MAKING HOMEOWNERSHIP POSSIBLE. Angie Counts Realtor, DRE# 02004119 P: (916) 719-4801 E: angiecounts22@gmail.com www.AngieCountsRealtor.com
Katie Pastor Trinidad Mortgage Planner, NMLS #885654 P: (916) 850-5956 E: kpastor@partnersmortgage.com www.PartnersMortgage.com
TABLE OF CONTENTS
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
01
HOW MUCH CAN I AFFORD?
02
HOMEOWNER BENEFITS
03
HOMEBUYERS ROAD MAP
04
PREQUALIFICATION VS PREAPPROVAL
05
HOW TO CHOOSE
06
BORROWER CHECKLIST
07
DOS AND DO NOTS
“HOW MUCH CAN I AFFORD?” Think about it
”What is your current monthly housing expense?” ”How much can you spend and how much are you comfortable spending?” ”How much will maintenance cost monthly? (Water, Sewer, Garbage, Cable, Power, etc)”
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
HOMEOWNERSHIP BENEFITS
OWNING
RENTING
1.
1.
Paint inside any color you want
2. Make home improvements that benefit you
No matter what happens with the value of the home you will never gain equity
3. Control your asset and how long you live in it
2. Limited to no ability to personalize living quarters
4. Get the pet you’ve always wanted without landlord’s permission
3. No tax advantage
5. Gain equity and appreciation
4. Uncertainty of landlord selling the property you live in
6. Tax benefits*
5. No control over rent increases
7.
6. Throw not so wild parties
Throw wild parties
RENT
1 YEAR
5 YEARS
10 YEARS
$1,000
$12,000
$60,000
$120,000
$1,250
$15,000
$75,000
$150,000
$1,500
$18,000
$90,000
$180,000
$1,750
$21,000
$105,000
$210,000
$2,000
$24,000
$120,000
$240,000
$2,500
$30,000
$150,000
$300,000
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
Think of how much you spent on rent that could have been building your home equity!
HOMEBUYERS ROAD MAP 1
2
Identify a realtor to help you
3
4
Decide you want to buy a home
Apply for a mortgage and submit paperwork
Get Pre-approved
8
7
6
5
Get approved for your home loan
Complete paperwork
Apply for your mortgage loan
Make your offer! Get it accepted!
9
10
11
12
Order, schedule and attend a home inspection
Understand the final terms of your mortgage
Sign your loan paperwork.
Get the keys to your new home!
Step 3 Details—Meet with your mortgage professional to: determine the type of loan you will be using, determine your desired purchase price, loan costs and monthly payment, understand the financial benefits of home ownership and understand what to expect throughout the home buying process. Step 5 Details—Identify a Realtor to help you: find suitable homes in your area and schedule visits into those homes for your consideration, negotiate the terms of your offer(s), help you navigate through your legal aspects and contractual requirements and protect you from potential hazards throughout your home buying process. Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
PREQUALIFICATION VERSUS PREAPPROVAL WHAT LENDERS LOOK FOR
CREDIT HISTORY
DEBT TO INCOME RATIO
DOWN PAYMENT
On-time payments and the length of history.
Ratio reflecting your monthly obligations and your monthly income.
With larger down payments your loan terms will be better.
FINANCIAL HISTORY
ASSETS
EMPLOYMENT HISTORY
Bankruptcies/foreclosures records? Consistent income increase over the years?
What funds do you have available during and after you close your loan?
How long have you been with your employer or line of work?
PRE-QUALIFICATION •
Provides a “ballpark” estimate of your buying power
•
Is based on summary information of your income and assets
•
Requires a satisfactory review of property, financial documents and program requirements to issue final approval
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
PRE-APPROVAL •
Provides proof to real estate agents and sellers you’re pre-approved for a specific loan
•
Is based on verification of your income, credit and assets
•
Does not require a satisfactory appraisal and title review until final approval
•
We offer this service at no cost before you find a home
BORROWER CHECKLIST
INCOME DOCUMENTATION (W2 Employee) Most Recent 2 Years of Tax Returns 2 Years of W2s 2 Pay Stubs (Most Recent)
SCHEDULE OF REAL ESTATE (Please provide information for all properties currently owned)
ASSET DOCUMENTATION 2 Most Recent Bank Statements - All Pages of All Accounts (Borrower and Co-Borrower) 2 Most Recent Investment Account Statements (Borrower and Co-Borrower)
IF APPLICABLE DD214 (If Using VA Loan)
Recent Mortgage Statement for Current Residence
Bankruptcy Discharge Papers (All Pages)
Copy of Your Homeowners’ Insurance
Gift Letter/Gift Documentation
Recent Property Tax Bill
Divorce Decree or Legal Separation Agreement, Including Child Support Agreement Documents
Property Lease (If Rented w/2 Year Landlord History) HOA Information (Monthly Payments)
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
HOW TO CHOOSE
CHOOSING THE RIGHT LOAN FOR YOU CONVENTIONAL Min FICO 620. Up to 97% financing. No mortgage insurance needed with a 20% downpayment. HomeReady and HomePossible programs.
FHA Min FICO 600. Up to 96.5% financing available. Mortgage insurance applies.
VA Min FICO 620. Up to 100% financing available. Eligible Military only. No mortgage insurance.
USDA Min FICO 620. Up to 100% financing available. Eligible rural areas. Mortgage insurance applies. Income limits.
JUMBO Up to 90% financing available.
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
BORROWER CHECKLIST
What is title insurance? Insures against financial loss from defects in title to the property. It’s a policy that insures you won’t have any unknown claims made to the ownership of your home.
DOWNPAYMENT OPTIONS Checking/Savings/Money Market Account - Liquid Gift funds - Must be a gift that doesn’t have to be paid back Borrow against 401K Close out CD Cash out stocks or bonds Cash? No mattress money allowed
Explain “escrow”
WE HAVE TO SOURCE ALL FUNDS Unaffiliated 3rd party that receives and disburses money, documents and
Cash out stocks or bonds Cash? No mattress money allowed
instructions between two parties.
CLOSING COSTS & PREPAIDS Origination Fee Appraisal Title Fees Title Insurance Taxes Homeowners Insurance Recording Fees
Synergy One Synergy OneLending, Lending,Inc. Inc.DBA DBAPartners Partners Mortgage Mortgage | NMLS | NMLS 1907235 1907235
DO’S AND DONT’S
PLEASE
PLEASE
Don’t make a major purchase
Do continue making your mortgage /
DO NOT DO Don’t apply for any new credit Don’t transfer any balances Don’t use your down payment savings Don’t pay off charge-offs Don’t close any credit card accounts Don’t change bank accounts Don’t charge up credit cards Don’t take out a new loan
Synergy One Synergy OneLending, Lending,Inc. Inc.DBA DBAPartners Partners Mortgage Mortgage | NMLS | NMLS 1907235 1907235
rent payments Do stay current on all existing accounts Do keep working at your current employer Do return ALL requested documentation on time Do continue living at your current residence Do call me with any questions!
Angie Counts
Katie Pastor Trinidad
Realtor, DRE# 02004119
Mortgage Planner, NMLS #885654
P: (916) 719-4801 E: angiecounts22@gmail.com www.AngieCountsRealtor.com
P: (916) 850-5956 E: kpastor@partnersmortgage.com www.PartnersMortgage.com
Synergy One Lending, Inc. DBA Partners Mortgage, NMLS 1907235. 3131 Camino Del Rio N 150, San Diego, CA 92108. Toll Free #: (888) 995-1256. Synergy One Lending, Inc. is licensed in the following states: AL, CA- Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, NV and WY. All Loans are Subject to Credit and Property Approval. Equal Housing Lender. www.nmlsconsumeraccess.org S1L.0421.53.PM
Synergy One Lending, Inc. DBA Partners Mortgage | NMLS 1907235
