Redmond kirkland mortgage class 9.23.13

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Redfin's Free Mortgage Class - Seattle Like Liked Redfin's Free Mortgage Class- Somerville 21 views Like Liked Redfin's Free Home Buying Class- Naperville 19 views Like Liked Redfin's Free Home Buying Class- Skokie 17 views Like Liked Redfin's Free Multiple Offer Class - Pasadena, CA 24 views Like Liked Redfin's San Jose Multiple Offer Class 9.19.13 28 views Like Liked Redfin's Rockville Home Buying Class 9.19.13 26 views Like Liked Redfin's Free Home Buying Class - Miami 56 views Like Liked Redfin's Free Mortgage Class - West Seattle 24 views Like Liked Redfin's Free Home Buying Class- Belmont 18 views Like Liked Redfin's Prince William-Loudoun Home Buying 9.18.13 29 views Like Liked Redfin's Baltimore Home Buying Class 9.18.13 209 views Like Liked Redfin's DC Home Buying Class 9.18.13 23 views Like Liked Redfin's Arlington Home Buying Class 9.18.13 37 views Like Liked Redfin's Free Mortgage Class - Irvine, CA 25 views Like Liked Redfin's Free Multiple Offer Class - Long Beach, CA 16 views Like Liked Redfin's Free Mortgage Class - Seattle 16 views Like Liked Redfin's Free Home Buying Class - Atlanta 11 views Like Liked Redfin's Free Home Buying Class- Natick 553 views Like Liked Redfin's Free Home Buying Class- Long Island 28 views Like Liked Redfin's Free Mortgage Class- Chicago 24 views Like Liked Redfin's Free Home Buying Class- Boston 611 views Like Liked Redfin's Free Home Buying Class- Chicago 237 views Like Liked Redfin's Free Interactive Workshop - Irvine, CA 41 views Like Liked Redfin's Free Mortgage Class - Seattle 15 views Like Liked Redfin's Free Home Buying Class - Dallas 14 views Like Liked Redfin's Free Home Buying Class - North Coastal OC 17 views Like Liked Redfin's Free Home Buying Class - Brea, CA 15 views Like Liked Redfin's San Jose Home Buying Class 9.12.13 30 views Like Liked Redfin's Free Home Buying Class - Cerritos, CA 44 views Like Liked Redfin's Free Home Buying Class- Chicago 44 views Like Liked Twitter Home Buying 101 Event 40 views Like Liked Redfin's Free Home Buying Class - Glendale, CA 53 views Like Liked Redfin's Free Multiple Offer Class - San Diego, CA 49 views Like Liked Redfin's Free Short Sale Webinar - Seattle Area 27 views Like Liked Redfin's Free Mortgage Class - Burlingame 47 views Like Liked Redfin's Free Home Buying Class - Austin 33 views Like Liked Redfin's Finding and Buying the Right Home- Reading 37 views Like Liked Redfin's Free Home Buying Class - Los Angeles, CA 294 views Like Liked Redfin's Free Home Buying Class - Temecula, CA 28 views Like Liked

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Slide 1 of 18 How to Finance Your Home KC Brants Redfin’s Redmond-Kirkland Team September 23, 2013 Bellevue, WA @Redfin Facebook.com/Redfin Slide 2 of 18 Working with Redfin Slide 3 of 18 A Little Bit About Who We Are Redfin has refunded more than $100 Million to customers and reaches $8 Billion in home sales; 97% would refer us to a friend. ? Customers, not commissions ? Informed decisions ? Right home for the right price ? No obligation ? Commission credit Slide 4 of 18 Your Redfin Credit Slide 5 of 18 Make Sure She’s a Good Fit See all deals & reviews Click here when you decide Slide 6 of 18 Partners in the Process AGENT Responsible for your success Writes your offer Handles negotiations TRANSACTION COORDINATOR Prepares paperwork Works with escrow TOUR COORDINATOR Schedules tours Prepares paperwork ASSOCIATE AGENT Takes you to see homes Sees 50+ homes a week Slide 7 of 18 Mortgages Slide 8 of 18 Local Recommended Lenders *In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders! Slide 9 of 19 Review Your Financial Situation ? Pull credit report, look for errors ? Establish comfort level for monthly payment ? Figure out how much monthly income goes towards debt - typically 28 – 40% healthy ? Pay down credit balances to 1/3rd of high limit ? Don’t open any new lines of credit ? Don’t buy any big ticket items ? Determine source of funds ? Current employment status Slide 10 of 18 Get Pre-Approved ? A pre-approval letter is a letter from a bank or a lender estimating how much they'll lend a borrower ? Help you establish how much you can afford and makes offer process go faster ? Information needed: ? W-2, two pay-stubs, tax returns (get them ready), bank statements ? The process only takes a few days while banks get everything verified ? The approval is good for 90 days, depending on lender ? Ask for a few different amounts ? Redfin asks that you get pre-approved before your third tour Slide 11 of 18 Facts on Getting Pre-Approved ? Applications are usually free and credit checks should not cost more than $20 ? If you get multiple credit checks from multiple lenders within a 30 day period, this will only count as one credit check against your credit score ? The application does not bind you to a lender, loan or rate ? You will get a better idea of any other action items you need to complete before you can buy ? Gives you a chance to discuss different financing options ? Your pre-approval stays valid as long as your finances constant (check with your lender to see if they have limits on this) ? Being pre-approved is required by sellers to consider offers Slide 12 of 18 Organize Your Assets ? Get ready for the down payment ? Cash accounts (liquid funds) ? 401(k), stocks, other investments ? Gift funds? (Max. allowed varies) ? Move funds around before you start shopping Slide 13 of 18 Types of Loans ? Conventional: ? As low as 5% down ? Fixed or adjustable rates, conforming or non-conforming ? Federal Housing Administration Loan (FHA): ? Always have mortgage insurance ? Buyers need only a 3.5% down payment ? VA Guaranteed Loan: ? Veterans, active duty personnel, reservists/national guard, surviving spouses ? No down payment Slide 14 of 18 Start Shopping for Lenders Compile a list of 4-6 lenders & brokers Good sources include: ? Redfin's partner lenders ? Referrals from friends, family & co-workers ? Banks or credit unions you have accounts with ? A large, national bank with an advertised rate ? Your real estate agent ? Online review sites, such as Yelp ? BEWARE OF OUT OF STATE LENDERS!!! Slide 15 of 18 Comparing GFE Results ? Gather Good Faith Estimates (loan quotes) ? A minimum of three, more is better ? Compare similar loans ? Program (FHA, conventional) ? Timeframe (same day) ? Compare costs side-by-side ? Discount & origination points ? Interest rates ? Insurance premiums (FHA, PMI) ? APR (interest rates + fees + points + PMI) Slide 16 of 18 Where Are Rates Headed? Type of Loan September 19, 2013 September 12, 2013 30-Year Fixed 4.50% 4.57% 15-Year Fixed 3.54% 3.59% 5/1 ARM 3.11% 3.28% 1-Year ARM 2.65% 2.67% Slide 17 of 18 Make Your Decision ? When possible, get a loan commitment ? Lock your interest rate (30 - 60 days) ? Make alternative funds liquid (401k, stock) Good news! Loan payments are made in arrears, so your first loan payment won’t be for two months. You’ll have one month of no payments. Slide 18 of 18 After Class… Please fill out the survey that was handed out at the beginning of class. We appreciate the feedback! Check out our upcoming classes and events at: http://www.redfin.com/events Questions? Get in touch: KC Brants kc.brants@redfin.com Matt Johnson matt.johnson@bankwithsterling.com

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