Getting Prepared to Purchase Your Home

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2 Thank you for taking the time to download our Homebuyer s Kit. TJC Mortgage knows that you have options when choosing a mortgage company to assist with your home purchase and we want you to know that we want you to choose us! Purchasing Your Home 3 How Much Should You Spend 4 Finding Your Dream Home 5 Loan Options 6 The Application Process 7 Closing Day 8 Getting Ready to Move 9

3 Getting Prepared to Purchase Your Home If you are a first time home buyer, or perhaps purchasing again after several years, there are a few things to know and brush up on. Being a knowledgeable homeowner will benefit you for years to come financially. Purchasing a home instead of renting gives you financial advantages, such as: You are building equity in your home each month. The interest you pay each month may be a tax deduction. Turn a house into your home by personalizing and remodeling. You gain pride of ownership! But, before you rush out to choose your dream home, there are a few things to get in order and consider. Follow these steps to help you achieve the American dream of homeownership! Schedule an appointment with TJC Mortgage to get your pre-approval. TJC Mortgage will work with you to determine your price range, supplying you with a copy of your pre-approval. Locate a real estate agent that you are comfortable with and that is familiar with the area. Look at homes in your area that are in your price range. With your realtor s assistance, negotiate with the seller. Gather and supply documents to TJC Mortgage Company. Schedule final walk through and closing.

4 Determining How Much Home You Can Afford How much home can you afford? TJC Mortgage will gather information from you to assist in determining your price range. This is known as becoming pre-qualified, which also makes your offer more enticing to a seller when the time arrives. Some of the information TJC Mortgage may ask for: How much debt you currently have Your combined household income Any additional assets Your credit score At this point, attempt to keep all of the above consistent. Don t purchase a new car or incur other substantial debt. Only strive to improve your credit score and save money. After you are pre-qualified, it is time to decide what kind of home you prefer that will fit within your budget (at or below your pre-approval amount). Follow the steps below to lead to your new home faster: Choose the area of town you prefer to live in, considering distance to work, schools and shopping. Decide if you want new construction or an existing home. Perhaps a pre-owned home, ranging from a fixer upper to move in ready. Some considerations are a pre-owned home may be less expensive and if remodeling you can choose colors, etc, but be educated and prepared for unexpected expenses such as HVAC, roofing or plumbing issues. A new home may be your best option if you are interested in choosing your floor plan, lot, colors, upgrades, and landscaping. Remember that you may pay more for these advantages.

5 Finding Your New Home After you decide the location and the style of house you prefer, contact a real estate professional. They are trained in many areas that will be beneficial to your search. Some of the ways they are helpful include: Your real estate professional will assess areas and homes in your price range. They assist in finding homes that meet your wants and needs. They know the market, making it easy for them to advise you in negotiating and will write your purchase offer. They will help protect you with sometime complicated real estate transactions. When you find a house and decide this may be the one your real estate professional will compose a purchase offer, or proposal. This offer is accompanied with a check for earnest money, showing your good faith to the seller. Your realtor or an attorney will hold your earnest money. If your offer is accepted, you will be notified by your real estate professional. At this time you have a binding contract and your earnest money is applied to your down payment. The seller may submit a written counter-offer. You are free to accept or reject it. If you reject it, your earnest money is returned to you. If the seller rejects your offer ask your realtor to inquire about the reason, assisting you in future offers.

6 Loan Options When the purchase of your new home has been negotiated and you have a contract in hand, know that TJC Mortgage will assist in determining the best mortgage for your particular situation. A few choices are: A Fixed Rate Loan allows you to lock in at a fixed rate for the life of the loan, allows low down payment options, there are a variety of terms and the monthly payment never increases. If you plan to own your home for several years, this may be the best option for you. An Adjustable Rate Mortgage may begin with a lower initial interest rate. Rates may rise or fall as interest rates increase or decrease. There is a limit on the amount the rate can fluctuate over time. FHA Loans have been the most popular for choice for several years. The minimum credit score for an FHA loan is lower as well as minimum down payment. This loan is particularly appealing to first time home buyers. Conventional Loans are not guaranteed or insured by the federal government. Requirements may be slightly stricter since conventional loans are financed and insured by private lenders and investors. However, this alleviates some guidelines and regulations enforced by the government with an FHA loan. Sellers may be more likely to choose an offer with a pre-approved conventional loan because of the stricter requirements begin met. VA Loans are available if you are a service member, Veteran or eligible surviving spouse. VA Home Loans guarantee a portion of the loan enabling private lenders more favorable terms. A VA loan offers the possibility of no down payment, no PMI, limited closing costs, you can re-use this benefit, closing cost may be paid by the seller.

7 The Loan Application Process Now it is time to begin the loan application process. These are the steps to expect: You will meet with a TJC mortgage advisor to review mortgage options, the application process and have your questions answered. A loan processor will collect your documents and verify your financial information. If there are any late payments or other issues, the mortgage processor works with you to resolve these issues. An appraisal from a licensed appraiser will be ordered by the mortgage processor. The appraiser will complete a full interior and exterior appraisal of the property. The loan processor gathers documentation such as the application and title and sends this information to the underwriter. A mortgage loan underwriter reviews your financial profile, providing you with a conditional approval of the mortgage terms and conditions upon approval. When the file is approved, the closing department will prepare all docments for closing and contact your realtor to schedule the closing date. At this time, the closing department processes the signed paperwork and documentation. The anticipated cost for closing includes: The down payment - ranges from 3% to 20% of the price of the house. For down payments less than 20% you may be required to pay mortgage insurance. The more you pay down, the less your payment will be and the more equity you will have in your new home. Home inspection It is always recommended to have a home inspection performed by a certified, experienced home inspector, even on new property. Closing costs include fees for state and local governments and fees for obtaining and originating your mortgage closing costs usually range from 2% to 6% of the loan amount.

8 Closing Day Closing day has arrived! Things to expect on this memorable day: A representative of your lender, or closing officer, your real estate agent, the sellers and perhaps their real estate agent, and an attorney will be at the meeting. Bring your homeowners insurance information showing adequate coverage for the property. You will need a certified or cashier s check for your down payment and closing costs. Your lender will provide an exact amount before your closing date. The closing officer will verify all of the information, then will proceed to explain each closing document, asking you to sign each form. If you have any questions during this process, do not hesitate to ask! The Settlement Statement lists: The buyer s and the seller s closing costs. A summary showing how funds are transferred between buyers, the sellers and the lender. The net amount due from the buyers and the net amount that will be paid to the sellers. The commissions to the real estate agents. The points and other fees charged by the lender. Any interest due from the date of the closing until the first mortgage payment. Amounts that are deposited in escrow for insurance and property taxes. Charges for the title search required by the lender and title insurance policies for you and the lender. The fee to cover the lender s cost of researching the tax rate for the property.

9 Generally the left side of the settlement statement lists the buyer s transactions, while the right side lists the seller s. The costs are totaled at the bottom and the closing officer will request a check for the down payment and closing costs. The closing officer will then review the Deed and the Commitment for Title Insurance, confirming the legal descriptions match on both documents. Distribution of money is then made to the sellers, the seller s lender, the real estate agents and any others who may be listed on the agreement. Congratulations!! You have just purchased a home! If the agreement states you immediately take possession of your home, you will receive keys and are free to begin moving! Occasionally the sellers may have possession a while longer, in which case it will be agreed upon by all parties when you will receive the keys to your new home. confirming the legal descriptions match on both documents Cahaba Heights Road Birmingham, AL TJCMortgage.com NMLS #2239

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