NMLS# ImpacMortgage.com

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1 NMLS# ImpacMortgage.com

2 yourpartner.yourfuture.yourhome. Letthisguidebearoadmapforyoutouse onyourjourneyintohomeownership.weat ImpacMortgageCorp.knowthatthebuying ahomecanbeamixtureofexcitementand stress.we reheretoorganizealthe informationforyousothatyoucandothe processyourway,atyourownpace.just thinkofuslikeyourownpersonalinterior decoratorfortheloanprocess. Attheendoftheday,ifyoucanplanwel, thisprocessisenjoyableandmayreap rewardsthatgobeyondpaintingyourliving room anycoloryouwant.itcanbe financialystabilizing.italdependsonyour goals.getingoutofrentingtohome owning,startingafamilyorjustplanting rosesinthegardenandaddingadogthat canrunthroughthem! sections.01thebenefitsofhomeownership 02getingready 03makingthedecision 04howtogoaboutgetingstarted 05getingmotivatedtosave 06conclusion

3 01thebenefitsofhomeownership. Whenitcomestobuyingahome,itisn't aboutwhoyouknow,butwhatyouknow, whichiswhyit'simportantthatfirst-time homebuyersknowhowtosecurefinancing tofindthehomeoftheirdreams. Unfortunately,first-timebuyersmaynot knowhowtogetstartedfindingahomeor whentotaketheleapintohomeownership. Thissectionwilcoverafewthingsfirst-time homebuyersneedtoknow. GETSTARTEDTODAYWITHAPRE-QUALIFICATION

4 01 the benefits of home ownership. is buying a better deal than renting? Since the housing crisis, mortgage rates have dropped significantly, making it a good time to apply for a home loan. Compared to renting, buying can be a better deal, and it provides homeowners more freedom to make changes or upgrades to their home. Furthermore, a portion of the amount you pay on your mortgage's interest can be deducted from your annual federal income tax when you purchase a home. When you rent, your monthly check goes straight to the landlord and you receive no similar tax incentives. In addition, homeowners can deduct their property taxes as well, which will save money in the long run. benefits when you buy. There are many reasons Americans may want to own a home, and most enjoy the freedom of being able to make a house their own. Unlike a rental property, where you may be limited by what you can hang on the walls or plant in the garden, you do whatever you like to your new home. Not to mention, you can quickly build up a strong credit history by making mortgage payments on time. Owning A Home Is Still More Popular Than Renting 33% Americans Rent 67% Americans Own Source: 2013 U.S. Census Bureau data GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

5 01 the benefits of home ownership. preparing to house hunt. One of the most exciting parts about becoming a homeowner is searching for a place to live and call your own. When preparing to go house hunting, you will need to figure out how much you can afford. This will require you to check your credit score and speak with a lender about getting preapproved for a home loan. Having proof of preapproval can help you get through the buying process faster and ensure that you remain within your limits. Not to mention, proof of preapproval can make you a more attractive buyer to sellers. When it comes time to apply for a loan, you will know how your finances can work for you to secure a new home. In addition to mortgage payments, it is important to factor in other costs of homeownership including insurance, property taxes and utilities. While you can do many of these calculations on your own, to get an accurate measurement of what you can afford and get preapproved for a home loan, contact Impac Mortgage Corp. Source: Reis Inc. GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

6 02getingready. Buyingahomeisnotonlyasignificantfinancialcommitment,butyoualsotakeonmuchmore responsibilityasahomeowner.whileyoumightbelieveyouarereadytomaketheplungefrom renting toowning,therearemanythingsyouneedtoconsideranddobeforeyourdream canbecomea reality.fortunately,manyhomebuyerprogramshaveappearedsincetherecessiontohelpthose tryingtopurchaseahomeforthefirsttime,includingdownpaymentassistanceandlowmortgage rates.fornewhomebuyers,thissectionisalistofwhatyouneedbeforebuyingahome. GETSTARTEDTODAYWITHAPRE-QUALIFICATION

7 02 getting ready. a high credit score. When you apply for a home loan, the first thing lenders will look at is your credit score. They can request your score quickly and easily, and it can tell them how much debt you have and if you are likely to pay back your mortgage on time. A high credit score will put you in a good position to get approved for a mortgage, and you might receive better terms, including lower interest rates. However, a score that isn't so great will make it more difficult to secure financing. Because of this, it is essential that you check your credit report and take steps to boost your credit as much as possible before applying. Take a look at your credit report for any mistakes that could be hurting your score. In addition, you should work to reduce your outstanding balances. You can improve your credit by making payments on time and lowering how much you owe. a steady & proven income. After looking at your credit score, lenders will want to see that you have some form of steady income and will be able to make mortgage payments. A regular, full-time job is what most lenders will want to see. When you apply for a mortgage or preapproval, you will likely be asked to provide tax documents with your income history as proof of your earnings. This can be somewhat complicated for those who are self-employed or don't have a steady income every month. In these cases, it may be possible to get approved for a mortgage, but you will still be required to show what type of income you earn, as well as other assets. As a homeowner, there is not landlord to fix that leaky faucet or peeling paint. Instead, you are the sole person in charge of these projects and repairs. For this reason, it's a good idea to have a rainy day fund to pay for repairs when they crop up. Even if your home is new and has passed your inspections with flying colors, there is still a chance that something could break in the future. Just think about how hard your life would be if your washing machine broke and you couldn't replace it. An emergency fund could help you get a new one sooner. GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

8 03makingthedecision. Becomingahomeownerisanimportant decision,whichiswhyyoushouldcarefuly considerifyouarereadytobecomea homeownerbeforeyoumakeanofer.itcan behelpfultoaskyourselfwhyyouarethinking ofpurchasingahome.doyouwanttostart buildingequityorhaveaplacetoraisea family?whateverthereason,makesureyou arereadytotakeonaltheresponsibilitiesof owningyourownhome. GETSTARTEDTODAYWITHAPRE-QUALIFICATION

9 03 making the decision. figure out a budget. Before you start shopping for a home, you should spend some time figuring out what you can afford. Most Americans need the help of a home loan to buy a home, and there are many first-time homebuyer options out there. First-time homebuyers may have a hard time getting a down payment for a home purchase, but can turn to special programs including down payment assistance or other loan types with lower down payment requirements. While doing research on your own can yield positive results, to get the whole picture on how to prepare yourself for the homebuying process, consumers should turn to trustworthy companies like Impac Mortgage Corp. to fully understand the complexities of the real estate market. Beyond figuring out how much you can afford in a mortgage, you will need to factor in other costs of homeownership, including insurance, taxes and maintenance. make a list. Once you're prepared to start shopping for a new home, it can be helpful to make a list of the things you envision you might want or need, such as number of bedrooms, bathrooms or home layout. Having some ideas of what features you want can help you narrow down the housing options in your price range. While you might want to have a wish list including a steam shower or backyard pool, it is important that you keep your list reasonable and realistic. If you make it too specific, you might not find a new home. Remember that as a homeowner you can make changes to your house once you buy it. Time To Buy $1,099 Average National Rental Rate Source: Reis Inc. GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

10 04howtogoaboutgetingstarted. Manyfirst-timehomebuyersarehopingtojumpintotherealestatemarketthis year.however,beforedivingin,thereareafewthingsalbuyersshouldknow, andspecificaly,whatmistakestheyneedtoavoid.thissectionincludessome ofthetopmistakesandregretsfrom first-timehomebuyers. GETSTARTEDTODAYWITHAPRE-QUALIFICATION

11 04 how to go about getting started. cost. The regrets of first-time homebuyers can go both ways, from those who feel like they overspent and those who wish they had made a higher down payment right off the bat. While the cost mistake can largely depend on your personal financial situation, you should carefully weigh the disadvantages and benefits of making a large down payment. On one hand, doing so will leave you with less liquid capital to spend in other ways, but it will also provide you with a lower mortgage in the long run. Furthermore, a higher down payment could help you get approved for a home loan where you might otherwise be rejected. This is often a good choice for borrowers with less-than-perfect credit scores. However, many buyers feel that they overspent when they finally move into their new home. In a survey by Zillow, 20 percent of buyers wished they had negotiated more on the price of their home and 14 percent said they should have have done more comparison shopping for their mortgage. Getting Hitched DownPaymentDreams.com is a unique wedding gift registry that gives couples an opportunity to collect down payment funds for a new home. GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

12 04 how to go about getting started. inspections. When you're deciding to purchase a new home, it's essential that you know everything about the property you're investing in. As a house is probably the largest asset you will own, you don't want to forego inspections and find major issues later down the road. Even if there is a preliminary home inspection, it's a good idea for all buyers to go through the house at least once more before completing the transaction. In a housing market plagued by tight inventory, many buyers may feel rushed to secure their new home, but it could be a mistake to blow right by this crucial step. neighborhood. While there are many things you need to consider when buying a home for the first time, such as financing, affordability and homeowners insurance, you need to also determine what neighborhood you want to live in. You might find a house that you love, but it could be in a place that is inconvenient to get to or doesn't offer the amenities or schools that you want. According to Zillow, more than 25 percent of first-time homebuyers don't like their neighborhood. Buying a home should be an exciting endeavor, but not being able to enjoy where you live can make the experience less pleasant. One way to get to know a neighborhood before you buy is to look at statistics such as crime rates. Or, you could knock on a few doors to get the scoop directly from your potential neighbors. They might be able to tell you what they like about the neighborhood and what bothers them most. GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

13 05getingmotivatedtosave. Becomingahomeownerisanexcitingendeavorthatrequiresalotofwork from bothlendersandbuyers.mosthomebuyersneedtouseamortgage tofinanceanewhomepurchaseandwilendupmakingadownpayment topayforaportionofthehomeupfront.dependingontheloantype,a downpaymentcanvary,withsomemortgagesrequiringnone,suchasva loans.however,downpaymentsforjumboloanscanrunashighas20 percent,whichcanpresentachalengeformanyhomebuyers. GETSTARTEDTODAYWITHAPRE-QUALIFICATION

14 05 getting motivated to save. loans. Other loans will require down payments in between that range, but saving up a big chunk of cash to spend on a home can be difficult for anyone. But, there are many advantages to making a larger down payment, and there are also programs to help potential buyers become homeowners. Buyers looking to purchase a home would benefit from conducting their own research about different types of loans, but can find expert advice from Impac Mortgage Corp. Here are a few reasons to save for a big down payment: Lower interest rates No mortgage insurance requirement Reduce monthly mortgage payments Less risk upon selling Higher home equity potential Top First-Time Home Buyer Challenges Getting a large down payment together Qualifying with a low credit score FHA loans are easier to qualify for than conventional loans FHA loans have the benefit of lower down payments, as low as 3.5%, and working with less than perfect credit scores GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

15 save. For many, coming up with the cash for a down payment can be tough, especially for some mortgages such as jumbo loans, which require down payments up to 20 percent of the value of the home. Fortunately, there are many other home loan options that require lower percentages and are more affordable. For instance, a loan by the Federal Housing Administration is closer to 3.5 percent. Even getting together this amount can be a challenge for some wishing to become homeowners, and it may require some financial work. Since the housing crisis, lending conditions have tightened somewhat in order to reduce the number of delinquent mortgages and foreclosures across the country. This means some homeowners may need to make a larger down payment in order to secure financing for a new home purchase. Available for Fannie-Mae owned properties only No appraisal required Low down payment No mortgage insurance required Less than perfect credit OK GET STARTED TODAY WITH A PRE-QUALIFICATION Info@ImpacMortgage.com

16 06inconclusion. Buyingahomeisahugeinvestmentandrequires research,preparation,andtherightmortgagepartner. From weighingthebenefitstofindingtherighthome, themorearmedyouarewithknowledge,thebeterof youwilbe.impacmortgagecorp.canbewithyou throughaloftheimportantstepstoachievingthe dream ofhomeownershipfrom starttoclose. CAL VISIT

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