Idaho Home Buyers

Handbook

Craig Ballhagen-Guild Mortgage-Boise Idaho

Table of Contents

1. About Guild Mortgage

2. Meet Your Team

3. Loan Process

4. Loan Application

5. Good Faith Estimate

6. Ordering Credit

7. Check List

8. About Loan Disclosures

9. Mortgage Insurance

10. Home Owners Insurance

11. Why Home Inspection

About Us

Guild Mortgage Company is the leading privately-held mortgage company in the Western United States. We have lived, experienced, and proved our commitment to our customers and employees for more than forty years, through all kinds of markets, by creating partnerships for lasting success. We pair the resources of large companies with the accessibility and soul of a small company, to serve our customers’ needs. Our vision for Guild Mortgage Company is to build on our decades of success by seeking new opportunities for growth while keeping true to our history and values.Committed to making your housing dreams come true.

Meet Your Team Professionals

Renee Hammons-Underwriter

208-489-2803Craig Ballhagen-Loan Officer

208-713-3309

Missy Hoover-Funder208-489-2800

Local UnderwritingGuild Mortgage of Boise Idaho

conducts all business in our local office near Chinden and Cloverdale. All home loan files are processed, underwritten, and funded in house. This is a huge advantage for first time home buyers. Always knowing the loan status is very comforting and puts an anxious first time home buyer at ease.

The Home Loan Process

It is important for first time home buyers to understand the steps of the home loan process

1. A Loan Application is Completed

2. Full credit report is issued and qualified

3. All buyers personal documents are collected

4. Loan Officer executes desk top approval/denial

5. Complete loan file is submitted to underwriting

6. Appraisal and title reports ordered/received

7. Underwriter processes file and issues final approval

8. Final loan documents are issued and sent to the title company

9. Final documents are prepared by escrow officer for borrower to sign

10. Home buyer signs documents

11. Loan funds and records

The entire process generally takes about 2-3 weeks. Every file is different.

Loan Application

The uniform residential mortgage Boise home loan application is the most important first step to home ownership.  It is critical that the application be completed with accurate, verifiable information.  

 The accuracy of this document will set the pace for the entire Boise loan approval process.   The data that is provided, is what the Boise loan officer will be  using for automated Idaho loan approval, ordering credit.  If the data cannot be verified or the data changes, your initial Boise loan approval may be void.

It is in the best interests of a Idaho first time home buyer to take a few minutes and become more familiar with the Boise home loan application.  Remember, you will be committing to borrower $50,000 to $400,000 for 30 years and agree to pay it back.  It is worth to take the time and take control of your loan application.

I would strongly recommend that a  Idaho First Time Home Buyer, print out a copy and hand write the application.  There are only 4 pages to the application and should only take 20 or 30 minutes to complete. 

After you have completed the Boise home loan application make a copy for your files.  Use  your copy to compare to the upfront disclosures that you will receive within 72 hours after application.   

Good Faith EstimateNow is the time for Boise Idaho first time home buyers to take control of their home buying process and Good Faith Estimate when applying for Boise home loans.

    It  starts by completely understanding the Good Faith Estimate. It is your Boise loan consultant’s job to fully explain this document. This document needs to be in the first time home buyers hands before anything else is done. 

Unfortunately, with many purchase transactions, Idaho first time home buyers don’t see any GFE until the end at the final signing.  That is wrong!   Remember, you are making the biggest financial decision of your life.   And agreeing to pay it back for the next 30 years. 

 This is important enough to say twice.  Mortgage lenders are required to provide Idaho first time home buyers with a GFE at the very beginning of the Boise home loan purchase.  If for some reason a lender does NOT provide a GFE upfront, I would recommend not using that lender.

Once you have your GFE, make sure you hang on to it and bring it into the final closing and compare it to the final GFE.  Hold your lender accountable. Its’ your money.

All Boise home loans have associated costs and prepaid items that are fully disclosed in a Good Faith Estimate also known as a GFE.

Ordering Home Buyer Credit Report There is much talk about credit reports and the FICO scores that go with it. 

The Internet offers many free credit reports.  Believe me, they are not free.  What they are trying to do is have you sign up for a monthly service or a large fee if you don’t “officially” cancel their service.   These companies  exist to make money, not to actually help you out. 

Establish an honest relationship with a local Boise Idaho loan consultant who has their local reputation on the line and your best interests in mind.   Then go to the next step and request a free credit report and the valuable advice that goes with it.   Your local Boise loan consultant has to earn your business and provide professional service.  That is what a relationship is all about.

Ordering your first credit report is a great first step.  Knowing what is on your credit report way in advance, is a great way for Boise Idaho First Time Home Buyers to take control of their financial future and be proactive.  Even if a potential Boise home buyer is 6 to 12 months

There 3 different ways to get started.

Print out a loan application, and cover sheet and fax to 208-489-2809   or scan and email to CBallhagen@GuildMortgage.net .  another option is to email me your Full Name, Current Address, and contact information.  NEVER EMAIL YOUR SOCIAL SECURITY NUMBERS TO ANYONE.  I will contact you by phone and you can give that information verbally. or You can schedule an appointment and I can check your credit at that time. 

Home Buyer Check List Boise Idaho first time home buyers need to take control of

their home buying process and understand all documentation. 

   All Boise first time home buyers should have all of their documentation ready to go.  Here is a list of the basic items that a first time home buyer will need to provide.  Along with a complete loan application.

  1. 30 Days most current paystubs2. Two Months bank statements on all assets (checking and

savings)3. 2007 and 2008 w-2’s4. Home Owners Insurance Information-agent and company5. Last 2 years of federal tax returns for self employed6. 3 years tax returns for First Time Home Buyers7. Idaho Housing Class-Finally Home

About Upfront Loan Disclosures

Upfront disclosures are the “meat and potatoes” of the Boise home loan that Boise home buyers are applying for.   These disclosures are duplicates of the final Boise loan documents that the Boise home buyer will be signing at the end of the transaction. 

For many years the disclosures where taken for granted and abused by lenders.  What I mean by that is, the borrower was never given the opportunity to review and sign these critical documents at least 7 days prior to going to the closing table. 

Signing 2 sets of Boise loan documents on the same day defeats the whole purpose of upfront disclosures.  Why does this happen?  Lenders are often too lazy or “too busy” to bother.  This is a huge disservice to home buyers.  The home buyers are given no opportunity to ask questions and make any changes. Instead they are put in a “take or leave it” position.  The moving truck was out front and they would lose the house and their deposit if they didn’t sign.  The Idaho first time home buyers had no choice. 

Finally times have changed. As of August 1st, 2009 the new 3-7-3 rule has been put in place.   The new rule means that the Idaho first time home buyer MUST have their upfront disclosures 3 days after their mortgage Boise loan application has been submitted.  They must have these disclosures a minimum of 7 days before they can sign their final Boise loan documents.  And if there are any changes to the loan terms, there is a 3 day waiting period before the home buyer can go to sign their final Boise loan documents. 

It is the responsibility of ALL Boise loan officers to educate ALL home buyers.  We need to be the ones who guide the next generation of Idaho first time home buyers.  It is not only the right thing to do, but it will be one of the first steps in bringing some credibility back to our industry.

Mortgage Insurance

Mortgage Insurance is required when a home is purchased with less then 20% down payment.  Most first time home buyers apply for a FHA, minimum down payment, home loan. FHA loans have a monthly portion for all FHA loans which is based on .55% and an upfront premium of 1.75% which is financed into the loan amount.

Boise First Time Home Buyers can print out a sample good faith estimate and see the exact numbers for a $100,000 purchase price scenario.

The reason for mortgage insurance is cover a lender in the event of foreclosure, to offset the losses.

Home Owners Insurance

Boise Idaho first time home buyers are taking control of their mortgage process and taking the time to understand homeowners insurance.

Homeowners insurance is required by all lenders and is collected on a monthly bases (with your regular payment) and is paid annually to the insurance company of your choice. 

Homeowners insurance policy is to protect the home owner and replace the structure in the case of a fire or other disaster.  Your policy premium will be discussed at the beginning of the loan process with your insurance agent.

Why Do I Need A Home Inspections?

The purchase of a home is one of the largest purchases you will make. It is important that you know as much as possible about this purchase. A home inspector is trained to be able to evaluate the home in detail and give you a report that will allow you to make a good decision about purchasing the home. An inspection report will describe the home in detail and will highlight the areas that are problems. A home inspection is a good idea even if you are already a homeowner. We all get physical checkups - why not give your home a checkup? Many homeowners are living in homes that have serious problems that if identified early can save considerable repair costs. Water leaks can cause serious and costly problems, but if they are caught early can be repaired at little cost. A home inspection will also give you an outline of the routine maintenance that needs to be done to the home. Home sellers will want an inspection to find problems that a buyer's inspection would have found. The seller can then make the repairs prior to the home going on the market.