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Bay Equity Florida Homebuyer Guide

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Published by marketinguser, 2019-07-23 12:47:30

Buying a Home Guide

Bay Equity Florida Homebuyer Guide

NOTES

Make your notes here!
 What questions do you have?
 What are the things you need to do before buying your dream home?

Bay Equity Home Loans | NMLS ID#76988 | 1

We’re here to get
you home.

table of contents

Buying a home is one of the most important financial decisions you’ll make. We’re here to make the process
less intimidating and more understandable for you. Whether you’re buying your first home, looking for luxury
home financing or building your portfolio through real estate, we’ll guide you through the process toward
getting your new keys — often in as few as 21 days!

The Bay Equity Difference 3 The Process 17

Why Buy? 4 Your Home Tours 18

Cost of Ownership 5 House Hunting Checklist 19-22

Preparing to Buy 6 Your Home Expenses 23

Financing & Your Lender 7 Pathway to your New Home 24

Prequalified VS. Preapproved 8 Your Journey Home 25-26

Affordability Worksheet 9 Smooth Closing Tips 27

Effective & Frequent Communication 10 Document Checklist 28

What Mortgage is Right for Me? 11 30 Things that can Affect your Rate 29

Loan Programs 12 4 Ways to Accumulate a Down Payment 30

What Do You Want? 13 Moving Checklist 31-32

The Right Home 14 What to Keep 33

The Story of Your Life 15 Referrals 34

6 Rookie Mistakes 16

Bay Equity Home Loans | NMLS ID#76988 | 2

THE BAY
EQUITY
DIFFERENCE

Bay Equity Home Loans is a full-service retail
mortgage lender. Bay Equity is currently licensed
in 36 states and is expanding across the nation. In
addition to retail branches in 27 states. Bay Equity
is family owned and operated. The company is
a long time supporter of the Warrior Foundation
Freedom Station, donating a portion of the
proceeds from each FHA and VA loan funded.

Bay Equity Home Loans | NMLS ID#76988 | 3

Why buy?

BUYING A HOME Don’t invest in your landlord’s
PROVIDES YOU WITH future, invest in yours!
ADVANTAGES...
Did you know the money you’re paying in monthly
PRIDE OF OWNERSHIP rent could pay for a home? Check out this chart:

Your home provides protection and a sense of MONTHLY 5 YEARS 10 YEARS 15 YEARS
community as you plant roots and create ties $500 $30,000 $60,000 $90,000
with your family, friends and neighbors. Making $600 $36,000 $72,000 $108,000
an investment for your future gives you and your $700 $42,000 $84,000 $126,000
family a sense of stability and security. $800 $48,000 $96,000 $144,000
$900 $54,000 $108,000 $162,000
EQUITY BUILDING $1,000 $60,000 $120,000 $180,000
$1,100 $66,000 $132,000 $198,000
As your debt decreases and you make investments $1,200 $72,000 $144,000 $216,000
to maintain or improve your home, the value of $1,500 $90,000 $180,000 $270,000
your home may increase. This could allow you to $2,000 $120,000 $240,000 $360,000
sell your home for more than you paid for it. $2,500 $150,000 $300,000 $450,000

TAX DEDUCTIONS

Homeowners may be able to deduct mortgage
interest and property taxes. Other aspects of your
mortgage may also be tax deductible. Consult with
a tax advisor to learn more.

STABLE PAYMENTS

With a fixed rate mortgage, your monthly
payments stay consistent over the life of the loan.

TAKE CONTROL OF YOUR FUTURE

No more rent increases or canceled leases. Create a
home that meets your unique needs.

Bay Equity Home Loans | NMLS ID#76988 | 4

Cost of Ownership

When you buy a new home, it’s important to think about how it will impact your financial habits and long
term goals. A new home doesn’t just mean a new monthly payment. It also means utilities, taxes, and
maintenance. These additional costs impact not only you but your cash flow and ultimately your financial
goals. If you aren’t financially prepared for the additional cost of homeownership, the consequences can be
life altering. Think about the costs that will impact your finances and work these costs into the affordability
of the home or homes that you’re looking at:

OUTDOOR UPKEEP REPAIRS OR UPDATES FURNISHING YOUR HOME
EMERGENCIES PROPERTY TAXES INSURANCE
UTILITIES TRASH SERVICE WATER

What makes up your loan?

PRINCIPAL INTEREST TAXES INSURANCE

The actual amount The amount a lender Real estate taxes can Homeowner’s insurance
of your loan chargers for borrowing be escrowed into your and/or private mortgage

mortgage payment insurance (PMI).

Bay Equity Home Loans | NMLS ID#76988 | 5

Preparing to Buy

Start with a Financial Assessment Things to keep in mind...

When thinking about buying your first Algorithms used for determining each type of
home, one may face the simple question credit are different. For example, an auto lender
that may feel overwhelming: Where will look at one score while a credit card company
do I begin? It’s easy to start looking looks at another.
around at real estate listings and
perusing open houses, but don’t The FICO model is based on a max of 850. Often,
get too far ahead of yourself. It’s the fake FICO given to consumers is based on
important to start with the biggest models of 900 or even 950 – which will trigger an
influencer of your home buying process: incorrect score.
Your finances. Before you begin your in
depth home search, you need to take a quick When pulling a mortgage credit report, we
scan of the finances, otherwise known as a will obtain scores from the 3 CRAs and we will
financial assessment. This process is where you look use the middle FICO score. If there is more than
closely at your spending and savings activities and one borrower, we use the lowest of the middle FICO
accounts and outline any future financial plans with score(s) for all borrowers.
a new house in the back of your mind. Wherever you
are in your financial journey, use these questions as Homeownership comes with additional costs
a starting place: outside of your mortgage payments. Consider
committing to a monthly payment plan that gives
Do I have enough credit? you boundaries to address home improvement
issues and home emergencies as they arise.
Lenders care about your credit - your credit score
is a value that financial institutions look at to assess Credit Bureau Score Ranges
how trustworthy you are to lend to. For example,
a credit score above 700 is more attractive to Experian: 300 to 850
lenders, while anything below 620 could make Equifax: 360 to 840
it harder to get a loan. TransUnion: 300 to 850
When banks and lenders look at credit scores, they
use your FICO score from the Fair Isaac Corporation.
Used by 90% of lenders, only FICO includes
accurate, up-to-date scores from all three Credit
Reporting Agencies (CRAs). There are hundreds of
different credit-scoring models, but none use the
same risk criteria as FICO.
Beware of commercial sites like Credit Karma and
Credit Sesame! They don’t always give correct
scores. These “free” sites are mostly affiliated with
only one of the CRAs, and scores can swing by 100
points or more!

How much can I afford?

This is a complicated question, but an important
one. Using a mortgage calculator is usually a good
starting place to identify and record your ideal
monthly payment. However, knowing what you can
“afford” isn’t always what you should commit to.

Bay Equity Home Loans | NMLS ID#76988 | 6

Financing & Your LENDER

Your credit score isn’t the only factor in getting Don’t choose a lender based solely on rate;
a mortgage, but it’s an important part of find someone reputable and trustworthy. When
determining your budget and an approved loan choosing a lender, find a reputable company that
amount. Below are some tips to consider before offers a wide variety of loan products and will work
meeting with a lender. with you to get the best financing for your situation.

CHECK YOUR CREDIT QUESTIONS TO ASK YOUR LOAN OFFICER

You can obtain a free credit report once a year by »» How does your application process work?
visiting annualcreditreport.com or viewing your »» How long will it take to get pre-approved?
FICO credit score at myfico.com for a nominal fee. »» What documents do I need to qualify?
»» How fast can you close a loan?
VERIFY ACCURACY »» Do you have a local number to call or is it

Report and dispute inaccuracies with the credit a 1-(800) number?
bureaus. Disputes in process may delay your »» What kind of experience do you and your
loan approval.
team have?
PAY DOWN DEBT »» How many loans did you close last year?
»» Do you specialize in any particular loan products?
By paying down applicable lines of credit before »» What method of communication can I expect
applying for a loan, you may qualify for a better
interest rate. throughout the process?
»» Can I meet you at your office, or will everything
SET UP PAYMENT PLANS
be done over the phone and online?
Call your creditors and work out a budget-friendly »» Do you provide any home buyer workshops?
payment plan for any delinquent accounts prior »» Are your rates and fees competitive?
to applying for a loan. Work out a plan that won’t »» Do you have online reviews I can review before
harshly affect your debt-to-income ratio but will
still let lenders know you’re serious about paying using you?
off your debts. »» Do you have a preferred Realtor?
»» What hours are you available during the week?
LENDER/LOAN OFFICER MEETING

Once you’ve identified how much you can afford
and the ideal price range of your new home,
you’re ready to have a conversation with a lender.
Your lender will play a big role in helping you
understand the financial options that will fit into
your home and lifestyle. In initial discussions, be
prepared to share your financial background with
your lender including your:

INCOME DEBT ASSETS

Bay Equity Home Loans | NMLS ID#76988 | 7

PREQUALIFIED VS. PREAPPROVED

We can help you understand how much money
you can borrow. Find out in minutes by talking
with your loan officer.

Pre-Qualification: The first step in
the mortgage process!

Our licensed loan officers will work with you to
understand your financial situation, lifestyle and
future plans to make a loan recommendation
that’s right for you. Starting the pre-qualification
process is a good option if you’re considering
buying a home but haven’t started searching
yet. Talk with your loan officer about your
ideal purchase price and the monthly payment
you think you can afford. This will help them
understand your current debt and income
situation and your ability to repay a loan. You’ll
come away with an idea of the loan amount you
may qualify for to buy a home. Although not
official, this is a rough estimate of the expected
APPROVED loan amount.

Pre-Approval: It takes the mortgage
process one step further!

Your Loan Officer will send your file to
Underwriting to obtain a Pre-Approval. With
pre-approval, you will receive a conditional
commitment in writing with the exact loan
amount, which helps establish your home
shopping budget. A pre-approval could put
you at the top of the list, if the house you want
is in a competitive market. It shows sellers you
are serious about buying, and close to actual
mortgage approval.

BENEFITS OF GETTING PREAPPROVED

Get an idea of the Find out your Learn how Understand how
maximum home estimated monthly much your much you may
PURCHASE PRICE DOWN PAYMENT
you can afford MORTGAGE should be be able to
PAYMENT BORROW

Bay Equity Home Loans | NMLS ID#76988 | 8

affordability worksheet

WHAT’S MY PRICE RANGE?

It’s easy to have a wide range when you first set out to find a home. Real estate websites usually give
viewers a sliding scale to determine purchase price range. Be sure to only search for homes that match
your monthly payment maximum. Identify and know your price range before you start your search. If you
can’t afford it, you shouldn’t be looking at it. Review your income, debts and savings. How much you can
put towards a down payment? How much can you pay each month?

DEBT-TO-INCOME RATIO (DTI) The ratio that determines your
ability to repay a home loan.
SUM OF MONTHLY DEBTS X 100 = DTI RATIO Higher DTI ratios indicate
GROSS MONTHLY INCOME
greater risk. Lenders look
for DTI of 43% and lower.

MAXIMUM MORTGAGE AMOUNT

Gross Monthly Income $ ________________________ (1)

Gross Monthly Income x _________________ % = $ ________________________ (2)
$ ________________________ (3)
(Additional Borrower) $ ________________________ (4)

Gross Monthly Income x _________________ % =

(Additional Borrower)

Total Monthly Debt Payments =

Subtract line (4) from line (3) = $ ________________________ (5)

MAXIMUM MONTHLY $ ________________________ (6)
MORTGAGE PAYMENT ALLOWED

Enter the lesser amount from line (2) or (5)

ESCROWS $ ________________________ (7)
$ ________________________ (8)
Multiply line (6) by 20% =
Subtract line (7) from line (6) $ ________________________ (9)
$ ________________________ (10)
AFFORDABILITY
Maximum Mortgage Amount
Divide line (8) by ________________________ =
Multiply line (9) by $1,000.00 =

Factor

Effective & Frequent
Communication

HOMEBUYER WHAT YOU CAN EXPECT FROM US

THE KEY LENDER HOME SEARCH
PLAYERS SUPPORT
TO A
SUCCESSFUL THROUGHOUT THE
LOAN PROCESS
PROCESS
Searching for a home is an exciting
REALTOR process but it can also be challenging.
We’re here to help make the home
search process smooth and efficient.
We are always ready to answer any
questions you may have. This includes
questions from your Realtor, attorney
and insurance provider. Buying a home
can be life changing — we are here to
offer the practical assistance you may
need along the way.

WEEKLY STATUS
UPDATE

It’s our top priority to keep you informed
throughout your home loan process. Our
transparency in our Status Updates will
provide you with all of the information
you should know to keep your loan
moving forward. You’ll always be up to
date with details about the next steps
and how you can help ensure a smooth
loan process.

Bay Equity Home Loans | NMLS ID#76988 | 10

WHAT MORTGAGE
IS RIGHT FOR ME?

Understanding the mortgage process is one of the most overwhelming but important parts of buying a
home. There are various options to choose from, and it’s important to work with your Loan Officer who will
keep your best interests in mind.

LOCATION IMPORTANT QUESTIONS

What main areas do you want to live in? What To determine what mortgage structure may work
school districts are important to you? What public for you, try asking yourself:
features do you want nearby? Have a good idea
of the location you’d like to move to and find a ÎÎDo I plan to be in my home for more than 10
Realtor who knows the area and surrounding years?  YES  NO
housing market well.
ÎÎHow quickly do I want to pay off my mortgage?
MUST-HAVES
___________________________________________________________
Make a list of the home features that you “need” or
want in a new home. It’s your realtor’s job to show ÎÎDo I expect my income to increase in the coming
you homes that match your price range but also years?  YES  NO
accommodate your must-have items (like yard size,
floor plan requirements, square footage, etc.). ÎÎHow will my cash flow change in the coming
years? ___________________________________________________
TIMING
ÎÎHow will new life milestones impact my cash
When do you want to move? Do you have flow? ____________________________________________________
upcoming milestones, such as marriage, a baby
on the way, or wanting to be settled before school ÎÎDo I want lower payments during my first few
starts? Understanding your own timeline will be years as a homeowner?  YES  NO
helpful for your agent to determine the speed
needed to conduct the house hunt. Knowing the answers to these questions will help
your Loan Officer hone in on what type of mortgage
REPAIRS OR REMODEL? is best for you, like an adjustable or fixed rate.

Are you interested in buying first and then
remodeling? Understanding the amount of
additional work you are willing to do on your
home will be helpful for your agent to match the
condition of the home with what you have in mind.

Bay Equity Home Loans | NMLS ID#76988 | 11

loan programs

VA CONVENTIONAL

»» 100% financing for service members! »» Down payment as low as 3% with
»» No mortgage insurance! HomePossible® and HomeReady® programs
»» Credit scores down to 580 accepted
»» The seller can pay up to 4% of the sale price »» Loan terms from 10–30 years
»» Fixed rate is great if you plan to live in the
toward their closing costs — total concessions
may exceed 4% depending on type home for more than 7 years
»» No penalty fee if you pay off the loan early — »» Adjustable rate (ARM) is great if you’ll live in
funding fee waived for disabled veterans
»» Closing costs are limited by the VA the home for less than 7 years
»» Can be reused for future VA loans »» ARMs available with 3/1, 5/1, 7/1, and 10/1 fixed

USDA periods where your rate stays the same

»» No down payment required, and closing FHA
costs can be financed into the loan amount
»» Only 3.5% down payment required — great
»» A 30-year fixed-rate mortgage for first-time homebuyers
»» No max loan amount (must qualify)
»» Up to 6% seller concessions allowed »» Mortgage insurance is required
»» Single family homes, townhomes and »» Available with a fixed or adjustable rate and

manufactured homes allowed terms from 10–30 years
»» Lower credit scores accepted — must »» Credit scores down to 580 accepted
»» The seller can pay up to 6% of the sale price
meet property eligibility and income
requirements toward the closing costs
»» A parent or relative can be a coapplicant on

the loan with you to help you qualify
»» FHA 203(k) loan available for homes

requiring rehabilitation

Two Common Mortgage Misconceptions

20% Down Payment Misconception High Credit Score Misconception

The greatest barrier to homeownership in America Knowing what kind of shape your credit is in can
is the down payment. Many people think 20% give you an idea of what kind of loan you may
is required to buy, but options with lower down qualify for and what your down payment may
payment requirements are available. State housing be. Many people think that they need to have
agency programs and other gifts and grants may an excellent credit score in order to qualify for a
be available that provide funds to use toward your home. This is simply not true. One of the best loan
down payment and closing costs. Some programs programs for someone with a lower credit score is
can be coupled with other low down payment loan an FHA home loan. You only need a 580 credit score
programs, like FHA and VA. or higher to qualify for a down payment of just 3.5%.

Bay Equity Home Loans | NMLS ID#76988 | 12

What do
you want?

These general statements will help direct you to a loan product that might be right for you. Simply
complete the statement with an option that best fits what you’re looking for. Your loan officer will work
with you to determine a program that will fit your needs and financial situation.

I want to buy a home, and I...

... AM A VETERAN

If you’re a veteran, then a VA home loan, insured by the U.S. Department of Veteran Affairs,
can provide favorable terms, including up to 100% financing with no mortgage insurance.
You don’t need to be a first-time home buyer and you can reuse the benefit.

… WANT STABILITY IN PAYMENTS AND RATE

If you’re looking to budget for a loan payment that won’t change as market rates change, then a fixed rate
mortgage might be for you. You’ll have the security of knowing what your payment will be throughout the
life of the loan.

... WANT A LOW INTEREST RATE AND PLAN TO LIVE IN THE HOUSE FOR A FEW YEARS

If you’re looking for a rate that may be initially lower than a fixed rate mortgage or don’t plan on living in
your home long-term, then an adjustable rate mortgage might be right for you.

... WANT A PROPERTY THAT NEEDS RENOVATIONS OR IMPROVEMENTS

If your dream home is a fixer-upper or one that needs improvements, then an FHA 203(k) may fit your
need to combine a home loan and qualified improvement costs together into one payment.

... WANT A LUXURY OR HIGH-PRICED PROPERTY

More expensive or luxury dream homes often require loans that exceed the limit of a conventional home
loan. A Bay Equity jumbo mortgage can provide up to $3 million in financing to help you secure your
home purchase.

... AM LOOKING FOR A LOW DOWN PAYMENT

Bay Equity Home Loans offers many low down payment programs. An FHA home loan, which is insured
by the Federal Housing Administration, has a 3.5% down payment requirement. FHA loans can benefit
first-time homebuyers who may need a co-signer on the loan or have less than perfect credit. USDA and
VA home loans also offer low down payment options for qualifying borrowers.

... WANT A HOME IN A RURAL AREA

Through a USDA rural home loan, purchasing a home in a designated rural area can provide the benefits of
100% financing, flexible credit requirements and the security of a fixed rate.

Bay Equity Home Loans | NMLS ID#76988 | 13

the right home

Define the type of home you’re looking for to make your homebuying process more productive.

YOUR WISH LIST FEATURES

Purchase Price Range: $____________________ # of Bedrooms: __________________________
Monthly Payment Range: $__________________
# of Bathrooms:__________________________
PROPERTY DETAILS
# of Garages:____________________________
_______________________________________
_______________________________________ ……Family Room / Living Room
_______________________________________ …… Office
…… Pool
…… Single-family ……Formal Dining Room
…… Condo ……Eat-In Kitchen
…… Townhome …… Fireplace
…… Multi-family ……Multi Generational Suite
……Manufactured Home ……Home Theater
…… Landscaping

LOCATION (School district, part of town, etc.): OTHER (porch, patio, view, etc.):

_______________________________________ _______________________________________
_______________________________________ _______________________________________

Bay Equity Home Loans | NMLS ID#76988 | 14

THE STORY OF

Your Life

Your life is always changing. Is it time to make changes to your homeownership story?

Bay Equity Home Loans | NMLS ID#76988 | 15

THE PROCESS

Once you have initiated the pre-approval process and have an idea of how much you’re comfortable
spending, make sure you work with a real estate agent you can trust. The Realtor should have a
proven track record and prioritizes your relationship. Get referrals from family and friends who’ve
been through the homebuying process with a helpful agent.

 AVOID DUAL AGENTS

A dual agent represents both the buyer and seller in a transaction. This is often a conflict of interest
because the agent may not negotiate in the interest of the buyer in order to increase his or her own
commission.
 CHOOSE THE BEST FIT
Before choosing an agent, consider asking the following questions:
»» How long have you worked in real estate?
»» How many sales have you completed?
»» Is this your full-time job?
»» Have you previously sold homes in the area in which I’ll be looking? How many?


 THE FINANCIAL SITUATION

Before you start looking for your dream home, determine your financial situation and how much home
you can afford.

 THE HOME

Work with a Realtor to search for Your Home.

 THE HOME LOAN

Your Bay Equity Loan Officer will assist you through the home loan process.

Bay Equity Home Loans | NMLS ID#76988 | 16

6 ROOKIE MISTAKES

UNDERESTIMATING THE COSTS
Avoid overestimating or underestimating what you can afford. Save months in advance and
budget for the money you will spend.
MAKING A HUGE PURCHASE BEFORE YOU BUY YOUR HOME
Many loans are approved based on a specific debt-to-income ratio (which shows lenders how
reasonable it would be to give you a mortgage while managing your other financial debt) and
minimum credit score – so hold off on huge purchases that could affect it. For example, wait
until after your home loan closes before buying that bedroom set.
GOING SOLO
Please do not go through the home buying process alone. Save time and money - partner with
a Realtor and a Loan Officer who have the knowledge and experience to navigate the process.
EXPECTING YOUR DREAM HOME
It is all about setting expectations for your first home. You may need to compromise on some of
the less important aspects you thought were deal breakers. Maybe a 3 story home, with a pool,
ocean-front with no yard… isn’t really as important as a bedroom for each family member.
SKIPPING THE HOME INSPECTION
Pay for a detailed home inspection so a quality inspector can find the things you will not see
on the surface. We want to ensure your home is move-in ready. Inspections are important to
help you fully understand the condition of a home. They can also be helpful for negotiations to
help drive prices down or have additional services stipulated in the contract.
WHEN NEGOTIATING, TAKE THE TIME TO GET COMMITMENTS IN WRITING
During the sales process, a seller may make a variety of verbal guarantees. For example, the
seller may promise to fix the roof before move-in or provide all of the kitchen appliances. Make
sure this information is included in writing in any agreements you sign. If an agreement is not
explicitly written in a contract, the seller is not obligated to abide by it.

Bay Equity Home Loans | NMLS ID#76988 | 17

YOUR HOME
TOURS

While looking at homes, you will find several that are great, some that are not so great and some that
might be ok, for your family. As you are viewing the home, complete the House Hunting Checklist and
watch out for these things…

5 THINGS TO LOOK FOR ON YOUR HOME TOUR

LOCATION
Ever hear the phrase Location, Location, Location? Well, that is because location does matter.
Beware of convincing yourself otherwise when you are tempted to overlook what you need.
THE HOME’S STRUCTURE, SYSTEMS & SCENERY
Look at anything in the house that will cost a lot of money to fix, like appliances, flooring,
landscaping, pool, roof and HVAC systems. Make sure each is in good condition so you do
not get stuck with an unexpected expense. (This is where the Home Inspection can really
make a difference!)
WATER DAMAGE
If you see signs of water damage during your home tour, talk to your real estate agent and
contractor before purchasing the house. If you catch issues early, you won’t have to pay for
costly renovations.
ODOR
This is an easy way for people with allergies to determine whether previous owners smoked
or had indoor pets. The sniff test also highlights whether smell-trapping aspects of the
house, such as carpet, need updating.
STORAGE & SPACE
Check to make sure the potential home’s storage space will keep you organized and
accommodate all of your belongings.

Bay Equity Home Loans | NMLS ID#76988 | 18

HOUSE HUNTING CHECKLIST

House date viewed FEATURES RATING GOOD FAIR POOR
Address
Asking Price Location
Room Size
TYPE OF CONSTRUCTION Layout
Kitchen
Brick Stucco

Frame Other STRUCTURE GOOD FAIR POOR

STYLE OF HOME Roof
Ranch/single story
Two story Foundation

Split level Other Windows

# of Bedrooms # of Bathrooms Fireplace/Chimney
Year Built
Lot Size Square Ft. Driveway

Carpet/Tile

FEATURES & AMENITIES Family Room Kitchen/Bath Cabinets
Formal Dining Garage Stalls
Fireplace Laundry Room Appliances
Storage Space View
Large Yard Paint
O ce
SYSTEMS GOOD FAIR POOR
Heating/Furnace
UTILITY BILL REVIEW $ Hot Water Heater
Natural Gas per Month $ Water Softener
Power/Electrical per Month $ Electrical
Water per Month $ Plumbing
Real Estate Taxes per Year Septic
Well
THIS HOME IS CLOSE TO Air Conditioner
Pool
Work Schools Stores Gym

Restaurants Parks Transportation NEIGHBORHOOD GOOD FAIR POOR
Appearance
NEARBY SCHOOLS Tra c
Safety/Security
OVERALL HOA Fee $
RATING

Bay Equity Home Loans | NMLS ID#76988 | 19

HOUSE HUNTING CHECKLIST

House date viewed FEATURES RATING GOOD FAIR POOR
Address
Asking Price Location
Room Size
TYPE OF CONSTRUCTION Layout
Kitchen
Brick Stucco

Frame Other STRUCTURE GOOD FAIR POOR

STYLE OF HOME Roof
Ranch/single story
Two story Foundation

Split level Other Windows

# of Bedrooms # of Bathrooms Fireplace/Chimney
Year Built
Lot Size Square Ft. Driveway

Carpet/Tile

FEATURES & AMENITIES Family Room Kitchen/Bath Cabinets
Formal Dining Garage Stalls
Fireplace Laundry Room Appliances
Storage Space View
Large Yard Paint
O ce
SYSTEMS GOOD FAIR POOR
Heating/Furnace
UTILITY BILL REVIEW $ Hot Water Heater
Natural Gas per Month $ Water Softener
Power/Electrical per Month $ Electrical
Water per Month $ Plumbing
Real Estate Taxes per Year Septic
Well
THIS HOME IS CLOSE TO Air Conditioner
Pool
Work Schools Stores Gym

Restaurants Parks Transportation NEIGHBORHOOD GOOD FAIR POOR
Appearance
NEARBY SCHOOLS Tra c
Safety/Security
OVERALL HOA Fee $
RATING

Bay Equity Home Loans | NMLS ID#76988 | 20

HOUSE HUNTING CHECKLIST

House date viewed FEATURES RATING GOOD FAIR POOR
Address
Asking Price Location
Room Size
TYPE OF CONSTRUCTION Layout
Kitchen
Brick Stucco

Frame Other STRUCTURE GOOD FAIR POOR

STYLE OF HOME Roof
Ranch/single story
Two story Foundation

Split level Other Windows

# of Bedrooms # of Bathrooms Fireplace/Chimney
Year Built
Lot Size Square Ft. Driveway

Carpet/Tile

FEATURES & AMENITIES Family Room Kitchen/Bath Cabinets
Formal Dining Garage Stalls
Fireplace Laundry Room Appliances
Storage Space View
Large Yard Paint
O ce
SYSTEMS GOOD FAIR POOR
Heating/Furnace
UTILITY BILL REVIEW $ Hot Water Heater
Natural Gas per Month $ Water Softener
Power/Electrical per Month $ Electrical
Water per Month $ Plumbing
Real Estate Taxes per Year Septic
Well
THIS HOME IS CLOSE TO Air Conditioner
Pool
Work Schools Stores Gym

Restaurants Parks Transportation NEIGHBORHOOD GOOD FAIR POOR
Appearance
NEARBY SCHOOLS Tra c
Safety/Security
OVERALL HOA Fee $
RATING

Bay Equity Home Loans | NMLS ID#76988 | 21

HOUSE HUNTING CHECKLIST

House date viewed FEATURES RATING GOOD FAIR POOR
Address
Asking Price Location
Room Size
TYPE OF CONSTRUCTION Layout
Kitchen
Brick Stucco

Frame Other STRUCTURE GOOD FAIR POOR

STYLE OF HOME Roof
Ranch/single story
Two story Foundation

Split level Other Windows

# of Bedrooms # of Bathrooms Fireplace/Chimney
Year Built
Lot Size Square Ft. Driveway

Carpet/Tile

FEATURES & AMENITIES Family Room Kitchen/Bath Cabinets
Formal Dining Garage Stalls
Fireplace Laundry Room Appliances
Storage Space View
Large Yard Paint
O ce
SYSTEMS GOOD FAIR POOR
Heating/Furnace
UTILITY BILL REVIEW $ Hot Water Heater
Natural Gas per Month $ Water Softener
Power/Electrical per Month $ Electrical
Water per Month $ Plumbing
Real Estate Taxes per Year Septic
Well
THIS HOME IS CLOSE TO Air Conditioner
Pool
Work Schools Stores Gym

Restaurants Parks Transportation NEIGHBORHOOD GOOD FAIR POOR
Appearance
NEARBY SCHOOLS Tra c
Safety/Security
OVERALL HOA Fee $
RATING

Bay Equity Home Loans | NMLS ID#76988 | 22

YOUR HOME
EXPENSES

5 EXPENSES HOMEBUYERS MAY ENCOUNTER

CLOSING Be ready to spend several thousand dollars in closing costs
COSTS & FEES alone. Why? Because as a buyer, you will have to pay lender fees,
appraisal fees, title fees, recording fee (to put your home’s deed
on file with the state) and possibly other fees.

PROPERTY TAXES You will likely set-up an escrow account where your loan servicer
& HOMEOWNERS can pay your insurance premiums and tax payments for the life
of your loan. All lenders require buyers to pay up to a year of
INSURANCE homeowner’s insurance at closing.

PRIVATE MORTGAGE This monthly fee is for buyers who pay less than 20% of a down
INSURANCE (PMI) payment on their home. It reimburses the lender in case you
default on your loan.

INSPECTIONS Most industry experts recommend buyers buy a home inspection.
Not all recommended repairs are covered by the seller. Depending
on what your state requires, you could need a general, chimney,
geological and/or sewer inspection (that is about $1,000).

HOA FEES If you are moving into a subdivision or gated community, find out
how much you will have to pay in annual home owners association
(Home Owners Association) fees for neighborhood upkeep. TIP: Condo fees can be costly – ask
about the monthly/yearly costs.

Bay Equity Home Loans | NMLS ID#76988 | 24
Bay Equity Home Loans | NMLS ID#76988 | 24

YOUR JOURNEY
HOME

STEP 1 Loan Officer Consultation: Application & Pre-Approval

ÎÎ GATHER YOUR FINANCIAL INFORMATION SO YOU CAN GET PRE-QUALIFIED. Contact your local Bay
Equity branch or Loan Officer. Talk to your Loan Officer and strategize the best loan product for your
purchase and discuss rates.

ÎÎ LOAN OFFICERS CAN USUALLY PRE-QUALIFY YOU IN A COUPLE OF HOURS. Sometimes a Loan
Officer will submit your application to underwriting for a Pre-Approval BEFORE you have a property
in mind – this will only strengthen your offer when you find your dream home. (These documents set
reasonable limits on your monthly payments, and let's sellers know you are serious.)

ÎÎ REVIEW AND SIGN YOUR LOAN ESTIMATE.
TIP: Use the 2-2-2 rule: Two years of W-2’s, two years of tax returns (federal and state) and your two most
recent pay stubs. You can also take a free homebuying course. Some government assistance programs may
require these courses.

STEP 2 Realtor Consultation

ÎÎ CONTACT YOUR REALTOR and begin to set goals for type of home, price, style and location.

STEP 3 Go on the Search

ÎÎ YOUR REALTOR CAN HELP YOU TAKE TOURS OF HOMES. Ask plenty of questions, listen carefully –
even take notes (use our House Hunting Checklist!). And don’t forget to have fun!

STEP 4 Negotiation & Contract: Make an Offer

ÎÎ DID YOU FIND A HOME? YOU’RE ALMOST THERE! Your agent will prepare the offer based on the price
and terms you choose. It may take a little wheeling and dealing to get it just right, but don’t stop now!

ÎÎ WHEN YOU’VE AGREED ON A PRICE AND TERMS, CONGRATS! Make sure you deliver the earnest
money as agreed in the contract. There is still a lot of paperwork to complete so you can get the sale
to the closing table. Your loan officer will help you with your document preparation and loan details
(i.e., do you need an escrow account?).

STEP 5 Processing

ÎÎ WORK WITH OUR HIGHLY QUALIFIED TEAM MEMBERS to gather and review your paperwork and
prepare your transaction to be underwritten.

STEP 6 Underwriting

ÎÎ THE UNDERWRITER WILL REVIEW ALL ASPECTS OF YOUR TRANSACTION and may ask us for more
documentation or clarification before giving you loan approval.

Bay Equity Home Loans | NMLS ID#76988 | 25

YOUR JOURNEY
HOME

STEP 7 Appraisal, Inspection, Title & Insurance

ÎÎ BAY EQUITY WILL ORDER THE HOME APPRAISAL AND REQUEST A TITLE COMMITMENT.
ÎÎ YOU SHOULD REQUEST A HOME INSURANCE QUOTE and order a Home Inspection to determine if any

repairs are needed.
ÎÎ REVIEW ALL TERMS WITH YOUR LOAN OFFICER.

STEP 8 Closing Disclosure

ÎÎ AFTER LOAN APPROVAL, WE WILL PREPARE YOUR CLOSING DISCLOSURE. This must be signed by
the borrower(s) 3 DAYS BEFORE signing your loan documents. There are no exceptions to this waiting
period.

STEP 9 Closing Time

ÎÎ DON'T WORRY - YOU WILL BE KEPT UPDATED. Your Loan Officer and Processor will continue to keep
you updated as your closing day nears. Final closing numbers are determined (the amount of money
you may need to ‘bring to the table’ – or money that will be given to you at the closing table).

ÎÎ SCHEDULE THE UTILITIES to be transferred or turned on for your new home.
ÎÎ DO THE FINAL WALK THROUGH. Make sure everything was repaired and your new home is ready for closing!

STEP 10 Signing Day

ÎÎ IT’S TIME FOR THE OFFICIAL TRANSFER OF OWNERSHIP AND FUNDS! A title company or attorney
may act as an independent third party to facilitate.
TIP: Bay Equity’s e-signing platform, “BE Express Closing,” turns hundreds of inked signatures into a few -
reducing time spent at the closing table from hours to mere minutes!

STEP 11 Funding Day

ÎÎ AFTER REVIEWING YOUR SIGNED LOAN DOCUMENTS, our Closing
team will work closely to fund and close your loan. This typically
happens within 48-72 hours of your closing date.

STEP 12 Moving Day

ÎÎ CONGRATULATIONS ON YOUR NEW HOME! Move in, make it your
own and enjoy!

Bay Equity Home Loans | NMLS ID#76988 | 26

SMOOTH
CLOSING TIPS

It’s important to understand actions that could impact the mortgage approval process. Use our tips below to make sure your loan
approval and closing date stay on track.

MORTGAGE DOs MORTGAGE DON’Ts

ÎÎ KEEP ALL RECORDS IN GOOD ORDER ÎÎ DON’T MAKE ANY MAJOR PURCHASES OR
OPEN NEW LINES OF CREDIT.
Thoroughly complete your application and make sure
your financial records are close at hand in case updates Don’t make any big new purchases, like vehicles or furniture.
are requested. Any changes can cause delays or possibly prevent your closing.
Don’t co-sign on a loan or lease for anyone. Don’t open any
ÎÎ KNOW YOUR AVAILABLE ASSETS new lines of credit or let your credit fall behind. If you must
open a new account, talk to your loan officer first and let them
Disclose all of your loans and credit. Continue saving know. Don't change bank accounts, make late payments or pay
incoming account statements, and keep all numbered off charges or collections.* Don't dispute accounts.**
pages of each one, even if blank (example: page 1-8 of 8).
*Paying off accounts can lower your available cash to close and
ÎÎ TRACK YOUR INCOME disrupt your qualifying loan ratios. Please talk to your Loan
Officer before making large payments.
Continue to work and notify us regarding any employment
change. Underwriters will verify income and tax documents ** This could cause a ‘freeze’ to be placed on your credit report
through your employer, the IRS and/or your CPA. Hold on and a big delay in your closing.
to new paystubs as they arrive.
ÎÎ DON’T CHANGE JOBS, RETIRE OR VACATION
ÎÎ DOCUMENT THE GIFT
If you are planning to retire soon or have been interviewing for
If you’re receiving any gift money from relatives, they’ll need a new job, let us know up front. Even moving from a salaried
to sign a gift letter (we can provide) and confirm the source to a commissioned position can cause complications, and even
of the funds with a statement. though vacation time is necessary, taking unpaid time off from
work during the loan process is not a good idea either.
ÎÎ CONFIRM YOUR CURRENT RESIDENCE
ÎÎ DON’T DEPOSIT LOTS OF CASH
If you’re renting, continue paying rent on time and save
confirmations. If you’re selling your home, you’ll need to Cash isn’t like a check; we usually can’t confirm where it came
show your Closing Disclosure from the sale. If you are renting from, so it will not be counted as part of your funds to close.
out your old home, you may need to show sufficient equity, Make copies of checks you’ve deposited, and the slips as well.
a signed lease and a deposit.
ÎÎ DON'T WAIT TO WITHDRAW FROM STOCKS
ÎÎ KEEP UP YOUR CREDIT OR RETIREMENT

Continue to make all payments on time; your credit report If you need to sell stocks or borrower money from your
may be pulled again and any negative change to your score retirement account, it might take time for them to process the
could cause you to lose your approval. transactions. Also, your underwriter will need to confirm the
transfer of funds. Don’t delay by waiting until the last minute.
ÎÎ REMEMBER THINGS HAVE CHANGED
ÎÎ DON’T FORGET TO BREATHE
Please respond promptly to questions and requests. There’s
more paperwork involved than in the past. Also please make The process can be confusing and sometimes scary if you
yourself available as your closing date approaches. haven’t purchased a house before. Even if you have, you might
still have questions. We’re here to help you at each step of the
way, even long before you intend to buy. Call or email at any time!

Bay Equity Home Loans | NMLS ID#76988 | 27

Document Checklist

INITIAL DOCUMENTS CURRENTLY OWN PROPERTY
…… Photo ID: Valid driver’s license, state ID, social security …… Mortgage Statement: Most recent

card, passport, or permanent resident visa/green card statement(s) for all liens against all
properties owned – all pages
(2 forms of ID required) …… Homeowner’s Insurance Declarations Page: Most
recent for all properties owned (if applicable)
…… Personal Federal Tax Returns (all pages of Forms …… Current Lease/Rental Agreement: Most recent for all
investment properties owned (if applicable)
1040): Last 2 years (if applicable) …… HOA Dues Statement

CURRENT ASSET STATEMENTS SELF EMPLOYED
(ALL PAGES - MOST RECENT / LAST 2 MONTHS) …… Business Federal Tax Returns for the last 2 years

…… Checking/Savings/CD (all pages of Forms 1120, 1120S, or 1065 depending on
self-employed business structure if applicable)
…… Stocks/Bonds/Money Market …… A year-to-date profit and loss statement
…… A complete list of all business debts
…… IRA / 401k*
UNDER CONTRACT
*If using retirement accounts and under the age of …… Fully Executed Sales Contract
…… Homeowner’s Insurance Quote for New Home
retirement, please confirm access to either withdraw …… Earnest Money Deposit: If included in contract, please

funds or secure a loan against those funds should provide a copy of the canceled check used as well as
a transaction history showing the funds have been
the need arise. withdrawn if a bank statement provided does not
include it.*
INCOME & EMPLOYMENT *Source of funds documentation for any large deposits
…… Complete 2 years employment history on asset or bank statements
…… Paystubs for most recent 30 days
…… W-2s, 1099, K-1s: Last 2 years GIFT LETTERS
Acceptable gifts may come from relatives, non-profit
(depending on source of income) organizations, and government entities. Gift letters
…… Federal Tax Returns with all schedules (2 years) must be filled out and signed by all parties. Additional
…… Your Employer’s Human Resources contact information documentation required will include a copy of the gift
…… Award Letters/Decrees: Most recent Social Security, fund check, a transaction history printed from your
deposit institution proving the deposit has entered your
pension/retirement, disability, divorce decree account, proof that the gift has been released from
(if applicable) donor’s account i.e. transaction history of donor’s account
and 30-day bank statement. Non-profits and government
OTHER gifts will require program specific documentation.
…… VA Only: DD-214: Member 4 copy, all pages (Former
Notes
Military) or Statement of Service (Active Military)
…… Child Support Order: Last 6 months (include

amount per month and children's ages)
…… Alimony (include amount per month and how long

left to pay)
…… If you're renting/leasing, include your landlord's

contact information

CREDIT INFORMATION
…… A letter of explanation for any late payments,

judgments, collections or other derogatory credit
history items
…… Source of funds documentation for any large
deposits on asset or bank statements
…… The judicial decree or court order of each obligation
due to legal action
…… Bankruptcy/discharge papers for all bankruptcies in
your credit history

Bay Equity Home Loans | NMLS ID#76988 | 28

30
THINGS

THAT CAN AFFECT
YOUR RATE

Did you know there are about 30 factors
that drive a mortgage interest rate?

Each of these factors add or subtract a fraction of
the final rate a borrower is eligible for. It’s called
risk-based pricing and every lender and bank uses
this same model to determine your final interest rate.

What you may not know is that no rate quote is
complete until all of these factors have been
evaluated, and that it’s near impossible to do without
the borrower completing a loan application and
providing all the required documentation.

TAKE A LOOK 1. Loan Amount (>$180K, <$484,350) 16. Loan Type (VA, FHA, ect.)
AT THE LIST 2. Loan Term (30, 15, 7/1) 17. Amortization (FIXED/ARM)
3. Purpose (Purchase/Refinance) 18. Cash Out/Amount
If you would like more 4. LTV (Loan to Value) 19. CLTV (Combined Loan to Value)
information on how these 5. Property State 20. Property County
factors a ect your rate, 6. Property Type (SFR, Condo) 21. Number of Units (1-4)
7. Occupancy (OO/INV) 22. Credit Score
please give us a call! 8. Credit History 23. Debt Tolerance Ratio
9. Asset Verification 24. Reserves
This is an example of items that can 10. Relocation 25. Gift Funds
determine an interest rate. Each 11. Concessions 26. Income Verification
loan scenario is di erent and other 12. Employment Status 27. Employment Info
items may factor into your rate. 13. Co-Borrower (Occ/Un-Occ) 28. Citizenship
14. Lock Period (7, 15, 30, 60, 90) 29. Mortgage Insurance
15. UW System (AUS, DO, DI, DE) 30. Escrow Included (Y/N)

Bay Equity Home Loans | NMLS ID#76988 | 29

4 WAYS TO ACCUMULATE
A DOWN PAYMENT

One of the biggest problems facing potential homebuyers today is coming up with enough money for the
down payment and closing costs. The amount of money you have available can greatly limit or increase
your purchasing power. Rather than saving all of the money yourself, there are options that may help.

 Have a Family Member Give You the Money as a Gift

The IRS allows up to $15,000* a year to be gifted to another person without paying a gift tax. If each
parent gives a borrower $15,000 as a gift, that can provide a borrower with $30,000 for down payment
and closing costs; if there is a spouse or coborrower, they can receive gifts as well, which would double
available gift funds. Except for government loan programs, most mortgages require either a 20% down
payment or at least 5% from your own funds. But with a Conventional loan, if you are purchasing a
primary residence you don’t even need a minimum 5%. NOTE: With any gift documentation, you will be
required to show it is not a loan, and to verify the amount received.

 Borrow Against Your 401(K) or Insurance Policy

Cashing out a 401(k) is another option, but usually it can only be done when retiring or leaving the
company, and will be subject to withdrawal penalties and payment of taxes. If the balance is sufficient, it
may be borrowed against – a life insurance policy loan would need to be included in debts, but a 401(k)
loan does not, under a Conventional loan, as long as the payments show as part of the payroll deductions.

 Sell or Borrow Against an Asset

Selling an asset such as a car can help increase the amount of money available. For any assets sold, make
sure to keep copies of the paperwork demonstrating original ownership of the item and the bill of sale
showing the date and purchase price. Borrowing against an asset is also acceptable as long as you can still
qualify with the additional debt – if you aren’t sure, double check with your loan officer before proceeding.

 Obtain a Low Point or Zero Point Loan

This will reduce the amount of your closing costs, since ‘buying down’ the interest rate is often one of the
most expensive parts of the loan. For some loan programs, the lender is allowed to pay all or a part of your
non-recurring closing costs by providing negative points (credits) in return for a slightly higher rate.
*Based on 2018 annual gift exclusion amount of $15,000. Higher amounts may be gifted under different
IRS rules, please ask your tax advisor if you have any questions about taxable gifts and exclusions.
Source - http://www.irs.gov/pub/irs-drop/rp-14-61.pdf

Bay Equity Home Loans | NMLS ID#76988 | 30

MOVING CHECKLIST

6-8 Weeks Before Moving ……Arrange for the transfer of
homeowners/renters insurance
……Request on-site estimates – get in-writing
estimates from a number of different moving ……Pack infrequently used items
companies. Make sure they provide a U.S. first – note items of special value and declare
Department of Transportation (USDOT) number in writing any items valued over $100

……Schedule movers or rental truck ……Label contents and destination of each box
……Determine furniture layout for new home – label anything you’ll need right away as
……Arrange for school & veterinary records transfer - “essential"

give records to the new school district and vet ……Pack a separate box of valuables – move these
……Ask for doctor and dental referrals; arrange for valuables yourself and include the mover’s
estimate for reference.
transfer of medical and dental records
……Sort and purge - go through every room of your ……Make travel arrangements

house and decide what you can get rid of. Think ……Request relocation package from chamber
about special packing requirements or extra o f commerce of new town
insurance coverage
…… H ave a garage sale/donate unwanted items ……Hold a second moving sale - donate the rest
……Keep track of everything in a moving binder – t o charity.
keep all of your estimates, your receipts and
an inventory here. It can be used for tax credits …… U se up or dispose of food, cleaning supplies,
(consult your tax professional) and hazardous materials
……Be sure all personal, family and financial records
are accounted for 2-3 Weeks Before Move

4-6 Weeks Before Move ……S et aside critical documents and items you will
keep with you
……Get packing supplies: boxes, tape, bubble
wrap and permanent markers, dish barrels and ……C hange address - go to your local post office or
wardrobe boxes do it online at usps.gov. Ask a neighbor to look
out for more mail. Important creditors should be
……Get written confirmation from movers of date, notified directly.
costs and other details …… Family and friends
…… Newspaper
……Take measurements – will larger pieces of …… Magazines
furniture fit through passage-ways and doors? …… Bank accounts
…… Health, life, and auto insurance policies
……Arrange for carpet and drapery cleaning …… Credit card bills
…… A rrange for house cleaning …… Employer
…… Arrange for the move of pets & plants
…… A rrange for utilities (cancel old and start new) ……H ave a going away party for your children and
t heir friends
…… Electricity
…… Gas ……P lan meals to use up food
…… Water/sewer ……Take your car in for servicing – make sure it is
…… Telephone/DSL
…… Garbage/recycling move ready
…… Cable/satellite ……Clean out your safe-deposit box – if you will be

changing banks

Bay Equity Home Loans | NMLS ID#76988 | 31

MOVING CHECKLIST

1-5 Days Before Move ……Keys surrendered

……D efrost freezer - if it is moving, make sure to ……Have lunch ready for family
empty, clean and defrost it at least 24 hours and friends helping (order pizza)
before moving day
…… Verify movers – make sure that
……E mpty ice maker and ice cube trays in case
of power shutdown the USDOT number painted on the side of

……Clean refrigerator, stove and oven the truck matches the number on the estimate
…… Disconnect and drain appliances for move
……Drain fuel from power equipment …… Take inventory – before the movers leave, sign
……Confirm travel arrangements and arrival time of
the bill of lading/inventory list and keep a copy
movers/pick-up time of rental truck
……Gather and clean outdoor furniture Within 30 Days of Move
……Return cable box, cable modem, DSL modem if
……Change address:
necessary …… Update driver's license
……Organize keys …… Update auto registration
……Clean house …… Update voter registration
……Finish general packing – pack suitcases with
……R e-establish safe deposit box
clothes for the next few days ……Consider having locks re-keyed
……Prepare food for moving day ……Install new batteries in smoke & carbon
……Unplug all electronic appliances 24 hours in
monoxide detectors
advance
……Transfer/Refill any important prescriptions ENJOY YOUR NEW HOME!
……Double-check – reconfirm the moving company
Notes
arrival time and other specifics
……Plan for the payment – if you have not already

arranged to pay your mover with a credit card,
get a money order, a cashier’s check or cash
for payment. If the staff has done a great job,
10-15% of the total fee is a good tip. If your
move was especially difficult, you might tip
each mover up to $100. TIP: Don’t forget that
refreshments are always appreciated.

Moving Day

……Disassemble beds
……Double-check that all cupboards, closets,

d ishwasher and other appliances are empty
……Give movers tour and instructions for what is

being moved
……Shut off furnace and A/C - make note of utility

m eter readings
……Windows shut and locked

Bay Equity Home Loans | NMLS ID#76988 | 32

WHAT TO KEEP

Keep for less than a Year Keep for 7 Years

……ATM, bank-deposit and credit card receipts ……Tax Records – electronic and paper for 7 years
- Until you reconcile with your monthly
statements Keep Forever

……Insurance policies and investment statements - ……Birth and death certificates
Until new ones arrive ……Marriage licenses
……Divorce decrees
Keep for a Year or Longer ……Social Security Cards
……Military discharge papers
……Loan Documents - Until updated or loan is paid ……Defined-benefit plan documents
……Vehicle titles - Until you sell the vehicle ……Estate-planning documents
……Investments in stocks, bonds, mutual funds or ……Life-insurance policies
……Inventory of your bank safe-deposit box
anything else - Keep the investment purchase
confirmations until you sell the investment
……Pay stubs and bank statements - 1 year
……Home purchase, sale or improved documents -
Keep for as long as you own the property and
at least six years after you sell
……Warranty documents and receipts for large
purchases - Keep as long as you own them
……Will - Until updated

NEED TAX RETURN INFORMATION OR TRANSCRIPTS?

ONLINE PHONE MAIL

Visit www.irs.gov Call 1-800-908-9946 Send IRS Form 4506-T
and click on File in the top menu, and follow the (or Form 4506-T-EZ) to the
voice prompts. address in the directions. Forms
in the left column that appears are available at www.irs.gov
under popular, click on Get Your
or 800-829-3676.
Tax Record, then blue button Transcripts are mailed to your home
Get Transcript Online address free of charge. Allow 5 to 10

(you will need to create an account) business days for delivery.

FOR EXACT COPIES of a filed and processed return, including attachments and W-2s:
Complete Form 4506 and mail it to the address in the instructions.

Include a check or money order for $57 payable to the United States Treasury.
Allow 60 days to receive copies.

REFERRALS

To better serve you and maximize your savings, please complete the following.
Why fill this out you ask? I may be able to refer you to an expert in the services
you are searching for. Together we can build on what we already have and by
doing this, we create long lasting relationships within our community.

 Once filled out, send a cell phone picture of it to your Loan Officer.

ABOUT YOU 

Name:_____________________________________________________________________
Email: _____________________________________________________________________
Phone:____________________________________________________________________
Favorite Restaurant: __________________________________________________________

1. Do you currently have a Realtor working with you to find your home?
 No  Yes - Company/Contact: ____________________________________________________

2. Do you have an Insurance Agent that you would like us to forward preliminary documents to, for your
home insurance?
 No  Yes - Company/Contact: ____________________________________________________

3. Do you have a Certified Public Accountant (CPA) to assist with home ownership tax deductions and
other advantages?
 No  Yes - Company/Contact: ____________________________________________________

4. Do you currently have a Financial Planner in place?
 No  Yes - Company/Contact: ____________________________________________________

5. Do you currently have a Will or Trust in place so that we may send preliminary documents to be added
to it?
 No  Yes - Company/Contact: ____________________________________________________

6. Are you interested in a Home Warranty? Purchase and Refinances are allowed.
 No  Yes - Company/Contact: ____________________________________________________

7. Do you have any Death/Disability Insurance to cover the home mortgage amount?
 No  Yes - Company/Contact: ____________________________________________________

Bay Equity Home Loans | NMLS ID#76988 | 34

THANK YOU
We look forward to working with you.

Equal Housing Lender. This is not aAcllolmoamnistmareentsutobjeleBcntadtyoorEcreqexduteiitntyadpcHprreoodvmiat.le.RNeLosottraiacnltlisolon|asnNmsMaoyrLpaSpropIDdlyu#.cRt7sa6tae9rse8ma8vaa|yil3nabo5tlebien available at time of application. Information and/or data are
subject to change without notice. all states. Bay Equity LLC, 28 Liberty Ship Way Suite 2800,

Sausalito, CA 94965; NMLS ID#76988. Florida Mortgage Lender Servicer License #MLD1014. NMLS consumer access: www.nmlsconsumeraccess.org BECH-190529-1.0


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