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New Home Purchase

BUYING VS. RENTING

This may surprise you, but a monthly mortgage payment is often less than what you might pay for rent. In fact, with just 1% down, you could save more than $600/month on a $250,000 home purchase and avoid monthly mortgage insurance.

PURCHASE A $250,0000 HOME

BUY: $1,597.85* (30-YEAR FIXED) VS RENT: $2,200 MONTHLY

*With the 1% Down program, the borrower puts down 1%, the lender contributes 2%, giving the borrower 3% equity at closing. The principal and interest payment on a $242,500 30-year Fixed-Rate Loan at 4.625% and 97% loan-to-value (LTV) is $1,285.35 with -1.153 points due at closing. The Annual Percentage Rate (APR) is 4.624%. The principal and interest payment does not include taxes and insurance premiums, which will result in a higher actual monthly payment. Taxes and insurance are estimated and will vary with each loan. *Includes estimated taxes and insurance. Pricing calculated on March 31, 2017.

5 HOME BUYING MYTHS

There are a lot of myths about buying a home that are easy to bust.
Here are a few of the big ones:

1. I NEED A 20% DOWN PAYMENT.

This goes back to the days when lenders had far fewer options. Now, you can get a mortgage for as little as 1% down and still have a low monthly payment.

2. I HAVE TO DIG UP A LOT OF PAPERWORK.

A lot goes into qualifying you for a mortgage, but these days much of the verification process — like collecting pay stubs, bank statements and tax information — can be done automatically by your mortgage broker and lender.

3. IT WILL TAKE A LOT OF TIME.

A good mortgage broker can take your application and give you a pre-approval letter in minutes. Many even let you do it yourself online.

4. MY BANK IS THE BEST PLACE TO GET A MORTGAGE.

Banks don’t offer many mortgage choices. An independent mortgage broker in your local community can help you find the best options and the lowest rates.

5. I NEED TO BE “SETTLED DOWN” FIRST.

Even with a low down payment, monthly mortgage payments are often lower than rent prices. Plus when you buy a home, you’re paying yourself, not your landlord.

WHAT TO EXPECT DURING THE LOAN PROCESS

The mortgage process is pretty straightforward, but knowing what to expect will help everything go smoothly.

STEP 1: ELECTRONIC LOAN APPLICATION AND DOCUMENT PACKAGE

  • You’ll receive a secure link to E-sign your documents, saving you valuable time.
  • A Loan Estimate is included in this package. This is an itemized list of the fees that you may be charged for your home loan transaction.

STEP 2: LOAN APPROVAL

  • Once your loan application is reviewed, you may be asked for additional documentation.
  • Return the requested documentation as quickly as possible.

STEP 3: APPRAISAL

  • A licensed appraiser will need to inspect the property and determine a value. (If your loan application receives a Property Inspection Waiver, no appraisal will be needed.)
  • The appraisal cost is typically paid prior to the inspection.

STEP 4: CLOSING DISCLOSURE

  • This is the final list of fees that you will be charged for your loan.
  • You will receive this document at least three days prior to your closing.

STEP 5: VERBAL VERIFICATION OF EMPLOYMENT

  • A call will be placed to your employer; it’s important they respond promptly.

STEP 6: FINAL CLOSING

  • When your loan is fully approved, your employment has been verified, and you are ready to close on your home, we will schedule a convenient time to sign the final documentation.

LET ME HELP YOU GET INTO YOUR DREAM HOME.
CALL TODAY.

FOR YOUR NEXT HOME LOAN, WORK WITH SOMEONE WHO WORKS ON YOUR BEHALF.

COME HOME TO THE EXPERTS.

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