Booklet - Tracy pdf

Homebuying Reference GuideWelcome to Heritage Home Loans! We are so excited tohave the opportunity to help get you into your dreamhome! There will be a lot of helpful information in thebook for you to keep for reference throughout the homebuying process! Tracy Windhorst Sr. Mortgage Consultant NMLS #487563 P: 509-599-3101 E: [email protected] W: www.twhomeloans.com Heritage Home Loans is a division of Mann Mortgage LLC, NMLS #2550

MMoertegtagyeoTeuamrYour Mortgage Expert Tracy Windhorst I have been in the mortgage origination industry for 25 years now. In 2012, I took the leap of faith after working for banks and larger mortgage companies my whole life and went into an ownership position with my brother Tim Windhorst and colleague Rande McMaster at Heritage Home Loans. We opened up our Spokane Valley location in 2012 and have been growing our business to become one of the most desired lenders in the Spokane market area. We have instituted in-house processing and in- house underwriting which has created a very quick turn time for loan the industry while our pricing and fees assessed to clients are some of the lowest in the industry as we have done away with traditional over-head and bureaucracy of the larger banks and lending institutions. We strive to be each and every client’s lender for life and go out of our way to make each client’s experience with us a pleasurable one.Tracy’s Team Tara Kautzman Ali Gonzalez Loan Partner II Loan Partner [email protected] [email protected]

MortTigmaelgineePREQUALIFY Documents PLertet-Aerpproval Home Searchform online. Get all requested documents to You will receive a pre-approval We can set you up with a get your loan estimate. letter to give to the seller when trusted realtor to help you the home of your dreams!How’d we do? Offer AcceptedHopefully you are completely you and the seller will signaaoaanbflreeoydnovuyiduteoeruwurfs.rwfYiweooinrlhulduegcsnsoaaontonhnnedelivyntfeoaelnom!toewilkllryfiatolelr a sales contract and this will be provided to our team and the title company.Time to sign Kept in the Loop InspectiondBitnaoogkctehucsompanaebdrnoitttiuiesotsanosnsni.dgeTnmhhcioesluoepsrer.itonfcguenssd- Here at Heritage Home Loans we believe that trans- There will be a professional parency is very important in making your loan go as Inspector who will checkTFihnraoluWghalk smoothly as possible. To do this we send weekly status the property for potential reports to you and your realtor to keep you in the loop structural, electrical, andtoptdhhfroiretcoohucrueomtgnophedrsnowiittgpisinoet.hnirntsyygoottfuohtreharpeeclpaholrotsooiuvnrsege on the status of your loan. If there are any immediate plumbing issues. changes we will give you a call right away to resolve itClosing ProcessingDisclosure and continue through the process to closing. The Processor receives andbCacseoleConmflsotoiprntseaoignnctgdlyho.oDesWciieunsescmgclw.oreosinluwltrsseaean3nrdeddtayiyotlsue reviews your documents. Items like appraisals, titles, insurance are ordered. IHNosmuerance Set up and begin home insurance coverage.Loan Approved Underwriting Underwriting Appraisal ConditionsWe will now start working The underwriter will review The appraisal will be reviewedon closing documents. It can The underwriter may ask for a - by our team and the under-take 24 hours for the closing list of additional documents. If writer. You will receive a copydocuments can be created after this happens, we will with your mentations. They will decide of this for your own records.loan approval. help collect these documents if anything else needs to be and resubmit. collected for approval.

Identification and Contact InfO: dnoceuemdenetdsIncome Verification: W-2’s and/or 1099’s for most recent 2 years Federal Tax Returns for most recent 2 yearsPaystubs covering most recent 30 days You may be asked for more documentsContact name and number to verify employmentWritten explanation if employed less than 2 years or if you had a gap of employ-ment in the past 2 years. derwriting. Don’t be alarmed, additionalSocial Security/Disability/Pension Income: Copy of award letter(s) showing annual documentation is needed to verify that you will be approved for the program that youIncome Verification: Self Employment: applied for. Federal Tax Returns for most recent 2 years (Personal & Business)Copy of Business License Get the additional requested documents toAsset Documentation: ensure that there are no hold ups in terms Bank Statements (all pages for most recent 2 month period for each account of your loan closing on time.disclosed on the loan application.Explanation and paper trail for any large depositsGift Letter and Supporting DocumentationCredit Documentation:Most recent statment for any debts/liabilities not reporting on the credit report, orCopy of NOTE or Installment agreement for any debts/liabilities recently obtained Complete copy of bankruptcy papers and discharge documents along with detailedletter of explanation for the bankruptcy Student Loan Information Contact and information for you landlord to verify rental history.Real Estate Owned Information: Most recent mortgage statement to verify real estate taxes and homeowners’/ Additional Things Needed:insurance are included in monthly mortgage payment. If taxes and/or insurance are NOT included in the monthly mortgage payment thenprovide: Copy of your annual real estate tax bill and homeowners’insurance declaration page. Copy of current rental/lease agreements(s)Additional Items: Veteran: Certi cate of Eligibility and DO214 (Member copy 4) OR StatementService (if Active) Real Estate Sold: Settlement Statement or Closing Disclosure from the sale of theproperty. Divorce Decree and/or Child Support Decree Earnest Money: Provide a copy of check and proof if cleared your account. Homeowners’Insurance Agent Information, declarations page, and/or copy ofinsurance quote. Letter of explanation for Credit Inquiries Upfront Fees: ________________________________

doof gset&tindgoanlotasn 10 Commandments of getting a mortgage 1. Thou shalt NOT change jobs, become self-employed, or quit your job. 2. Thou shalt NOT buy a car, truck, or van (or you may be living in it!) 3. Thou shalt NOT open up new credit accounts or excessively charge your cards 4. Thou shalt NOT spend money you have set aside for closing. 5. Thou shalt NOT omit debts or liabilities from your loan application. 6. Thou shalt NOT buy furniture or appliances before closing. 7. Thou shalt NOT originate any inquiries into your credit. 8. Thou shalt NOT 9. Thou shalt NOT change bank accounts. 10. Thou shalt NOT co-sign a loan for ANYONE.Here at Heritage Home Loans, we strive to give you the best experience that we possiblycan. In order to do this we have a few recommendations for you that can help us get yourloan closed on time and as smoothly as possible!1. Avoid changes in your employment. We need to be able to prove that you have steady income andwhen you change jobs this makes it more complicated and gives us more hoops to jump through in2. Try to keep your credit purchases to a minumum. When you charge your card it automatically chang-es your debt to income ratio. So if possible try not to use your credit card until the loan closes, or if you3. Avoid other changes such as address, marital status, banks, business ownership, etc. If you see it4. Talk to youR LO before accepting any gift funds from a family member to help you buy a home. Thereare strict requirements to document the receipt of gift funds, we will help you through this process.5. Make all payments on time. Keep all of your accounts current for the credit refresh before closing.6. Have all supporting documents easily accessible. The sooner that you get documents requested from

pbaryeamkdeonwtnPRINCIPAL InterestThe percentage of your payment that The percentage of your payment thatgoes toward the original amount of goes toward paying interest, which ismoney owed. the cost of borrowing money.Taxes Insurance1/12 of your annual property tax bill Your lender will collect 1/12 of yourwill be collected by your lender and annual insurance premium with eachplaced in your escrow account each payment.payment.MORTGAGE INSURANCE: If you put down less than 20% on your home, then you will have to pay mortgageinsurance. This protects the lender if your default on your loan.HOA Dues: If your home has HOA fees, then you will need to pay these dues directly to the home-owners association in your neighborhood or community. These can be paid monthly, quarter-ly, or yearly depending on how it is set up by your homeowners association.

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TesRtiemconeinaltsI thank them for their incredible attention to detail and fulfilling and following ... - starrj6 from 99001 -ing through their words with actions. I thank them and highly recommend them.-JordanLOAN STATUS: Closed Sep 2016LOAN TYPE: Purchase They were able to completely redo my loan file and close before the 30 days! lueharbison from 99205I was in desperate need of a new lender! My current lender was not working and while in the process of closing theycouldn’t make it happen. My relator referred me to Tracy and his amazing team. They were able to completely redo myLOAN STATUS: Closed Jan 2016LOAN TYPE: Purchase We closed early on our home. newmanfan2 from 99207It was a great experience working with Tracy on our home loan. Very courteous and knowledgeable. We closed early onLOAN STATUS: Closed Dec 2015LOAN TYPE: Purchase