Demonstration on theme: «Welcome Real estate 101. Home buying 101 Real estate 101 Shown by NASA Government Borrowing from the bank Relationship Bert Aguilera Mortgage Associate NMLS #551894 (301) 249-1800,»- Demonstration transcript:

dos Real estate 101 Property 101 Shown because of the NASA Government Borrowing from the bank Union Bert Aguilera Home loan Consultant NMLS #551894 (301) 249-1800, x334

step three What exactly is home financing? It is also referred to as an interest rate, a good lien, installment loans in Delta or a safety attention that’s stored because of the a lending institution. The fresh new lien is paid and you can put out immediately following to make quick money on the name of your own mortgage, the mortgage is refinanced adjust this new words, and/or residence is sold. It is quite also known as a home loan.

5 The mortgage Field Went Back again to Basics Whenever using having a mortgage twenty five years back, five things have been important: ? Jobs Balance ? Bucks ? Credit ? Earnings Now, speaking of however very important!

six How can you Be eligible for Home financing into the 2014? An excellent Credit history Bucks to shut Full Paperwork

7 What to End While preparing To acquire A home loan An abundance of personal credit card debt Biggest sales (buying an automible or other large issues) Switching work Applying for the newest borrowing

8 Papers Criteria New documentation asked for the a mortgage was to determine the creditworthiness of your own affiliate of course they are able to pay off the debt. Investment records to support loans to have deposit, settlement costs, and supplies. Earnings records such latest pay stubs covering a-one week period and you may W-dos statements the past couple of years are usually you’ll need for salaried personnel.

9 Documents Standards Cont’d For one-man shop individuals, a lot more papers such as for example tax statements going back 2 yrs and you can 12 months yet profit-and-loss comments are essential. Having S corporations and you will firms that are integrated, team tax returns during the last 24 months also are needed.

10 Settlement Fees Cost for the closure the borrowed funds Normally estimated during the 4%-6% towards the buy transactions. Particular settlement costs relies upon fees charge towards you, simply how much youre borrowing from the bank, how you fund their home loan (points), plus closing big date, i.elizabeth., in which they drops inside the week. Settlement costs come in introduction into the down payment amount needed.

11 What is a place? A place is actually a fee the fresh affiliate can decide to pay to attenuate the pace. The newest additional places will get apply other items having credit history, occupancy, under investment (etc). Per section is equal to 1% of your amount borrowed which is put into the entire closure costs. People can decide to shell out products otherwise loan providers increases the given interest to reduce the new applicable items.

several Preciselywhat are almost every other settlement costs? Pre-paids (escrows to have assets taxation and you can homeowners insurance) State and local import and recordation taxation Origination Costs Appraisal Fees (paid exterior closing) Credit file, Flood Qualification, Tax Service Costs Settlement Costs, such as for instance identity lookup and title insurance rates, review costs, questionnaire, tape charges, and you may buyer attorneys charges

thirteen Do I would like a down-payment? Not always. The financing partnership also provides a zero Off, Zero MI collection unique. Other mortgage loans is also require the absolute minimum downpayment regarding step three.50%, 5%, 10%, otherwise 20% of conversion speed. Specific financial software need to have the money to be their finance. The sole lent finance need come from a valuable asset such as for instance since the an excellent 401(k) plan. Others enables you to use a present out-of a member of family to pay for your down payment.

fourteen Basic Mortgage Terms and conditions LTV (loan-to-value) – The newest ratio within level of the borrowed funds and overall property value the home. CLTV (combined-loan-to-value) It indicates there clearly was an additional mortgage ()() with the property. Case variable speed home loan EMD Earnest currency put GFE Good-faith guess MI Mortgage insurance that’s called for in case the LTV is higher than 80%. P/I (PITI) Dominating and you may notice (fees & insurance) DTI debt-to-money proportion HUD-step 1 payment layer explaining last cost of pick

15 Version of Mortgages Sorts of Mortgages Conforming up to $417,000 Non-Conforming Jumbo Mortgage loans above $417,000 FHA & Virtual assistant /5 otherwise No Down No MI Unique (pick merely)

17 The Software 100% Financial support to $650,000 – Zero Down-payment needed- Purchase Loans – Zero home loan insurance (MI) necessary – You need Good credit, Money and you will Discounts Development – On 30 and fifteen season Fixed, 3/step 1, 5/step 1, 7/1 and you may 10/1 Sleeve – 95% Funding in order to $850,000 with 5% down payment It offer is restricted so you’re able to well-qualified candidates. Certain limits will get implement. Give is valid having number 1 Home Only.

18 Record Low interest rates Prices haven’t been it lowest since 1971 4.00%, 31 12 months Fixed Compliant Pricing energetic * subject to changes day-after-day step 3.75, 20 Season Fixed 3.125%, fifteen Season Fixed What this implies To you personally…

20 Monthly payment Try to have an excellent $eight hundred,000 Mortgage loan Term: 31 Year Fixed RateP&I Percentage Matter 4.00%$1,910 5.00%$2,147 6.00%$2,398 Full payment per month (PITI) ought to include assets taxation, homeowner’s insurance and possibly home loan insurance rates

21 Points to consider When looking for Your home? Venue and you will need enjoys Your own restrict pre-recognized mortgage limit your Real estate professional Household Virtue (mycuhomeadvantage)mycuhomeadvantage Your Settlement Organization CU Term

twenty-two House Virtue Program Availableness program due to Connect on NASA’s site Totally free program to members View current posts from the Numerous Record Services (MLS) Receive school and you will people analysis See an experienced agent and you may located as much as 20% of the payment towards your closing costs.

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23 Isn’t it time Buying A house? Call NASA Federal’s 1 st Mortgage Pros Earliest. We can assistance with an individual visit. Get Pre-Accepted And come up with an offer toward a house with your representative Exactly what to expect of lender when your offer is accepted and you can ratified from the sellers (locking rates, disclosures, running, underwriting) Financing Union Page Settlement / Closure

24 Suggestions Lose as frequently personal debt that one may Save, Conserve, Cut having an advance payment & closing costs Cannot make biggest instructions, transform perform, or get this new credit if you’re qualifying to own a home loan Very carefully have a look at your credit score Totally free annual credit report (annualcreditreport)annualcreditreport Explore Equilibrium getting borrowing from the bank visit

twenty-five Money which have NASA FCU You to definitely-Stop Shop! Away from seeking a real estate agent to help you Financial support to Closing! Punctual, Polite, Elite Solution Straight down Fees On the web Systems Personal Meetings

twenty six 100 % free Individual Visit Learn how much you really can afford Speak about different loan alternatives Feedback our home to purchase techniques While you are maybe not currently a person in NASA FCU to-be one is easy!! Ask us exactly how.