Redfin Mortgage Class - Issaquah, WA

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  • 1. ● ● ●  
  • 2. ● ● ● ●
  • 3. *In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
  • 4. ● ● ● ● ● ● ● ●
  • 5. • • • • • • • • • • • • • • • •
  • 6. ● ● ● ● ● ● ●
  • 7. Credit Rating 35% 30% 15% 10% 10% Past Delinquencies Revolving Debt Ratio Age of Credit File Debt Diversity Inquiries
  • 8. Down payment Non-recurring costs Prepaid Items 3.5-5.0% minimum down Title insurance Escrow Appraisal Credit Report Flood Certification Tax Service Fee Underwriting Fee Discount Points Per diem interest Insurance Property Taxes HOA/Condo DuesImportant! A Good Faith Estimate is a breakdown of your total cash-to- close. The estimate will include downpayment, non-recurring costs, and prepaid items. Make sure you understand the total cash required of you to close!
  • 9. ● ● ● ● ●
  • 10. • Conventional: As low as 5% down, can be gifted Higher credit standards (680+) Mortgage insurance can be paid up front, monthly or a combination Up to $417,000 loan amount ** ** Up to $506,000 in Seattle SMSA • Federal Housing Administration Loan (FHA): Min 3.5% down, can be gifted Minimum credit score 640, most lender Up front and monthly mortgage insurance required If condo, must be FHA approved. Verify at www.hud.gov Up to $417,000 loan amount ** Up to $506,000 in King and Snohomish
  • 11. • VA: Active duty or reserves only No monthly mortgage insurance Can be 0 down up maximum guarantee • Jumbo: Loans over $506,001 Minimum credit of 700+ Minimum of 20% down with most investors ** ** Can do 10% down with a combined loan scenario
  • 12. ● ► ► ● ► ► ► ► Rate Price (points) 4.50% 0.0 (closing costs only, no points) 4.25% 1.0 (closing costs + 1 point) A good lender helps borrowers calculate their break-even to determine if paying points is right for them– doesn’t just focus solely on the interest rate!
  • 13. ► ►        
  • 14. Questions? Get in touch: