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Presentation to the motif: “Welcome Home buying 101. Home buying 101 Property 101 Demonstrated by the NASA Federal Credit Commitment Bert Aguilera Home loan Representative NMLS #551894 (301) 249-1800,”- Demonstration transcript:

2 Real estate 101 Real estate 101 Presented from the NASA Federal Borrowing from the bank Union Bert Aguilera Financial Consultant NMLS #551894 (301) 249-1800, x334

3 What exactly is a mortgage? It is often called an interest rate, a good lien, or a security desire that’s stored from the a loan company. New lien was paid and you may released after and then make prompt money for the term of mortgage, the mortgage was refinanced adjust the fresh new conditions, and/or residence is offered. It is quite labeled as a home loan.

5 The loan Industry Moved Back once again to Concepts Whenever using to possess home financing twenty five years ago, four things had been critical: ? Business Balances ? Dollars ? Borrowing ? Income Today, speaking of nevertheless crucial!

6 How do you Be eligible for A home loan from inside the 2014? A healthier Credit rating Bucks to shut Complete Files

7 What things to Avoid While preparing Discover A home loan A number of personal credit card debt Biggest instructions (to shop for an automobile or any other higher activities) Modifying services Trying to get the fresh borrowing

8 Documentation Criteria The brand new records questioned to the a mortgage try to find the creditworthiness of one’s user just in case they are in a position to pay-off the debt. Asset documentation to support money to own deposit, closing costs, and you may reserves. Money records including present shell out stubs coating a-one week period and you may W-dos comments going back a couple of years are usually personal loan for bad credit Hamilton VA you’ll need for salaried staff.

nine Files Conditions Cont’d To have self employed individuals, a lot more documentation instance tax statements the past 24 months and you will season thus far profit and loss statements are essential. To own S corporations and you may companies that are included, business tax returns for the last 24 months are also called for.

10 Settlement Charges Prices from the closure the mortgage Generally estimated at 4%-6% to the purchase deals. Accurate closing costs varies according to charge charge near you, how much you are borrowing from the bank, the way you funds your own financial (points), plus closing day, we.age., where they drops inside week. Closing costs come into introduction with the deposit amount requisite.

11 What exactly is a time? A point are a charge this new member can decide to invest to attenuate the pace. The fresh supplementary places will get pertain most other points to possess credit score, occupancy, under money (etc). Per area is equivalent to step 1% of your amount borrowed that is put in the closure will set you back. Participants is decide to shell out things otherwise loan providers increases the given rate of interest to attenuate brand new relevant activities.

twelve What are other settlement costs? Pre-paids (escrows to possess assets fees and you can home insurance) County and local transfer and you will recordation fees Origination Charge Assessment Costs (paid back additional closure) Credit file, Flooding Qualification, Taxation Solution Fees Settlement Costs, particularly label search and you will name insurance, check charge, survey, recording charge, and you will customer attorney fees

13 Carry out I wanted an advance payment? Not always. The credit relationship now offers a zero Down, Zero MI collection special. Other mortgages can be need a minimum downpayment regarding step 3.50%, 5%, 10%, if you don’t 20% of the conversion process rate. Specific financial software require money become your financing. Really the only lent funds need certainly to come from an asset such as because a beneficial 401(k) bundle. Other programs enables you to play with a present of a member of family to pay for the deposit.

14 Earliest Financial Conditions LTV (loan-to-value) – The fresh ratio between your number of the borrowed funds and also the total value of the home. CLTV (combined-loan-to-value) It indicates discover one minute home loan ()() towards possessions. Arm adjustable price mortgage EMD Earnest currency put GFE Good faith imagine MI Mortgage insurance coverage that’s needed if for example the LTV is actually more than 80%. P/We (PITI) Principal and you will focus (fees & insurance) DTI debt-to-earnings proportion HUD-step one settlement layer outlining final price of get

fifteen Sorts of Mortgages Types of Mortgages Compliant to $417,000 Non-Compliant Jumbo Mortgages a lot more than $417,000 FHA & Virtual assistant /5 or No Off Zero MI Unique (buy just)

17 The brand new Programs 100% Funding so you can $650,000 – No Deposit required- Purchase Fund – Zero home loan insurance rates (MI) necessary – You prefer Good credit, Earnings and you may Deals Pattern – On 31 and fifteen 12 months Repaired, 3/step 1, 5/step 1, 7/step 1 and you can 10/step one Sleeve – 95% Financing to $850,000 which have 5% down payment So it bring is limited to well qualified individuals. Particular limitations may use. Bring is true getting no. 1 Home Simply.

18 List Low interest Prices have not been this reduced given that 1971 4.00%, 31 Seasons Repaired Conforming Cost productive * susceptible to alter everyday step three.75, 20 Year Fixed step 3.125%, 15 12 months Repaired What this signifies For you…

20 Payment Try for a beneficial $eight hundred,000 Mortgage loan Name: 31 Seasons Fixed RateP&I Fee Count 4.00%$1,910 5.00%$dos,147 6.00%$dos,398 Full payment per month (PITI) includes assets taxation, homeowner’s insurance coverage and maybe home loan insurance rates

21 Points to consider While looking for Your residence? Place and you can must have enjoys Your restriction pre-approved loan restrict your Real estate agent Home Advantage (mycuhomeadvantage)mycuhomeadvantage The Payment Business CU Name

twenty two Family Advantage Program Supply system as a consequence of Hook up into NASA’s web site Totally free program so you’re able to participants View newest postings from the Multiple List Provider (MLS) Get school and you will area investigation Come across a professional realtor and receive to 20% of its payment towards your settlement costs.

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23 Do you want To buy A property? Call NASA Federal’s 1 st Financial Benefits Basic. We can help with your own session. Rating Pre-Approved And work out an offer towards property together with your broker Exactly what you may anticipate regarding bank once your bring are approved and you may ratified of the suppliers (securing rate, disclosures, handling, underwriting) Loan Relationship Letter Payment / Closing

24 Recommendations Get rid of as much consumer debt that you can Help save, Save yourself, Help save getting a down-payment & settlement costs Never make major instructions, changes operate, or rating new borrowing when you’re qualifying for a mortgage Very carefully take a look at your credit report 100 % free yearly credit history (annualcreditreport)annualcreditreport Use Balance for borrowing from the bank consultation

twenty five Money with NASA FCU One to-Avoid Store! Regarding shopping for a real estate agent to help you Resource to help you Closure! Punctual, Courteous, Top-notch Solution All the way down Costs On the web Gadgets Personal Meetings

twenty six Free Private Session Learn how far you can afford Speak about additional loan choices Feedback your house to invest in process If you are not already a person in NASA FCU become you’re easy!! Query us exactly how.