Presentation into theme: „Anticipate Real estate 101. Home buying 101 Property 101 Showed because of the NASA Government Borrowing Relationship Bert Aguilera Financial Representative NMLS #551894 (301) 249-1800,“- Demonstration transcript:

dos Home buying 101 Real estate 101 Presented by the NASA Government Borrowing Commitment Bert Aguilera Financial Associate NMLS #551894 (301) 249-1800, x334

step three What’s a home loan? It is typically referred to as a mortgage loan, a beneficial lien, or a safety focus that’s kept from the a lending institution. This new lien is paid off and put-out just after and come up with timely payments for the name of one’s mortgage, the loan is refinanced to change new terms and conditions, or perhaps the home is ended up selling. It is also known as home financing.

5 The borrowed funds Industry Has gone Back to Rules Whenever using to have home financing 25 years ago, five one thing have been crucial: ? Work Balance ? Cash ? Borrowing from the bank ? Earnings Today, talking about nevertheless important!

six How can you Be eligible for A mortgage during the 2014? Proper Credit rating Cash to close off Full Records

eight Things to Avoid While preparing To obtain A home loan Plenty of credit debt Major sales (to purchase an auto or other highest facts) Modifying jobs Making an application for the borrowing

8 Documentation Criteria The fresh new documents expected towards the an interest rate try to find the creditworthiness of member and when he’s able to pay off your debt. Resource paperwork to help with funds having down payment, settlement costs, and you will supplies. Money records for example present spend stubs level a-one week months and you will W-2 comments the past couple of years are usually required for salaried personnel.

9 Paperwork Criteria Cont’d Getting self employed borrowers, most files particularly tax statements the past 2 years and you will seasons to date profit-and-loss statements are needed. To possess S firms and you may businesses that try incorporated, company tax returns the past a couple of years are called for.

10 http://clickcashadvance.com/personal-loans-ms/hamilton Payment Charges Costs with the closure the borrowed funds Generally estimated in the cuatro%-6% to your pick purchases. Particular closing costs is based on charges fees close by, just how much you are borrowing, how you loans your own financial (points), plus closing date, we.elizabeth., in which they drops for the month. Settlement costs come into inclusion towards down payment number needed.

11 What is a time? A time are a charge the brand new user can pick to blow to reduce the rate. The supplementary places could possibly get implement other points to possess credit rating, occupancy, using capital (etc). For every part is equivalent to step one% of amount borrowed that will be put in the entire closure will set you back. Participants can be decide to shell out things otherwise loan providers increases brand new offered rate of interest to attenuate new applicable products.

12 What exactly are almost every other settlement costs? Pre-paids (escrows getting possessions taxation and you may homeowners insurance) State and regional import and you can recordation fees Origination Charges Appraisal Charge (paid off exterior closing) Credit report, Flooding Certification, Taxation Services Charge Payment Charge, such as identity search and you will term insurance coverage, evaluation charges, questionnaire, tape fees, and you may visitors attorneys charges

13 Create Now i need an advance payment? Not at all times. The credit relationship also offers a zero Off, Zero MI portfolio special. Most other mortgages can be wanted at least downpayment of step three.50%, 5%, 10%, otherwise 20% of sales price. Some financial software have to have the money to be their finance. The sole borrowed fund need are from a valuable asset such as for example once the a 401(k) bundle. Other businesses allow you to play with a gift away from a relative to fund your downpayment.

14 Very first Financial Conditions LTV (loan-to-value) – The fresh proportion within quantity of the loan as well as the full property value the home. CLTV (combined-loan-to-value) It indicates there is a second financial ()() on possessions. Arm varying speed home loan EMD Earnest currency put GFE Good faith estimate MI Home loan insurance policies that is requisite if for example the LTV is actually higher than 80%. P/We (PITI) Dominating and notice (taxation & insurance) DTI debt-to-earnings proportion HUD-step one payment sheet describing latest price of buy

15 Style of Mortgages Sorts of Mortgage loans Compliant as much as $417,000 Low-Conforming Jumbo Mortgages a lot more than $417,000 FHA & Va /5 or No Down Zero MI Unique (pick just)

17 Brand new Applications 100% Capital so you can $650,000 – Zero Down-payment needed- Buy Financing – Zero mortgage insurance policies (MI) expected – You would like Good credit, Earnings and you can Coupons Trend – Available on 30 and you will fifteen season Fixed, 3/step one, 5/step 1, 7/step 1 and you will 10/1 Arm – 95% Capital to help you $850,000 having 5% downpayment So it offer is restricted so you’re able to well qualified applicants. Some restrictions may implement. Give is true having no. 1 Household Only.

18 Number Low interest Prices haven’t been it low since 1971 cuatro.00%, 31 Year Fixed Conforming Pricing productive * at the mercy of changes daily 3.75, 20 Seasons Fixed step three.125%, 15 Seasons Fixed What this signifies For your requirements…

20 Payment per month Take to to possess a beneficial $eight hundred,000 Real estate loan Name: 30 Seasons Fixed RateP&I Fee Number cuatro.00%$1,910 5.00%$dos,147 6.00%$dos,398 Overall payment (PITI) should include assets taxation, homeowner’s insurance and maybe mortgage insurance

21 Things to consider When searching for Your house? Venue and you can have to have have Your own restriction pre-accepted financing curb your Realtor Home Advantage (mycuhomeadvantage)mycuhomeadvantage The Settlement Team CU Title

twenty two Home Advantage System Supply program owing to Connect into NASA’s website Free system so you’re able to people View current listings through the Multiple List Services (MLS) Obtain college and you will society study Look for an experienced real estate professional and you may receive to 20% of its commission to your settlement costs.

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23 Isn’t it time To shop for A property? Telephone call NASA Federal’s 1 st Financial Advantages Earliest. We could help with a personal consultation. Get Pre-Accepted And come up with a deal towards a house together with your agent Exactly what to anticipate regarding lender once your give is recognized and you can ratified from the providers (securing rates, disclosures, operating, underwriting) Loan Commitment Letter Settlement / Closure

24 Guidance Beat as much personal debt that one can Save yourself, Conserve, Save yourself to possess a down-payment & settlement costs You should never make any big orders, alter work, or score this new credit if you find yourself qualifying to own a home loan Thoroughly check your credit history Free yearly credit file (annualcreditreport)annualcreditreport Play with Harmony for borrowing visit

twenty five Financial support which have NASA FCU You to-Stop Shop! Off seeking a representative so you’re able to Investment to Closure! Fast, Polite, Top-notch Services Straight down Costs On the web Units Private Consultations

twenty-six 100 % free Personal Consultation Learn how far you really can afford Speak about more loan solutions Remark the house to buy process While not already a person in NASA FCU as you’re easy!! Inquire you just how.