Mortgage Planning Questionnaire Email: Home: Cell: Birthday: Current Address: 1. How would you like us to stay in contact with you? (Check all that apply) email phone fax mail cell phone 2. Is this a financing request for your primary residence second home investment property 3. Which are your considering buying or refinancing? When? Immediately 2-6 months >6 months 4. If your primary residence, what is the best estimate for how long you might live in this home? 1-3 years 3-5 years 5-7 years 7-10 years 10+ years 5. How many years do you think you will have this loan? 6-12 months 1-3 years 3-5 years 5-7 years 7-10 years 10+ years 6. Please check any of the following if they are priorities as it relates to your mortgage financing. Determine maximum purchase price and/or loan I can qualify for Determine purchase price and loan amount appropriate for my income and lifestyle Purchase a home within a specific budget, down payment and closing costs Have ability to sell, pay down, pay off, or refinance home without penalty Maximize tax benefits Avoid mortgage insurance Qualify for a new home prior to, or without sale of existing home Other 7. Please check the following goals if they are currently a priority for you: (check all that apply) Improve Monthly Cash Flow Create a Comprehensive Financial Plan Maximize Education Savings Create a 6-12 Month Cash Reserve Account Maximize Retirement Savings Maximize Investment Contributions Live Comfortably on One Income Maximize Asset Portfolio Performance Live Comfortably on a Fixed Income Explore other Real Estate Investment Strategies Tax Reduction Strategies Asset Protection Strategies Other 8. What is the maximum total monthly housing payment (PITI) you would be comfortable with? $ How did you arrive at that number? Does this include potential Condo or Homeowners Association Fees? Yes No 9. Realistically, how much do you expect your household income will increase and/or decrease in the next: Increase Decrease 2 Yrs %/$ 3 Yrs %/$ 5 Yrs %/$
10. What are your biggest challenges right now with respect to money? Need to save more Too much spending Need to make more money Too much credit card debt I (we) pay too much in taxes Other 11. How much have you saved for the downpayment? $ If you are selling your current home, how much do you expect to net from the sale? $ Do you plan to use all of the proceeds to purchase your new home?? Yes No If not how much do you intend to invest elsewhere? $ 12. What is your current monthly mortgage payment (if applicable)? $ Does this include taxes and insurance? Yes No 13. What is your current monthly rent payment (if applicable)? $ Is renters insurance included in the rent? Yes No When does your lease end? 14. Do you currently have any plans for major expenses in the next 12-36 months? $ New car $ Home Improvements $ College $ Rental Properties $ Health $ Other: 15. If applicable, would you like information about repairing your credit? Yes No 16. Have you spoken with any other lenders? Yes No If yes, which loan program sounded the most desirable to you? 17. Do you have any independent (NOT employer provided) Life Insurance? Yes No If yes, how much is the death benefit? (Borrower A) $ Term Whole-Life (Borrower B) $ Term Whole-Life 18. Please rate your current level of satisfaction in the following area, on a scale of 1 to 10 (10 = best). Attorney Legal advice Name of Attorney Estate Plan -Asset Protection Name of Estate Planner Insurance Life Name of Agent Insurance Auto / Home Name of Agent Financial Advisor Investment Strategy Advisor /Name Income tax preparation/reduction Preparer/Accountant 19. If we can show you ways of building wealth faster or becoming debt free more quickly, would you be interested? Yes No, thanks 20. Are you interested in buying real estate for investment purposes? No Yes, when 21. Have you given any serious thoughts to when you will retire from Full-Time work? No Yes If yes, when What plans? 22. When do you expect/anticipate any life-style changes? (i.e.: new baby(s), change in job(s), 1 income to 2, 2 incomes to 1, Children moving out, retire, etc.) 0-3 Yrs 3-6 Yrs 6-10 Yrs What will change? 23. Do you have any children? No Yes If yes, how many Age(s)
24. If you have a college-bound child or children, what are your thoughts about assisting them in the expenses of this education?. 25. What are your current strategies for: A) Having enough money necessary to get through a financial setback (unemployment, illness/disability)? Savings Other B) Having enough to retire? 401k IRA How much/year? $ / % Current balance(s) $ C) Affording college for your children? 529 Plan Other Current balance(s) $ 26. Do you consider yourself financially disciplined? Very Disciplined Somewhat Disciplined Not at all 27. The chart below illustrates the trade-off between fixed and adjustable interest rate mortgages. Considering that the national statistics indicate that homeowners today move every 7.1 years and have a new mortgage every 5.1 years, please indicate the best match based on your preference between a fixed and adjustable interest rate, by placing an X in the appropriate box. A B C Increasing Risk / Usually Lower Interest Rates A = Conservative B = Moderate Predictable C = Aggressive 30 or 15 Year Fixed Rate 3 10 Year Adjustable Rate 1 Month 1 Year ARM Long term no volatility Intermediate Fixed Lowest Market Rate 28. Please let us know who we can thank for referring you to us. 29. If you have taken out a mortgage before, what did you like most, or least, about the last loan officer/mortgage provider you worked with?. 30. If you have, or have had, a mortgage in the past, what type of mortgage (fixed rate or ARM) did you have most recently? Fixed Rate Adjustable Rate Term and/or Years 31. If you have, or have had, a mortgage in the past, did you ever: Make extra payments to principal Use a bi-weekly payment plan None 32. Did you receive a refund when you filed last year s Federal Tax Return? No Yes If yes, how much? $
33. What else would you like to know about The Kirney Lending Team or myself before you would consider allowing us to serve you? 34. Will there be anyone else who will be making the loan and/or purchasing decision? Yes No Who? 35. Tell us a little about yourself; your hobbies, likes, pets, etc., so that we can get to know you better? 36. Are you planning to go out of town at anytime during this transaction? Yes No 37. If you and I were to meet after you closed your new loan with us, what would have had to have happened for you to feel you have saved time and money, gained greater peace of mind, and achieved your overall objectives? 38. Who else do you know who may be thinking of buying or refinancing residential real estate? Someone who wants/needs to refinance? Someone who is paying more than $1,500/month in rent? Someone who wants to buy investment and/or rental property? Someone who is going through a life change such as having children, getting married, getting divorced, retiring, loss of spouse? Please provide their name and phone number if you would like us to contact them: Phone: Phone: Phone: 39. My team and I are here to serve you. We want to spend all of our time making sure we are working on loans we have in process and structuring new loans carefully. Our industry is not known for repeat or referral business, yet, 100% of our business, year over year has been through referrals such as you! Between now and the time your loan closes I m sure you have certain service expectations from my team and me. Unlike most of our competitors, we want to know what those expectations are in order to make this experience the least stressful for YOU. And Finally, What are your biggest concerns or fears about the financing process? Thank you!
Questions 40-60 ONLY apply if you are refinancing a property you already own. (Please send a copy of your most recent mortgage statement(s)) 40. Estimate the current, fair-market-value of the home you want to refinance? $ 41. Is this home a: Primary residence Second/Vacation Home Investment Property 42. When did you purchase this home? (mm/yyyy) When was it built? 43. How much did you pay for it? $ 44. How long has it been since you last financed this home? Years 45. What were the terms of that loan? Years Loan Amount $ Interest Rate % Fixed Rate Adjustable Rate Mortgage If ARM, term? Interest-Only 46. Is there a Prepayment Penalty in effect on your existing first mortgage? No Yes Don t Know If yes, how much? $ 47. Has this property been listed For Sale in the past 12 months? No Yes, dates 48. Is there a Second Mortgage/Home Equity Loan or Home Equity Line of Credit (HELOC) on this property? No Yes If yes, what is the current outstanding balance? $ If yes, when did you take out this loan/heloc? / / Have you drawn on the line in the last 12 months? No Yes What is the rate on this subordinate financing? % Do you want to keep this loan/line open after refinancing? No Yes (there may be fee & delay) 49. Do you expect to pay off the existing Home Equity Loan/Line of Credit (if applicable) with this refinance? Yes No Don t Know 50. Have you made any significant improvements to your property since it was last financed that would increase its value? (i.e.: added room(s), updated kitchen, and/or bath(s), new deck, fence, heating system, central a/c, etc.) No Yes If yes, please detail improvements 51. If property taxes are due within 30 days of your first payment on your new mortgage, do you want to pay them out-of-pocket or incorporate them into your new loan amount? Incorporate into the new loan amount, or Pay them out-of-pocket 52. There are Closing Costs for all mortgages. With the refinancing of many loans we can usually: A) Incorporate closing costs into the new mortgage amount, or B) You can pay them out-of-pocket, or C) Increase the interest rate of the new loan to offer you no points/reduced closing costs. Please check the options you would like to explore.
53. Do you want to receive any cash out as a result of this transaction (to payoff credit cards, other consumer debt, to do home improvements, investments, etc.) No Yes If yes, how much? $ 54. If you qualify, would you like to set up a new Home Equity Line of Credit as part of this transaction? Yes No If yes, how much would you like to attempt to get? $ 55. If you are planning on doing major home improvements with the funds from this refinance, how much have you budgeted for these improvements? Not Applicable $ 56. If the previous question is applicable, do you have: (check all that are applicable) final plans & specifications contract with general contractor none completed yet 57. Do you currently have a written household budget? No Yes 58. Is there a certain time of day that is better for you to close? No Yes If yes, when? 59. Do you remember who the closing attorney/title company was when you last refinanced or purchased your home? No Yes If yes, who: 60. Who will be the contact for the appraiser to inspect your home to do the appraisal for this loan? Phone # ( ) - Thank you!