First Time Home BuyerThe Home Purchase ExpertsSM
Presented By Tom PessemierVice President of Mortgage Lending
One of the Ten Largest Retail Mortgage Companies in the U.S.
• Founded in 2000 by President and CEO Victor Ciardelli
• Licensed in all 50 states and Washington D.C.
• Approximately 170 offices nationwide
• Nearly 2,600 employees companywide
Accolades• Mortgage Executive Magazine, February 2014
• Most Top 200 Originators nationally (35), Most Originators in the Top 1% in America (150)
• Scotsman Guide, 2013
• Ranked #1 in top retail volume, #2 in top overall volume and #3 in top volume gain on their Top Mortgage Lender list
• More Top 300 Loan Originators (30) work at Guaranteed Rate than at any other mortgage company
• Included on Chicago Tribune’s list of Chicago’s Top Workplaces three of the last four years
• Inc. Magazine’s 500/5000 List of the Fastest Growing Private Companies in the U.S. for the last six years
• President and CEO Victor Ciardelli named CEO of the Year for 2013 by Mortgage Executive Magazine a 2012 Ernst & Young Entrepreneur of the Year award winner
• Included on Crain’s Chicago Business list of the Fifty Fastest Growing Companies seven years running
• Our online application recently won the award for Best Digital Innovation at the 2013 Moxie Awards in Chicago
New GR Spokesperson – Ty Pennington
• Nationally recognized home design guru and host of Extreme Makeover: Home Edition
• Featured on guaranteedrate.com, Partner Xchange, and in our national advertising campaign, including print and TV
• Scheduled to appear at various events nationwide in 2014
How do you find the mortgage that is right for you?
Programs Available
• First Time Home Buyer Programs
• FHA, VA & USDA Loans
• Conventional Fixed & Adjustable Rate Mortgages
• Jumbo Loan Programs
FHA Loans
• Guaranteed Rate is a government approved FHA mortgage lender
• Lower down payment – only 3.5% required
• Gift funds OK for down payment
• More flexible credit guidelines make it easier to
qualify
• Lower Minimum 640 FICO score, no income limits
• Non-Occupying co-borrowers allowed
• Not just for first-time home buyers
VA Loans
• ZERO down payment is required in most cases
• NO monthly Mortgage Insurance
• Relaxed credit standards
• NO income caps
• NO reserves required
• Flexible underwriting with expanded debt ratios• Seller or other parties may contribute up to 4% of the Veteran’s closing costs
USDA Loans
• 100% Financing
• 30 Year Fixed
• Property eligibility and income limits apply
• Minimum FICO score 640
Conventional & Jumbo Loan Programs
• Conventional Fixed & Adjustable Rate Mortgages:
– Single Family Home/ Condo – 5% Down Payment
(down payment on condo may vary by state) – LOANS UP TO $417,000 - loan limits vary by county, may be
higher in some areas
• Jumbo Loans – Fixed & Adjustable Rate Mortgages:
– Programs available from $417,001 up to $5,000,000
HomePath• Provides financing for borrowers purchasing a Fannie
Mae-owned property
• Borrower benefits:
• Low down payment and flexible fixed rate mortgage terms
• You may qualify even if your credit is less than perfect
• Available for primary residence, second homes and investment properties
• Savings, gifts, grants etc. may be eligible sources of down payment
• No Mortgage Insurance
• No appraisal required
Home Possible
• Home Possible is a Freddie Mac program providing low down payment option for homebuyers
• Discounted monthly mortgage insurance
• First-time buyers, move-up borrowers and retirees
• Fixed rate options available
• 1-4 unit primary residences, condos and PUDs
• Borrowers can now get pre-approved and locked into a rate while they are still house hunting.
• Lock in a rate for 55, 70 or 85 days while shopping for a property before signing a purchase contract
• Option to renegotiate rate if rates go down
• All property and occupancy types
• Conventional fixed rate (Fannie Mae and Freddie Mac)
• FHA and VA fixed rate
• 15, 20 and 30-year products
Lock ‘n’ Roll – Exclusive New Program
What is a Pre-Approval?
• A pre-approval is a complete loan application which is completed by the loan officer and the buyer.
• Loan officer will run the buyer’s credit and review their pay stubs and bank statements to verify income and assets.
• Once the loan officer verifies the buyers credit, income, and assets the loan officer will review programs available to meet the buyers financial needs.
• Loan officer will select the best mortgage option for buyer and then submit the file to Fannie Mae’s automated underwriting system for a loan decision.
• Once an approval is received from the automated underwriting system, the loan officer will prepare a pre-approval letter for the agent.
Why is a Pre-Approval Letter Important?
• A pre-approval letter is a letter which identifies the loan terms the buyer has been pre-approved with…this includes the following:• Purchase Price/Loan Amount/Rate/Loan To
Value• Validates the borrowers ability to qualify for a
mortgage
Convenient Online Application
Easy to use consumer friendly online application:
1. Choose a rate 2. Free credit report3. Instant approval with
Freddie Mac’s AUS4. Check loan status
24/75. Print a pre-approval
letter
Lender’s Role • Takes Application
• Locks Loan
• Orders Appraisal
• Collects income/asset docs
• Collects contract
• Collects condo docs (Decs/Bylaws/Budget/Condo Questionnaire)
• Obtains Title and COI from Sellers’ Attorney
• Underwrites file
• Issues Commitment Letter with Conditions
• Collects all outstanding conditions and resubmits
• Issues commitment letter with Clear to Close
• Keeps all parties updated throughout the process
Free Informative eBooks
Tom PessemierVice President of Mortgage Lending
O: 941.313.8148 M: 425.780.6374
guaranteedrate.com/tompessemier
State Lic: FL-LO23120-MLD618, WA-MLO-117989 - CL-2611
Contact
NMLS (Nationwide Mortgage Licensing System) ID 2611 AL - Lic# 21566 AK - Lic#AK2611 AR - Lic#103947 - Guaranteed Rate, Inc. 3940 N Ravenswood, Chicago IL 60613 866-934-7283 AZ - Guaranteed Rate, Inc. - 14811 N. Kierland Blvd., Ste. 100, Scottsdale, AZ, 85254 Mortgage Banker License # BK-0907078 CA - Licensed by the Department of Business Oversight, Division of Corporations under the California Residential Mortgage Lending Act Lic #413-0699 CO - Guaranteed Rate, Inc. Regulated by the Division of Real Estate, 773-290-0505 CT - Lic #17196 DE - Lic # 9436 DC - Lic #MLB 2611 FL - Lic# MLD618 GA - Residential Mortgage Licensee #20973 - 3940 N. Ravenswood Ave., Chicago, IL 60613 HI - Lic#HI-2611 ID - Guaranteed Rate, Inc. Lic #MBL-5827 IL - Residential Mortgage Licensee – Illinois Department of Financial & Professional Regulation, 3940 N Ravenswood Ave, Chicago, IL 60613 MB.0005932 IN - Lic #11060 & #10332 IA - Lic #MBK-2005-0132 KS - Licensed Mortgage Company - Guaranteed Rate, Inc. - License #MC.0001530 KY - Mortgage Company Lic #MC20335 LA - Lic #RML2866 ME - Lic #SLM1302 MD - Lic #13181 MA - Guaranteed Rate, Inc. - Mortgage Lender & Mortgage Broker License MC 2611 MI - Lic #FR0018846 & SR0018847 MN - Lic #MO 20526478 MS - Guaranteed Rate, Inc. 3940 N. Ravenswood Ave., Chicago, IL 60613 - Mississippi Licensed Mortgage Company, Lic # 2611 MO - Guaranteed Rate Lic # 10-1744 MT - Lic# 2611 Licensed in NJ: Licensed Mortgage Banker - NJ Department of Banking & Insurance NE - Lic #1811 NV - Lic #3162 & 3161 NH - Guaranteed Rate, Inc. dba Guaranteed Rate of Delaware, licensed by the New Hampshire Banking Department - Lic # 13931-MB NM - Lic #01995 NY - Licensed Mortgage Banker - NYS Department of Financial Services- 3940 N Ravenswood, Chicago, IL 60613 Lic # B500887 NC - Lic #L-109803 ND - Lic #MB101818 OH - Lic #MBMB.850069.000 & Lic #SM.501367.000 - 3940 N. Ravenswood Ave., Chicago, IL 60613 OK - Lic # MB001713 OR - Lic #ML-3836 - 3940 N. Ravenswood Ave., Chicago, IL 60613 PA - Licensed by the Pennsylvania Department of Banking and Securities Lic #20371 RI - Rhode Island Licensed Lender Lic # 20102682LL, RI - Rhode Island Licensed Loan Broker Lic # 20102681LB SC - Lic #-2611 SD - Lic# ML.04997 TN - Lic #109179 TX - Lic # 50426 & Lic # 47207 UT - Lic #7495184 VT - Lic #LL6100 & MB930 VA - Guaranteed Rate, Inc. - Licensed by Virginia State Corporation Commission, License # MC-3769 WA - Lic #CL-2611 WI - Lic #27394BA & 2611BR WV - Lic #ML-30469 & MB-30098 WY - Lic#2247