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A Resource Guide to HUECU Home Buying Benefits

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A Resource Guide to HUECU Home Buying Benefits HUECU HARVARD UNIVERSITY EMPLOYEES CREDIT UNION home buying Handbook A resource guide to HUECU Home Buying Benefits Benefits from HUECU..............................................................................................................................2 Understanding Your FICO® Score........................................................................................................3 The HUECU Mortgage Process for Purchases................................................................................4 The Mortgage Process: Do’s and Don’ts.............................................................................................5 Purchase Documentation Checklist....................................................................................................6 Closing Costs and Escrows.....................................................................................................................7 FAQs on Mortgage Loans........................................................................................................................8 HUECU.ORG ∞ P.O. Box 382609, Cambridge, MA 02238-2609 ∞ 617.495.4460 home buying benefits from huecu The Real Estate Advantage Program (REAP) is a collaboration among HUECU, Coldwell Banker and Harvard University Getting Started with HUECU Housing to provide Harvard University faculty and staff, ∞ Call 800-396-0960 to register by phone Harvard affiliates, HUECU members and their immediate ∞ Register online at HUECU.ORG/REAP family with an array of quality, expert services in real estate, home financing, moving and more. First Time Home Buyer Benefits with HUECU HUECU Mortgage options * ∞ .125% rate discount ∞ Fixed rate mortgages (10,15,20 & 30 year terms) ∞ $300 waived application and underwriting fees ∞ Adjustable rate mortgages (ARM) [3/3, 5/1,7/1,10/1] ∞ Discount on attorney fees ∞ Jumbo mortgages (up to $2 million) ∞ $100 waived condo doc review ∞ Down payments as low as 3%* ∞ 90 day rate lock ∞ Primary residences (1-4 family) ∞ FREE pre-approval good for 90 days ∞ Second homes ∞ Investment properties CASh, coupons & rebates Purchase/Sale Price Your Cash Rebate* ∞ $50 coupon when you register for REAP $50,000-$99,999 $330 ∞ $200 additional closing cost credit for REAP transactions $100,000-$199,999 $440 $200,000-$299,999 $687 $300,000-$399,999 $962 Coldwell Banker Benefits $400,000-$499,999 $1,237 $500,000-$599,999 $1,512 ∞ Home sale assistance $600,000-$699,999 $1,787 ∞ Household moving services $700,000-$799,999 $2,062 ∞ Cash rebate after closing on your home $800,000-$899,999 $2,337 $900,000-$999,999 $2,612 $1,000,000-$1,099,999** $2,887 *Rates subject to change **Rebate increases for each additional $100,000. 2 HUECU HOME BUYING HANDBOOK UNDERSTANDING YOUR FICO® SCORE Your Credit Scores (FICO Scores) are calculated from different pieces of credit data in your credit report. The data is grouped into five categories as outlined below. There are three main credit reporting agencies so in most cases you will have three FICO Scores. Most lenders use the middle score as your FICO Score when applying for a mortgage. Your FICO Scores consider both positive and negative information on your credit report. Late payments will lower your FICO Scores, but establishing or re-establishing a good track record of making payments on time will raise your score. FICO Scores are determined by weighing the following categories based on what is most important when establishing your credit score: payment history 10% CREDIT GRADES Your FICO Score is a factor lenders use amount owed 10% to assess risk. In general, here is how 35% the score relates to your credit grade: FICO SCORE Length of credit history excellent 750 and up 15% BREAKDOWN above average 680-749 types of credit fair 620-680 New Credit 30% poor 619 and below payment history types of credit Late payments can lower your credit score a little, or a lot, Types of credit determines your mix of mortgages, installment depending on how recent or severe the late payments are and how loans and credit card accounts. You don’t need to have every type frequently they occur. Any previous bankruptcies, foreclosures, of credit, and this isn’t a key factor in determining your FICO short sales, collection accounts and judgments will likewise have Scores – however, it may be more significant if your credit report an adverse impact on your FICO Scores. doesn’t have a lot of other information. amount owed new credit High loan balances or maxed-out credit cards are considered a Opening new accounts is not a bad thing, but it may hurt your greater risk and can lower your credit score. Keep in mind that credit score if you apply for a lot of credit in a short period of closing a credit card with an outstanding balance can also hurt time. Checking your credit report will not adversely affect your your credit score. score. However, when you are shopping for credit – applying for a car loan or credit card, for example – these inquires remain on your credit report for two years. A large number of inquiries may length of credit history adversely affect your score. In general, a longer credit history will increase your FICO Scores, but it’s not a requirement. Your credit may also be affected by the age of your oldest and newest accounts, and how long it’s been since you’ve used certain accounts. 3 HUECU HOME BUYING HANDBOOK 4 Closing Express Pre- Approval Complete a simple online form and one of our Mortgage You sign a big stack of papers and walk 1 Loan Originators (MLO) will call and follow up to review your HUECU HOME BUYING HANDBOOK BUYING HUECU HOME away with the keys to your new home. information and issue your Approved Homebuyer Certificate. 9 2 preparing to close Accepted Offer Before your closing, you’ll obtain a Homeowner’s Insurance Policy When the Purchase Offer you’ve made on your new home and provide it to HUECU. Your credit and employment are verified is accepted, a Home Inspection is generally completed. If one last time and a Closing Disclosure (which reflects all terms, costs everything looks good, a Purchase and Sale agreement will be and escrows) is issued a minimum of 3 business days prior to closing. signed by you and the sellers. 3 8 underwriting THE HUECU Loan Application Now you can complete your loan application. This can After reviewing your application, supporting documentation and be done online, by phone or with one of our MLOs in the appraisal, the Underwriter will approve your Mortgage and MORTGAGE PROCESS person at any HUECU branch. You will receive a Loan issue a Commitment Letter. Any additional conditions are gathered FOR PURCHASES Estimate and Disclosure Package, which includes the and reviewed. A clear to close will then be issued. terms of the loan and estimates of all closing costs. 7 4 processing During processing, HUECU is doing a lot of work behind the scenes: verifying employment, income and assets, Documentation reviewing credit, and requesting additional documents as needed. The appraisal is also ordered at this stage and once The supporting documents your MLO needs, received, a copy is sent to you. such as paystubs, W2s and bank statements, can be uploaded through our website or dropped off at an HUECU branch. Rate Lock 6 You may choose to lock your rate any time between 5 application and up to 10 days prior to your closing. The rate lock is good for 90 days for First Time Homebuyers. When the loan is locked a lock fee deposit is collected. Once locked, your MLO will update your Loan Estimate. THE MORTGAGE PROCESS DO’S AND DON’TS DO’S DON’TS ∞ Keep all originals and have access to all of your ∞ Close or open any asset accounts or transfer funds pay-stubs, bank statements and other important between accounts. documentation. ∞ Deposit any money outside of your verified income ∞ Make your Earnest Money Deposit from your own source, particularly cash or funds from the sale of an personal bank account or acceptable gift funds. asset. ∞ Notify Mortgage Loan Originator (MLO) if you ∞ Change jobs/employers without inquiring about expect to receive a grant or gift from a relative or the impact this change might have on your loan. not-for-profit organization. ∞ Open or increase any liabilities, including credit ∞ Keep a paper trail receipt of gift funds with gift letter, cards, student loans or other lines of credit. copy of check and deposit receipt. ∞ Make major purchases during the process, such as ∞ Provide all documentation for the sale of a car, a car, furniture or appliances, that could reduce your personal items or real estate. assets or increase your indebtedness. ∞ Supply documentation of any Employee Assistance ∞ Take a credit card advance or borrow funds for for down payment, closing costs or second mortgage. closing. ∞ Notify your MLO of any employment changes ∞ Change your legal name. such as recent raises, promotion, transfer, demotion, job loss or any other loss of income. ∞ Take any unpaid time off or reduce your hours worked if paid hourly. ∞ Make timely payments on all current debt obligations, including any current mortgage, car, student loan or credit cards. ∞ Notify your MLO of any depletion of funds needed to close. ∞ Notify MLO of change of current address, phone or email. ∞ Notify MLO of any deposit you expect to make not related to your income source or income tax refund. ∞ Notify MLO if you plan to be away for a period of more than three business days during the mortgage process. 5 HUECU HOME BUYING HANDBOOK PURCHASE DOCUMENTATION CHECKLIST As part of the mortgage process, your qualifying
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