A GUIDE TO
home loans
WHY WORK WITH US? You will be working with a small team that can handle inquiries quickly and efficiently. We know the local market. We are closer to the decision makers with the authority to approve your loan. We have a transparent process and we will not overpromise and under deliver. We are your dedicated team of experts available not just during traditional “banking hours” but evenings and weekends when most people spend the time on the homebuying process. We understand that the bulk of the process of purchasing and financing a home does not take place during a working hours. We are available to help facilitate, answer questions and provide information during the critical periods of purchasing a home. We work directly with your Realtor to ensure a smooth and as stress-free transaction as possible.
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If you’ve been thinking about buying a home, congratulations! Most likely, it’s the biggest purchase decision that you’ve ever made. When it comes to home financing, it goes without saying that you need to trust your Loan Officer to provide expert and timely advice, moving you through each step of the loan process with clear guidance and a friendly hand. With 20+ years of success in financial operations and a passion for serving customers, you can count on Umpqua Loan Officer, Jennifer Prinz, to deliver knowledgeable, white glove loan services, every step of the way. Before you make an offer on a home or property, you’ll need to be pre-approved for a home loan, which is where Jennifer steps in to assist. She’ll work closely with you from the beginning to determine how much you qualify for, taking into consideration your mortgage payment, down payment, and closing costs, making sure you know just what you can afford when searching for your dream house. Being pre-approved with a reputable lender shows the seller that you’re serious about buying. After reviewing your employment, assets and credit history Jennifer and her team will assess how much you qualify for and will provide you with a preapproval letter. Once this is complete, you’re ready to go! One last bit of advice Jennifer offers to her homebuying clients is that it’s important for you not to apply for any new credit once your loan is submitted, as this may change the loan decision. Now relax, knowing you’ll have skilled professionals like Jennifer with you to help every step of the way!
JENNIFER PRINZ | Home Loan Officer Home Lending NMLS #2118801 call or text: 206.550.0364 e: JenniferPrinz@UmpquaBank.com UmpquaBank.com/Jennifer-Prinz |2
money talk GETTING AHEAD OF THE GAME There are a wide variety of loan programs available to buyers. Together, we’ll walk you through the entire process. Most loan programs require you to verify all of your income sources. Your mortgage consultant will let you know what documentation is needed. There are three factors that help determine what kind of home financing that you qualify for:
YOUR INCOME YOUR ASSETS YOUR CREDIT HISTORY All lenders review a borrower’s credit history to determine the type of credit used, the amount owed and the borrower’s history of repaying debt. It’s also a good idea to get preapproved for a mortgage before you start your home search, helping you narrow your home search to a price range that’s comfortable for you. Also, being preapproved makes for a stronger offer in the eyes of sellers.
The required down payment varies according to the loan program. There are several affordable options for borrowers. Closing costs are associated with finalizing the transaction and include the appraisal fee, loan origination fee, title insurance, escrow services and legal recording of documents. Each loan is different, so it is important to discuss these fees.
INSURANCE
covering you Homeowner’s or Hazard insurance protects the property in the event of a loss such as a fire. Flood insurance is required if the home is located in a flood hazard area. Specific requirements depend on the property type and may also be required for detached structures on the property. Private Mortgage Insurance may be required when the down payment is less than twenty percent (20%) of the purchase price. Borrowers may be able to cancel Private Mortgage Insurance in the future based on certain criteria. Minimum FICO requirements and debtto-income ratios apply. Montly mortgage insurance payments will reduce each year as the outstanding loan balance decreases.
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start MEET WITH YOUR UMPQUA LOAN OFFICER FOR PRE-APPROVAL
UMPQUA PROVIDES LOAN DISCLOSURES
YOU TRACK DOWN AND PROVIDE ALL REQUIRED DOCUMENTATION
UMPQUA ORDERS A HOME APPRAISAL
THE LOAN PROCESS
at a glance
DOCUMENTS ARE SENT TO THE TITLE COMPANY FOR REVIEW AND SIGNING
DOCUMENTS SUBMITTED TO UNDERWRITING UNDERWRITER APPROVES THE LOAN
YOU SET UP HOMEOWNER’S AND OTHER RELEVANT INSURANCE
YOU SIGN DOCUMENTS WITH THE TITLE COMPANY AND PAY ANY ASSOCIATED COSTS
home at last THE LOAN IS RECORDED AND KEYS ARE EXCHANGED
closing tips Financial status changes can impact your credit and thus, the loan process. This includes changes to job status or applications for a credit card or car loan. Make sure you keep us appraised of any changes in your financial status to keep the process moving forward. If you’re transferring money for any reason, make sure you let us know and keep paper records as well. These will be needed later on. When your homeowner’s insurance premium has been determined, have your agent call us to keep us in the loop. You will pay for the first year’s premium at closing and the escrow company will forward this payment to your insurance company. After you recieve the Closing Disclosure from us, you’ll have three days to review it before signing the loan documents. The Closing Disclosure will show the terms of your loan, total monthly payments and all fees and charged associated with the transaction. The escrow company may ask you to bring a cashier’s check for any outstanding charges due at the signing. The day after you sign the papers with the escrow company is usually the day that Umpqua funds your loan and the title company records your new Deed of Trust.
DO - Let your loan officer
DON’T - Get new loans or
know if of any changes in
consolidate credit cards. This
job status, salary, address,
can negatively affect your
credit, etc.
credit score as well as your debt-to-income ratio.
DO - Protect your credit score and educate yourself on what
DON’T - Change jobs, if
can affect your score during a
you can help it; continuous
loan process.
employment of two years or more looks more desirable on
DO - Get a homeowner’s
a mortgage decision.
insurance policy that covers the new mortgage amount
DON’T - Spend the money
or the replacement value of
you’ve set aside for a down
the home.
payment. It’s an odd thing to add, but you’d be surprised
DO - Keep records of any bank
how often it happens.
transactions, particularly larger deposits or transfers.
DON’T - Cosign on a loan for another person. This will
DO - Schedule a home
affect your debt-to-income
inspection if your mortgage is
ratio, a key factor in the loan
for a new home.
decision.
DO - Ask us questions along
DON’T - Make any large
the way - that’s what we’re
purchases during the loan
here for!
process, like cars, appliances or jewelry. DON’T - Make significant changes to your investments; this includes large withdrawals, opening/closing accounts and unexplained large deposits.
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homebuyer successes
LAKE STEVENS, WA
EVERETT, WA
LAKE STEVENS, WA
5 Beds, 4 Baths, 3,848sf Bought at $810,000
4 Beds, 2 Baths, 1,452sf Bought at $570,000
5 Beds, 3 Baths, 2,000sf Bought at $586,000
SEATTLE, WA
SEATTLE, WA
SEATTLE, WA
3 Beds, 1 Bath, 1,620sf Bought at $698,000
3 Beds, 2 Baths, 1,360sf Bought at $785,000
4 Beds, 1 Bath, 1,400sf Bought at $985,000
SHORELINE, WA
KIRKLAND, WA
SEATTLE, WA
3 Beds, 2 Baths, 2,230sf Bought at $939,000
4 Beds, 2 Baths, 1,770sf Bought at $960,000
4 Beds, 3 Baths, 3,940sf Bought at $2,135,000
Every step you take n ow to p ro tec t y o u r ho m e w i l re tu r n m an y b e n e fi ts i n the fu t u re fo r you and your famil.y oYur lif e as a ho m e ow n e r w i l p re sen t y o u w i th so m e c hal l e n g e s, b u t the rewards are m an y an d sho u l d y o u g e t i n to fi n an c i al di f fi c u l t,y hel p i s o n l y a tel e p ho n e cal awa.y We are c o m i tted to su p o r ti n g the su c e ss o f n ew ho m e ow n er s l i ke y o u , b e c a u s e we believe homeowner shi p i s g o d fo r fam i l e s an d g o d fo r n e i g h b o r h o ds. oYu should be proud. oYu’ve ac h i ev e d the dre am o f ho m e ow n e r shi p .
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Your Checklist Most recent pay stubs covering 30 days for each borrower. Last two year’s W-2 forms for each borrower. Please inform your loan officer if you are commission-based or have income in addition to your base salary as more documentation may be required.
Note: For self-employed borrowers, documentation may be required that shows your last two years of tax returns, both personal and business. All account statements (for the most recent two months) that you are using for funds to close and for reserve accounts including checking, savings, IRAs, 401(k) and/or stock and brokerage accounts. Please include all statement pages including those intentionally left blank.
Note: If you are receiving a gift, the donor needs to complete a gift letter and funds must be transferred to you before closing. Copy of the signed Purchase Contract (if you have one yet). Your realtor’s phone number and email address. Once you’re approved, we will stay in contact with your realtor throughout the loan transaction process. Contact information for the home insurance agent who will insure your property. Copy of the mortgage statement, tax bill and insurance declarations page for any properties that you will still own after the closing of this transaction.
Why Umpqua? Like any great Oregonian origin story, ours starts with pioneers. The ones who founded Umpqua Bank were part of the tight-knit community in Canyonville, Oregon, a timber town nestled along the South Umpqua River. Through generations of hard work, that mighty little community came together to build what they needed: a school, a church, a grocery store, a diner, an auto shop. And when the citizens of Canyonville needed a better place than the local watering hole to cash their checks, they came together and built a bank. You, your life, your money management style—all things that are more important to us than the size of your balance. We pair financial expertise with a passion for getting to know you as an individual—and it’s not just because we’re looking for new gym buddies. We’re on a mission to help you manage your money in a way that matches how you live your life. To do that, we’re committed to learning more about you than your account number. That’s why we take the time to understand how banking fits into your bigger picture, and give you the easy access and mobile tools you need to manage your money on your own terms. It’s why our stores feel more like a living room than a bank branch. And why our associates will always remember your name. We’ve grown beyond our roots as a small community bank, but the spirit of community will always be at the center of everything we do.
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JENNIFER PRINZ | Home Loan Officer Home Lending NMLS #2118801 call or text: 206.550.0364 e: JenniferPrinz@UmpquaBank.com UmpquaBank.com/Jennifer-Prinz