Redfin's Rockville Mortgage class 11.6.13

150 views

Published on

Published in: Economy & Finance, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
150
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
3
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • [REQUIRED – Update with local home in the $400-$500 range, ideally listed by Redfin]Talking points:- Refund is based on your offer price not the sales price- You’ll get it as a closing credit or check after close, depending on your lender
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED]
  • [REQUIRED – Updated every time]
  • [REQUIRED – Updated every time]
  • [REQUIRED – Updated every time]Agents should use this slide to talk about what they’re seeing on the streetTell some stories!
  • http://www.freddiemac.com/pmms/
  • Chart:http://www.mortgagenewsdaily.com/mortgage_rates/charts.aspPrediction:http://www.bankrate.com/finance/mortgages/mortgage-rate-trend-index.aspx
  • We’ll stick around…
  • Redfin's Rockville Mortgage class 11.6.13

    1. 1. Redfin’s How to Finance Your Home Redfin’s Montgomery Team November 6, 2013 Host: Kris Paolini @Redfin http://www.facebook.com/Redfin Slide 1 of 22
    2. 2. Working with Redfin Slide 2 of 22
    3. 3. A Little Bit About Redfin Redfin is a real estate brokerage on a mission to make buying and selling a home better for you. ● Accountability: we’re on your side, giving you honest advice ● Technology: sellers get more traffic; buyers tour homes first ● Value: a full-service brokerage that saves you thousands  No obligation Slide 3 of 22
    4. 4. Save $6,000 on Average Slide 4 of 22
    5. 5. 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 Slide 5 of 22
    6. 6. Mortgages Slide 6 of 22
    7. 7. 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: 28 – 33% healthy ● Pay down credit balances to 1/3rd ● Don’t open any new lines of credit ● Don’t buy any big ticket items ● Source of money ● Current employment status Slide 7 of 22
    8. 8. Get Pre-Approved Early A pre-approval letter is a letter from a bank or a lender estimating how much they'll lend you ● Establishes what you can afford & makes offer process go faster ● Redfin asks that you get pre-approved before your third tour ● Good for 90 days, depending on lender Info needed: ● W-2, two pay-stubs, tax returns, bank statements Slide 8 of 22
    9. 9. Pulling Credit: Is It Harmful? ● Your credit report must be reviewed by a lender before you can obtain a pre-approval ● If you know your score, a lender should be able to give you ballpark pricing for their loan products ● Better to know sooner rather than later about credit problems ● Maintaining a pre-approval has a negligible impact on your credit score Slide 9 of 22
    10. 10. Start Shopping for Lenders Compile a list of 3-4 local lenders Good sources include: ● Redfin's partner lenders ● Referrals from friends, family & co-workers ● Online review sites, such as Yelp ● Local chains and offices *Know your lender Slide 10 of 22
    11. 11. Local Recommended Lenders *In no way does Redfin benefit financially from recommending lenders – we just think they’re great lenders! Slide 11 of 22
    12. 12. 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 12 of 22
    13. 13. Understanding the Market Slide 13 of 22
    14. 14. Story of 2013: Low Inventory Slide 14 of 22
    15. 15. Story of 2013: Rising Prices Slide 15 of 22
    16. 16. Rockville Area Overview Slide 16 of 22
    17. 17. Where Are Rates Headed? Type of Loan October 31, 2013 October 24, 2013 30-Year Fixed 4.10% 4.13% 15-Year Fixed 3.20% 3.24% 5/1 ARM 2.96% 3.00% 1-Year ARM 2.64% 2.60% Slide 17 of 22
    18. 18. Where Are Rates Headed? Slide 18 of 22
    19. 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. Slide 19 of 22
    20. 20. All Done! Slide 20 of 22
    21. 21. So What Now? ● ● ● ● ● ● ● Make sure it’s the right time for you Start browsing online Check out our Home Buying Guide Find the right agent Look for a local lender and get pre-approved Start seeing homes in person Make an offer & close the deal Slide 21 of 22
    22. 22. Thanks for Coming! Questions? Get in touch: Kris Paolini kris.paolini@redfin.com Check out our upcoming classes: http://www.redfin.com/buy-a-home/classes-and-events Slide 22 of 22

    ×