Home Buying Guide

Home Buying Guide

480.626.2282 Fax: 480.389.2549 [email protected] TheGaleTeam.com Greg Gale Senior VP / Branch Manager NMLS 193428

6720 N. Scottsdale Drive - Suite 160 • Scottsdale, AZ 85253 BK 0902429 / NOVA NMLS 3087 / Mortgage Loan Originator / Equal Housing Opportunity / Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act #4131230. Also licensed by the CA-DBO under the CFL #6036566. Loans made or arranged pursuant to a California Financing Law License.

Senior Vice President / Branch Manager NMLS 193428 480.626.2282 [email protected] www.TheGaleTeam.com GREG Gale

WHO IS GREG?

Greg joined the mortgage industry in 2005. Prior to that, he was a personal trainer and martial arts instructor for 17 years. Greg notes that 20 years

often than not exceeding their client’s expectations. The team priority is to provide exceptional and memorable service. Greg Gale is a national coach with 2 different coaching companies. The CORE Training is a national training company for lenders and Realtors. Greg coaches weekly and travels the country training lenders and realtors on specific tactics to build and maintain a relationship based business. Greg also works with Cardone Enterprises and coaches the sales tactics of Grant Cardone to sales people across the country. Both companies are results driven with high levels of accountability. On a personal note, Greg is absolutely passionate about helping other people. He is a regular contributor to the American Heart Association and Susan G. Komen Foundation. Greg is a member of the National Association of Mortgage Brokers and the Arizona Association of Mortgage Brokers. He is licensed in both Arizona and California.

of martial arts, where persistence, honor, and integrity are the heart of daily practice, was a perfect lead in tohis roleas financial advisor in themortgage industry. The Gale Team at NOVA® Home Loans is a full service loan origination service, committed to providing innovative mortgage solutions and real estate strategies. In his role as team leader, Greg stresses the importance of integrity, a positive attitude, patience, creativity and respect for all things. This team defines communication as one of the single most important elements in a successful loan transaction. They are committed to returning calls promptly, providing regular status updates and being available as needed throughout the process. Greg and his team really listen to client’s needs, and then seek the best possible solutions, more

BK 0902429 / NOVA NMLS 3087 / MORTGAGE LOAN ORIGINATOR / EQUAL HOUSING OPPORTUNITY / LICENSED BY THE DEPARTMENT OF BUSINESS OVERSIGHT UNDER THE CALIFORNIA RESIDENTIAL MORTGAGE LENDING ACT #4131230. ALSO LICENSED BY THE CA-DBO UNDER THE CFL #6036566. LOANS MADE OR ARRANGED PURSUANT TO A CALIFORNIA FINANCING LAW LICENSE.

My Value

GUARANTEE

DELIVERING AN UNCOMMON LEVEL OF CUSTOMER HOSPITALITY AND PROFESSIONAL CARE

Your individual story matters most. Your unique situation will be our focus and priority throughout this process. The solutions my Team and I offer will speak to your particular needs & goals.

We will be available for conversations and concerns after hours….not just 9 to 5!

Through open communication, education, and multiple resources, we will ensure nothing but complete clarity and honesty is presented for you and your family. We will leverage our deep familiarity with the local real estate community to your benefit. Upon submitting and offer, we will personally and proactively reach out to the sellers agent as your advocate, letting them know how well qualified you are and assure them of our processing to get the loan completed. We give them certainty about you and your financing. We will review final figures with you and are available to answer questions and ensure the closing is a smooth success. (Over 15 years in the Mortgage Industry has it’s advantages). We will continue to serve as your trusted advisor long after the closing is completed. Scheduling mortgage reviews at your request to keep you on top of any important changes or opportunities.

4 Reasons to Buy a Home Now

Here are four great reasons to consider buying a home now! 1. Prices will continue to rise. The housing market is soaring, and home values are rising! Home values will appreciate for years. Waiting no longer makes sense. 2. Mortgage Interest Rates are projected to Increase. An increase in Rates will impact your monthly mortgage payment. 3. Either Way You are Paying a Mortgage Some renters may have not yet purchased a home because they are unsure about taking on the responsibility and commitment of a mortgage. It’s important to realize that, unless you are living with someone rent-free, you are paying a mortgage - either yours or your landlord’s. As a homeowner, your mortgage payment is a form of ‘mandatory savings’ that allows you to have equity in your home that you can resource later in life. 4. It’s Time to Look at Why You’reWaiting The cost of a home is determined by two major components, the price of the home and the current mortgage rate. It appears that both are on the rise. Look at the actual reason you are buying and determine if it is worth waiting. If the down payment is a factor, NOVA® Home Loans has several programs that offer low down payment options along with FREE Credit Services to all NOVA® Home Loans applicants.

IS HOME OWNERSHIP RIGHT FOR YOU?

What You Need To KnowWhen Buying Your First Home...

O wning a home is a big responsibility. It takes time, energy and money but we definitely think it is worth the work! As you determine if home ownership is right for you, ask yourself the following questions: 1. D o I have a steady, reliable source of income? 2. H ave I been employed regularly for the last 2 years? 3. Do I pay my bills on time? 4. Is my total debt (all credit cards, car loans, etc.) under control? Can I afford those debts and a mortgage? 5. D o I have some money saved for a down payment? 6. D o I have some money saved for closing costs? 7. C an I afford both the mortgage and the other expenses, such as electric, water, repair and maintenance costs? 8. D o I plan to live in the home for at least 2 years long enough to build some equity? 9. D o I have time to take care of a home including responsibilities like mowing the lawn and repairing my property when problems pop up? 10. D o I have time to devote to buying a home right now? Are other commitments, like school or a new business, a higher priority?

WHAT IS THE LENDER LOOKING FOR? Mortgage lenders look at other information besides your credit score and credit record before deciding whether to give you a mortgage. They look at: • Stability of your income • Employment history • Monthly debt payments (credit card bills, car loans, etc.) in relation to your income • On-time payment of rent and utilities. •How you save money and howmuch you have saved • The type of mortgage you are considering • The type and value of the property you want to buy • The amount of the down payment you plan to make

STARTING TO LOOK FOR A Home? KNOWWHAT YOUWANT VS. WHAT YOU NEED When you begin your home search, it is really important to know exactly what you’re looking for, especially these days when it seems we are able to shop for anything anywhere! If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or the internet, and start looking at the countless homes listed for sale with stars in their eyes. Do you really need the double-sinks in the guest bathroom in order to be happy with your home choice? Would a three-car garage be a convenience or a necessity? Could the backyard of your dreams be a future project instead of a make or break now? The first step in your home buying process should be to get pre-qualified for your mortgage. This allows you to know your budget before you fall in love with a home that is way outside of it. The next step is to list all the features of a home that you would like & to categorize them as follows: • ‘Must-Haves’ – if this property does not have these items, then it shouldn’t even be considered. (ex: distance from work or family, number of bedrooms/bathrooms) • ‘Should-Haves’ – if the property hits all of the ‘must-haves’ and some of the ‘should-haves,’ it stays in the running, but does not need to have all of these features. • ‘Absolute Wish List’ – if we find a property in our budget that has all of the ‘must-haves,’ most of the ‘should-haves,’ and ANY of these, it’s the winner! Bottom Line Having this list sorted out before starting your search will save you time and frustration, while also letting your agent know what features are most important to you before he or she begins to show you houses in your desired area.

the home

buying process!

These are the basic steps you can expect to take between the time you’re pre-qualified for your financing to the moment you get the keys to your new home.

1  Initial Application: Your initial application can be done over the phone or online. Your Loan Officer will ask you some

5  Final Approval: Your Underwriter will review your completed loan package for a final review and approval. If they feel more documentation is needed, they will issue a ‘Conditional Approval’, and your Processor will work with you to gather the additional items needed. When you have provided all the needed documentation, your Processor will resubmit your file to underwriting. You Underwriter will review the additional documentation you provided and if what you provided meets their needs they will issue a ‘Final Approval’. The completion of the ‘Final Approval’ means you’re almost to the very end of the financing process!! 6  Closing: When your loan has “Final Approval”, the closing department will prepare the final loan documents to be sent to the Title Company. No later than 3 business days prior to your scheduled signing appointment, you will receive a Closing Disclosure from NOVA ® which includes the final details of your loan. Your Loan Officer or Processor may contact you to go over all of the figures, and answer any questions you might have before you go to sign at the Title Company. 7  Funding  Recording: Once the Title Company has collected all of the signed documents from both you and the seller, they will send the final documents back to us. Our Closing Department will review the

basic questions, pull and review your credit report and talk to you about different programs and options that suit your needs. After your application is completed, you will receive your initial disclosure documents from NOVA ® within 3 days, including your Loan Estimate,

Settlement Service Provider List and Your Home Loan Toolkit. You may also receive an “items needed” checklist so you know what documentation will be needed to keep the process moving along. 2  Pre-Qualified: After you have provided all of the requested documentation your Loan Officer will review your loan program options, go over what you can expect your monthly payments to be, and make sure you are comfortable with the structure of the loan. Once you have determined your best option, your Loan Officer will send a pre-qualification email to you and your Real Estate Agent. The email will breakdown what was discussed and notify your Agent that you are ready to make an offer. In addition, you will also receive a Pre- Qualification Packet in the mail with important information regarding the loan process and what you can expect along the way. At this time, you and your Loan Officer will set up a time to meet and sign your initial disclosures. 3  Shopping for a Home: This is the FUN part!! You and your Realtor will work together to find the home of your dreams. Once you find the right home, your Loan Officer will send a pre-qualification form to your Agent to submit the offer. Your Loan Officer will also contact the Listing Agent to discuss you as a buyer and help out with getting your offer selected. accepted offer, your Loan Officer will submit your completed loan application and supporting documentation to Processing. Your Processor will review the file, and reach out to you to introduce their self, and request any documentation that he/ she thinks will be needed before moving into Underwriting. 4  Processing  Underwriting: When you have an

final documentation and then wire the closing funds to the Title Company to finalize your purchase. Later that day the Title Company will record the title of the home in your name….that means it’s yours and it’s time to get the keys to your new home!! 8  Welcome Home!! You did it!! You made it through the entire process…Welcome Home!! Our team will check in periodically to ensure that you are settling in and that all is well. Thank you for trusting me to represent you with your loan needs!

In-House Departments and Services means faster turn times for you! • In-House Underwriting • Escrow Hold Back Program • Inside Appraisal Management Company (AAMS) • 203(k) (Streamline & Full) • In-House Doc Dept. • In-House Credit Services Dept. At NOVA ® ...It’s All In-House!

SAVES DEALS!

NOVA® Home Loans Credit Services Department has contributed to the approval of over 20,308 loans since 2015. Our Credit Services Department can help you.

*REVIEWED CREDIT REPORTS

APPROVED LOANS

PERCENT SAVED

YEAR

4,105 27% 4,583 29% 3,997 25% 3,550 26% 4,073 29%

2015 2016 2017 2018 2019

15,157 15,544 15,997 13,916 13,999

FREE to Applicants of NOVA® Home Loans! Maximize your buying power!

One-on-one service with our in-house credit services professionals, using years of experience and established relationships with the credit bureaus to directly resolve disputes, helping you get access to more loan options and the best rate available.

D own P ayment A ssistance MARICOPA Comparing

Home in 5

Home Plus

Get a free no obligation pre-qualification now for these and other great programs to buy a home! Find out what you can afford, how our Credit Services helps you maximize your buying power, and the programs available for you. This is for informational and credit educational purposes only and is not an advertisement to offer or extend credit, nor is this a guaranty of loan approval or commitment to lend. NOVA® Home Loans does not guarantee results. Improvement to your credit score is dependent on your specific situation and financial behavior. Other conditions and restrictions may apply. Rates and available programs are subject to change without notice. Contact your loan officer for more information.

3-5% depending on loan type and FICO score +1% for qualified military, first responders, teachers, and income qualified borrowers

0-5% depending on loan type and interest rate +1% for qualified veterans & US military personnel

Down Payment Assistance

Annual Income Limits Debt to Income Ratio

$105,000 (regardless of family size)

Income Limits vary

50%* ( 45% for FHA Manufactured Homes)

50%

FICO 640 Manufactured Home with FHA FICO 680

FICO Score Minimum

FICO 640

Eligible Areas

Maricopa County Including the City of Phoenix

State of Arizona

Eligible Loan Types

Conventional, FHA, and VA

FHA, Conventional

Home Limits

Current FHA, VA and Conforming Loan Limits Apply

Current FHA and Conforming Loan Limits Apply

Occupancy Home Buyer Education

Primary, Owner Occupied

Primary, Owner Occupied

Yes

Yes

Notes

Assistance is in the form of a 2nd mortgage. Available for down payment and closing cost.

Home Ownership for Low Down Payment FHA Loans

An FHA Loan is a great option for home buyers who want to take advantage of great rates but are only able to provide a low down payment. FHA Loans also provide low closing costs and easier credit qualifying standards. Some borrowers with an FHA Loan may also qualify

PROGRAM DETAILS

• 580+ Minimum FICO Score* • 30 Year Fixed Rate*, Primary Residence Only •  Property Eligibility Single Family, Townhouses, and HUD Approved Condos • Full Documentation and Mortgage Insurance Required (depending on LTV) • Purchase or Rate and Term Refinance or Cash Out • Originated, Processed, Underwritten, and Funded In-House with NOVA® Home Loans • All NOVA® Home Loans Applicants receive FREE credit services

for a Down Payment Assistance program.

Contact your Loan Officer to find the best financing options is for you!

*Other conditions and restrictions may apply. Rates and available loan programs are subject to change without notice. Contact your loan officer for more information.

Getting Vets into Homes VA Loans

Take Advantage of your VA loan entitlement to buy a home or refinance

your current loan. Thank You for Your Service!

Are you active-duty, a veteran, reservist, or surviving spouse of a veteran? You can apply for a Veteran’s Administration loan with us, a qualified VA Lender

• Available to veterans, reservists, active-duty personnel, and surviving spouses of veterans, based on military entitlement • No down payment* • No cash reserves required on a 1 unit property • No application fee • No Monthly Mortgage Insurance premiums

• VA funding fee may be financed • Seller may pay certain costs associated with the transaction • May pay off some consumer debt with the refinance loan program** • 1-4 unit primary residences with restrictions • VA assistance to veterans in default

*Up to 100% financing (maximum loan amount $1,000,000) may be available for purchase loans. Cash-out: the maximum loan amount is 100% of the appraisal value, plus the cost of any energy efficiency improve- ments, plus the VA funding fee and up to $1,000,000. Gift funds or “Down Payment Assistance (DPA)”programs for closing cost assistance are allowed. Other conditions and restrictions may apply. Rates and available loan programs are subject to change without notice. Contact your loan officer for more information. Call today to learn more about qualifying for a VA Loan!

Read Some of My Reviews Don’t Take My Word for It We just finished our second mortgage loan with NOVA® Home Loans! Greg Gale is always wonderful to work with and make the process seamless

while being extremely efficient and thorough. They are extremely thoughful and personable and I would recommend them to everyone try to buy a home. 

Best of the best! Thank you NOVA® for financing my home purchase for a first time home buyer. They went extra mile and helped me to fix my credit history. Extremely knowledgeable and professional team. Kudos to NOVA®. Thank you so much!! 

Everything with the lender was completed online. This made the process easy and quick. They were efficient in processing all the paperwork. The Pre-approval process was processed very timely, which made the while process go very quickly. 