MULLINAX TEAM
s ' r e y u B
GUIDE
ducti
INTRO
Our passion is matching buyers with their dream home. I take pride in working with
each client individually, taking the time to understand their unique lifestyles, needs and wishes.
This is about more than a certain number of bedrooms or a particular ZIP code. It's about your life, and it's important to me. My commitment is to be with you every step of the way during your real estate transaction. Let's get started!
MEET OUR
BONNIE MULLINAX
WES MULLINAX
Listing Specialist
Listing Specialist
CARLA BRANCH
MORGAN HARDIN
Buyer Specialist
Buyer Specialist
team DANA J. SMITH Buyer Specialist
JENNI MCGIVERN
Listing Manager
7 S T EP S T O
buying a he Buyer Consultation Loan Pre-Approval Searching for a Home Viewing a Home Developing Pricing Strategy Writing and Negotiating an Offer Managing the Transaction
DO'S &
Dî‚ t 's
W H EN APPLYING FOR A M OR TGAGE
Your mortgage pre-approval is based on many factors including your credit score, current debts, income and even household size for some loan types. Something that may seem inconsequential to you could have an impact on your mortgage approval, and the last thing anyone wants is your dream to fall apart because of a simple misstep.
THE
ten
COMMANDMENTS
when applying for a real estate loan
1 . T h o u S h a lt N o t C h a n g e J o b s , B e c o m e S e lf Em p lo y e d , o r Q u i t Yo u r J o b 2 . T h o u S h a lt N o t B u y a C a r, T r u c k , Va n , O r B o a t ( o r y o u M a y B e L i v i n g i n i t ) 3 . T h o u S h a lt N o t U s e C r e d i t C a r d s Ex c e s s i v e ly , o r L e t Yo u r A c c o u n t s F a ll Behind 4 . T h o u S h a lt N o t S p e n d M o n e y Yo u H a v e S e t A s i d e f o r C lo s i n g 5 . T h o u S h a lt N o t O m i t D e b t s o r L i a b i li t i e s f r o m Yo u r L o a n A p p li c a t i o n 6 . T h o u S h a lt N o t B u y N e w Fu r n i t u r e o r A p p li a n c e s 7. T h o u S h a lt N o t O r i g i n a t e A n y I n q u i r i e s I n t o Yo u r C r e d i t 8 . T h o u S h a lt N o t M a ke L a r g e D e p o s i t s W i t h o u t C h e c ki n g w i t h Yo u r L o a n Offi ce r 9 . T h o u S h a lt N o t C h a n g e B a n k A c c o u n t s 1 0 . T h o u S h a lt N o t C o - S i g n f o r a L o a n f o r A n y o n e
LET'S GET
Pre-Approd FOR THE FIRST MEETING, YOU'LL NEED:
-30 Days of Consecutive Pay Stubs -Two Months of Recent Bank Statements -30 Minutes to Complete Your Application -Last 2 Years of W-2's
Did You Know?
When buying a home, you may check with unlimited lenders in a 30 day period, and it only affects your credit as though there has been one inquiry. Our preferred lenders are happy to help make the process smooth and easy! TREY WOLFF CERTAINTY HOME LOANS
SHANE SINIARD SWBC MORTGAGE
CELL: 404.450.1317
CELL: 770.713.1215
NMLS#: 331844
NMLS#: 246046
TWOLFF@ CERTAINTYHOMELOANS.COM
SSINIARD@ SWBC.COM
RONDA CROWE AMERIS BANK CELL: 404.992.5626
MATT GARCIA SUPREME LENDING
NMLS#: 416169 RONDA.CROWE@ AMERISBANK.COM
CELL: 678.523.0981 NMLS#: 218245 MATT.GARCIA@ SUPREMELENDING.COM
I M M E D I AT E
out pocket costs
Earnest Money Appraisal Fee Inspection Fee Closing Costs
Down Payment Costs
COMMON
costs
Inspection ($315 - $550) Well Water Test ($20) Survey ($500 and Up) Appraisal ($495-$550)
Septic Tank Inspection ($300) Termite Letter ($45 and Up) Radon Testing ($150 With Inspection)
COMMON
real eate
TERMS
EARNEST MONEY This is a deposit that you put down at the time that you wr ite an offer to buy a home. I t can be $5 00 - 1 % of the pr ice of the home, depending on the home pr ice and the sel l er r equir ements. Typical l y in this ar ea, it wil l be ar ound $1 ,000. This money shows good faith to the sel l er s that you wil l per for m your due dil igence in buying the home. These funds, usual l y in the for m of a per sonal check, ar e col l ected by your Buyer 's Agent. Once the offer is mutual l y accepted, the ear nest money is deposited into a tr ust account hel d by the r eal estate br oker or cl osing attor ney. This money wil l stay in the account until cl osing. At cl osing, the money wil l be cr edited towar d any cl osing costs that you owe, incl uding the down payment. Contingencies ex ist in the contr act to pr otect your ear nest money, incl uding the Financing Contingency, Cl ear Titl e Contingency, or Due Dil igence P er iod Contingency. I f you wer e to cancel the contr act outside of these contingency per iods, you coul d l ose your ear nest money, and it woul d be paid to the sel l er as damages. Consul t with your Buyer 's Agent for mor e detail s on this matter .
APPRAISAL FEE You wil l be r equir ed to pay your l ender at the time of the l oan appl ication for the pr oper ty appr aisal . P r ice r anges fr om $35 0-5 5 0 depending on cur r ent appr aisal costs. That money is non-r efundabl e once the appr aisal is compl ete.Â
INSPECTION FEE Dur ing your due dil igence per iod, you wil l pay for any inspections desir ed to ful l y investigate the condition of the pr oper ty. I nspections ar e not mandator y, however they ar e str ongl y r ecommended to ensur e that you ar e pr oper l y infor med on the condition of the pr oper ty. When hir ing inspector s, l ender s maintain guidel ines that the inspector must fol l ow. A typical home inspection is compl eted by a cer tified pr ofessional . H e wil l inspect maj or systems l ooking for defects. The cost can r ange fr om $300-5 00 depending on the company used and the size of the home. Other tests that can be per for med for a cost incl ude Radon, Lead Based P aint, Ter mites, Mol d, Wel l Water , and Str uctur al I ntegr ity, These costs ar e not r efunded if the pur chase of the pr oper ty does not go thr ough. Dur ing this time fr ame, you woul d al so have a sur vey compl eted. Those costs var y depending on the size of the l ot. The due dil igence time per iod is impor tant as it al l ows time to ful l y investigate the neighbor hood, school s, cr ime r ates, and any other deter mining factor s of your potential new home. Once inspections ar e compl ete, we wil l hel p to advise on what r epair s to negotiate ( if any) to be fix ed pr ior to cl osing. I f the sel l er agr ees to fix the defects, you can choose to continue with the pur chase, or r escind your offer and have your ear nest money r efunded.
COMMON
real estate
TERMS
CLOSING COSTS Cl osing costs ar e fees associated with acquir ing your home l oan. These costs can var y depending on the pur chase pr ice. Dur ing the negotiation of the contr act the sel l er may agr ee to pay some, or al l of the costs- meaning that you wil l not have to br ing money to cl osing. These costs can be 3% - 4.5 % of the l oan amount depending on the type of l oan and pur chase pr ice. Sometimes the l ender can give you a sl ightl y higher r ate to defr ay some of these costs as wel l .
DOWN PAYMENT Some l oan pr ogr ams do not have a down payment amount, such as USDA and VA l oans. FH A l oans have a minimum of a 3.5 % down payment. Conventional l oan down payment amounts usual l y var y fr om 5 % - 20%. The money for the down payment is not abl e to be r ol l ed in to the tr ansaction, and must be avail abl e at cl osing in or der to pur chase the pr oper ty.
CONTINGENCIES When you put in an offer on a home, you can specify cer tain conditions that must be met befor e the deal wil l go thr ough – these ar e cal l ed contingencies. You have to make sur e you can actual l y get the l oan ( a financing contingency) , that the inspection doesn’ t show anything too cr azy ( inspection contingency) , and that the appr aised val ue is cl ose to what you’ r e offer ing to pay ( appr aisal contingency) . Those ar e j ust a few common ex ampl es; ther e ar e sever al other types of contingencies, which you shoul d discuss with your agent. Money saving tip: I f you’ r e in a bidding war on a home, sometimes it can hel p to shor ten contingency per iods or waive them al together . You may not necessar il y have to pay mor e money, j ust be mor e fl ex ibl e.
SURVEY Many home buyer s get a copy of an ol d pl at and figur e that it’ s good enough. Without an updated sur vey, you may be unawar e of encr oachments or viol ations that ex ist on your pr oper ty. A sur vey al so ensur es that pl anned impr ovements such as pool s, fences or decks do not viol ate setback l ines, easements, or even your own pr oper ty l ine.
is your han.
YOUR HOME It's important to have the right insurance to make sure your greatest comfort doesn't become your family's greatest concern.
-Make it a priority to meet with your insurance agent on an annual basis to ensure that you truly understand your policy and coverage. This relationship is key to being well protected in the event that an emergency may occur.
-Look for an agent who is a true insurance expert. This way, in the event that you have to file a claim, your agent can guide you through how to fill out a claim properly, so you get paid top dollar.
-Even if you're happy with your current coverage-- you may qualify for multi-line discounts if you bundle your services!
Did You Know?
While a standard homeowners policy helps provide protection for your house, its coverage typically extends to more than the physical structure of your home. From your personal belongings to the shed in your backyard or even medical bills if a guest is injured on your property, a homeowners insurance policy is a critical asset when it comes to keeping your family protected
Our preferred agent is happy to help make the process smooth and easy! DUSTIN DICKENS AMERICAN NATIONAL INSURANCE OFFICE: (706)622-4745 162 W. Main St. Suite 105 Cartersville, GA 30120 DUSTIN.DICKENS@ AMERICAN-NATIONAL.COM
FORBES Top 50 'Most Trustworthy Financial Companies' An open appointment book, along with coverage for everything from home, auto, collector cars and life-- to farms and businesses, means you can feel good that I’m more your ally than your agent.
ndors
PREFERRED
To u s , e xc e p ti ona l s e rvi c e d oe s n' t s top wi th th e p u rc h a s e of you r h om e . I t c onti nu e s wi th ou r te a m of e x p e ri e nc e d a nd tru s te d ve nd ors , wh o wi l l h e l p e ns u re th a t you a re we l l c a re d f or a f te r you r h om e c l os e s .
Clark Tompkins Tompkins Surveying & Mapping
706-248-8876
Jeremy Woody Owen Security Solutions
770-386-2846
Austin Tucker Northwest Exterminating
678-239-9566
Keri Smith First American Home Warranty
770-595-1173
Tim Weldon Weldon's Comfort HVAC
770-382-9600
Jay Parazzo Bartow Fence
770-334-3434
Rebecca Payne 313 Cleaning Services
706-463-5379
Bethany Kirk Cleaning Services
404-291-3098
Marco Olalde In Lane Landscaping
770-547-3006
Residential Inspector Of America
770-476-4963
Oby Arnold Inspector RX
770-329-4424
MOVI NG City of Cartersville
770-387-5607
City of Adairsville
770-773-3451
Georgia Power
888-660-5890
Greystone Power
770-942-6576
Atlanta Gas Light
800-427-2262
Georgia Natural Gas
877-850-6200
Scana Energy Gas
877-467-2262
Ferrellgas
888-670-1301
Bartow County Water
770-387-5170
Paulding County Water
770-222-6868
Comcast
404-266-2278
Dish Network
800-280-4388
AT&T
888-343-0641
Cartersville City Schools 770-382-3200 Bartow County Schools
770-606-5800
ctacts
TAKE A
Deep Brea WE'VE GOT YOUR BACK...
The home buying process can seem intimidating to even the most seasoned buyers-- but fear not! We're here every step of the way to guide, educate, network, advocate, and negotiate on your behalf.
We're thankful that you've chosen our team to help you navigate this journey!
Office: 770.606.0054 homes@mullinaxteam.com viewnorthatlantarealestate.com