Bill Craft · 2019-10-28 · 6 Bill Craft | 928.366.1639 | [email protected] | NMLS...

The Mortgage Concierge PackageWe have developed a special process called The Mortgage Concierge Program

It provides unique services and strategies to simplify the mortgage process and help you achieve your home purchase or refinance goals.

[email protected]/billcraft

Equal Housing LenderLO-0942496 BK 0904081 Corp NMLS 3113

Bill Craftnmls 1621885 / LOAN OFFICER

1375 West 16th Street, Suite BYuma, AZ 85364

928.366.1639928.247.9089 x33919

The A-Team

Meet The Team

Working With A Local Lender

10 Steps To Achieving Homeownership

Appraisal and Home Inspection

Monthly Rundown

Our Relationship With You

The Process For Buying A Home

Tips For A Smooth Loan Approval

What’s Your Rate?

Understanding Your Credit

Items Necessary To Process Your Loan

What Clients Are Saying About Bill Craft

Shopping Around?

Prepare For Your Big Move!

Homebuyer’s Checklist

Purchasing Power Lowers as Interest Rates Rise

How Much Can I Qualify For?

Table Of Contents040506070809101112131415161820212223

3Bill Craft | 928.366.1639 | [email protected] | nmls 1621885 | LO-0942496

AcademyMortgageYuma.com | CORP NMLS 3113 | CORP STATE LICENSE BK 0904081 Concierge Program

My name is Bill Craft, a loan officer at Academy Mortgage and an active member of the Yuma community for over 30 years. I have an MBA from Webster University of St. Louis, Missouri and am a Past President of Yuma Sunrise Rotary, the Past Chairman for Housing Authority for the City of Yuma (HACY), a former Commissioner on Airport Board of Directors, a Past President of Big Brothers, Big Sisters of Yuma, and am currently a Councilman for the City of Yuma.

While serving my country in the United States Marine Corps, I was given the opportunity to be stationed at MCAS Yuma. After a 20 year career, I eventually retired and spent a decade as Branch Manager for Wells Fargo Home Mortgage before transferring to the Wells Fargo Business Banking Group as Business Relationship Manager. There I worked closely with local Yuma businesses and their finances.

While residing in Yuma, I met and married my wife Loire, of 23 years. Between us we have three grown children, Stephen, Gregory and Sarah and one recently added granddaughter, Sawyer.

In 2016, after a brief retirement from Wells Fargo, I re-entered the mortgage industry as a loan officer with Academy Mortgage.

Making sure that my clients understand the process is the number one priority for me.

Entering into one of the largest financial transactions of your life can be an overwhelming experience. That’s why I take the time to thoroughly explain each step of the process to my clients. Clients often tell me that, even though they have gone through this process before, no one’s gone through the process in as much detail as I have.

I pride myself on the comfort and confidence of my clients and partners at each phase of the home buying process, providing assistance and updates throughout.

I have developed lasting relationships with partners in the industry.

Once I have received a referral from those partners, the homebuyer becomes my only focus. My experience has allowed me to determine how to best help them reach their ultimate goal. I’m very proud of the customer service I provide to my borrower. I was continually ranked among the top 3% at my former company in the customer service.

From a realtor growth perspective, there are three ways that I’ve contributed to the growth of my partners’ businesses:

1. In my 20 years of lending, I have not missed a purchase contract closing date in which I controlled the process.

2. I’ve created an internal procedure the allowed me to know exactly where I stood in the loan process and would give, at minimum, a weekly update to my borrower and realtor(s) involved in the purchase.

3. Andfinally,Iwouldreinforcetherealtorrelationshipwiththeborrower,makingsurethattheyknewthat their realtor decision was a good one.

My word is very important to me and those that know me, understand this. I work hard to grow and maintain my business and make it a point to partner with those that have the same priorities.

MEETBILL CRAFT


CORP NMLS 3113 | CORP STATE LICENSE BK 0904081 | AcademyMortgageYuma.comConcierge Program

Academy Mortgage is a national mortgage lender that provides extraordinary mortgage service. With an unwavering commitment to mortgage lending, you can count on us to be around for many years to come.We take great pride in delivering exceptional customer service. Our core philosophy is to help clients achieve successful homeownership through responsible lending. Our professional mortgage team is dedicated to this philosophy.As more and more banks consolidate operations, Academy has the distinct advantage of being a direct lender - all processing and underwriting are handled locally. Loans close in a matter of days.Academy Mortgage strives to provide the best solutions and advantages, invaluable in today’s rapidly changing economy. We are headquartered in Salt Lake City, Utah - originating loans in over 260 branches in 49 states - proudly providing FHA, VA, Fannie Mae, Freddie Mac, conforming and nonconforming loan products.

The People We Serve Are At The Center Of Everything We Do

Academy Mortgage understands the important issues that come with securing a mortgage loan. Your mortgage loan will most likely be the biggest debt you will incur in your lifetime. This is why we have placed ourselves in a position to not only help you secure your loan, but to help you integrate your mortgage into your overall financial plans.Our strategy of offering exceptional customer service, competitive pricing and insuring that each loan meets our client’s needs has generated robust referrals that have quickly propelled us into an industry leader. Because we are able to negotiate lower rates with our investors - which are passed on to our clients. It is our philosophy to keep our overhead low to enable us to provide the best possible terms and conditions available. Currently over 75% of our business is generated from referrals.Extremely unique to the industry, Academy Mortgage has assembled a highly qualified team of mortgage professionals. We will prepare your full analysis at no cost and no obligation so you can see what programs are available in the current market and ensure that your financial needs are met.

Bringing The Pieces Together



I look forward to assisting you on your upcoming loan. I want to take a minute to explain my team structure. When we have exceeded your expectations, please feel free to tell your family, friends, and colleagues about us! I know that my team can offer the best service possible to benefit our clients. By utilizing the team approach, there is always someone available to meet your needs. I look forward to a long and rewarding relationship with you!

MEET THE TEAM

Bill Craft, NMLS 1621885/LO-0942496 - Loan OfficerMaking sure that my clients understand the process is the number one priority for me. Entering into a process that will probably be the largest financial transaction to date can be an overwhelming experience. My taking the time to thoroughly explain each step of the process to my clients is very important for me. I have had customers tell me that even though they have gone through this process previously, no one had taken the time to explain what to expect in the detail I have discussed with them. Staying in touch with updates through the home buying experience is also a very important to me. I pride myself on ensuring that my clients and real estate partners are assisted to the level that they feel comfortable.

Tiffany Ellsworth - Processing ManagerTiffany oversees all Loan Officer Assistants, and Processors in the Academy Yuma Branch, as it pertains to collecting and processing all documentation and information that is required to be provided by the client. She is responsible for each loan being compliant with corporate and government requirements, and that all information is processed according to required time lines.

Aricha McGowan - ProcessorWhen you officially apply for your mortgage loan, Aricha is responsible for processing your

file from contract to close. Her amazing attention to detail and organization of your file is of extreme importance to us in obtaining loan approval and closing your loan on time. Aricha will be the person in touch with you as we progress through the loan process. If she calls

you, you can be sure that we need the information or documents as quickly as possible! She will be collecting, verifying, inputting, processing, and clarifying any request for supplemental

items that your Academy underwriter may have in order to complete the loan. Upon final approval, Aricha will set up your loan closing with the title company and remain in contact

with them throughout your loan process. Aricha and her husband are the proud parents of three boys who keep them busy with baseball and football year-round. Aricha is originally

from San Diego, CA., and has resided in Yuma for the past five years.

Shanna Haygood - UnderwriterShanna is responsible for the verification of all documentation submitted for every loan at

the Academy Yuma Branch. She checks all history, debt, and income factors that contribute to loan approval or denial decisions, and then prepares a detailed analysis of each loan

package to determine the level of risk. Additionally, Shanna consults with Ray and other Loan Officers for guideline interpretations and regulation compliance.



WORKING WITHA LOCAL LENDER

The current trend in the mortgage industry is for banks and lenders to consolidate operations and service off-site. All processing may be handled in one location, all underwriting in another, etc. This can delay loan approval and put your loan at risk of getting lost in the shuffle.

Academy Mortgage has the distinct advantage of being a direct lender, which means we can deliver to our customers the following benefits:

• We will be in control of your loan from start to finish. Our branch office is equipped to complete the entire loan process in-house - all loan processing, underwriting, and funding are handled in our local office. As a result, we have a proven track record of closing loans as quickly and efficiently as possible, and your mortgage team will be up-to-date on the status of your loan at all times.

• We know your market. Our mortgage professionals are experienced and knowledgeable not only in loan origination but in recognizing the nuances unique to our area. We all live and have purchased homes here, too! We’ve also partnered with only the best REALTORS® and homebuilders in the area to deepen our understanding of the local market. With our combined experience and Academy’s broad array of mortgage solutions to choose from, we will customize the best loan program for your situation.

• We care about this community. Bringing homeownership to our neighbors and friends through our mortgage products solidifies our communities and revitalizes our neighborhoods. But in addition to providing these services, we believe we have a responsibility to give back to the communities who have supported us for more than 25 years. To fulfill this commitment, our Branch is actively involved in local service projects, sponsorships, and area associations.

Thank You for letting Academy be your 1st CHOICE Home Loan Lender!

We are easily accessible to answer your questions.We are available to assist you whenever and wherever it is convenient for you, either through a scheduled appointment or by phone or email. Feel free to stop by our office anytime!



10 STEPS TO ACHIEVING HOMEOWNERSHIP

We are easily accessible to answer your questions.We are available to assist you whenever and wherever it is convenient for you, either through a scheduled appointment or by phone or email. Feel free to stop by our office anytime!

1 LOAN PRE-QUALIFICATION Pre-qualification allows you to search for a home that you can afford based on your credit, income, and assets. An application and supporting financial documents must be submitted to your loan officer.

2 HOME SEARCH Once pre-qualified, start shopping with your REALTOR®! When you decide on a home, the terms of sale are negotiated and your agent presents your offer to the seller.

3 FORMAL LOAN APPLICATION AND PRODUCT SELECTION After the seller accepts your offer, formally apply for home financing and select the ideal loan product to meet your needs.

4 APPRAISAL AND HOME INSPECTION As your loan application is being processed, an appraisal is ordered and an inspection of the property is concluded.

5 UNDERWRITER’S REVIEW A loan processor reviews the entire loan file and sends all pertinent information to an underwriter for final approval.

6 FINAL LOAN APPROVAL If you have a good credit score and debt-to-income ratio, and if all property conditions are met, your loan will likely be approved.

7 CLOSING Final loan and escrow documents are prepared and signed by you (the buyer) and the seller.

8 FUNDING A wire or check for the amount of the loan is sent to the title company.

9 CLOSE OF ESCROW Documents that transfer titles are recorded with the county.

10 CONFIRMATION OF RECORDING The escrow company drafts a check to the seller.

Ultimately, the final step...MOVE INTO YOUR NEW HOME!

From pre-qualification to closing, Academy will help you along the road to homeownership. You can count on us for responsible, honest, and ethical service in every step of the process. The following pages outline these steps in detail.



APPRAISAL OR HOME INSPECTION?

As your loan application is being processed, an appraisal is ordered and an inspection is conducted on the home. These reports serve completely different purposes. One is optional and one is required by Academy.

HomeINSPECTION

HomeAPPRAISALVS

Determines Property Condition This report is ordered by and completed solely for the individual(s) purchasing the home. It helps determine the condition of the property and its systems in great detail. It is not required by Academy and is, therefore, optional.

How Much Does It Cost? Home inspection costs vary depending on the complexity of the inspection and the size of the home being inspected.

How And When Is It Ordered? A home inspection is ordered by the buyer and his/her REALTOR® with an inspector of their choosing shortly after the buyer’s offer is accepted. Most states’ real estate contracts stipulate that the buyer has 10 days from the date of contract acceptance to complete the inspection and communicate any issues to the seller.

When Is The Report Delivered? The home inspection report is generally delivered to the buyer within 24 hours from the time the inspection was completed.

Determines Property Value This report is required by Academy when a home is being financed. The appraisal is used to determine the fair market value and the general physical condition of the property being purchased.

How Much Does It Cost? Home appraisal costs vary slightly depending on the size of the home and whether the home will be an investment property or a primary residence.

How And When Is It Ordered? Academy typically waits to order the appraisal until after the home inspection is completed (if the buyer decides to do a home inspection).

Per government regulated guidelines, Academy is required to randomly assign an appraiser to an appraisal order.

When Is The Report Delivered? Typically, a home appraisal is delivered to Academy within 7-10 business days from the time it is ordered.



APPLY FOR LOANMeet with your lender and take loan application. Provide the items that are listed on the “What Items Are Needed” handout.

YOU’RE APPROVEDCongratulations... your loan is pre-qualified. The pre-qualification letter will be sent to you and your REALTOR®.

YOU FOUND ITFind the perfect home and make an offer.

OFFER ACCEPTEDYour REALTOR® will forward the Earnest Money Agreement (sales contract) to your lender for review.

HOME INSPECTIONTime to order the home inspection. Your agent may have a good referral if you need one.

LOCK THAT LOANIf you have not discussed locking in a rate with your lender, now is a good time to do so.

GREAT NEWSHome Inspection was completed. Negotiate any necessary repairs with seller.

APPRAISALTime for your lender to order appraisal.

HOME INSURANCEContact a homeowner’s insurance agent and secure a quote for the premium.

APPRAISER VISITAppraiser to review home. The appraiser will be providing a value based on comparable home sales in the neighborhood.

APPRAISAL DONEAppraisal returned to the lender for review.

MISSING ITEMS?Lender will request any missing items that may be needed for final loan approval.

FINAL REVIEWAppraisal and all updated income & asset documents reviewed by the underwriter.

FINAL APPROVALFinal underwriter approval! Lender will now order loan documents and send them to the title company.

TITLE COMPANYTitle company will work up your final “cash to close” numbers and schedule a time for you to sign your loan documents.

CASHIER’S CHECKBuyer brings in remaining down payment and closing costs in the form of cashiers check. Signs loan documents at the title company.

CONGRATULATIONSLoan funds and records. Congratulations - YOU are now a homeowner!

SUNDAY MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY SATURDAY

FIRST MORTGAGE PAYMENTCongratulations on your new home! One of the nice things is that you will have between 30-60 days before your first payment is due. As an example, if your loan funded September, your first mortgage payment would be due November 1st. Only 360 payments and it is yours free and clear!



OUR RELATIONSHIPWITH YOU

The Mortgage Management System we have designed a loan tracking and management process to ensure that your mortgage meets your changing needs and you have the most competitive loan terms over the life of your loan.

The Client For Life Program

We provide a unique mortgage concierge experience designed to address any unforeseen obstacles and facilitate the smooth and carefree closing of your mortgage.

The UniqueMortgage Experience

We prepare a detailed, specific, step-by-step plan to obtain the right mortgage for you to help you achieve your goals and objectives.

The Complete Mortgage Plan

We develop a strategic evaluation that helps you integrate the loan you select into your over-all long and short term financial and investment plan.

The Strategic Plan

We prepare a detailed assessment in order to expedite and streamline your mortgage process, reduce your paperwork and create a greater certainty.

The MortgageNeeds Analysis

We do provide ongoing communication, recognition, and added value to build and enhance our ongoing relationship with you.

The Client Appreciation Program

We do want to be The Mortgage Banker that you can refer your family and friends to.Our Goal is to take such great care of you and your loan that we earn not only your loyal business, but also your referrals to family and friends. Our success has been built by referrals, one satisfied customer at a time.

This helps you gain greater clarity around how your personal financial situation impacts your home ownership goals.

The MortgagePlanning Package



THE PROCESS FORBUYING A HOME

Your loan application is completed.

We order credit reports.

We issue your pre-qualification and

you begin looking at homes with a

professional REALTOR®

We order appraisal, title reports, your hazard

insurance binder and other necessary

documents.

We meet with you and determine the loan

structure based on your financial goals and needs.

You find your home and your REALTOR® presents an offer on your behalf, your offer is accepted

and closing date is set.

We submit your complete file for underwriting for your final loan approval.

Final Approval is issued any and all final

conditions or stipulations are collected and

satisfied.

Your loan is clear to close and the closing

documents are sent to the title company.

Bill Craft and the entire team

stay in touch and implement our trusted Loan Officer for Life.

CONGRATULATIONS! You go to the closing and become the owner of your

new home.

We send you a copy of the your final

documentation for you to review in advance.



DO continue making your mortgage and rent payments (on time). DO stay current on all existing accounts. DO keep working at your current employer. DO keep your same insurance company. DO continue living at your current residence. DO continue to use your credit as normal. DO call us if you have any questions.

DO NOT make any employment or income changes. DO NOT make any major purchases (car, boat, jewelry, fur, etc.). DO NOT apply for new credit (even if you’re pre-qualified). DO NOT open any new credit card. DO NOT transfer any balances from one account to another. DO NOT pay charged off balances without prior discussion with us. DO NOT pay collections accounts without prior discussion with us. DO NOT buy any furniture. DO NOT close any credit accounts. DO NOT change bank accounts. DO NOT max out or go over limit on any credit card accounts. DO NOT consolidate your debt onto 1 or 2 credit cards. DO NOT take out a new loan. DO NOT start any home improvement projects. DO NOT open a new cellular phone account. DO NOT join a new fitness club. DO NOT pay off any loans or credit cards without discussion with us.

TIPS FOR A SMOOTH LOAN APPROVAL

Here is a list of tips to help ensure an effortless loan process. These TIPS will help avoid any delays with your loan approval.

If you encounter any special situations that could affect your credit, it is best to dis-cuss it with us immediately so that we can help you determine the best way to achieve your goals.



Very Difficult

FICO Score of

< 620Purchase

orRefinance

Property TypeSFR/MFH/Condo

OccupancyPrimary/2nd/NOO

Down Payment Percentage

Loan to ValueCombined LTV

Income TypeW2/Commission/SE

Debt/IncomeRatio Acceptable

Acceptible

FICO Score of

680Purchase

orRefinance







Marginal

FICO Score of

620 +Purchase

orRefinance







A+ Credit

FICO Score of

740Purchase

orRefinance







WHAT’S YOURRATE?

Quoting a RATE before getting answers to these questions is like a doctor prescribing medicine without diagnosing the problem. You and your buyers should demand better answers than just sales pitches. Expect a consultation and a total program analysis, not just an Internet rate or newspaper ad.

35%

30%

15%

10%10%

UNDERSTANDING YOUR CREDIT

The subject of credit scoring has become an increasingly hot topic, and for good reason. For many years the general public only associated the concept of credit scoring with the need to purchase high-ticket items such as a new car or a home. Today, credit scoring goes much further. Your credit score can affect your ability to get a good rate on commodities such as car insurance, cell phones or even determine whether or not you get the job or promotion that you want and deserve. Indeed, the financial snapshot provided by the credit score has also become a gauge for many employers, especially those who seek to place employees in a position of management or financial responsibility.

The credit scoring model seeks to quantify the likelihood of a consumer to repay. Credit scores can range between a low score of 300 and a high score of 850. The higher the score, the better it generally is for the consumer, because a high credit score translates into a low interest rate. This can save literally thousands of dollars in financing fees over the life of the loan.

How’s Your FICO Score Calculated?The FICO score comes down to a constant flow of data between lenders, credit bureaus, and Fair Isaac’s scoring formula that answer one question : How risky are you? The credit scoring formula looks at the five criteria and assigns them certain weights according to the predictive value of those items. It wraps all that into a three-digit score between 300 and 850.

1.5BILLIONNumber of credit cards that are in use in the US. *Cardhub.com

24%Number of credit reports that contain errors serious enough to result in a decline. *NBCNEWS.com

676Average credit score in Arizona. *Governing.com

689The average credit score in the United States. *MyFico.com

10,637 The outstanding balance amount

for households that have credit cards. *Nilson Report, 2009

$

Amount of US credit card debt reached in 2008. *CreditCards.com

972$

BILLION79%

Number of credit reports that contained mistakes of some kind. *NBCNEWS.com

64%Number of Americans who have less than a 700 FICO score. *Bankrate.com

Payment History - 35% Paying debt on time has the greatest impact on your score. Delinquencies within the last 2 years carry more weight than older items.

Outstanding Balances - 30% This factor marks the ratio between the outstanding balance and available credit. Ideally you should keep balances as close to zero as possible, and definitely below 50% and/or 30% of the available credit limit.

Length of Credit History - 15% This portion of the credit score indicates the length of time since a particular credit line was establishesd. A seasoned borrower will always be stronger in this area.

Type Of Credit and Recent Inquiries - 10% Having diversified credit can help maintain a decent credit score. A blend of installment loans and revolving debts may help maximize your score potential. In addition, too many recent inquiries (credit pulls) on your report may reduce your score anywhere form 2 to as much as 25 points.



ITEMS NECESSARY TO PROCESS YOUR LOAN

Academy Mortgage provides you with resources - like the documentation below - to make obtaining a home loan as smooth and simple as possible for you.

□ Original copies of pay stubs for the last 30 days (showing your name, Social Security number, and year-to-date earnings)

□ Original copy of your most recent two years’ W-2s and complete tax returns □ Purchase Contract (for the purchase of your new home) □ Sales Contract (if you are selling your current home) □ Certified copy of the closing statement (if you have sold your home) □ Information on residence history (for past two years) □ Information on all outstanding loans and credit cards □ Original copy of your last two months’ bank statements for all accounts □ Information on real estate you currently own (your tax bill and insurance

declaration) □ Copy of your driver’s license and another form of identification (Social Security

card, passport, etc.) □ Payment for appraisals and credit report fees □ Original copy of certificate of eligibility and DD214 (VA loans only) □ If you have a rental property: Your current rental agreement and your most

recent two years’ tax returns with all schedules □ If you are self-employed or receive a 1099: Your most recent two years’ tax

returns with all schedules and a year-to-date profit and loss statement and balance sheet

□ If you are commissioned: Your most recent two years’ tax returns with all schedules and year-to-date employee business expenses

□ If divorced: All divorce papers including marital termination agreement and final decree (signed by the court)

□ If you are paying child support: All documents, decrees and court orders. □ If you’ve gone through bankruptcy: All documents, decrees and court orders.

Use the following checklist to be sure you have everything you need for your loan.



WHAT CLIENTS ARE SAYING ABOUTBILL CRAFT

Bill was awesome to work with. I’ve had multiple loans through Bill Craft and each time everything goes very smooth and closes on time- never any hiccups. He is very knowledgeable and keeps me informed and well educated on rates, different loan types and programs available. He doesn’t leave anything out. I always feel confident about the choices I make after talking with him. I would not use any other lender. If you use Bill Craft, you will be in good hands.

- Sylvia Carvajal

Bill Craft sold us our first home. We were nervous and had never had a mortgage loan. He talked my wife & I through the entire process & the end result was exactly how he said it would be. I would use him again any day & recommend him to anyone. Thanks again Bill!

- Theo Rush

I have worked with Bill over the years and I have found Bill to be dedicated to taking care of me and my transaction, professional, knowledgeable, and very importantly to me, a man of his word; meaning that when he says he will do something, he does it.

- Paul Muthart



WHAT CLIENTS ARE SAYING ABOUTBILL CRAFT

- Anonymous

I was very impressed with Academy Mortgage. The updates were fantastic, and we closed right on time with docs at the title company with room to spare. This was a 35-day transaction and I did not feel rushed or feel like I had to be pushing. Things just happened. The buyer felt the same way. I am impressed!

- Anonymous

Thank you, Academy Mortgage, for taking care of my clients due to your belief in ‘common sense lending.’ I appreciate how fast and accurately the file was expedited, and I was kept well-informed throughout the entire process. Great team work, and your pride in what you do shined through this entire transaction.

I’ve had the pleasure to work with Bill Craft on more than one occasion. He was instrumental in helping myself and my wife refinance our residence to help us get a lower interest rate. He kept us informed through the whole process that made the transaction as smooth as possible. Bill also helped set up a Home Equity line of Credit that allowed us to consolidate several debts that that saved us money on a monthly basis.

- Rick Mires



First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?

Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS... RUN... DON’T WALK... RUN... TO A LENDER THAT DOES!

1. What are mortgage interest rates based on? The only correct answer is Mortgage-Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note, which sometimes trends in the same direction as Mortgage Bonds. It is not unusual to see them move in completely opposite directions. DO NOT work with a lender who has their eyes on the wrong indicators.

2. What is the next Economic Report or event that could cause interest rate movement? A professional lender will have this at their fingertips. For an up-to-date calendar of weekly economic reports and events that may cause rates to fluctuate, please call me directly.

3. When the Fed “changes rates,” what does this mean... and what impact does this have on mortgage interest rates? The answer may surprise you. When the Fed makes a move, they are changing a rate called the “Fed Funds Rate”. This is a very short-term rate that impacts credit cards, credit lines, auto loans and the like. Mortgage rates most often will actually move in the opposite direction as the Fed change, due to the dynamics within the financial markets. For more information and explanation, just give us a call.

4. What is happening in the market today and what do you see in the near future? If a lender cannot explain how Mortgage Bonds and interest rates are moving at the present time as well as what is coming up in the near future, you are talking with someone who is still reading last week’s newspaper, and probably not a professional with whom to entrust your home mortgage financing.

Be smart... Ask questions... Get answers!

More than likely, this is one of the largest and most important financial transactions you will ever make. You might do this only four or five times in your entire life... but we do this every single day. It’s your home and your future. It’s our profession and our passion. We’re ready to work for your best interest.

SHOPPING AROUND? HOW TO DO IT RIGHT!



Once you are satisfied that you are working with a top-quality professional mortgage advisor, here are the rules and secrets you must know to “shop” effectively.

If it seems too good to be true, it probably is. But you didn’t really need us to tell you that, did you? Mortgage money and interest rates all come from

the same places, and if something sounds really unbelievable, better ask a few more questions and find the hook. Is there a prepayment penalty? If the rate seems incredible, are there extra fees?

What is the length of the lock-in? If fees are discounted, is it built into a higher interest rate?

You get what you pay for. If you are looking for the cheapest deal out there, understand that you are placing a hugely important process into the hands of the lowest bidder. Best case, expect very little advice, experience and personal service. Worst case expect that you may not close at all. All too often, you don’t know until it’s too late that cheapest isn’t always BEST. But if you want the cheapest quote - head on out to the Internet, and we wish you good luck. Just remember that if you’ve heard any horror stories from family members, friends or coworkers about missed closing dates, or big surprise changes at the last minute on interest rates or costs... these are often due to working with discount or Internet lenders who may have a serious lack of experience. Most importantly, remember that the cheapest rate on the wrong strategy can cost you thousands more in the long run. This is the largest financial transaction most people will make in their lifetime. That being said - we are not the cheapest. Of course our rates and costs are very competitive, but we have also invested in the systems and team we need to ensure top quality experience that you deserve.

Make correct comparisons. When looking at estimates, don’t simply look at the bottom line. You absolutely must compare lender fees to lender fees, as these are the only ones that the lender controls. And make sure lender fees are not “hidden” down amongst the title or state fees. A lender is responsible for quoting other fees involved with a mortgage loan, but since they are third party fees - they are often under-quoted up front by a lender to make their bottom line appear lower, since they know that many consumers are not educated to NOT simply look at the bottom line!

Understand that interest rates and closing costs go hand in hand. This means that you can have any interest rate that you want - but you may pay more in costs if the rate is lower than the norm. On the other hand, you can pay discounted fees, reduced fees, or even no fees at all - but you understand that this comes at the expense of a higher interest rate. Either of these balances might be right for you, or perhaps somewhere in between. It all depends on what your financial goals are. A professional lender will be able to offer the best advice and options in terms of the balance between interest rate and closing costs that correctly fits your personal goals.

Understand that interest rates can change daily, even hourly. This means that if you are comparing lender rates and fees - this is a moving target that can change on an hourly-basis. For example, if you have two lenders that you just can’t decide between and want a quote from each - you must get this quote at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison. You also must know the length of the lock you are looking for, since longer rate locks typically have slightly higher rates.

Again, our advice to you is to be smart. Ask questions. Get answers.

As you can imagine, we wouldn’t be encouraging you to shop around if we weren’t pretty confident that we feel that we can give you a great value and serve you the very best.



PREPARE FOR YOUR BIG MOVE!

Several Weeks Prior to Move: □ Review your relocation package (if you have one)

and determine what expenses will be paid by your company.

□ Start a log of moving expenses receipts (some may be tax deductible; consult your tax professional).

□ Get written estimates from moving companies. Check the limits of insurance they offer.

□ Start to dispose of unwanted items by having a garage sale or making donations to charitable organizations (obtain receipts for possible tax deductions; consult your tax professional).

□ Buy only items that will be used before moving. □ Collect and return items borrowed by neighbors

and friends - don’t forget any library books! □ Purchase supplies like packing tape, bubble

wrap, furniture pads, and boxes, boxes, boxes!

Just Prior to Moving Day: □ Check in with your movers and confirm the start

time of your move. □ Make sure you have all the documents related to

your move on hand. □ Pack “Open First” boxes. For each room you

pack, set aside one box that contains everything you’ll need the first few days in your new home. Label the boxes “Open First” so that these will be the first Boxes you unload.

□ Finish taking apart furniture that needs to be disassembled.

□ Write down serial numbers as you pack up your computer and electrical equipment.

□ Make sure all boxes are clearly marked/labeled. □ Start cleaning the house as you go. □ Close local accounts (banks, gym memberships,

etc.), if necessary.

On Moving Day: □ Check the truck, trailer, or portable container for

cracks, leaks, or other signs of wear. Raise any concerns with the movers.

□ Load items in predesignated order, with “Open First” boxes last.

□ Check all closets, cabinets, and rooms to make sure you didn’t leave anything.

□ Leave all keys and garage door openers needed by the new owner. Also leave a note with your contact information.

□ Take out the garbage. □ Check thermostat and make sure temperature is

set appropriately. □ Carry with you currency, jewelry, and important

documents or use registered mail.

This quick checklist will help you easily track the details of your upcoming move.

Good luck with your move!



HOMEBUYER’S CHECKLIST

Other factors:

1 2 3 View

1 2 3 Acreage

1 2 3 Formal Dining Room

1 2 3 Pool

1 2 3 Deck

1 2 3 Fireplace

1 2 3 Laundry room

1 2 3 Fenced yard

1 2 3 Central air

1 2 3 Spa/Hot tub

1 2 3 Large Kitchen

1 2 3 Family Room

1 2 3 Walk-in closet

1 2 3 Master bath/Master suite

1 2 3 Large yard

1 2 3 Large master bedroom

1 2 3 Vaulted ceilings

1 2 3 Office space

1 2 3 Cable/Satellite-ready

1 2 3 Bay windows

1 2 3 Breakfast Nook

1 2 3 Recreation Room

1 2 3 Special storage needs

1 2 3 Garage

1 2 3 High-speed/Wireless-capable

1 2 3 Other ____________________

Rank the following home features on a scale of 1 to 3:1 - Essential 2 - Would be nice 3 - Can do without

What are you looking for in a new home?Number of bedrooms Number of bathrooms Age of Property

______________ ______________ ______________



PURCHASING POWER LOWERSAS INTEREST RATES RISE

Purchase Price/ Loan Amount

MonthlyPayment$1,503

InterestRate APR

$350,000$315,000

4% 4.042%

$311,100$279,990

5% 5.051%

$278,550$250,695

6% 6.061%

$251,100$225,990 7% 7.073%

$227,650$204,885 8% 8.086%

30 year fixed rate mortgage, 10% down payment, rates, program terms, and conditions subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend. Please contact Academy Mortgage for more information.

DerekDerek EgebergEgebergBranch Manager | NMLS #180899NMLS #180899

(928) 247-9089 ▲ Cell: (928) 246-04221375 W. 16th Street, Ste B, Yuma, AZ 85364

[email protected]

www.AcademyMortgage.com/derekegeberg

AZ 0915245, CA #CA-DOC180899

Corp Corp NMLS #3113NMLS #3113 | Corp State Lic AZ #BK-0904081, CA #4170013

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act



HOW MUCH DOI QUALIFY FOR?

This form will give you the beginnings of how much you should generally be able to finance. HOWEVER, everyone’s debt situation is different. Depending on the type of debt and/or when that debt is scheduled to be paid off will change these numbers. Again, we recommend you sit down for a one-on-one for a true picture of what you can afford and what program best meets your family’s needs.

Please list the following:

Borrower

Co-Borrower

Other

Other

Other

Other

Monthly Income

Auto

Auto

Other

Other

Other

Other

Other

Other

Monthly Debt

Total Monthly Income

Total Monthly Debt

Take 43% of your monthly income, which is the generally accepted maximum you should use to qualify for a home.

Income x .43 = $ . Now subtract your montly debt from this total.

Take your Max Housing Payment / (divide) by 7 =

43% - Monthly Debt = Max Housing Payment

Next we will work backwards to determine the suggested maximum sales price.

Multiply new number by 1000 = Suggested Sales Price

AcademyMortgageYuma.comCorp NMLS #3113 | Corp State Lic AZ #BK-0904081, CA #4170013

1375 W 16th Street, Ste B | Yuma, AZ 85364 | 928.247.9089

Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act

Bill Craft · 2019-10-28 · 6 Bill Craft | 928.366.1639 | [email protected] | NMLS...

Documents

Transcript of Bill Craft · 2019-10-28 · 6 Bill Craft | 928.366.1639 | [email protected] | NMLS...