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Homebuyer’s Guide


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BUYER CONSULTATION

QUESTIONNAIRE 1. Are you working with other Real Estate agents? 2. How soon would you like to move in (time frame)? 3. Are you working with a lender? Can I recommend one to you? 4. Is there an area you would like to buy in? 5. Are there any other areas that you are interested in other than this area? 6. What’s important about this area? 7. Do you have any deal breakers in this home search? 8. Do you have or are you planning to get any pets? 9. How long have you been looking for a home? 10. Have you seen any homes that you like? Where have you been looking (online? open houses? showhomes?) Can you describe them for me? 11. Do you need to sell an existing home to buy the next one? 12. What price range are you considering? 13. How many bedrooms and baths do you want in your new home? Square footage? 14. What other features are you looking for in your new home? 15. What would you like to see most in a buyer’s agent? 16. Are there any questions or concerns you have about buying a home?

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DOCUMENTATION REQUIRED FOR

MORTGAGE APPROVAL

In order to process your mortgage application, manage brokers require documentation to support your mortgage application. Please note that there may be other conditions not listed here that they might require.

PROOF OF INCOME

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Employees:

• Employment confirmation letter • If paid salary, confirm your salary amount and length of employment • If paid hourly, confirm your pay per hour, number of hours worked per week, and length of employment. • A current pay slip

Commissioned or self-employed:

• Three years of financial statements • Three years of Notices of Assessment

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DOWN PAYMENT VERIFICATION

HELPFUL TIP Your credit score will determine whether you qualify for a mortgage and affect the interest rate lenders will offer. TAKE THESE 4 TIPS TO STRENGTHEN YOUR CREDIT SCORE TO BUY A HOUSE: 1. Get free copies of your credit reports from each of the three credit bureaus — Experian, Equifax and TransUnion — and dispute any errors that could hurt your score. 2. Pay all your bills on time, and keep credit card balances as low as possible. 3. Keep current credit cards open. 4. Track your credit score.

Not all lending products allow a down-payment to be borrowed. This is why we verify the source of your down-payment. Please provide the following documents: • If your down payment is from savings in your bank account, provide three full months of bank statements. The statements must state your account number and name. • If your down payment is from investments, provide a copy of a recent account statement. To use as down-payment you must own the investment for a minimum of 90 days. • If your down payment is a gift, a “gift letter” is required together with proof that the funds have been deposited in your bank account.

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ADDITIONAL DOCUMENTATION

Please provide the following additional documentation: • Offer to Purchase and MLS listing for the new property, as well as a copy of deposit checks • Offer to Purchase and all condition removals for the sale of your existing residence (if applicable) • Void check for the account from where mortgage payments will be withdrawn • Name of the Title Company you will use for this transaction

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A step-by-step home buying process for you to keep as a reference and turn back to throughout this exciting process of purchasing a home!





       

  

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BUYING A HOME:

DO YOU KNOW THE LINGO? Here’s a list of some of the most common terms used in the homebuying process that you’ll want to know.

APPRAISAL

– A professional analysis used to estimate the value of a home. A necessary step in validating a home’s worth to you and your lender as you secure financing.

CLOSING COSTS – The fees required to complete the real estate transaction. Paid at

closing, they include points, taxes, title insurance, financing costs, and items that must be prepaid or escrowed. Ask your lender for a complete list of closing cost items.

DOWN PAYMENT

– Typically 3-20% of the purchase price of the home. Some 0% down programs are also available. Ask your lender for more information.

HOME INSPECTION - An examination of the condition of a real estate property. ... A

qualified home inspector assesses the condition of a property, including its heating and cooling systems, plumbing, electrical work, water, and sewage, as well as some fire and safety issues.

PRE-APPROVAL LETTER a specific amount.

– A letter from a lender indicating you qualify for a mortgage of

CONTINGENCY - A condition or action that must be met for a real estate contract to

become binding. A contingency becomes part of a binding sales contract when both parties, the buyer and the seller, agree to the terms and sign the contract.

GOOD FAITH DEPOSIT/EARNEST MONEY - A deposit of money into an account by a buyer to show that he or she has the intention of completing a deal. Good faith money is often later applied to the purchase, but may be nonrefundable if the deal does not go through.

REAL ESTATE PROFESSIONAL

– An individual who provides services in buying and selling homes. Real estate professionals are there to help you through the confusing documentation, find your dream home, negotiate any of the details that come up, and let you know exactly what’s going on in the housing market. 8


THINGS TO AVOID

AFTER APPLYING FOR A MORTGAGE Below is a list of things you shouldn’t do after applying for a mortgage. They’re all important to know – or simply just good reminders – for the process.

DON’T DEPOSIT CASH INTO YOUR BANK ACCOUNTS.

Lenders need to source your money, and cash is not easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

DON’T MAKE ANY LARGE PURCHASES

Like a New Car or Furniture for Your New Home. New debt comes with new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios. Higher ratios make for riskier loans, and then sometimes qualified borrowers no longer qualify.

DON’T CO-SIGN OTHER LOANS FOR ANYONE.

When you co-sign, you’re obligated. With that obligation comes higher ratios as well. Even if you swear you won’t be the one making the payments, your lender will have to count the payments against you.

DON’T CHANGE BANK ACCOUNTS.

Remember, lenders need to source and track your assets. That task is significantly easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.

DON’T APPLY FOR NEW CREDIT.

It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO® score will be impacted. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

DON’T CLOSE ANY CREDIT ACCOUNTS.

Many clients believe that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those determinants of your score.

Bottom Line Any blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. The best plan is to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature. 9


BENEFITS OF USING A

BUYER’S AGENT WHEN BUYING REAL ESTATE

True to their name, buyer’s agents help real estate buyers navigate the real estate market; they can also save you tons of time and money on the road to your new home. A buyer’s agent will guide you through the home-buying transaction and be at your disposal for any questions or concerns. Here are some of the things a buyer’s agent can do:

FIND THE RIGHT PROPERTY. After determining what the clients are looking for and

what they can afford, the agent will schedule appointments to tour homes that fit the bill. The agent can also explain the ins and outs of various properties and neighborhoods, to help buyers decide which home is right for them, by explaining the pros and cons of various options.

NEGOTIATE THE OFFER.

The buyer’s agent will advise clients on an appropriate price to offer and present it to the seller’s agent. Then they will negotiate on your behalf and write up the contracts for you. This is where the agent’s experience in negotiating deals can save you money and help you avoid pitfalls like a fixer-upper that’s more trouble than it’s worth.

RECOMMEND OTHER PROFESSIONALS.

A buyer’s agent should also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and other real estate professionals. This can also help expedite each step of the process and move you to a successful real estate sale all the faster.

HELP OVERCOME SETBACKS. If the home inspector’s report or appraisal brings new

issues to light, a buyer’s agent can advise you on how to proceed with the transaction, and then act as a buffer between you and the sellers or their broker. If negotiations become heated or hostile, it’s extremely helpful to have an experienced professional keeping calm and offering productive solutions.

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ABOUT US

MISSION

Axis Realty Group is committed to modernizing the real estate experience while upholding the highest standards of customer service. We use our industry and marketing expertise to provide an unparalleled luxury experience. By fully investing in our agents and promoting their independent growth, we create a culture of team success.

THE AXIS TEAM

High Standards for Excellence

At Axis, we are redefining the luxury real estate industry in New Orleans. From initial meeting to closing, we are relentless in providing our clients with the true luxury brokerage experience. Unparalleled Industry Expertise

In an ever-changing market, it is important that clients trust our guidance in navigating the buying and selling processes. At Axis, we combine top-tier industry knowledge with innovative thinking to stay on the cutting edge of real estate trends across the country. Dedication to Service

As a boutique-style brokerage with full concierge services, we put our clients’ needs first and maintain meaningful, long-lasting relationships with them long after the closing of the deal. Commitment to Education

Through quarterly workshops, advanced training seminars, and continuing education classes hosted in our conference room, we keep up with the industry by always challenging ourselves, elevating our knowledge and lifting up team members. A Powerful Network

Our workspace is a welcoming environment. So you will have access to networking opportunities and the support of a robust community, including lenders, CPAs, and a title company onsite. Passion and Excitement

At Axis, we bring passion to everything we do. That passion radiates from our agents, so we are not just selling—we are having fun too. 11


HOME BUYING

CHECKLIST EXCLUSIVE BUYER AGREEMENT MORTGAGE PRE-APPROVAL DOWN-PAYMENT ACCESS DEPOSIT CHECKS FOR OFFER PURCHASE CONTRACT HOME INSPECTION TITLE COMPANY

CONNECT WI TH US TODAY!

504. 336. 3000

arginfogroup@gmail.com 4 401 Veterans Blvd, Suite 200 Metairie , L A 70006

argsold.com AXISREALTYGROUP

This is not intendedtosolicit a listedproperty or the offerings of other Broker/Realtors. If your property is currently listedfor sale witha Broker/Realtor, please disregard. Equal HousingOpportunity.

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