First Mortgage EXPERIENCE BASED THE LENDER & OUR CLIENTS. Mortgage Planner Marketing
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1 First Mortgage EXPERIENCE BASED THE LENDER & OUR CLIENTS Mortgage Planner Marketing
2 Qualified & Formal Approval Becoming qualified is the first step. This means having your debt ratios and credit report reviewed and an automated approval run based on the general specifics you requested and information you provided. A few things that are a focus of the quick review job stability, cash to close, & credit. Formal approval requires you to provide proof of income with tax returns, paystubs, bank statements as well as other financial documents referenced in our Welcome Letter. It is best to provide these to us within 72 hours and have formal approval completed even if you have not selected a home to purchase yet. This saves time and eliminates any questions that may arise and require the need for additional documentation to be provided to support payroll deductions, specific deposits, or funds to close to name a few.
3 Key Lender Services Loan Originator Quotes initial terms, program and advise Monitors market trends (many do not) Makes recommendations on Locking/ Floating Provides program comparisons Long term Services (continued advise & service after closing) Loan Manager (many loan officers don t have this) Manages the entire timeline with all parties Provides Weekly Tuesday Updates to keep all parties (Realtors, Law office, Insurance Agent) informed throughout the process Collects & manages all documents submitted by you through to closing We have a Loan Manager & most Loan Originators DO NOT. Most have assistants or push these items on the processor. The Loan Manager of your transaction partners with the Loan Originator for exceptional services on all aspects listed above to insure a smooth & efficient process. Closing on time, monitoring market movements, weekly updates & prompt service are our primary focuses. Most Loan Originators simply don t place enough emphasis on these key factors.
4 All About You As your biggest investment we work all financial aspects of your transaction to insure maximum savings and coverage. Financial Planner Adviser Certified Public Accountant Will or Trust to Update Home Auto Insurance
5 Your Part DOCUMENTATION Provide a complete package of loan documents to us upfront Respond to questions within 48 hours or less Gather conditions needed within hours Review the Do s and Don t list on our website Please Tell People About Us HOUSE Home inspection (you attend) Termite Inspection (optional) Water or Septic Test (optional) Appraisal (lender orders) Not all lenders have good appraisers We have a panel of 20 year + experience Conventional and FHA take about 3-7 days VA can take days
6 The Process Flow
7 APPLY ON LINE PRE-APPROVAL MEET WITH REALTOR PREVIEW PROPERTIES MAKE OFFER NEGIOTATE OFFER ACCEPTED HOME INSPECTION Not Qualified TITLE ORDERED HOME INSURANCE APPRAISAL ORDERED UNDERWRITING FINAL WALK THROUGH PLAN OF ACTION FORMAL APPROVAL WITH PROPERTY CONDITIONS CLEAR TO CLOSE REVIEW CLOSING DOCUMENTS ATTEND CLOSING
8 You should know LENDER Do they have any recent surveys from clients? How do they monitor for the interest rates? Do you have a on time closing guarantee? Who manages the timeline for closing? How am I updated during the process? REALTOR What is your list to sell percentage? (Listing) Do you require a Buyers Agency? Are you full time? Should you have the seller pay closing cost? If so, how does it effect my mortgage?
9 Things we have learned Someone will always offer a lower interest rate and closing cost You get what you pay for, not all Lenders provide the same service This is our clients biggest investment and we treat it that way Survey our clients so we can get better Systems are key to Originating a mortgage Rate Monitoring has saved our clients thousands Closing On Time is critical! Effectively manage our clients process, closing cost & interest rate and they will refer us!
10 Running Payments Real Time- Smart Phone App Real Time Market Rates Saves Address & Payments Scanner to Send Docs Market News Direct Links Concierge
11 Conventional Jumbo VA FHA USDA
12 Jumbo Over $417,000 First Mortgage Jumbo interest rates run a little less than conventional Typically take longer to close Consider comparing interest rates on 25% down vs 20 % down Compare 10% down with a 1 st & 2 nd mortgage vs one jumbo loan at 90%. The interest savings can be significant Document 24 months of PITI (principal, interest, taxes & insurance) payment reserves if possible in the form of savings, IRA, investments
13 Conventional $417,000 First Mortgage or Less Options available for no monthly Private Mortgage Insurance (PMI), with less than 20% down Consider Home Equity Loan Options while paperwork is valid Compare Loans with closing cost credit from the lender and with a little more up front cost to get a better interest rate. This will depend how long you plan to live in the home; use the rule of 5 year breakeven point
14 CONVENTIONAL FUNDS NEEDED GUIDE SALES PRICE CLOSING COST ESCROW RESERVES 5% DOWN TOTAL FUNDS 10% DOWN TOTAL FUNDS $100,000 $2,000 $1,280 $5,000 $8,280 $10,000 $13,280 $125,000 $2,363 $1,600 $6,250 $10,213 $12,500 $16,463 $150,000 $2,835 $1,920 $7,500 $12,255 $15,000 $19,755 $175,000 $3,308 $2,240 $8,750 $14,298 $17,500 $23,048 $200,000 $3,780 $2,560 $10,000 $16,340 $20,000 $26,340 $250,000 $4,725 $3,200 $12,500 $20,425 $25,000 $32,925 $275,000 $5,198 $3,520 $13,750 $22,468 $27,500 $36,218 $300,000 $5,670 $3,840 $15,000 $24,510 $30,000 $39,510 $350,000 $6,615 $4,480 $17,500 $28,595 $35,000 $46,095 $375,000 $7,088 $4,800 $18,750 $30,638 $37,500 $49,388 $390,000 $7,371 $4,992 $19,500 $31,863 $39,000 $51,363 $417,000 $7,881 $5,338 $20,850 $34,069 $41,700 $54,919 SALES PRICE CLOSING COST ESCROW RESERVES 15% DOWN TOTAL FUNDS 20% DOWN TOTAL FUNDS $100,000 $2,000 $1,280 $15,000 $3,280 $20,000 $23,280 $125,000 $2,363 $1,600 $18,750 $3,963 $25,000 $28,963 $150,000 $2,835 $1,920 $22,500 $4,755 $30,000 $34,755 $175,000 $3,308 $2,240 $26,250 $5,548 $35,000 $40,548 $200,000 $3,780 $2,560 $30,000 $6,340 $40,000 $46,340 $250,000 $4,725 $3,200 $37,500 $7,925 $50,000 $57,925 $275,000 $5,198 $3,520 $41,250 $8,718 $55,000 $63,718 $300,000 $5,670 $3,840 $45,000 $9,510 $60,000 $69,510 $350,000 $6,615 $4,480 $52,500 $11,095 $70,000 $81,095 $375,000 $7,088 $4,800 $56,250 $11,888 $75,000 $86,888 $390,000 $7,371 $4,992 $58,500 $12,363 $78,000 $90,363 $417,000 $7,881 $5,338 $62,550 $13,219 $83,400 $96,619 Excludes seller paid closing cost up to 3% (10% down) 6% for greater. Closing cost and escrows are estimated for planning purposes, please get exact quote from the originator.
15 FHA, VA, USDA Government First Mortgages The advantage of these loans are lower down payment They all have a funding or finance fee of 1-3% added to your loan amount Most are assumable at time of sale. Monthly Mortgage Insurance must be carried for the life of the loan even with 20% equity
16 FHA FUNDS NEEDED GUIDE SALES PRICE DOWN PAYMENT CLOSING COST ESCROW RESERVES TOTAL FUNDS $100,000 $3,500 $2,000 $1,280 $6,780 $150,000 $5,250 $2,835 $1,920 $10,005 $175,000 $6,125 $3,308 $2,240 $11,673 $200,000 $7,000 $3,780 $2,560 $13,340 $225,000 $7,875 $4,253 $2,880 $15,008 $235,000 $8,225 $4,442 $3,008 $15,675 $245,000 $8,575 $4,631 $3,136 $16,342 $250,000 $8,750 $4,725 $3,200 $16,675 $260,000 $9,100 $4,914 $3,328 $17,342 $265,000 $9,275 $5,009 $3,392 $17,676 $270,000 $9,450 $5,103 $3,456 $18,009 $275,000 $9,625 $5,198 $3,520 $18,343 Excludes seller paid closing cost up to 3% (10% down) 6% for greater. Closing cost and escrows are estimated for planning purposes, please get exact quote from the originator.
17 VA /USDA FUNDS NEEDED GUIDE SALES PRICE DOWN PAYMENT CLOSING COST ESCROW RESERVES TOTAL FUNDS $100,000 $0 $2,000 $1,280 $3,280 $150,000 $0 $2,835 $1,920 $4,755 $175,000 $0 $3,308 $2,240 $5,548 $200,000 $0 $3,780 $2,560 $6,340 $225,000 $0 $4,253 $2,880 $7,133 $235,000 $0 $4,442 $3,008 $7,450 $245,000 $0 $4,631 $3,136 $7,767 $250,000 $0 $4,725 $3,200 $7,925 $260,000 $0 $4,914 $3,328 $8,242 $265,000 $0 $5,009 $3,392 $8,401 $270,000 $0 $5,103 $3,456 $8,559 $275,000 $0 $5,198 $3,520 $8,718 Excludes seller paid closing cost up to 3% (10% down) 6% for greater. Closing cost and escrows are estimated for planning purposes, please get exact quote from the originator.
18 NC Housing & MCC NC Housing is a program that assist with a credit towards a borrowers down payment. 3% in most cases Mortgage Credit Certificate (MCC) is a program that helps buyers with monthly savings credits through payroll taxes or year end tax filings Both programs are subject to qualification with income limits and other restrictions such as credit scores. They are typically used in combination with FHA Financing
19 Most likely you were referred to us and we are honored. We spend our time and resources to exceed our clients expectations and don t always have extra time to market for new business. We can use your help Please let us know of anyone looking to purchase or refinance. Thank you for your partnership.
20 WHO WHAT WHERE WHEN HOW DAYS FROM PURCHASE Call
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