire Montang
Loan Originator | NMLS# 1658906
Daren Loewinger
Branch Manager | NMLS# 108544
K e r r y A n n Sansom Processor
Kenny Roche’
Sales Support| NMLS# 1025160
Daisy Rivera Processor
Loan Products Our wide selection of loans helps you win with every client. We offer full-service lending support from start to finish, updates throughout your transactions, great underwriting turn times, and a wide selection of loan products to match your clients with the perfect loan for them!
FULLACCESS TO THE MOST PRODUCTS Conventional: The “traditional”
Jumbo: For larger loan amounts up to $4
Niche-Portfolio
Investment: For those looking to finance
loan. Low rates, down payment as low as 3% down. Direct seller/servicer to both Fannie Mae and Freddie Mac.
• • • • • •
Bank Statements to qualify Self- Employed options Non-Warrantable Condo's Condo-tel Dedicated Condo desk Qualify using Assets only
million. Dedicated underwriting for Chase, US Mortgage and other leading Jumbo lenders.*
property that they don’t plan to occupy, and will rent to others. Can qualify simply off the property rent-roll and avoid submitting tax returns.
PRMI Choice:
Special financing
for FICOS® between 500 and 580.***
FHA: A great government-backed loan for first-time home buyers or those with higher debt to income ratios.
VA: A product tailored to individuals who are
Refinance:
TBD Approvals: We offer our buyers
For individuals who currently own a property and are looking to either improve their financial situation or take out cash from their property’s equity.**
serving/have served in the military. No down payment required for these Veterans.****
the opportunity to submit their files to be underwritten and approved and even locked in prior to identifying a property. This will allow them to make the equivalent of a Cash-Offer!
*Limited availability in some areas. **When it comes to refinancing your home loan, you can generally reduce your monthly payment amount; however, total finance charges, may be higher over the life of your mortgage loan. ***FICO® is a registered trademark of Fair Isaac Corporation. ****VA home loan purchases, have options for 0% down payment, No private mortgage Insurance requirements, competitive interest rates, with specific qualification requirements. VA Interest rate reduction loans (IRRRL) are only for Veterans who currently have a VA loan, current loan rate restrictions apply, and limits to recoupment of costs and fees apply. VA Cash-out Refinances are available for Veterans with or without current VA loans. Policies and guidelines may vary and are subject to the individual borrower(s) qualification. Program and Lender overlays apply. Element funding is a Division of Primary Residential Mortgage Inc. PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend.
Featured Niche Programs Flex Select PRIME
2 MOS, 12 MOS & 24 MOS Personal or Business Bank Statement • 660 Minimum FICO • 90% LTV to $1.5 Million, No Mortgage Insurance Required • 6 Months Reserves • 2 Months Bank Statements Up to 90% LTV • Asset Utilization to 90% LTV • VOE Only • Max Cash Out $1M • Max DTI 50% • Purchase/Second Home/Investment • 1099 Only with YTD Paystubs • ITIN Loans to 90% LTV • Qualify at 40-Year Amortization • Debt Consolidation to 85% LTV • Interest Only to 90 LTV • P&L Only
Featured Niche Programs Flex Investor DSCR Debt-Service-Coverage-Ratio
• Subject Property Rental Income used to Qualify • 600 Minimum FICO • Single Family/2-4 Units/ Warrantable & Non-Warrantable Condos/ Condotels • Max 80% LTV • First-Time Investors Allowed • Stabilize Payment with IO Option • Gift Funds Allowed • Condotels
Loan Products Non-Warrantable Condos The demand for condos is increasing and getting approved for a loan is easy when you work with us! • Up to 90% LTV • Credit scores starting at 620 • Loans up to $3 million • Up to 100% investor concentration • New construction: minimum 25% sold & closed Up to 50% DTI • High and low rise condos acceptable • Owner-occ, 2nd homes, & investment properties No MI required • No HOA Reserves required (lower LTVs)
Loan Products One-Close Construction Eligible property types •1 unit site-built homes •Terms of 15 and 30 years •Planned unit developments •Fixed rate •Modular homes (constructed in •Max LTV up to 89.99% sections off-site, but when installed •Loan amounts up to $548,250 •Conforming one-time close 9at the site takes on the month construction term program characteristics of a site-built home) allowing payment of interest only •Site condominium (detached), during construction must be fee simple interest for land and dwelling •Properties where construction has already begun •Confirmation is required that Flagstar's first lien position is insurable by the title insurance provider for all construction completed prior to the closing of the loan Features & benefits
Loan Products JUMBO One-Close Construction • 85% LTV on jumbo loan amounts up to $1 million • 80% LTV on jumbo loan amounts up to $1.5 million • One-time close 12 month construction term program allowing for payment of interest only during construction • Teardowns and major renovations on existing homes
Reviews Claire was a true professional and made me feel comfortable in the process from start to finish. Highly recommended to anyone looking for assistance in finding financing options. Secured a great rate for me to! Thank you Claire! J. Timmins Wonderful team and experience in purchasing our new home. Everything was on time and couldn’t have been more professional and thorough. E. Brown
We were a first time buyers and The Element Funding team did a great job on getting our home by helping us in every step on the way. We are thankful to have them as our lender. Thank you very much to make our dream come true. L. McKenzie We were very nervous about purchasing our first home and we had MANY questions but our team at Element Funding were always available to answer our questions and respond in a timely manner. Thank you for making such a big decision so easy for us!! J. Wright
We really appreciate how professional Claire was and how quickly any issues or concerns were addressed. The process was extremely smooth and the Tuesday updates were great!. If we hear of anyone needing your services, we will definitely be referring them to you. Thanks for everything! M. Stearling I was impressed with your fast turnaround in the underwriting process. I think the fact that your website allowed for uploading helped tremendously. F. Wallace
Claire was diligent, responsive at all hours and days and genuinely cared about making this work. She answered all questions and followed up promptly. I'd recomend her to anyone! L. DeAngelo
OPEN HOUSE SIGN-IN 90 NORTH BOUNTY LANE, KEY LARGO, FL 33037
RACHEL WALTERS
Global Real Estate Advisor m (305) 942-8767 rwal1 ters@oceansir.com
Y'S CLAIRE MONTANG
Loan Officer Outside Sales NMLS# 1658906, FL License: ML0.74772 m (305) 916-8485 cmontang@elementfunding.com 81545 Old Hwy, lslamorada, FL 33036 Branch NMLS# 2258899 element FUNDING,
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Application Checklist
L o a n Ap p l i c a t i o n Documents N ee ds List
ALL BORROWERS:
• W-2’s for last two years • Most current paycheck stubs • Checking and Savings account statements to include all pages even if blank (last 2 months) • Quarterly or semi-annual statements for checking, savings, IRA’s, CD’s, money market funds, stocks, 401K, profit sharing etc. • Copy of fully executed sales contract • Employment history for last two years • Residency history for last two years complete with landlord or mortgage company contact information • Canceled earnest money check when it clears • Social security card and driver’s license for all borrowers and non-purchasing spouse • Tax returns from the past two years • Copy of Note, Deed of Trust,Settlement Statement, and Survey if refinancing. • Any assets used for down payment, closing cost, cash reserves, and large deposits must be documented by a paper trail. • Copies of sold properties if paid off mortgage in last two years
SELF EMPLOYED BORROWERS:
• Copies of most recent 2 years tax returns with all schedules including K-I’s if applicable • Current profit, loss statement, and balance sheet • Copy of corporate/partnership tax returns for most recent 2-year period if owning 25% or more of company-copies of W-2’s and/or 1099 forms
MISC. REQUIRED DOCUMENTS:
Agreement if financed by employer, i.e.buyout agreement plus documentation outlining company, and paid closing costs benefits • Previous bankruptcy, need copies of petition for bankruptcy and discharge, including supporting schedule • Divorce Decree signed by judge if applicable • Documentation supporting moneys received from social security/retirement trust income, i.e. direct deposit bank statements, awards letter, evidence of income •
DOCUMENTS FOR VA LOANS:
• Original Certificate of Eligibility and copy of DD214 • Certificate of Release or Discharge from Active Duty • Name and address of nearest living relative
Moving Checklist MOVING DAY START TIME Book truck and/or movers Arrange child care for day of move Arrange pet care for day of move
PACKING Purchase and/or collect boxes Get bubble wrap, newspaper/ tissue and packing tape Print labels for boxes or have a thick black marker on hand Collect giveaway items to donate Purge unneeded items Keys Stanley Knife PERSONAL ITEMS Daily medications Toiletries First aid kit Baby needs Pet needs Change of clothes Phone chargers Radio HOUSEHOLD Toilet Paper Soap (dish, laundry, etc.) Cleaning kit Bed linen Towels Pillows
CHANGE ADDRESS Post office Government Veterans Administration Library Friends and Family Banking (order new check book) Insurance Doctor Dental School Place of Employment Cell phone Credit Card Subscriptions (magazine, newspaper etc.) SERVICES TO DISCONNECT AND/OR TRANSFER Cable Internet Phone Electric Alarm Gas Water Sewer Trash & Recycling Toll Pass
CONTACT Lawyer Accountant Broker Hair Stylist Dry Cleaner House of Worship REGISTRATION Driver’s license Vehicle registration Electoral roll Medicare Organ donation register Loyalty program CLUBS Health & fitness County Club MISCELLANEOUS Cleaning arrangements Change locks on new home Schedule needed maintenance Save all moving receipts Meal plan for first few days
Don’t Do List
Don’t Do List
DON’T DO LIST
A GUIDE TO PREVENT LOAN DELAYS AND POSSIBLE REJECTION
1
6
DON’T make large non-payroll deposits without checking with your Loan Originator.
DON’T use credit cards excessively, let your accounts fall behind, or increase credit limits.
2
7
DON’T open a different bank account.
DON’T apply for any new credit accounts.
3
8
DON’T change jobs, become self-employed, or quit your job.
DON’T buy furniture or appliances.
4
9
DON’T take any unpaid time off.
DON’T buy a car, truck, van, or other type of vehicles.
5
10
DON’T spend money you have set aside for closing.
DON’T co-sign a loan for anyone.
Frequently Asked Questions Top 10 Mortgage Questions Answered W HAT IS A PRE-APPROVAL LETTER AND W HY SHOULD I GET ONE?
The lender issues an approval that states the lender agrees to provide a mortgage to a homebuyer. Commitment letters help you set realistic goals while your house hunting, provide the same negotiating ability as a cash buyer, and enable you to move quickly once the perfect home is found.
WHAT DOES IT MEAN TO WAIVE ESCROWS?
When you waive escrows, you take the responsibility of paying your taxes and insurance rather than having them included in your monthly payments. Waiving escrows may add a small fee to your closing costs. You can only waive escrows on Conventional loans and when the loan to value is 80% or less.
HOW DOES FOR SALE BY OWNER (FSBO) WORK?
Homeowners trying to sell their home without agent representation are hoping to save on commission costs. Most times the homeowner will work with an agent since the agent is introducing a potential buyer to the property.
W HAT IS PITI?
PITI is the principal and interest on the loan, plus the monthly amount for property taxes and insurance(the componentsof a monthlymortgagepayment). This combined figureis used for determining a payment you may be able to afford.
W HAT ARE POINTS OR ORIGINATION FEES?
One point is equal to 1% of the loan amount. Points and origination fees are to buy down the interest rate and are tax deductible on purchase transactions.
W HAT IS PRIVATE MORTGAGE INSURANCE AND IS IT MANDATORY?
PMI is insurance required to cover the lender on a Conventional loan should the borrower default on the home. Eliminate PMI by having a down payment of at least 20% or by obtaining a second lien with an 80-10-10 or 80-15-5 program from another lender. Second lien programs result in two separate payments, one per lender.
W HY DID I RECEIVE LOAN ESTIMATE AND CLOSING DISCLOSURE FORMS?
The Loan Estimate form received within three business days after submitting a loan application will help consumers understand key features, cash to close, monthly payment, and mortgage related risks. The Closing Disclosure form provided three business days before the closing date will help consumers understand and verify the cost of the transaction.
W HAT IS THE DIFFERENCE BETWEEN FHA AND VA LOANS?
The Federal HousingAdministration guarantees an FHA loan. FHA issues specificguidelinesfor mortgages. The Veterans Administration guarantees VA loans. VA loan borrowers must have served in the Armed Forces.
WHAT INSPECTIONS DOES THE LENDER REQUIRE?
A termite report is required on VA appraised transactions. Any infestations must be treated. If the Appraiser mentions or recommends repairs in the Property Appraisal, full repairs will be required before closing.
W HEN WILL I FIND OUT MY FINAL TOTAL COST TO CLOSE?
The lender willprepare the Closing Disclosuredetailingthe closing figures. After reviewing this statement,you will know your cash to close.
Thank you for the opportunity!
A Touch Above The Rest...
Claire Montang
Loan Originator | NMLS# 1658906 91760 Overseas Highway, Suite 201 | Tavernier, Florida 33070 Mobile: 305.916.8485 | Office: 305.249.1449 cmontang@elementfunding.com www.elementfundingkeys.com @missmortgageloans