The Minnwest Bank NOT FINAL HOME BUYING PACKET

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The Minnwest BankDRAFTNOT FINALHOME BUYINGPACKETThe home-buying process is complicated enough withouthaving to worry about what to do at each step along theway. Our Minnwest mortgage team will be here to guideyou through the process, but we’ve compiled this simplehomebuyer guide as a resource to walk you through what toexpect.Whether you’re a first-time home buyer, looking to refinanceor simply curious about where to begin, we hope this guide willhelp get you started.MEMBER FDICThe Home Buying Process. 1Home Buyers Checklist. 2Refinancing Checklist. 3The Do’s And Don’ts of Home Financing. 4Your Home Mortgage. 5Mortgage Acronyms. 6

DRAFTTHE HOME BUYING PROCESSWHAT TO EXPECTNOT FINALMEMBER FDICThis simple guide will walk you through the 5 Step Home-Buying Process with MinnwestBuying a home is a uinquely personal experience. Whatever your goals, we’ll help you get the mortgage that isright for you. Below is some simple information to understand the mortgage process and who will be assisting youat various points in along the way.STEP 1: Application and Pre-QualificationSTEP 4: Final ApprovalThe first step in the home buying process is todetermine the mortgage you can afford and theapproximate price range you should consider as youlook for your new home. We recommend going throughthe pre-qualification process before beginning yourhome shopping. Pre-qualification can give you an edgeover other buyers as it shows how large of a loan youqualify for. We’re proud to work with Windsor MortgageSolutions and you will begin seeing documentationfrom them once your application is complete.During final approval, an underwriter will reviewthe paperwork and details of your loan to determinewhether or not they will support the pre-qualifiedapproval (from Step 1).Get the process started by gathering the documentsoutlined in our Mortgage Application Checklist.Work with your Minnwest Bank Mortgage LendingOfficer (MLO) to review your financial situation as youdiscover what home prices are within budget. You’llwalk through various scenarios to see which mortgageprogram might fit your needs.STEP 2: Loan ProcessingOnce you have a signed contract on a home, our loanprocessors will review and double-check your mortgageapplication paperwork to ensure everything is accuratebefore we send it along to a loan underwriter. Yourmortgage banker will keep you informed about yourloan’s progress throughout this stage.STEP 3: Home AppraisalDuring this step, a local appraiser who understandsyour community and your new neighborhood willcompare the property to similar homes in the area toensure the purchase price matches your new home’sactual value. Your MLO will be happy to providerecommended appraisers in the area. Note theappraisal reflects the market value of the home— not the reconstruction or tax value. You’ll receive acopy of the appraisal at closing (see Step 5).We’ll also obtain a title opinion at this time. Thistakes up to 30 days and gives us the legal details ofthe property to confirm current ownership rights. Atclosing, you’ll be required to secure owners coverage fortitle insurance. Lastly, you’ll need to obtain homeowner’sinsurance at this stage. Your Minnwest mortgagebanker can provide a referral to make it easy for you.We will gather and evaluate information to supportyour application, including:» The property: Does the appraisal report verifythe value of your home?» Total debt ratio: Do you have a healthy debt-toincome ratio?» Cash reserves: After your loan costs are settled,how much money will you have left in the bank?» Credit history: Do you have a responsiblepayment history? How likely are you to repay yourloan?» Employment history: How stable is your currentincome?Upon approval, we will provide the terms andconditions of your loan and a checklist of items youneed for closing. Minnwest Bank works with Windsorwho will arrange the title work, inspections,settlement figures and other closing documents.We work with Windsor Mortgage Solutions, a serviceprovided by Plains Commerce Bank, in order to provideyou with competitive home loan options. WindsorMortgage Solutions specializes in just that – mortgages– and based on their volume of loans, we are able tooffer our customers longer term options and better rates.STEP 5: ClosingThe closing is the last step in the mortgage processand involves multiple parties. Here the property titlepasses from the seller to the buyer. You’ll be signing alot of documents at the closing, but everything will becarefully explained to you. See our Do’s and Don’ts ofHome Financing for some insight on what to avoidas you near this final exciting step. At the closing you’llalso take care of any closing costs and the balance ofyour down payment. Once complete, you’ll officiallyown your new home!Contact Us Today and your banker will walk you through the details of the home buying process»minnwestbank.com/homesweethome

DRAFTHOMEBUYER’S CHECKLIST NOT FINALMEMBER FDICMORTGAGE APPLICATION CHECKLIST:Whether it’s your first time buying, or you need a refresher. Here’s everything you’ll need to preparefor your homebuying journey. Your Minnwest Bank mortgage loan officer will help you completeyour application - or apply online at »minnwestbank.com/homesweethomeABOUT YOUCopy of your Government-issued photo ID such as adriver’s liscense for all applicantsSocial Security numbers for all applicants for credit checkNumber and age of dependentsFor existing homeowners: A copy of your real estatetax statement, homeowner’s insurance and mortgagestatement. If refinancing or FHA or VA, a copy of yoursettlement statement and note.For renters: Name, address and phone number of landlordfor the last two years (if applying for FHA, VA or first timebuyer programs)Dates and years of school completed. Diplomas andtranscripts if you have been in school during the lasttwo yearsABOUT YOUR INCOME/EMPLOYMENTName, address, phone number, dates of employment forall employers over the last 2 yearsPaystubs covering a 30-day periodLast two years’ W-2s, If self employed or receive otherincome, rental income please include K-1s, and 1099sLast two years personal/business federal tax returns,complete with all schedulesCopies of social security, pension, and/or retirementaward letters and corresponding 1099sDivorce decre and settlement paperwork for separatemaintenance (if applicable)Explanation letter for employment gaps in the lasttwo years. If you are changing employment prior toclosing, please inform us and provide your new employerinformation including start date, business address andphone and pay rate.ABOUT YOUR INCOME - OTHER SOURCESTwo months of all bank statements for checking andsavings accounts for all applicants. Avoid spending anyfunds you plan to use for down payment of closing costs.Two months of all statements for investment andretirement accounts for all applicants accountsAddress(es) and documentation for real estate currentlyowned, if anyABOUT YOUR HOMEPurchase contract accepted and signed by you and thesellerAppraisal showing a value of at least the purchase price(your lender will order)Name and contact information for the homeowner’sinsurance agent you will useName and phone number for the homeowner’sassociation, if applicableA home inspection report is typically not required by yourlender, but it’s a good idea to get an inspectionABOUT YOUR CREDITS & LIABILITIESGeneral knowledge of your current credit card, studentloan, auto loan, and other credit accounts. Your loanofficer will pull a credit report that shows your accounts,but on occasion, the information may be outdated,missing, or erroneousBankruptcy and discharge paperwork (if applicable)Documentation disproving any erroneous terms on yourcredit reportContact Us Today and your banker will walk you through the details of the home buying process»minnwestbank.com/homesweethome

DRAFTREFINANCING CHECKLIST NOT FINALMEMBER FDICMORTGAGE REFINANCING CHECKLIST:Whether you’ve refinanced before or are looking for a refresher, here’s everything you’ll need toprepare. Your Minnwest Bank mortgage loan officer will help you complete your application - orapply online at www.minnwestbank.com/homesweethomeABOUT YOUCopy of your Government-issued photo ID such as adriver’s liscense for all applicantsSocial Security numbers for all applicants for credit checkNumber and age of dependentsFor existing homeowners: A copy of your real estatetax statement, homeowner’s insurance and mortgagestatement. If refinancing or FHA or VA, a copy of yoursettlement statement and note.For renters: Name, address and phone number of landlordfor the last two years (if applying for FHA, VA or first timebuyer programs)Dates and years of school completed. Diplomas andtranscripts if you have been in school during the lasttwo yearsABOUT YOUR INCOME/EMPLOYMENTName, address, phone number, dates of employment forall employers over the last 2 yearsPaystubs covering a 30-day periodLast two years’ W-2s, If self employed or receive otherincome, rental income please include K-1s, and 1099sLast two years personal/business federal tax returns,complete with all schedulesCopies of social security, pension, and/or retirementaward letters and corresponding 1099sDivorce decre and settlement paperwork for separatemaintenance (if applicable)ABOUT YOUR INCOME - OTHER SOURCESTwo months of all bank statements for checking andsavings accounts for all applicants. Avoid spending anyfunds you plan to use for down payment of closing costs.Two months of all statements for investment andretirement accounts for all applicants accountsAddress(es) and documentation for real estate currentlyowned, if anyPROPERTY YOU’RE REFINANCINGAddress and estimated value of the refinance propertyThe balances of all the mortgages, liens or line of creditand lender informationName and contact information for the homeowner’sinsurance agent you will useName and phone number for the homeowner’sassociation, if applicableABOUT YOUR CREDITS & LIABILITIESGeneral knowledge of your current credit card, studentloan, auto loan, and other credit accounts. Your loanofficer will pull a credit report that shows your accounts,but on occasion, the information may be outdated,missing, or erroneousBankruptcy and discharge paperwork (if applicable)Documentation disproving any erroneous terms on yourcredit reportExplanation letter for employment gaps in the lasttwo years. If you are changing employment prior toclosing, please inform us and provide your new employerinformation including start date, business address andphone and pay rate.Contact Us Today and your banker will walk you through the details of the refinancing process»minnwestbank.com/homesweethome

THE DO’S AND DON’TSOF HOME FINANCINGDRAFTNOT FINALMEMBER FDICJust as there are a number of things that you can do during the home loan process, there arealso a number of things that you should avoid doing when applying for a mortgage loan andduring the process. We’re not saying you can’t do any of these things, we’re saying don’t dothem without calling us first. We’ll counsel you on how to move forward.THE DO’STHE DON’TSDo make all payments on timeDon’t rush. This is one of the mostimportant financial commitments you’llever make. Take all the time you needDo tell us about any property you ownDo continue working with your currentemployerDo know you have a right to understand100% of what you are signingDon’t transfer any moneyDon’t open or apply for any new creditDon’t make any unusual cash depositsDo ask questions until you feel comfortablewith everythingDon’t take out an unsecured loan to usefor down payment purposesDo return our phone calls as soon aspossibleDon’t feel like you “should” know theanswerDo consult with us before you make anychanges within your companyDon’t silence that little voice inside of youthat says something is wrong. Trust yourgut and speak up. Now is your chance toprevent future problems(pay raise, shift swift, change position, move)Do tell us if your plans change how youwill pay off debt or save money for a downpaymentWe’re here to help from the beginning until the “Welcome Home”!If you have questions about the home buying process, contact us todayand your banker will walk you through the details. Or visit us online at»minnwestbank.com/homesweethomeDoers Welcome.

YOUR HOME MORTGAGEDRAFTNOT FINALMEMBER FDICWhen it comes to one of life’s biggest purchases, work with a bank you know and trust. Whether you’re purchasingyour first home or renovating the one that’s been in your family for fifty years, we’re here to help. When it comesto home loans, there is no “one size fits all.” We have several mortgage options available to assist with your homebuying needs or refinancing needs.Your Minnwest Bank mortgage loan officer will help you complete your application - or apply online NAL OR NON-GOVERNMENT LOANSMEMBER FDICGOVERNMENTRural Development(USDA/ RD)ConformingNon-Conforming (Jumbo)MAXIMUM LOAN TO VALUE(LTV)96.5% 1.75% up-front mortgageinsurance premium100%(Excludes VA Funding Fee)101% Includes Up-FrontGuarantee Fee of 1%97% HomeReady/HomePossible/Housing/FTHB95% all other investors85%(Some options at 90%depending on DTIand Credit)MAXIMUM DEBT TOINCOME RATIO (DTI)57%AUS Approval & PassResidual Income TestGUS Approval(45- 47% max typically)50%43% General RuleIf 43%, contact UWLOAN LIMITS 331,760 or more based onFHA state limitsNo limits for Veterans withfull entitlement.Max guarantee above 144kis 25% of loan.Max based of abilityto repay 510,400 2.5 MillionMORTGAGE INSURANCE.80% - .85% typically on 15 year terms. Price / termincrease as LTV / loanamount increases.No MI, upfront funding feeonly when required.35% x Loan TermVaries based on credit andLTV: .17% - 2.81%No MIADDITIONAL INFOAppraisal does not likepeeling paint or otherstructural issuesSimilar to FHA.Also does not like “hazards”like uneven sidewalks, etc.Must be in eligible area perRD site (Generallypopulation 10,000 to35,000). Requires a 1%guarantee fee.Requires MI for loans above80% LTVRequires reserves dependingon additional real estateowned. (Generally 6months). No housing latesin past 24 months on creditContact Us Today and your banker will walk you through the details of the home buying process- All credit and loan products are subject to credit approval»minnwestbank.com

DRAFTMORTGAGE ACRONYMSGUIDEYOUR GUIDENOT FINALMEMBER FDICThe mortgage industry is full of acronyms, and when you aren’t familiar with the meanings,a conversation can sound like a foreign language. Don’t stress when you hear your loanofficer say acronyms you do not understand; we’re here to help!Here is a list of common acronyms, and their definitions, so you can sound like a pro when applyingfor a mortgage.FHA: Federal Housing Administration. The FederalGovernment Agency that oversees the US Housing Market.FHA mortgages are guaranteed by the Federal Governmentand offered by banks /lenders.FICO: Fair Isaac Corporation. The company that created theindustry standard credit scores used by almost all lenders. TheFICO score is a numeric summary of the information in yourcredit reports that represents your potential credit risk.APR: Annual Percentage Rate. The APR calculates the annualpercentage rate you would pay on the loan once the costs ofgetting the loan are factored in.ARM: Adjustable Rate Mortgage. An Adjustable rate mortgageis a mortgage that will have a fixed rate for a set period oftime and then the rate is adjusted. The rate will normally beadjusted once or twice a year.ECOA: Equal Credit Opportunity Act. A law in the U.S. thatmakes it illegal for any creditor to discriminate against anyapplicant on the basis of race, religion, national origin, sex, etc.FHLMC: Federal Home Loan Mortgage Corporation. Acorporation authorized by Congress to provide a secondarymarket for residential mortgages.GFE: Good Faith Estimate. A GFE is a document that thelender is required to give a prospective borrower when theyapply for a loan. The GFE is an estimate of all closing costs andfees required for the proposed mortgage loan.GPM: Graduated Payment Mortgage. This is a type ofmortgage on which the payment starts low and rises overtime.HARP: Home Affordable Refinance Program. HARP is arefinance program that allows eligible borrowers, with littleto no equity in their homes, to take advantage of low interestrates and other refinancing benefits.HELOC: Home Equity Line of Credit. HELOC is a loan in whichthe lender agrees to lend a maximum amount within anagreed loan term, where the collateral is the borrower’s equityin his or her house.IRRRL: VA Interest Rate Reduction Refinance Loan. Thisrefinance loan allows you to lower your interest rate on anexisting VA home loan.LTV: Loan-to-Value. LTV is a ratio used by the lender thatdivides the amount of money borrowed by the appraisedvalue of the home expressed as a percentage. For example, aborrower may purchase a home appraised at 200,000 with adown payment of 40,000. This means he has a loan-to-valueratio of 80%.P&I: Principal and Interest. Principal and interest are the twoelements that go towards repaying your loan.PITI: Principle, Interest, Taxes and Insurance. These are thefour main components of your monthly mortgage payment.Principal is the loan amount. Interest is the rate at which thefinance charge you pay for borrowing is calculated. Taxesare the real estate taxes for which you are responsible, andinsurance is the homeowners insurance that your lenderrequires you to have.PMI: Private Mortgage Insurance. If you put down lessthan 20% most lenders or banks require you to have privatemortgage insurance. This can be put into your monthlymortgage payment or calculated into your rate.TIL: Truth in Lending. TIL is an important document you willreceive from the lender or bank within three days of yourapplication. Within the document certain disclosures are setforth. Such as, finance charges, annual percentage rate (APR),amount financed, total of payments, and total sales price willbe disclosed.VA: Department of Veterans Affairs. This federal governmentagency guarantees mortgages that assist eligible veterans inbuying homes.DTI: Total Debt-To-Income-Ratio - this is the percentage ofyour income that goes towards paying your monthly debts andit helps lenders decide how much you can borrow.HUD: U.S. Department of Housing and Urban Development.HUD is the primary housing and lending regulatory authorityin the U.S.Contact Us Today and your banker will walk you through the details of the home buying process»minnwestbank.com

STEP 2: Loan Processing Once you have a signed contract on a home, our loan processors will review and double-check your mortgage application paperwork to ensure everything is accurate before we send it along to a loan underwriter. Your mortgage banker will keep you informed about your loan's progress throughout this stage. STEP 3: Home Appraisal

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