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ABOUT Alejandro Tobon
Alejandro Tobon has been a mortgage professional since 2004, and attended Barry University in FL. He is passionate about leading people to health and wealth through education and investment, and he is dedicated to empowerment, inclusion, and expansion for minorities, low-income, and middle-class working people. Alejandro aims to transfer the knowledge and skills needed to succeed, reduce income inequality, and break the cycle of intergenerational poverty. He believes homeownership education and real estate investment are two of those important steps. He is an Eagle Scout and in the City of Pawtucket’s Teen Hall of Fame.
His family comes from Medellin, Colombia, and he is happily married. They rescued a beautiful Husky/Pit mix, and workout regularly. Alejandro grew up playing a variety of sports (like soccer, basketball, and more), and still enjoys them today. He actively enjoys participating in community engagement, cooking, and camping.
Address: 10 Dorrance St Suite 718, Providence, RI 02903
Cell Phone: 401-808-4427
TOP 5 MISTAKES TO AVOID WHEN CONSIDERING A MORTGAGE
Dear Future Homeowner,
Thanks for opting in for our special report and we hope you gain some valuable insights from the information provided. The key to a successful transaction when obtaining a mortgage is ensuring that you have all of the information you need. That’s our job and we are happy to provide you with all of the options best suited to your personal situation.
So if you are ready to dig in we will reveal the most common mistakes clients make when starting the home buying process and determining which lender to work with.
Of course if you have any additional questions you can always feel free to call us at 401-808-4427 or e-mail us at email@example.com
At the end of this report I have included some resources as well as some client success stories so you can hear from people just like you who are now homeowners and enjoying the lifestyle and tax benefits that come with home ownership.
Lastly- If you have a question on anything in this report or just have a real-estate question you would like answered please feel free to contact me at 401-808-4427 or e-mail firstname.lastname@example.org and I will be happy to help.
Now let’s jump in and get started!
Address: 10 Dorrance St Suite 718, Providence, RI 02903
Cell Phone: 401-808-4427
I would like to start this report with some of the most common misconceptions and myths about getting a mortgage in today’s environment. Often, the best way to do this is by getting all of the facts so you can make the proper decision. The first 5 items below are designed to address many of the questions my clients ask me and my hope that many of these answers help you with your questions.
1. Thinking Every Mortgage Lender Is The Same.
Ever wonder why one mortgage company would give you one answer and another would say something completely different? Why would one lender approve you while another one might say no or not yet?
There are 3 types of lenders in the marketplace and we will explore the pros and cons of each one.
This company will have a credit line known as a warehouse line and will close your loan with their own funds. The loans are then sold on the secondary market to Fannie Mae, Freddie Mac, or if a Government insured loan like FHA or VA to Ginnie Mae. These agencies make the guidelines that tell the lender what is and isn’t acceptable in terms of credit, income, property, and qualifying ratios.
The lender will then collect your monthly payments or will sell their rights to service your loan to a different company.
Not to confuse you so early in our report, but there are also 2 different types of mortgage bankers.
One type is a company owned by a bank the other would be an independent mortgage banker. This is important because often the bank owned mortgage bankers have additional guidelines they create in addition to the standards set by Fannie Mae, Freddie Mac, FHA or VA. These guidelines are meant to add an additional layer of protection for these institutions in the event a borrower defaults on the loan.
The other important distinction is that consumers who bank with a bank are under the mistaken impression that they might receive preferential treatment since they have an account at a particular bank when in reality the bank has a mortgage subsidiary and could actually be more conservative than an independent company.
A mortgage broker rarely has their own funds. They will take your application and place it with a mortgage banker or private /portfolio. Their commission is earned by adding an additional fee to the lenders price. The lender your loan is placed is the one that will ultimately approve or deny your loan and if approved, will then provide the funds for you to go to settlement.
Private /Portfolio Lender
This often a small savings and loan or a private person or company. A portfolio lender is truly lending you their own funds. Since it is their own funds they are able to make whatever rules and guidelines they feel are an appropriate risk for their investment.
Portfolio /Private Lenders are often used when a borrower is unable to qualify for standard or traditional financing and will often charge above market rates due to the increased risk.
Now that you know WHO might be lending you the funds to purchase a home let‘s continue our discussion by clearing up several other important misconceptions.
2. What Are Points and Should You Pay Them?
Why do lenders have different rates for the same programs? Great question but the answer can tend to be rather long so let’s just discuss a few different reasons here.
When you are shopping for a loan you should always be comparing APR. This figure forces a lender to disclose the fees they are charging on a loan. The APR shows you the consumer what a lender is “yielding” on your loan. You may see 2 lenders offering 4.0% but one has an APR of 4.29 and the other an APR of 4.73. This difference is due to one lender charging you more fees than the other. If you would like a more detailed explanation of these figures and how they are calculated give us a call at 401-808-4427 or e-mail email@example.com and we would be happy to provide you the answers.
WHAT IS A POINT?
Points are prepaid interest paid at the time of closing in order to obtain a lower interest rate. As an example, let’s say you are shopping for a 200,000 mortgage and one lender offers you 4.25% with no points or origination fees while the other offers you 4.0% with 1 point. Note- points are a % of your loan amount.
On the surface 4.0% sounds much better than 4.25% right? But let’s analyze this a little further.
POINTS PRINCIPAL AND INTEREST
4.25 0 984.00
4.0 2000 956.00
Cash difference is 2000 – payment difference is 28.00
If you chose the 4.0% with one point difference you would need $2000.00 additional at closing and you would save $28.00 per month.
Is this a good deal? The answer is it depends. By the figures above we see that you are investing 2000 upfront for the privilege of saving 28 dollars a month on your mortgage payment. If we divide 2000/28 it will take you 72 months or 6 years just to break even. Generally it’s advisable to minimize your cash out lay or possibly allocate that extra 2000 right to your loan balance.
3. Not Knowing Your Credit Score.
The good old days of telling a lender you have good credit or have had credit challenges are gone. Lenders now base their decisions on your credit score. There are 3 major credit repositories in the United States, Experian, TransUnion and Equifax.
It’s important to point out that not every creditor will report to every credit repository. In addition each credit repository has its own credit scoring model. The most commonly used models are the FICO score and Beacon score.
These scores range from 350 on the low end to 850 being a perfect score.
Your eligibility for a particular mortgage program will be based on your credit score. Generally the FHA and VA programs are more liberal with consumers who have lower scores or have had a past credit challenge.
Many consumers will go on-line to sites that provide a score or even have a service provide a score each month. These scores are often NOT calculated the same way when you are trying to obtain a mortgage.
The safest way to know your score is to call the lender you want to work with and have them pull your credit report and scores. Lenders will generally use the middle of your 3 scores to determine the score to be used when qualifying for a mortgage loan.
Most lenders will not charge you for this report and running your credit report does not create an obligation for you to use that particular lender.
While we are on the subject of credit- let me state very very clearly…
YOU DO NOT NEED TO HAVE PERFECT CREDIT TO OBTAIN A MORTGAGE. In fact, we regularly assist client who have had a bankruptcy, foreclosure, or other challenge get into a home with very low down payments and very attractive interest rates.
Let’s face it, we are just getting out of an economic meltdown and many good people went thru some very challenging times. In fact, the Department of Housing and Urban Development (FHA) created a Back To Work program for just this reason. You can learn more at our blog https://rentersecrets60.com/.
You may be wondering what happens if we can’t help you right away? In that case we are able to refer you to professional partners we work closely with who will assist you with getting your situation back under control.
4. Pre- Approval vs Pre-Qualified- Which One Is Better? (grants- funds needed-comfort levels)
Would you ever consider calling a physician- telling him or your symptoms and then scheduling surgery? Yes, I realize that sounds silly but this happens every day in the mortgage business.
A client will call a lender and provide their income, debts, and assets and ask the lender how much they qualify for. Sometimes consumers will ONLY go on-line and use a mortgage calculator to see what price range they qualify for.
Both of these scenarios are a mistake. Getting Pre – Qualified simply means that you have spoken to a lender and based on the information you provided it.
“APPEARS” that you qualify for a particular mortgage amount and program.
Pre – Approval on the other hand is when you actually provide the lender with your last 2 years income information, have a credit report run, and have provided your asset information via statements.
A Pre –Approval allows you to discuss the various financing options with a lender and also establish the program that best meets your monthly payment and funds at closing requirements.
Often the lender can recommend various grant programs and also help you better establish the proper price range you should be exploring for a home.
A PRE – APPROVAL also allows your lender to issue a PRE-APPROVAL letter that will accompany your contract offer. This will show the seller that your loan is already pre-approved so there is no guesswork. That in turn will allow you to negotiate from a position of strength as opposed to the Pre-Qualified buyer you may be competing against for this home.
It’s important to point out that getting pre-approved with a lender does not create a commitment or obligation to that lender and most lenders will NOT charge you for this service.
5. Thinking You Need A Lot Of Money To Buy A Home.
When you purchase a home the funds you need to invest are broken down into 2 different areas. You will need a down payment and closing costs. I have provided you with a sample settlement sheet at the end of this report that provides a breakdown of these costs.
DOWNPAYMENT– If you qualify for a VA LOAN there is no down payment if you have full eligibility. FHA loans generally require a 3.5% down payment while most conventional loans require a minimum down payment of 5%.
CLOSING COSTS – In many areas closing costs average 5% of your purchase price and covers lender fees, title related fees, state and local taxes as well as the creation of an escrow account for your taxes and insurances.
BUT WHAT DO YOU DO IF YOU SIMPLY DON’T HAVE ENOUGH MONEY?
Here is a list of ways I have assisted my clients obtain the funds they need.
- Gift letter from a relative.
- State or Local Grant Program.
- Seller Assistance.
- Assistance – Yes – The lender can assist you with some of the funds for your closing costs but will often charge a slightly higher rate.
- Withdraw from a 401k or other retirement account.
Now that you have learned the top 5 Mistakes you may have questions. We are here to help you answer any questions you have. You can reach us by phone at 401-808-4427 or e-mail your questions to firstname.lastname@example.org
Happy House Hunting and If You Are In the Market To Purchase A Home
Please call us for a FREE – NO OBLIGATION CONSULTATION so we can establish your comfort levels, answer your questions, and recommend the program that is best suited to your needs and comfort levels.
PS – Before we go into our resources section it’s important for me to share one more IMPORTANT issue with you. Many consumers who are now renting wonder how they will be able to afford a new mortgage payment. While I am not an accountant I do want to point out an important concept that I share with all of my clients.
You may have heard people say that buying a home is good for your taxes but not really understand what that means. (I am not an accountant and you should check with your own CPA).
When you rent in most cases none of the money you pay is tax deductible. However, when you own a home the interest on your mortgage and your property taxes may by deductible on your tax return.
Many people get these monies back at the end of the year as a refund but that is generally NOT a good idea. Let me explain.
When you get a refund the government has held on to YOUR money all year and has not paid you 1 cent of interest. If inflation is running at 5 % than every dollar you get back as a refund has the purchasing power of only 95 cents. But worst of all, you are struggling all year without the money that is yours.
So what you may want to do is check with your tax professional and changes your w4 withholdings form at work so you can get that money coming back each month instead of at the end of the year.
One of my clients recently was paying 1200 in rent and was concerned that she would not be able to pay 1500 in a new mortgage payment. After she explored the idea I just shared with you she found out that her new home would produce over a 4800 refund check at the end of the year.
She immediately changed her W4 withholdings and is now getting 400 dollars extra in her take home each month. Remember, she was NOT entitled to this money as a renter since none of her rent was deductible.
So she now pays 1500 but is getting back 400 in taxes making her net 1100.
That’s 100 LESS than she was paying in rent! Needless to say she is very happy and loving her new home.
This report is not providing legal, financial or other professional advice. The author of this report is not an attorney or an accountant. Reproduction in full or in part of any part of this report is illegal.
THE DO’S AND DON’T LIST
Do you know what happens when we “Assume?” Too often over the past 15 years I have seen clients do things prior to buying a home or after making application that cause problem with their loans or even cause them to be rejected.
Now that you are about to buy a home make sure that you pay attention to the list below. In fact you might even want to print out this page alone. Try to maintain the money in your bank accounts, don’t start a new job, and don’t take on new payments without first speaking to your lender.
If you have a question on any of these items or just want to get a FREE –NO-OBLIGATION CONSULTATION contact me at 401-808-4427 or e-mail me at email@example.com. If you want to see what is showing up on your credit report or wonder what your “real” credit score is just get in touch with me. There is no charge for me to run your 3 bureau credit report and no obligation.
THE DO LIST
- Shop for your loan.
- Interview real estate agents, mortgage brokers, lenders and other settlement service providers to find the best professionals for your loan and settlement needs.
- Be sure to read and understand everything before you sign anything.
- Accurately report your debts.
- Be honest about all sources of funds you will use to purchase your home.
- Be upfront about any credit problems you have or have had in the past.
- Be wary of unsolicited loan or refinance offers that you receive in the mail or through e-mail.
- Always pay your mortgage payment on time, even if you are having a dispute with your loan servicer.
- If you are having problems paying your mortgage, contact your loan servicer immediately.
THE DON’T LIST
- Do not sign blank documents.
- Do not overstate your income.
- Do not overstate your length of employment.
- Do not overstate your assets.
- Do not change your income tax returns.
- Do not list fake co-borrowers on your loan application.
- Do not provide false documentation or permit someone to provide false documents about you.
In the mortgage industry we tend to speak in our own language which often causes you our clients to become confused. I call it “Mortgagese” and when you find a loan officer speaking this language you should be concerned.
WHY – if a loan officer is not willing to take the time to explain things to you in layman terms you can understand than you need to find a different loan officer to work with. After all, this is the largest financial transaction you are likely to make and a decision that has real implications on your financial and mental health.
So I have included below a glossary of common terms. Now to be fair they alone may be confusing and if they are simply call me at 401-808-4427 or send me an e-mail to firstname.lastname@example.org and I will be more than happy to answer any question you have.
Keep in mind that the only way you can make the proper decision is if you have all the facts and understand all of the alternatives. I pride myself on providing you, my clients, with all the information you need and in a way that will allow you to have all the facts you need.
GLOSSARY OF TERMS
Appraiser: one who is trained and educated in the methods of determining the value of property (appraised value). You will pay a fee for an appraisal report containing an opinion as to the value of your property and the reasoning leading to this opinion.
Credit report fee: this fee covers the cost of a credit report which shows your credit history. The lender uses the information in a credit report to assess your credit worthiness.
Default: the inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
Delinquency: failure of a borrower to make timely mortgage payments under a loan agreement.
Down Payment: the portion of a home’s purchase price that is paid in cash and is not part of the mortgage loan.
Earnest Money Deposit: money you will put down to show that you are serious about purchasing the home. It often becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or may be forfeited if you do not follow through with the deal.
Escrow Account: an impound account in which a portion of your monthly mortgage payment is deposited to cover annual charges for homeowner’s insurance, mortgage insurance (if applicable), and property taxes.
Escrow Agent: a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (often an attorney), escrow company or title company, depending on local practices.
Flood Certification Fee: a fee for the assessment of your property to determine if it is located in a flood prone area.
Foreclosure: a legal process in which mortgaged property is sold to pay the loan of the defaulting borrowers.
Loan Estimate: an estimate of the settlement charges you are likely to incur; it also contains other information about the loan.
Government Recording and Transfer Charges: fees for legally recording your deed and mortgage. These fees may be paid by you or by the seller depending upon the terms of the sales agreement.
Home Inspection: an inspection of the mechanical, electrical, and structural aspects of your home. You will pay a fee for this inspection, and the inspector will provide you a written report evaluating the condition of the home.
Homeowner’s Insurance or Home Hazard Insurance: an insurance policy that protects your home and your possessions inside from serious loss, such as theft or fire. This insurance is usually required by all lenders to protect their investment and must be obtained before closing on your loan.
Closing Disclosure Statement: a statement that itemizes the services provided to you and the fees charged for those services. . You must be provided with your closing disclosure statement at least 3 days prior to your settlement.
Interest: a fee charged by the lender for the use of its money.
Interest rate: the charge by the lender for borrowing money expressed as a percentage.
Lender Inspection Fees: this charge covers inspections, often of newly constructed housing, made by employees of your lender or by an outside inspector.
Loan to value (LTV) ratio: a percentage calculated by dividing the amount to be borrowed by the price or appraised value of the home to be purchased (whichever is less). The loan to value ratio is used to qualify borrowers for a mortgage, and the higher the LTV, the tighter the qualification guidelines for certain mortgage programs become. Low loan to value ratios are considered below 80%, and carry lower rates since borrowers are lower risk.
Mortgage: the transfer of an interest in property to a lender as a security for a debt. This interest may be transferred with a Deed of Trust in some states.
Origination Fee: a fee charged to the borrower by the loan originator for making a mortgage loan.
Origination Services: any service involved in the creation of a mortgage loan, including but not limited to the taking of the loan application, loan processing, and the underwriting and funding of loan and the processing and administrative services required to perform these functions.
Payment Shock: a scenario in which monthly mortgage payments on an adjustable rate mortgage (ARM) rise so high that the borrower may not be able to afford the payments.
PITI: Principal, Interest, Taxes and Insurance: the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance goes into an escrow account to cover the fees when they are due.
Pest Inspection: an inspection for termites or other pest infestations of your home. This inspection is frequently required by your lender.
Point(s): amount of money paid to reduce the interest rate on a loan. A point is usually equal to 1% of the loan amount.
Pre-paid items: lenders often require the prepayment of items such as insurance premiums for private mortgage insurance, homeowner’s insurance, and real estate taxes.
Prepayment Penalty: a fee charged if the mortgage loan is paid before the scheduled due date.
Private Mortgage Insurance (PMI): insurance that protects your lender if you default on your loan. With conventional loans, mortgage insurance is usually required if you do not make a down payment of at least 20% of your home’s appraised value. Your lender may require payment of your first year’s mortgage insurance premium or a lump sum premium that covers the life of the loan in advance at settlement. The same insurance protection on an FHA loan is called Mortgage Insurance Premium (MIP).
Recording and Transfer Charges: these charges include fees paid to the local government for filing official records of a real-estate transaction.
Sales Agreement: the contract signed by a buyer and the seller stating the terms and conditions under which a property will be sold. It may also be called an “Agreement of Sale” or “Purchase Contract.”
Settlement: the time at which the property is formally sold and transferred from the seller to the buyer. It is at this time that the borrower takes on the loan obligation, pays all closing costs and receives title from the seller.
Settlement Costs/Closing Costs: the customary costs above and beyond the sales price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower at the time the Loan Estimate is given.
Settlement Costs/Closing Costs: the customary costs above and beyond the sales price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower at the time the GFE is given.
Survey Fee: a fee for obtaining a drawing of your property showing the location of the lot, any structures, and any encroachments. The survey fee is usually paid by the borrower.
Title Service Fees: title service fees include charges for title search and title insurance if required. This fee also includes the services of a title or settlement agent.
Title Insurance: insurance that protects your lender against any title dispute that may arise over your property. Through a title search, the lender verifies who the actual property-owners are and whether the property is free of liens. The title search company then issues title insurance which protects the title of the property against any unpaid mortgages and judgments. In case a claim is made against the property, the title insurance provides legal protection and pays for court fees and related costs. You may also purchase Owner’s title insurance which protects you as the homeowner.
Tax certificate: official proof of payment of taxes due provided at the time of transfer of property title by the state or local government.
Tax Service Fee: this fee covers the cost of your lender engaging a third party to monitor and handle the payment of your property tax bills. This is done to ensure that your tax payments are made on time and to prevent tax liens from occurring.
Tolerance Category: the maximum amount by which the charges for a category or categories of settlement cost may exceed the amount of the estimate for such category or categories on a good faith estimate. When the originator selects and identifies the provider of services, these charges may only increase 10% in the aggregate. If the borrower selects a provider that is not on the written list provided by the loan originator, the lender is not subject to any tolerance restrictions for that service.
TYPES OF MORTGAGE LOAN PRODUCTS
Adjustable Rate Mortgage (ARM): a mortgage loan or Deed of Trust which allows the lender to periodically adjust the interest rate in accordance with a specified index.
Balloon Mortgage: a balloon payment is due on a mortgage that usually offers a low monthly payment for an initial period of time. After that period of time elapses, the balance must be paid by the borrower or the amount must be refinanced. The large sum payable at the end of the loan term is called the “balloon payment.”
Construction Loan: a short-term, interim loan for financing the cost of construction; the lender advances funds to the builder at periodic interval as work progresses.
Conventional Loan: a private sector loan which is not guaranteed or insured by the U.S. government.
Fixed-Rate Mortgage: a mortgage with an interest rate that does not change over the life of the loan, and as a result, monthly payments for principal and interest do not change.
Hybrid Arms: these loans are a mix or a hybrid of a fixed-rate period and an adjustable-rate period. For example, a 3/1 ARM will have a fixed interest rate for the first three years and then will adjust annually until the loan is paid off. The first number tells you how long the fixed interest-rate period will be and the second number tells you how often it will adjust after the initial period.
Interest Only ARMs: an interest-only (I-O) ARM payment plan allows you to pay only the interest for a specific number of years, typically between 3 and 10 years. This allows you to have smaller payments for a period of time. After that, your monthly payments will increase, even if the interest rate stays the same, because you must start paying back the principal as well as the interest each month.
On the next page you will find a copy of the new Loan Estimate which needs to be provided to you 3 days after an application is received. This document will provide you with a breakdown of the costs associated with purchasing your home.
The following document is the Closing Disclosure. These documents must be provided to you 3 days prior to your settlement. It will provide you with the actual costs you will incur at closing and provide you with the funds you need at settlement.
It’s always a good idea to contact your escrow or settlement company to find out if they require these funds to be wired or if you can bring them in a certified check.
THE CLOSING DISCLOSURE
The Following Documents Are Reproduced From The CFPB Home Loan Booklet You can view it at www.consumerfinance.gov
Understand and use your Closing Disclosure And Loan Estimate.
These forms have been revised and were called the HUD 1 or Settlement Sheet and The Good Faith Estimate.
The Loan Estimate is given as part of your application and the Closing Disclosure must be made available to you 3 days before you close on your mortgage loan.
You’ve chosen a home you want to buy and your offer has been accepted. You’ve also applied for and been approved for a mortgage. Now you are ready to take legal possession of the home and promise to repay your loan.
At least three days before your closing, you should get your official Closing Disclosure, which is a five-page document that gives you more details about your loan, its key terms, and how much you are paying in fees and other costs to get your mortgage and buy your home.
Many of the costs you pay at closing are set by the decisions you made when you were shopping for a mortgage. Charges shown under “services you can shop for” may increase at closing, but generally by no more than 10% of the costs listed on your final Loan Estimate. The Closing Disclosure breaks down your closing costs into two big categories.
Loan terms: Review your monthly payment. Part of it goes to repay what you borrowed (and may build equity in your new home), and part of it goes to pay interest (which doesn’t build equity). Equity is the current market value of your home minus the amount you still owe on your mortgage.
Costs at Closing: Be prepared to bring the full “Cash to Close” amount with you to your closing. This amount includes your down payment and closing costs. The closing costs are itemized on the following pages.
ON PAGE 2 OF 5
Total Loan Costs: Origination charges are fees your lender charges to make your loan. Some closing costs are fees paid to the providers selected by your lender. Some are fees you pay to providers you chose on your own.
Prepaids: Homeowner’s insurance is often paid in advance for the first full year. Also, some taxes and other fees.
THE LOAN ESTIMATE FORM
CALL US FOR A FREE- NO OBLIGATION CONSULTATION WHERE YOU CAN GET YOUR QUESTIONS ANSWERED AND FIND THE PROGRAM BEST SUITED TO YOUR BUDGET AND COMFORT LEVELS.
ITEMS NEEDED FOR LOAN APPLICATION
* Last 2 Years W-2 Forms
* Most Recent Paystubs
* Last 2 months bank statements for checking/savings/retirement/investments (all pages)
* If self employed we will need your last 2 years business and personal returns and a YTD Profit and Loss statement.
Total Mortgage Services, LLC is not affiliated with RentersSecrets. The materials produced by RentersSecrets are for informational purposes only and should not be considered legal or financial advice.