Buying a home is one of the most important financial decisions in your life. We’re here to make the process as easy, enjoyable, and exciting for you as possible. Because it is more than just a mortgage, it’s the key to your future. Let’s get started!
YOUR PERSONAL HOMEBUYER GUIDE Buy With B MORTGAGE CONSULTANT
To build a life that positively impacts others through experiences. Buying a home is one of the most important financial decisions in your client’s life. We’re here to make the process as easy, enjoyable, and exciting for them as possible. Because it is more than just a mortgage, it’s the key to their future. let’s get started! B’s Purpose: Contents: 01 | MEET THE BUY WITH B TEAM
03 | APPLICATION CHECKLIST
04 | THE MORTGAGE PROCESS
06 | DO’S AND DON’TS
07 | UNDERSTANDING CLOSING COSTS
08 | OVERVIEW OF LOAN PROGRAMS
10 | DOWN PAYMENT OPTIONS
11 | FAVORITE PROPERTIES
13 | NOTES PAGE
12301 CENTRAL AVE NE SUITE 201, BLAINE, MN 55434 BRANCH NMLS2061665
4330 GOLF TERRACE, SUITE 103, EAU CLAIRE, WI 54701
Meet Our Team:
BRENNA HOBERG LOAN ORIGINATOR NMLS2082958
Brenna was born and raised in Minnesota but has also spent time in North Dakota and Wisconsin. In the midst of world chaos, she married her best friend in 2021. While she’s known professionally for over 15 years of customer service, her friends and family know her as the crazy dog lady, the cool aunt, and the one with the awesome tattoos! She wants to be remembered as someone who’s kind, helpful, and honest. Plus, her killer jokes and one-liners – she loves to make people laugh. If she could live anywhere, she would choose somewhere with plenty of space for her dogs to run and play but not too far from a Target. She has always had a passion for teaching and helping people. As a young mortgage professional, she excels in utilizing technology to make sure you or your clients have a smooth time applying for a loan and submitting documentation. Having grown up in a low-income household, it’s easy for Brenna to provide a safe place to ask questions without fear of being judged. If we aren’t quite ready for a pre-approval, she will provide a clear path to get there instead of simply saying “no.” She strives to provide education on the entire mortgage process and transparency around loan options and costs. When she is helping someone with their mortgage application, she will always look at the entire financial picture along with their goals to ensure we are getting them the right loan product for them.
Meet Our Team:
PAULA ACKERLAND LOAN OFFICER ASSISTANT
Paula brings 23+ years of expertise in the mortgage industry, dedicated to facilitating seamless loan processes for her clients. Beyond her professional commitments, she enjoys spending time with her husband and two children. An avid explorer, Paula's love for travel fuels her adventures, whether embarking on a spontaneous road trip or immersing herself in the pages of a captivating book. Not to mention, spending time snuggling her two adorable pups, Beau & Gunner.
SAMI ARTZ CLIENT CARE COORDINATOR
Sami has a passion for rollerblading or strolling around lakes with her current medieval book or podcast playing in her headphones. Additionally, she finds joy in playing video games, solving puzzles, and immersing herself in reading.
REYNA ROUSSEAU BRANCH MANAGER NMLS1023824
Reyna is more than just a Branch Manager; she's a dedicated professional with a passion for serving her community. With a knack for financial solutions and a keen eye for detail, Reyna and her team ensure that every client's needs are met with precision and care.
APPLICATION CHECKLIST: Your Mortgage
HERE’S A LIST OF DOCUMENTATION WE’LL NEED TO GET STARTED PROCESSING YOUR LOAN:
Two most recent pay stubs
Two most recent W2's
Two most recent and complete bank statements
Self-employment, retirement, or other non-traditional income sources may require additional documentation
Visit Buywith-b.com for a complete list of documents you may need over the course of the mortgage process.
Buy With B MORTGAGE CONSULTANT
The Road to Homeownership: GET PRE-APPROVED A pre-approval shows you’ve spoken to a lender and considered the next steps. this can give you an advantage over other home shoppers. 01
02
FIND A HOME Meet with your agent to determine your wants and needs. Go in search of your perfect home 3-6 months before you intend to buy.
YOUR AGENT CAN HELP YOU BE REALISTIC ABOUT “PERFECT”:
C osmetic fixes vs. Structural issues Neighborhood crime rates Quality of the schools Property taxes Proximity to major interstates and public transportation MAKE AN OFFER Once you’ve found your dream home, work with your agent to negotiate a price and schedule a home inspection. Your agent will know how much other homes are selling for in the neighborhood and will fight for the fairest price The inspection will confirm there aren’t any hidden problems with the foundation, plumbing, heating, cooling, and electrical systems Submit Earnest Money check or wire
03
04 TERMS, LOCKS & DISCLOSURE UPDATES We will meet to discuss and finalize your application, loan terms, rate lock and next steps.
05
UNDERWRITING & APPRAISAL We’ll verify your application information, assess your credit and collateral, and order an appraisal to ensure you’re not overpaying.
THE UNDERWRITING PROCESS:
A n underwriter will complete an initial review within 48 hours If any conditions are required, we’ll work with you to clear conditions within 2 days Your loan will return to an underwriter for final review and a clear to close (CTC) We will inform all parties of the CTC and verify the closing date and time
06
CLOS I NG Time to celebrate! after all of the paperwork is signed, you’ll receive the keys to your new home!
ARRIVE PREPARED:
P lan to review the final documents to confirm the rate and loan amount Contact your title company to confirm appropriate method of closing funds Bring your photo I.D. and possibly a social security card to confirm your identity
Do’s and Don’ts: REMEMBER, WE’RE IN THIS TOGETHER. It’s our job to make sure your home-buying process goes quickly and smoothly. You can help by doing certain things, avoiding others, and asking questions! We’re here to help and will never be too busy to respond to you.
DO :
Get pre-approved so you can make a strong offer Be thorough and honest on your application
Continue to pay your rent or mortgage, loans, and credit cards on time Keep your current job and income, and contact us right away if either one changes Have your important documents handy (especially your w-2s, tax returns, and pay stubs)
DON ’ T :
Make any major purchases (furniture, cars, boats, those sorts of things) Apply for new credit accounts, close existing accounts, or co-sign loans for others Make large cash deposits into your bank account other than your paycheck Spend your down payment or closing cost money Plan a vacation during your loan process
Understanding Closing Costs: Cash to Close = Down Payment + Closing Costs – Earnest Money – Any Seller/Lender/Agent credits – Grants or Down Payment Assistance Options
Down payment is the dollar amount you contribute up front towards the price of the home. Often discussed as a percentage! Certain programs require you make a minimum contribution to your down payment out of your own funds.
Closing costs include any lender and title fees associated with your new loan, prepaid interest, and your escrow account setup
Escrow account/prepaids cover your property taxes and homeowners insurance – we start with a two-month cushion for each of these to account for any changes when payments are due. In addition, we collect 1 year of insurance at closing. Depending on your purchase agreement and when you close, we will collect a prorated amount of property taxes so you don’t start out behind! Earnest money is the upfront deposit you write into your purchase agreement; consider this a good faith deposit for the sellers. Whatever amount you choose here will be applied as a credit to the remainder of your final amount due.
Loan Programs: STANDARD PROGRAMS FHA 3.5% minimum down payment Loan terms 10-30 years Fixed and adjustable rates available
Credit scores down to 500 accepted, co-applicants allowed
VA(ACTIVE, RESERVE, RETIRED) No downpayment or mortgage insurance No minimum credit score Limited closing costs, no early payoff penalty, funding fee waived for Disabled Veterans (>1% - 10%) High balance loans allowed, no maximum loan amount CONVENTIONAL Down payment as low as 3% with Home Possible and HomeReady Loan terms 10-30 years
620 minimum credit score required Fixed and adjustable rates available
USDA - RURAL DEVELOPMENT No down payment required, closing costs can sometimes be financed into the loan amount 30-year fixed-rate mortgage with no max loan amount (based on ability to qualify) Must meet property eligibility and income requirements
CCM CUSTOM PRODUCTS BYE-BYE PMI
Conventional mortgage for as little as 15% down without PMI
CCM SMART START Buyer puts 1% down – we’ll cover 2% (up to $4,000) Additional funds for eligible buyers up to $5,250 Fully forgivable grant
Loan Programs: Continued CCM PORTFOLIO PRODUCTS ASSET QUALIFIER Use existing assets to qualify the borrower; no income or employment is needed BANK STATEMENTS Use the average monthly deposit for 12/24 months in a business/personal account as qualifying income for self-employed buyers regardless of tax returns 1099 PROGRAM Use 1099 income instead of tax return income for self-employed buyers (great for agents) FULL DOC A near-miss product to help provide coverage to borrowers who may
not meet agency or prime jumbo guidelines INVESTOR CASH FLOW
Allows real estate investors to finance an investment property by using the property’s gross rent to qualify instead of the borrower’s personal income. I T I N No Social Security number is needed to qualify for home financing WVOE Allows you to get approved using a written verification of employment (WVOE) instead of W-2s, paystubs, or tax forms P&L Uses most recent, professionally prepared, 12 to 24-month P&L statement as proof of income MANUFACTURED HOMES Fixed-rate Conventional & FHA loans available with low minimum down payments Lower interest rate options for qualified buyers Single-wide homes are accepted
DOWN PAYMENT ASSISTANCE PROGRAMS WORK TO MAKE HOMEOWNERSHIP MORE AFFORDABLE AND ARE USUALLY FOR FIRST-TIME HOMEBUYERS. First-Time Homebuyer Programs: Most DPA programs are administered by state and local governments, private entities, charitable organizations, and even lenders like us. They are often in the form of forgivable loans and grants. Down payment assistance programs are often income-restricted and available to buyers in specific cities, communities, or neighborhoods only. You’re considered a first-time homebuyer if you’ve never owned a home before or haven’t owned a home in the past three years, and the home was your primary residence. We know saving for a down payment is a challenge for many homebuyers. To help relieve you of financial stress, we offer a variety of down payment assistance (DPA) programs for conventional and FHA loans!
Buy With B MORTGAGE CONSULTANT
Favorite Properties:
ADDRESS :
NOTES
LOVE IT
NEEDS LOVE
NO LOVE
Kitchen
Bathroom
Bedroom
Family Room
Dining Area
Location
Outdoor Space
Payment
A :
P I :
T :
I :
ADDRESS :
NOTES
LOVE IT
NEEDS LOVE
NO LOVE
Kitchen
Bathroom
Bedroom
Family Room
Dining Area
Location
Outdoor Space
Payment
A :
P I :
T :
I :
Favorite Properties:
ADDRESS :
Purchase Price:
Loan Amount:
Principle & Interest:
Estimated Homeowners Insurance:
Property Taxes:
Mortgage Insurance (PMI):
Total Estimated Monthly Payment:
Estimated Cash to Close = Down Payment + Closing Costs:
ADDRESS :
Purchase Price:
Loan Amount:
Principle & Interest:
Estimated Homeowners Insurance:
Property Taxes:
Mortgage Insurance (PMI):
Total Estimated Monthly Payment:
Estimated Cash to Close = Down Payment + Closing Costs:
Notes:
Buy With B MORTGAGE CONSULTANT M | 763.229.1818 F | 763.297.2111 BRENNA@BUYWITH-B.COM BUYWITH-B.COM 12301 CENTRAL AVE NE SUITE 201 BLAINE, MN 55434 BRANCH NMLS2061665 4330 GOLF TERRACE, SUITE 103, EAU CLAIRE, WI 54701
PERSONAL NMLS2082958 COMPANY NMLS3029
EQUAL HOUSING OPPORTUNITY
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