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Redfin's Free Mortgage Class - Tempe
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Redfin's Free Mortgage Class - Tempe

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  • Slide 40 – To get the data: Find all data here: http://www.freddiemac.com/pmms/No log in needed
  • Chart:http://www.mortgagenewsdaily.com/mortgage_rates/charts.aspPrediction:http://www.bankrate.com/finance/mortgages/mortgage-rate-trend-index.aspxWill rates rise or remain relatively unchanged? Experts and Bankrate analysts predict where mortgage rates are headed over the next week.This week (July 5-11), 31 percent of the panelists believe mortgage rates will rise over the next week or so; 38 percent think rates will fall; and 31 percent believe rates will remain relatively unchanged (plus or minus 2 basis points). Read more: Rate Trend Index - Mortgage Rate Trends - Bankrate.com http://www.bankrate.com/news/rate-trends/mortgage.aspx#ixzz2097YRlM8
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    • 1. Slide 1 of 19 How to Finance Your Home Presented By: Kevin Wachel: Redfin’s Phoenix Team Justin Toenjes: People’s Mortgage @RedfinPhoenix Facebook.com/RedfinPhoenix
    • 2. Slide 2 of 19 Working with Redfin
    • 3. Slide 3 of 19 Working With Redfin is Different Service ► Advocates: client-satisfaction bonuses, not commissions ► Transparency: informed decisions ► Best Agents: The right home for the right price No obligation ► Switch Redfin agents ► Pause and re-start your search any time ► Tour on your schedule and pace Refund ► We’ll refund a portion of the commission back to you The Best Results ► Service: 97% would recommend us to a friend
    • 4. Slide 4 of 19 The Redfin Refund You buy and pay for your dream home. The 6% sales commission is split. The Listing Agent gets 3% commission. Your Buyers’ Agent gets 3% commission. You save with Redfin. Redfin keeps a portion as our fee.
    • 5. Slide 5 of 19 How Our Team Works ASSOCIATE AGENT Takes you to see homes See 50+ homes a week YOU AGENT Responsible for your success Writes your offer Handles negotiations COORDINATOR Schedules tours Prepares paperwork Works with escrow
    • 6. Slide 6 of 19 A Little Bit About What We Do Redfin is a brokerage that’s using technology and a customer-service focus to change the real estate game in the consumer’s favor. ● What: a brokerage ● How we are different: ► Technology ► Customer-service ● Why: we want to change the game
    • 7. Slide 7 of 19 What We Have Accomplished Redfin is a real estate brokerage that has helped over 20,000 people buy or sell a home; 97% would refer us to a friend. ● Customers, not commissions ● Informed decisions ● The right home for the right price  No obligation  Get back up to 33% of our commission
    • 8. Slide 8 of 19 Mortgages
    • 9. Slide 9 of 19 Local Recommended Lenders *In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders!
    • 10. Slide 10 of 19 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
    • 11. Slide 11 of 19 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
    • 12. Slide 12 of 19 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
    • 13. Slide 13 of 19 Review Your Debt ● Pull credit report, look for errors ● Figure out how much monthly income goes towards paying off debt: 28 – 33% healthy ● Pay down balances to 1/3rd of credit available ● Don’t open any new lines of credit ● Don’t buy any big ticket items ● Co-borrower will need to do the same
    • 14. Slide 14 of 19 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!!!
    • 15. Slide 15 of 19 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)
    • 16. Slide 16 of 19 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.
    • 17. Slide 17 of 19 Where Are Rates Headed? Type of Loan August 22, 2013 August 29, 2013 30-Year Fixed 4.58% 4.51% 15-Year Fixed 3.60% 3.54% 5/1 ARM 3.21% 3.24% 1-Year ARM 2.67% 2.64%
    • 18. Slide 18 of 19 Where Are Rates Headed?
    • 19. Slide 19 of 19 Thanks for Coming! Questions? Get in touch: Kevin Wachel kevin.wachel@redfin.com Dan Cherowitz dan.cherowitz@redfin.com Check out our upcoming classes: http://www.redfin.com/events