www.chantelray.

com
757.717.1003
team@chantelray.com
which office is nearest to me?
We will never miss your call! Call us at 757-717-1003
anytime from 8:00 AM - 9:00 PM Monday through Sunday!

Virginia Beach (Hilltop) Virginia Beach (Kempsville)

1833 Republic Road, Suite 103 5308 Indian River Road
Virginia Beach, VA 23454 Virginia Beach, VA 23464

Chesapeake Newport News

1044 Volvo Parkway, Suite 2 12090 Jefferson Ave, Suite 1720
Chesapeake, VA 23320 Newport News, VA 23606

williamsburg North Carolina

5388 Discovery Park Blvd 1825 West City Drive
Suite130A Suite G
Williamsburg, VA 23188 Elizabeth City, NC 27909
 3-5
b o o k ?
TERMS. ALL THE TERMS.

6 QUESTION US... WE. ARE. READY.

t h i s

7 DONT GET CRAZY.

8
i n

your GPS to a new home.

W h a t s

9 EVERYONE LOVES A GOOD CHECKLIST.

WERE GIVING YOU TWO.

10-11 cant make our classes?

weve got you covered.
 3

Terms to Know When House Hunting...

Active Listing: This means that a property is currently on the market and available for sale. It may have received offers,
but none has yet been accepted, which means that the opportunity is wide open for you to make a proposal.

CMA: Comparative market analysis or competitive market analysis. A CMA is a report that shows prices of homes comparable
to a subject home and that were recently sold. The sold prices, known as comps, can help homeowners determine how much
their home is worth in the current market.

Closed (CL): The property is sold and no longer available.

Days on Market: The amount of days it has been listed for sale. (The longer it has been listed the better your chances are
of negotiating a lower sale price when you make an offer)

Dk: Deck

EIK: Eat in kitchen

FSBO: A.K.A. For Sale by Owner. A FSBO is a property that is

being sold by the current homeowner without the aid of a real estate agent.

FORECLOSURE :A property seized by the mortgage lender due

to the homeowner failing to make full payments on their mortgage. In
hopes to recover the balance of the home loan, the lender will sell the house.

Short Sale: A property the homeowner fell short on paying their full
loan amount when trying to sell, so they settled with the bank to prevent from
foreclosing.The lender will sell the house.

Terms to Know when dealng with home mortgage options...

Annual Percentage Rate (APR):

How much a loan costs annually. The APR includes the interest rate, points, broker fees and certain other credit charges a bor-
rower is required to pay.

Appraisal:
A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties.

Assessed Value:
Typically the value placed on property for the purpose of taxation.

Cap:
For an adjustable-rate mortgage (ARM), a limitation on the amount the interest rate or
mortgage payments may increase or decrease. See also Lifetime Payment Cap,
Lifetime Rate Cap, Periodic Payment Cap, and Periodic Rate Cap

Closing Agent:
The person or entity that coordinates the various closing activities, including the
preparation & recordation of closing documents & the disbursement of funds. (May be
referred to as an escrow agent or settlement agent in some jurisdictions.) Typically the
closing is conducted by title companies, escrow companies or attorneys.
4
Commitment Letter:
A binding offer from your lender stating the amount of the mortgage, the
number of years to repay the mortgage (the term), the interest rate, the loan
origination fee, the annual percentage rate and the monthly charges.

Conventional Mortgage:
A mortgage loan that is not insured or guaranteed by the federal
government or one of its agencies, such as FHA, VA or RHS.

Credit Report:
A document used by the credit industry to examine your use of credit.
It provides information on money that youve borrowed from credit institutions and your payment history.

Credit Score:
A numerical value that ranks a borrowers credit risk at a given point in time based on a statistical evaluation of information in the
individuals credit file that has been proven to be predictive of loan performance.

Debt-to-Income Ratio:
The percentage of gross monthly income that goes toward paying for your monthly housing expense, alimony, child support, car
payments and other installment debts, and payments on revolving or open-ended accounts such as credit cards.

Default:
Failure to fulfill a legal obligation. A default includes failure to pay on a financial obligation, but may also be a failure to perform
some action or service that is non-monetary. For example, when leasing a car, the lessee is usually required to properly maintain
the car.

Fannie Mae:
A New York stock exchange company. It is a public company that operates under a federal charter and is the nations largest
source of financing for home mortgages. Fannie Mae does not lend money directly to consumers, but instead works to ensure
that mortgage funds are available and affordable, by purchasing mortgage loans from institutions that lend directly to consumers.

Federal Housing Administration (FHA):

An agency within the U.S. Department of Housing and Urban Development (HUD) that insures mortgages and loans made by
private lenders.

Mortgage Broker:
An individual or firm that brings borrowers and lenders together for the purpose of loan origination. A mortgage broker typical-
ly takes loan applications and may process loans, but generally does not use its own funds to close the loan. Mortgage brokers
often act as independent contractors and not as an agent of the borrower or lender.

Origination Fee:
A fee paid to a lender to cover the administrative costs of processing a loan application. The origination fee typically is stated in
the form of points. One point is 1 percent of the mortgage amount.

PITI:
An acronym for the four primary components of a monthly mortgage payment: principle, interest, taxes, and insurance (PITI).

Points:
1% of the amount of the mortgage loan. For example, if a loan is made for $50,000, one point equals $500.

Pre-Approval:
When a lender provides a prospective borrower with an indication of how
much money he/she will be eligible to borrow for a mortgage. This process
includes a review of the applicants credit history &the review and verification
of income & assets to close.
Pre-Qualification:
The process of determining how much money a prospective home buyer may
be eligible to borrow before he or she applies for a loan.
Seller Assist:
Money given from the seller to the buyer to pay for part of the closing costs.
 5
Principal:
The amount of money borrowed to buy your house or the amount of the loan that has not yet been repaid to the lender. This
does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or
unpaid principal balance) is the amount owed on the loan minus the amount youve repaid.

Underwriting:
The process a lender uses to determine loan approval. It involves evaluating the property and the borrowers credit and ability to
pay the mortgage.

Terms to Know When youre ready to seal the deal...

Closing Agent: The person or entity that coordinates the various closing activities, including the preparation and
recordation of closing documents and the disbursement of funds. (May be referred to as an escrow agent or settlement agent in
some jurisdictions.) Typically the closing is conducted by title companies, escrow companies or attorneys.

Closing Costs: The fees charged in connection with a mortgage loan transaction. Money paid by a buyer (and/or seller or
other third party, if applicable) to effect the closing of a mortgage loan, generally including, but not limited to a loan origination
fee, title examination and insurance, survey, attorneys fee, and prepaid items, such as escrow deposits for taxes and insurance.

Commission: The fee charged for services performed, usually based on a percentage of the price of the items sold (such as
the fee a real estate agent earns on the sale of a house).

Commitment Letter: A binding offer from your lender stating the amount of the mortgage, the number of years to repay
the mortgage (the term), the interest rate, the loan origination fee, the annual percentage rate and the monthly charges.

Down Payment: A portion of the price of a home, usually between 3-20%, not borrowed and paid up front in cash.
Earnest Money Deposit: The deposit to show that youre committed to buying the home. The deposit will not be re-
funded to you after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled.

Flood Insurance: Insurance that compensates for physical property damage resulting from flooding. It is required for
properties located in federally designated flood hazard zones.

Good-Faith Estimate: A form required by the Real Estate Settlement and Procedures Act (RESPA) that discloses an
estimate of the amount or range of charges, for specific settlement services the borrower is likely to incur in connection with the
mortgage transaction.

Hazard Insurance: Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism,
or other covered hazards or natural disasters.

Home Inspection: A professional inspection of a home to determine the condition of

the property. The inspection should include an evaluation of the plumbing, heating and
cooling systems, roof, wiring, foundation and pest infestation.

Homeowners Insurance: A policy that protects you and the lender from fire or
flood, which damages the structure of the house; a liability, such as an injury to a visitor to your
home; or damage to your personal property, such as your furniture, clothes or appliances.

Homeowners Warranty (HOW): Insurance offered by a seller that covers certain

home repairs and fixtures for a specified period of time.

ratified: Once the parties have agreed on the terms of the contract, and all changes are
initialed and/or signed.

Offer: A formal bid from the homebuyer to the home seller to purchase a home.
Walkthrough: A common clause in a sales contract that allows the buyer to examine
the property being purchased at a specified time immediately before the closing, for example,
within the 24 hours before closing.
6

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We all want the best.

Here are questions you
need to ask to be sure.
7

While you are considering the purchase of a new home, you need to be
aware of what things might adversely affect your loan. Your credit, income,
& assets are verified after you submit your application & in some instances
right before closing. Following these tips throughout the loan process
can be very important.

Do these things... dont do this...

Do not apply for NEW credit or INCREASE ANY credit limits.
Call your mortgage banker - Avoid making major purchases like buying a car or
- If youre unsure if something will impact your going furniture shopping. Decline all invitations to
loan, call them to be sure. open lines of credit. These actions will cause your
credit to be pulled and it have a negative impact on
Keep Original Documents your report.
- Keep original paystubs, bank statements, and
Do not max out or over charge existing credit cards.
other financial documents
- Running up credit cards is the fastest way to bring
down a credit score. Just dont do it.
Pay ALL your bills ON TIME.
- Late payments on current accounts will impact Do not consolidate debt or close credit card accounts.
your credit score, which identifes your likliness to - This may change your debt-to-income ratio which
repay your debts. would also impact your credit score.
Do not raise red flags
- Do not co-sign on loans or change your name or
address. The less activity while your loan is in process,
the better.
Do not change jobs.
- Employment stability is a HUGE factor in the under
writing process. Quitting or changing jobs, or even
positions can greatly impact your loan approval.
 8

13- step Road Map to Buying Your 1st Home

YOURE
MATCHED
with one of our

1 top-rated agents

LEARN
the process 2 3
TALK

NEGOTIATE
to lenders to get
prequalified WRITE
an offer
4
the offer PREVIEW
HOMES
6
in person

RATIFIED
CONTRACT 5
Both sides agree
on every term WORK WITH
7 LENDER
to turn in updated
SCHEDULE
dates/times for
inspections
pay stubs/documents

8 9
RECEIVE CLOSE
TIONS!
your keys!
PURCHASE
Final Walk
THROUGH 10
CONG RATULA !
EOWNE
R Home Owners
A HOM Insurance &
YOURE Transfer Utilities

13 12 11
9
Before the Move checklist
__ Arrange for movers
__ Notify your utility services at both your current
and future residence
__ Research and contact service providers at your
new residence (e.g. Internet, Cable, Phone)
__ Complete change-of-addres form at the post office
__ Start using up items that cannot be moved, such
as frozen food, bleach and aerosols
__ Begin packing items you dont use often
__ Arrange for home insurance
__ Store important documents such as birth
certificates, medical records, legal/financial papers
in a safe place that will not get lost in the move
__ Donate or sell items that you do not wish to move
__ Pack an essentials bag
__ Measure furniture and come up with a plan on
where you want everything in the new home
__ Empty and defrost refrigerator
__ Clean your current living space
__ Give your landlord your new address in case he/
she needs to forward stray mail
after the Move checklist
__ Clean your new home
__ Change the locks to outside doors
__ Check smoke detectors and replace batteries, if
needed
__ Be sure that all utility services are turned on and
in your name (Electric, Gas, Water, Basin and
Drainage, Garbage, etc.)
__ Arrange times for cable and internet providers
to come and install
__ Change your address on your bank accounts,
credit cards, drivers license, vehicle registration,
voters registration, etc.
__ Notify your employer of your new address and
new local tax ID
__ Store all of your homes closing documents in a
safe place
__ Find and store manuals for the homes
appliances and systems
__ Store important documents such as birth certificates,
medical records, legal/financial papers in a
safe place that will not get lost after the move
__ Meet your neighbors
__ Unpack and enjoy your new home
 10

Did you know we have

Make sure you check out our Events tab on our Chantel Ray
Real Estate Facebook for the next seminar in a city near you!

Download our app to get the most up-to-date homes! If you see it, we can show it! Unless its under contract.

Whew! No costs to you! If you didnt already know. STOP RENTING.

Come on now, EVERYTHING isnt free... Dont get blindsided by condo ownership!

Becuase no one wants to live in the middle of a circus. The first five steps to the homebuying process...
11

a homebuyer seminar?
Just incase you cant make it we took some of the good bits
and put them right in this book so you didnt miss out!

The last five steps before youre in your home!! Dont worry...youre not COMPLETLEY stuck.

If the inspection isnt cutting it, LEAVE. Appraisal came back & its not what you thought, LEAVE.

HOA being crazy? LEAVE. We have TONS of TRUSTED vendors just for you!

Because signing things in your pajamas is so comfy. Dont forget to ask about First Time Homebuyer Grant!!