• First Home
  :: (Download PDF)
  
  
• Refinancing
  :: (Download PDF)
  
  

First Home

Steps to getting prequalified with Cathy

• Discuss the Mortgage Planning Questionnaire
• Review your credit history
• Decide on financing options
• Discuss guidelines on loan programs
• Understand fees and closing cost
• Determine a timeline

Criteria to determine a Loan Program

• Financing Options
• Credit History- Review scores / review credit report/ calculate Debt to Income Ratio
• Loan Term- 30 Year Fix, 20 Year Fix, ARMS-6 mos., 3/1 ARM, 5/6 ARM, more options...
• Interest Rates-Principal and Interest / Interest Only / Minimum Payments on ARM
• Loan Terms-Prepayment Penalty

Financing Options

100% Financing- No Down Payment
80%/20%- Avoid Private Mortgage Insurance
• 95% Financing- 5% Down Payment-Incur Private Mortgage Insurance if its one loan
• 80% Financing- 20% Down Payment- No PMI
• First Time Homebuyer Assistance Program
• Conforming Loan- up to $359,300 vs. Jumbo Loan- $359,300 and above

Fees to Consider/Closing Cost-separate from fees on Purchase Agreement Contract

• Loan Origination Fee
• Discount Points
• Appraisal
• Credit Report
• Processing Fees
• Lender Fees- underwriting fees, doc prep fees, etc...
• Title/Escrow Fees-title insurance, escrow fee, doc prep, notary, courier, etc...
• Interest Paid on New Loan
• Hazard Insurance
• Impounds- if applicable

Documents to prepare for Prequalification

• Current Paystubs
• W-2s
• Recent Credit Report or I will run one
• Asset Information