MAKING HOMEOWNERSHIP POSSIBLE. MERIDE T H H AMILTON Loan Officer NMLS #2159857 P (972) 345-5913 E mhamilton@S1L.com S ynergy One L ending, In c NML S # 1 90 72 35
TABLE OF CONTENTS
01 02 03 04 05 06 HOW MUCH CAN I AFFORD? HOMEOWNER BENEFITS 5 EASY STEPS TO BUYING YOUR FIRST HOME HOW TO CHOOSE BORROWER CHECKLIST MONEY TIMELINE 07 DOS AND DO NOTS 08 HOW WE WORK S ynergy One L ending, In c NML S # 1 90 72 35
”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)” “HOW MUCH CAN I AFFORD?” Think about it S ynergy One L ending, In c NML S # 1 90 72 35
HOMEOWNERSHIP BENEFITS
OWNING
1. Paint inside any color you want
2. Make home improvements that benefit you
3. Control your asset and how long you live in it
4. Get the pet you’ve always wanted without landlord’s permission
5. Gain equity and appreciation Tax benefits*
7. Throw wild parties
RENT1 YEAR5 YEARS10 YEARS
$1,000$12,000$60,000$120,000
RENTING
1. No matter what happens with the value of the home you will never gain equity
2. Limited to no ability to personalize living quarters
3. No tax advantage
4. Uncertainty of landlord selling the property you live in
5. No control over rent increases
6. Throw not so wild parties
$1,500$18,000$90,000$180,000
Think of how much you spent on rent that could have been building your home equity!
$1,250$15,000$75,000$150,000
$1,750$21,000$105,000$210,000 $2,000$24,000$120,000$240,000 $2,500$30,000$150,000$300,000
6.
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TO BU YING Y OU R FI RS T HO ME
1 Educate Yourself.
TIP Start paying attention to mortgage rates.
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The best way to determine how much your credit and review available programs. You will need to who knows our programs and wants you to succeed. Call 877.922.5432 or visit www.calhfa.ca.gov.
TIP borrowing as much as you can.
Take a homebuyer education class or speak to a home-buying counselor so you are familiar with the process and paperwork. If you end up using a CalHFA loan, you can take an online or in-person class. Find more information at www.calhfa.ca.gov under “Homebuyers”. a licensed real estate agent to begin shopping.
Knowledge is power, and a real estate agent has a wealth of knowledge just for you! They can answer most of your questions about neighborhoods, homes, and navigating through the buying process to get the best deal. You can check www.dre.ca.gov to make sure your agent is licensed.
TIP Take your time. Get educated and get professional advice.
loan process.
price is agreed upon, you’ll sign a contract and begin the paperwork for the loan. The home will undergo a title check to make sure there are no surprises. Next you’ll work with escrow account that pays your homeowners insurance and taxes each month as part of your mortgage payment.
TIP Take your time. Get educated and get professional advice.
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Close and move in.
When your loan is ready to close, review your documents carefully with someone who knows the process. Once you sign and your loan is funded, you are ready to move in. You
Take your time. Get educated and get professional advice.TIP
S ynergy One L ending, In c NML S # 1 90 72 35 5 EAS Y ST EP S
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Contact
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HOW TO CHOOSE
CHOOSING THE RIGHT LOAN FOR YOU
CO NV ENTIO NA L
Min FICO 620. Up to 97% LTV. HomeReady and HomePossible programs.
FHA
Min FICO 600. Up to 96.5% LTV. Mortgage insurance applies.
VA
Min FICO 620. Up to 100% LTV available. Eligible Military only. No mortgage insurance.
USDA
Min FICO 640. Up to 100% LTV available. Eligible rural areas. Mortgage insurance applies. Income limits.
JUMBO
Up to 90% LTV available.
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BORROWER CHECKLIST
2 Most Recent All and Co-Borrower)
2 Most Recent and Co-Borrower) F A
INCOM E DOCU ME NTATION (W 2 Employee) Most Recent 2 Years of Tax Returns 2 Years of W2s 2 Pay Stubs (Most Recent) ASSET DOCUMENTATION
Bank Statements -
Pages of All Accounts (Borrower
Investment Account Statements (Borrower
SCHEDUL E O F REA L ESTATE Recent Mortgage Statement for Current Residence Copy of Your Homeowners’ Insurance Recent Property Tax Bill Property Lease (If Rented w/2 Year Landlord History) HOA Information (Monthly Payments) (Please provide information for all properties currently owned) I
PP LICABLE DD214 (If Using VA Loan) Bankruptcy Discharge Papers (All Pages) Gift Letter/Gift Documentation Divorce Decree or Legal Separation Agreement, Including Child Support Agreement Documents
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BORROWER CHECKLIST CE ALL
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. Unaffiliated 3rd party that receives and disburses money, documents and instructions between two parties. What is title insurance? Explain “escrow” 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 Cash out stocks or bonds Cash? No mattress money allowed Origination Fee Appraisal Title Fees Title Insurance Taxes Homeowners Insurance Recording Fees DOWNPAYMENT OPTIONS CLOSING COSTS & PREPAIDS WE H AVE TO S OU R
FU NDS S ynergy One L ending, In c NML S # 1 90 72 35
Money Timeline
OPTION FEE
EARNEST MONEY CLOSE
Small fee paid to the seller at the time of an executed contract. This fee gives you the time to arrange an inspection of the property. It is non-refundable.
Larger deposit paid at the time of an executed contract that is held in escrow until the closing date. This is refundable for a certain time period before closing. Will be credited back to you at closing. HOME INSPECTION Buyer arranges and pays for an inspection of the home to examine the property's safety and current condition. Paid directly from the buyer to the home inspector at the time of the inspection. HOME APPRAISAL The lender orders a home appraisal to receive an unbiased professional option on a home’s value. A buyer may be asked to pay this upfront or it may be rolled into the closing costs of the loan. FUNDS TO
On closing day, the buyer is expected to provide the funds to close on the home that have been disclosed.
You have found your dream home and had your offer accepted! When/what can you expect to pay? S ynergy One L ending, In c NML S # 1 90 72 35
PLEASE DODO NOT PLEASE AND
Don’t make a major purchase
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
Do continue making
Do
Do keep at
Do
Do
Do
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your mortgage / rent payments
stay current on all existing accounts
working
your current employer
return ALL requested documentation on time
continue living at your current residence
call me with any questions!
DO’S
DONT’S
APPLICATION
We’ll talk about your needs up front and gather as much info as possible to get a head start on your refinance or purchase.
2LOAN DOCUMENTS
We’ll need your help collecting documentation such as Pay Stubs, Bank Statements, W-2s and Employment History so we can have your loan
processed quickly and prevent any last minute rushing and stress.
3DISCLOSURES
You will receive, acknowledge and return a disclosure package,
which explains your loan product and costs.
4PROCESSING
Once all the documentation is provided, your loan will be sent to one of our Processors, who will make sure everything is in order before sending it off to the Underwriter.
5UNDERWRITING
Since we hire only the best, you can be sure we will treat your file with love and attentive care throughout this very important part of your transaction.
CONDITIONAL APPROVAL
Here, we will satisfy any remaining conditions to your final approval as quickly as possible to get you to the closing table.
CLEAR TO CLOSE
Time for a happy dance. We are now ready to get you to the closing table by preparing your final loan documents. Thanks to our awesome teamwork, you will have a smooth and exciting closing experience.
CELEBRATE!
When you’re happy, we’re happy. Congratulations on a successful transaction. Your loan is funded. Here’s to our new and lasting partnership!
WORK
HOW WE Our mission is to humanize and modernize the home lending experience.
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S ynergy One L ending, In c NML S # 1 90 72 35
Synergy One Lending, Inc., 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: FL, and TX. All Loans are Subject to Credit and Property Approval. Equal Housing Lender. www.nmlsconsumeraccess.org S1L092294 MERIDETH HAMILTON Loan Officer NMLS #2159857 P (972) 345-5913 E mhamilton@S1L.com