UNDERSTANDING THE WORKSHEET

As a home buyer, even an experienced home buyer, the choices for loans can be overwhelming if you do not have a game plan. My goal is to understand all of your needs, planning future events. We can get your place the correct loan at this point in your life. 

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 As you and your family grow or shrinks, there may be better options for you. Hence, why I need to know your goals and plans.

 

With an initial consultation, I can provide you with a planning worksheet for us to have discussions about your best loan option. 

And, if you have already applied online with me, we can fine-tune the worksheet based on your credit scores, job history, debts, and assets available.

 

When I work with a client, my goal is to review my loan planning worksheets to communicate the anticipated terms of a loan, the expenses, and any escrows that are included in either a purchase transaction or a refinance transaction. Sometimes my worksheets may include more than one option.

My past customers think this is one of the greatest benefits I give them. Which is to know what costs they can expect. My worksheets are a tool, which allows us to communicate the ‘what if's of a transaction.

 

My typical worksheet is packed with lots of detail so that you can understand to the fullest the cost and options available to you. 

 

If numbers are not your ‘cup of tea’, I have the abbreviated summary of options for you as well.

 

Remember, the planning worksheet is just that. A tool to help you plan for the best loan option for you!

 

 

Click here to see a sample of one of my planning worksheets.  

 

 

Please note that when you have identified your property and your realtor sends me the real estate contract, my team and I will be sending you the official Loan Estimate as required by Dodd-Frank in your loan disclosure package. The Loan Estimate will mirror my worksheet.

 

COMBINATION LOANS

· As an alternative to having monthly PMI, I can generate a combination loan with an 80% Loan to Value first mortgage [which eliminates monthly PMI]. A second mortgage whose value is the difference between what you are planning on putting down 80%.

 

LENDER PAID / ONE TIME PMI

· Another option is our 'self-insuring or lender-paid PMI loan option. Like the combo loan, it offers a lower monthly payment than the monthly PMI option.

 

 

FHA AND VA LOANS

· These are Government Insured loans, which offer flexibility in credit underwriting, competitive interest rates, and lower down payments these types of loans.

 

· FHA loans require an upfront MIP premium as well as a monthly premium for every FHA loan. The upfront MIP premium can be financed into the loan. As I have shown on most of my FHA worksheets, this fee will be financed into the loan and shown in the adjusted loan amount. The appropriate monthly MIP is shown as well.

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· VA loans have only one premium, known as the VA funding fee. This will be rolled or financed into the loan. I would be delighted to show you the VA worksheet as well if you are a veteran or military person. And by the way, thank you for your service and commitment to all of us

 

 

However, to make a complete comparison of loan options and what is best for you, I encourage an appointment with me or a phone call to discuss how my team can best serve you!

 

 

 

If you need some specific information, please contact me by email at JYarrington@fsbfinancial.com.