FIRST TIME HOMEBUYERS

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1 FIRST TIME HOMEBUYERS A Guide To Help With The Home Buying Process Northpoint Mortgage, Inc. NMLS #1515 CT: Licensed Mortgage Correspondent Lender ME: License #SLM8215 MA: Licensed Broker and Lender MC1515 NH: Licensed by the NH Banking Department NJ: Licensed by the NJ Department of Banking and Insurance RI: Licensed Mortgage Broker and Lender USVI: Licensed Mortgage Lender. When acting as a mortgage broker, we arrange loans with the third-party lenders but do not fund the loan.

2 Buying your first home is an exciting step that so many of us look forward to. With the help of a Northpoint loan officer we will make sure your home buying process goes smoothly and efficiently. We want to help our first time homebuyers to be well informed and understanding of the home buying process so we hope this guide will help you prepare for buying your first home. In this guide you will find: Pre-qualified Checklist Preparing for the home buying process Purchasing a home Questions to Ask Make your home green List of terms all homebuyers should know Who you should be in contact with List of our offices with phone numbers Detachable House hunting notes section

3 When meeting with a loan officer to get pre-qualified for a mortgage there are a few basic things that every loan officer will need from you. Here is a list to get you started so you are ahead of the game when you are ready to get pre-qualified. Having these items when you meet with your loan officer will allow you to get pre-approved faster, leading to you owning your first home faster. General Pre-qualified Checklist: 2 Months worth of most recent pay stubs 2 Years of W2 s 2 Years of tax returns 2 Months bank statements, all pages of all accounts 12 Months cleared rent checks Current Debt information 2 years business tax returns if self employed Valid Photo ID

4 Before you meet with a realtor it is important for you to think about what kind of home you want and what you want to get out of your home. It is also important to prepare for the home buying process by understanding you will need to do a little bit of research, such as this guide, about the overall process you will be taking part in and the requirements that go along with it. Preparing for the home buying process Start Saving for a downpayment After meeting with a Loan officer to get prequalified get a pre-qualified letter that you can use when presenting an offer on a home. Think about the longevity of the home you are buying, are you going to have children in this home, will it be an investment property, is it your forever home? Is the property you are looking at sellable? Does it have certain attributes that would make it easier or harder to re-sell in the future?

5 Do your own research before you meet with a loan officer and realtor. Being able to understand what your loan officer and realtor are explaining to you will help you to be involved in the process and help it run smoothly. During the home buying process it is important to avoid gaining additional debt. Buying new furniture, a new car, taking out new credit cards, new loans, co-signing, changing jobs, and changing banks are all things that could negatively affect your mortgage process. Start an emergency fund. When buying a new home there are sometimes things that come up that you weren't expecting to happen. By having an emergency fund you can feel confident in purchasing your home and being prepared for any unexpected bumps in the road.

6 The home buying process contains a number of steps. We hope this step by step purchasing a home guide helps you so you don t miss a step! Purchasing A Home Step ONE: Create a Strategy and Get Pre-qualified Before shopping for a home, or meeting with a realtor, meet with a loan officer and get prequalified. Work with them to determine what you can afford, what kind of downpayment to budget for, and what type of loan program you'll be using. Working with a real estate agent will help your home buying process run smoothly and efficiently from start to finish. If you do not have a realtor, we would be happy to refer you to an experienced and professional realtor who knows the area you are shopping in. Step TWO: Find a Local Real Estate Agent Step THREE: Start Shopping for a Home After finding your real estate agent, it is important to find an inspector to inspect the properties you are interested in.

7 Once you have found a home, your agent will submit your purchase offer to a listing agent or seller. When your offer is accepted, the duediligence period starts a series of timelines for fi n a l m o r t g a g e a p p r o v a l, a p p r a i s a l, inspections and other requirements which would be spelled out in the terms of the contract and your mortgage commitment letter. During this time you will be working with your Loan officer to obtain the required documentation. Step FIVE: The Closing Step FOUR: Purchase Offer Submitted A successful closing requires all of the team players to come together at the same time, with all of the required paperwork and documentation with numbers and figures that match.

8 There are a lot of things to remember when buying a home, questions to ask and things to look for. We want to make sure our homebuyers are prepared with all of the right questions. The list below will help you get a jump start on being prepared for buying your first home. What year was the house built? -Lead based paint? -Asbestos? Window Efficiency? Age of Furnace? Age of Septic system? Age of Roof? Questions to Ask How is the plumbing of the house? Does the house have its own well or city water? How is the water? hard, soft, drinkable? What does the basement look like? Is it finished, has it been flooded, is there mildew or mold? Look at the Land. Does the yard slope towards the house, what does the parking situation look like, is there room for expansion? How is the electrical wiring of the home, is it safe? is it old?

9 Going green may seem like a big task to take on when buying a home, but with these easy steps you can create an energy saving eco-friendly home in no time! Make your Home Green Change all incandescent lightbulbs to CFL lightbulbs Install a water filter on your kitchen sink so you can refill your water bottle at home Install programable thermostats Install low flow toilets, faucets, and shower heads Install ENERGYSTAR appliances If floors need to be replaced, use a renewable resource such as bamboo Replace an old inefficient heating and cooling system Upgrade the insulation if it is inefficient Upgrade weather stripping and sealant around doors and windows

10 During the home buying process there will be a lot of terms used by your realtors and loan officers, it is important that new homebuyers understand what is happening, knowing these terms will help. Commitment Date Financing conditional commitment from the mortgage company. Terms you should know Interest Rate Percentage of your loan amount you are charged to borrow money. Loan Term The amount of time you have to pay off your mortgage balance. Principal The part of your monthly payment that reduces the outstanding balance of your mortgage. Mortgage Insurance A policy which compensates lenders or investors for losses due to the default of a mortgage loan.

11 Appraisal vs Inspection An appraisal is an independent evaluation of the current market value of a home or property to set the value of the home so that a lender may determine how much it can loan you the buyer. An inspection is a thorough evaluation of a houses major systems and structural integrity. The appraiser is typically working for the bank, the house inspector is working for you. Escrow A contract, deed, bond, or other written agreement deposited with a third person, by whom it is to be delivered to the grantee or promisee on the fulfillment of some condition. Credit Score A number assigned to a person that indicates to lenders their capacity to repay a loan. Hazard Insurance Protects a property owner against damage caused by fires, severe storms, earthquakes or other natural events. Pre-qualification vs. Pre-Approval A lender who prequalifies a buyer discusses a buyer s credit, income, and assets with them. A lender who preapproves a buyer runs their actual credit and verifies their income and assets. Agents and sellers view a pre-approval as a more firm start to the home-buying process.

12 Ask your Northpoint Loan Officer for recommendations for each of these and they will gladly help you by providing multiple options for each one. People you should be in contact with Northpoint Loan Officer Local Realestate Agent Home Inspector Insurance Agent Title Company /or/ Attorney Processor at mortgage company

13 As a New England Based Company we understand the importance of community. With 8 locations spread throughout New England and growing, you are sure to find a Northpoint office in your local community. Locations 559 Main St. 3rd Floor, Suite 302 Sturbridge, MA Phone:(508) Constitution Dr. Suite 101 Bedford, NH Phone: (603) George Washington Hwy Suite 2L Lincoln, RI Phone: (401) Waterchase Dr. 2nd Floor Rocky Hill, CT Phone: (860) Wampanoag Trail East Providence, RI Phone: (401) Turnpike Road Westborough, MA Phone: (508) One New Hampshire Ave Suite 209 Portsmouth, NH Phone: (603) Technology Lane, Suite 116-E Conway, NH Phone: (603) EXT. 155

14 Contact Us - Find Us - Follow Us Website: us: Find us on Facebook: Find us on LinkedIn: Northpoint Mortgage, Inc Find us on Twitter: Follow us on Instagram: Northpoint_Mortgage Follow us on Google+ for all locations: Keyword Northpoint Mortgage Follow us on Pinterest: Northpoint Mortgage, Inc

15 Address: Town: School System: Year Built: # of Bathrooms: # of Bedrooms: Property Size: Notes: Address: Town: School System: Year Built: # of Bathrooms: # of Bedrooms: Property Size: Notes:

16 Address: Town: School System: Year Built: # of Bathrooms: # of Bedrooms: Property Size: Notes: Address: Town: School System: Year Built: # of Bathrooms: # of Bedrooms: Property Size: Notes:

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