INTERACT WITH CAPITOL FEDERAL

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2 TALK with an Associate in Capitol Federal s Customer Service Center 888-8CAPFED. your questions to Capitol Federal securely online at capfed.com/contact. VISIT any one of Capitol Federal s convenient area locations. A complete list may be found at capfed.com/locations. INTERACT WITH CAPITOL FEDERAL and Like us on or Tweet on. Capitol Federal NMLS #

3 Is Homeowneship right for you? Buying a home is the largest purchase most people make. It has tremendous benefits, but also carries lots of responsibilities. Ask yourself the following questions: Am I ready to budget for home associated expenses, like insurance, taxes and repairs? Are these extra expenses within my budget? Is it in line with my 5- to 10-year plan? Do I wish to remain in the same area for the next few years? Have I had steady income for the past 2 years? Real estate transactions aren t cheap, so buying and then turning around and selling usually isn t a good idea. If you answered yes to the questions above, then maybe home ownership is right for you. Resources: capfed.com/homeloans capfed.com/applynow capfed.com/rateupdates

4 Advantages & Risks Advantages: Freedom to live as you wish and customize as you wish. Build wealth in the equity of your home. Provides stability and allows you to make connections with neighbors and your community. Possible federal income tax reductions*. Disadvantages: Less mobility. Higher cost because of mortgage, utilities, maintenance, taxes, etc. A home can be a slow appreciating asset. Initial and up-front costs of owning a home could be a financial burden. *Check with your tax advisor.

5 Steps to Homeownership Step 1. Capitol Federal guidelines state your mortgage payment each month should not exceed 30% of your gross monthly income. NOTE: Regardless of industry standards, you need to make sure your total house payment fits your personal lifestyle and budgeting habits. Step 2. Apply for pre-approval. Most lenders offer pre-approvals, and Capitol Federal makes it easy with online applications at capfed.com/applynow. Once the application is completed, it will be processed, and then reviewed by an underwriter. If approved, you may continue to step 3. Step 3. House hunt. Step 4. Make the offer. You might end up making several offers, or even going back and forth with the same house. Just remember; only offer what you are willing to pay and feel comfortable paying. Step 5. Let the Inspectors go to work. A complete house inspection is important. This will tell you if anything is really wrong with the foundation, electrical or plumbing, and safeguard you against buying a lemon. Step 6. Time to Close. If you made it through every other step, then it s time to head to the Bank and sign the paperwork. Congrats! You just bought a house and now have a mortgage.

6 CREDIT A credit score is a number derived from lots and lots of statistical analysis done on your credit file. This number is based on different things, like how much you ve borrowed, how much you ve used versus not used, when you opened accounts, and most importantly, how you ve paid your obligations. If you haven t established traditional credit, take the time now to get started. Banks want to see that your credit report includes a good payment history on at least four items for at least 24 months. Some loan programs require a minimum credit score. Be sure to ask your loan representative. Do some digging into your financial past and see what kinds of numbers you discover. The nationwide credit agencies (Equifax, Experian and TransUnion) are required by law to provide you with your credit history for free.. Once every 12 months, you can order your report at Resources: Housing and Credit Counseling, Inc. of Kansas

7 Keep yourself credit worthy. A. Keep credit card balances at less than half of your credit limit and make monthly payments on time. B. Diligently review your credit report and refute any inaccuracies by contacting the nationwide credit agencies. C. Within a few months of being approved for a home loan, do not open any new lines of credit. D. Only open new credit lines if you intend to use them. E. Don t rush to close unused credit cards a longer credit history is better for you.

8 The Loan Approval Process Would you be willing to lend strangers money without knowing anything about them? Probably not. Lenders would agree. The lender wants to know about you and the property before making a decision on whether or not you fit the guidelines for a specific program, product or property. During the loan process,the lender is going to ask you all kinds of questions and will verify your answers. They will look at copies of your: W-2 s Paystubs Recent bank statements Credit report Outstanding debt Other questions may need to be answered with additional documentation. And, finally, questions about your new property will be answered with an appraisal.

9 Choosing the correct Mortgage. So, you found the house. Talk to your realtor about what is included on the real estate contract, and how to complete it. In this situation, your realtor is a valuable resource and will help you step by step. There are lots of things to consider here, like: purchase price, who pays closing costs, who pays inspections, what stays and what goes. Also, an offer requires an earnest money deposit, refundable during a certain period of time, and only under certain conditions. By making an offer, you are signing a contract, and if the sellers accept, you are one step closer to owning the property. Don t be discouraged if your offer isn t accepted, because they could counteroffer, and then the process could repeat again and again.

10 Choosing the correct Mortgage. (cont) Fixed-rate: Comes in 30-, 20-, 15- and 10-year loans. It guarantees the interest rate will remain the same and offers you the security of knowing the monthly principal and interest payment will never change. Adjustable rate: Comes in 3/1, 5/1 and 7/1 ARMS. The initial interest rate on an ARM is usually lower than the rate on a fixed rate loan. The lower interest rate will remain fixed at the initial rate for the first years specified. After that, the interest rate will change annually based on the value of the index plus the margin, subject to annual and lifetime interest rate adjustment caps. It s best to discuss all the options with your mortgage loan originator before deciding. The loan representatives at CapFed are available to discuss all your options. capfed.com or call 888-8CAPFED. Stay current on CapFed home loan rates, scan this QR code or visit

11 Time to close. There is usually a mountain of paperwork, but it will only take about an hour to complete. Some of the documents you could expect to see are the Truth in Lending Statement, Promissory Note, Mortgage Document and Settlement Statement. Read these carefully and ask questions; this is no time for surprises. Each document plays an important part in explaining your responsibilities as a borrower, such as what you owe to the Bank, your monthly payment to the bank and more. Oh, and don t forget keep all those papers for your tax records. Congratulations! YOU DID IT! You probably went from ecstatic to nervous to frustrated to relieved to extremely happy throughout the process, but in the end, you succeeded in purchasing your first home. Thanks for trusting Capitol Federal to be your mortgage lender. CapFed will be there throughout the life of your conventional loan to help you, whenever you might need it. Have questions? Any Capitol Federal associate would be glad to help you. Visit any branch in your area, call 888-8CAPFED, or capfed.com.

12 NOTES

13 NOTES

14 NOTES

15 GLOSSARY Amortization A payment plan that enables you to reduce your debt gradually through monthly payments. The monthly amount is based on the schedule for the entire term or length of the loan. Annual Percentage Rate (APR) A measure of the cost of credit, expressed as a yearly rate. It includes interest as well as other charges. Because all lenders, by federal law, follow the same rules to ensure the accuracy of the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans, including mortgage plans. APR is a higher rate than the simple interest of the mortgage. Application The first step in the loan approval process; this form is used to record important information about the potential borrower necessary to the underwriting process. You can apply for a CapFed loan at com/applynow. Appraisal A document from a professional who gives an estimate of a property s fair market value based on the sales of comparable homes in the area and the features of a property. Borrower A person who has been approved to receive a loan and then is obligated to repay it and any additional fees, according to the loan terms. Closing The final step in property purchase when the title is transferred from the seller to the buyer. Closing Costs Fees and expenses, over and above the price of the property, incurred by the buyer and/or the seller in the property ownership transfer. Examples are title searches, lawyer s fees, survey charges, and deed filing fees, also called settlement costs. Conventional Loan A private sector loan, one that Is not guaranteed or insured by the U.S. Government. Down Payments Most lenders require some skin in the game, whether that is 3%, 5%, 10% or more, depending on the total picture or program guidelines. This means money you ve saved and accumulated on your own. Sometimes a gift from a relative is permitted, but be sure to ask your loan representative if that is okay for your specific loan program. Additionally, be prepared to have 2 months totalpayments in reserve at closing. Equity An owner s financial Interest in a property; calculated by subtracting the amount still owed on the mortgage loan(s) from the fair market value of the property. Escrow Account A separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance. etc. Gross Monthly Income Money earned before taxes and other deductions. Sometimes it may include income from self-employment, rental property, alimony, child support, public assistance payments and retirement benefits. Mortgage A lien on the property that secures the Promise to repay a loan. A security agreement between the lender and the buyer in which the property is collateral for the loan. The mortgage gives the lender the right to collect payments on the loan and foreclose if the loan obligations are not met. Offer An explicit proposal to contract which, if accepted, completes the contract and binds both the person who made the offer and the person accepting the offer to the terms of the contract. PMI PMI stands for Private Mortgage Insurance which is extra insurance lenders require from home buyers who obtain loans with less than a 20% down payment. This insurance helps cover the lender in case the borrower can t make the payments and the bank has to take the property back. Pre-Approval A pre-approval is a commitment to lend a certain amount to a potential borrower based on their verified credit history, income, monthly obligations, qualifying ratios and funds for down payment. The only thing left to review is an executed contract and the subject property. Promissory Note A written promise to repay a specified amount over a specified period of time. Qualifying Ratios Guidelines utilized by lenders to determine how much money a homebuyer is qualified to borrow. Each lender may have a different view of what is affordable. At Capitol Federal, the total new house payment (Iess taxes, homeowners insurance, private mortgage insurance, etc.), shouldn t exceed 31% of a total GROSS monthly income. Then CapFed takes the total monthly house payment and adds on the rest of a borrower s monthly obligations to make sure it doesn t exceed 41% of their total GROSS monthly income. Refinancing Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate). Settlement Statement A document required by the Real Estate Settlement Procedures Act (RESPA). It is an itemized statement of services and charges relating to the closing of property transfer. The buyer has the right to examine the settlement statement one day before the closing. This is called the HUD Settlement Statement. Title A legal document establishing the right of ownership. Truth in Lending A Federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan. Underwriting The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower s credit history, employment history, the borrower s ability to repay, funds for down payment and the subject property.

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