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2 New Home Buyer's Guide Contents Steps for buying a new, natural gas home p. 3 Mortgage payment calculator p. 4 Mortgage qualification guide p. 5 Mortgage application checklist p. 6 Real estate glossary p. 7-8 Frequently asked questions p. 9 Natural gas - The ideal energy p

4 Mortgage payment calculator How much house can you afford? In order to answer that question determine your gross monthly income from all sources. Then multiply that amount by 28% (.28) to determine an approximate allowable monthly payment. This payment includes principal, interest, taxes and insurance (PITI) and is the approximate amount for which you will qualify. The chart below shows the principal and interest of this calculation. For taxes, call the tax appraiser for the county in which you plan to reside. For insurance, your agent can give you an estimate. The monthly amounts for taxes and insurance should then be added to the principal and interest payment. Price of Home 7.0% 7.5% 8.0% 8.5% 9.0% \$50, \$60, \$70, \$80, \$90, \$100, \$110, \$120, \$130, ,000 1,046 \$140, ,027 1,076 1,126 \$150, ,050 1,101 1,153 1,207 \$160,000 1,064 1,120 1,174 1,230 1,287 \$170,000 1,131 1,190 1,247 1,307 1,368 \$180,000 1,197 1,260 1,321 1,384 1,448 \$190,000 1,246 1,330 1,394 1,461 1,529 \$200,000 1,330 1,400 1,468 1,538 1,609 4

5 Mortgage qualification guide To calculate the mortgage amount for which you qualify: Add monthly principal and interest payment Add monthly real estate taxes (call your assessors office) Add monthly insurance payment This will give you your Total Basic Monthly Cost (the "total basic monthly cost" generally must not exceed 28% of the gross monthly income). Add debts with remaining term of 10 months or more This will give you your Total Monthly Cost plus Debt (the "total monthly cost plus debt" must not exceed 36% of the gross monthly income). 5

6 Things you'll need for your loan application Social Security Numbers Residence Addresses for the past two years Names and addresses of each employer(s) for the past two years Two previous years' W-2's and current Year to Date pay stub Previous 3 months' checking and savings account statements Names, addresses, account numbers, balances and monthly payments on all open loans. Addresses of other real estate owned Loan information on other real estate owned Estimated value of furniture and personal property Certificate of eligibility or DD214's (V.A. only) Money or credit report for appraisal If self-employed, see your loan officer for requirements Final purchase agreement and listing sheet Copy of Driver's License (FHA only) Copy of divorce decree and bankruptcy papers if applicable 6

7 15 commonly used terms in the real estate market Adjustable Rate Mortgage (ARM) A mortgage with an interest rate that is adjusted periodically according to the terms of the mortgage agreement. The amount the interest rate changes is determined by the "index" in the contract and can vary by lender. Annual Percentage Rate (APR) The relationship of the total finance charges to the total amount being financed and expressed as a percentage. The finance charges can include interest, service charges, points, loan fees and mortgage insurance. Closing The final procedure when the documents are executed and/or recorded and the mortgage (if any) is recorded. This event is called a "settlement" in some areas. Closing Costs Expenses (beyond the selling price) which are paid when the sale documents are executed and/or recorded. These closing costs can include loan fee, title fees, etc. Equity The value of a property after existing liens have been satisfied Escrow The process by which a disinterested third party hold all instruments necessary to the sale (including funds and documents) until the deal is closed. Fixed Rate Mortgage A mortgage with a an interest rate that stays the same (fixed) for the life of the mortgage. Monthly payments for a fixed rate mortgage are very stable. 7

8 Commonly Used Terms In the Real Estate Market (continued) Interest The amount paid by the borrower for the use of borrowed funds, usually calculated as a percentage of the total amount due. Origination Fee A fee paid to the lender to process the loan paperwork PITI A lending term referring to the four major components of a normal monthly mortgage payment, Principal, Interest, Taxes and Insurance. Principal The amount of debt, not including interest, left on a loan; also the face amount of the mortgage. Private Mortgage Insurance An insurance policy the borrower buys to protect the lender from non-payment of the loan. PMI policies are usually required if you make a down payment that is below 20% of the appraised value of the home. Title Insurance An insurance policy which insures you against errors in the title search, essentially guaranteeing your and your lender's financial interest in the property. VA Loan A mortgage loan that is insured and guaranteed by the Veterans Administration. Available to military veterans and some active military personnel who meet certain criteria. Warranty A guarantee (often backed by an insurance policy) that the material and/or workmanship of the home or its systems are free of defects and able to fulfill their function. 8

11 Natural Gas -- The ideal energy (continued) An electric heat pump will not heat your home effectively when the outdoor temperature drops below 30 to 35 degrees. At that point it requires a backup heating system -- usually an electric resistance furnace -- and that gets EXPENSIVE. Because a heat pump tries to do both heating and cooling, it operates more hours during the year -- and won't last nearly as long as a gas furnace. In fact, gas furnace warranties are typically 20 years, compared to 5 years for most heat pumps. Heat pumps require greater air flow, which makes your home feel drafty. 11

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