learning about buying a home with jeffrey bigay

Our key locks the rate.

Your key unlocks the door.

About Mortgage Master Founded in 1988, Mortgage Master has grown to

become one of the nation’s largest independently

owned mortgage companies. We employ

approximately 600 experienced professionals,

including 250 elite loan experts. We possess

more of the top 200 loan officers than any other

lender in the U.S. (as measured in dollar volume).

Licensed in over 20 states, our skilled team of

loan officers offer the most comprehensive range

of products and competitive rates in the industry

to address all of your financing needs. In our 25

years in business, we have practiced responsible

lending and remained dedicated to unsurpassed

customer service. These values have propelled

our continuous growth and success, and enabled

us to lend over $5 billion in annual loan volume.

589985 # CIL YN /589985 # CIL JN

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3708.023.615 :xaF moc.retsamegagtrom@ydnatg

ydnatg/moc.retsamegagtrom.www 589985 :SLMN

Our key locks the rate. Your key unlocks the door.

Everyone dreams of owning a home. Unfortunately, the process of obtaining a mortgage can be so confusing and discouraging that people often settle for extremely unfavorable rates and terms — or even postpone their purchasing plans indefinitely.

At Mortgage Master, we’re committed to helping consumers get low-rate, low-cost mortgages that best meet their unique financial needs and investment goals. By consistently honoring this commitment, we’ve enabled thousands of people nationwide to buy new homes, refinance existing ones, make home improvements and purchase investment properties.

We are very proud to say we have helped many dreams come true.

Our approach is simple. We eliminate the complexities and frustrations that characterize the typical mortgage process. Our experienced Loan Officers develop close working relationships with clients to gain in-depth understanding of their lending needs. Through ongoing communication, the process is interactive and supportive — rather than impersonal and intimidating.

At their core, Mortgage Master client relationships are based on providing unparalleled customer service:

• Since the same loan officer works with you every step through final loan approval, you always speak with someone who’s intimately familiar with your situation. There’s no aggravating runaround or rehashing of old information with each call.

• We accommodate your schedule by promptly returning messages and arranging meetings at your convenience.

• With no vested interests in specific mortgage products, we’re able to objectively listen to your concerns and priorities — and explore only the most appropriate alternatives.

• We explain all relevant mortgage options clearly and concisely, with no technical jargon.

THE RESULT?A loan process that’s fast. Easy. And highly productive. In fact, by working with vendors who share our focus on customer value, Mortgage Master can provide the highest quality products at the lowest possible costs. So you’re always assured of getting the best available rates in the industry.

If You’re a First TimeHomebuyer You’re inthe Right Place.

FIRST-TIME HOMEBUYER

We are committed to help you organize and understand all the steps in the homebuying process. To get started, here is a basic outline of the process, including tips and advice, to make sure you’re on track to a successful closing.

Keep in mind, Mortgage Master will facilitate and coordinate this entire process on your behalf. You are involved as much or as little as you want to be. It is entirely up to you.

Get pre-approved for a mortgage

Qualifying for a mortgage begins by determining your debt-to-income ratio. Take your total gross monthly income and then determine how much of that you payout each month for car loans, credit cards, etc. Loan programs will use a qualifying ratio, 33/45 for example, to determine how much of a loan you are eligible for. In this example, if 45% of your monthly income goes to pay off debt, you can spend up to 33% of that income on mortgage payments. Using this formula, you’ll know where you stand going forward.

Learn how much home you can afford

Down payments on homes are based on a percentage of the selling price. The more you can put down up front, the better off you are. In fact, if you’re able to put down 20% or more, you’ll be able to avoid an additional mortgage insurance cost (PMI). But, even if you can’t make a down payment of 20%, there are plenty of affordable mortgage programs that require far less and, in some cases, even zero down. In any event, knowing how much you can put toward that new home will help you fix your price range.

Get a credit report

A Mortgage Master loan officer will obtain a copy of your credit report, review the findings and determine the product and program that works best for you.

Find a home

Ask friends, relatives, neighbors or your mortgage lender to recommend an agent who knows the area where you’re looking. Seek references, ask a lot questions and make sure you’re comfortable with the person you choose to help you find a home.

Hire an attorney

Ask friends, relatives, neighbors or your mortgage lender to recommend a real estate attorney who is familiar with the local housing market. As with your real estate agent, seek references, ask a lot questions and make sure you’re comfortable with the person you choose to represent you.

Unlock the door

Remember, you have many homes to choose from, but owners only have one to sell. Make sure a home meets the needs of your family and your lifestyle. No home is perfect, but when you know what you want you’ll be happy with your choice.

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If You’re a First Time Homebuyer You’re in the Right Place.


Make an offer

When you find the right home, make an offer that makes you comfortable. There are lots of ways to negotiate, but ultimately only you know your limit. So, give your self a little room for back-and-forth and try to avoid bidding wars. When you agree on a price, you and the seller will sign a Purchase Agreement to define the terms and conditions of the sale.

Get a home inspection

A professional inspector will examine the home thoroughly and give you a detailed report of the heating, water and electrical systems as well as the physical conditionof the home to identify any problems that need to be addressed before the final sale.A Mortgage Master loan officer can assist you in the process.

Have the home appraised

Mortgage Master will obtain a formal, written estimate of the home’s current market value. We will provide this service from our vast network of appraisers.

Obtain title insurance

Your attorney will also help with obtaining Title Insurance. The property that you are purchasing must be free of all liens at the time of the sale. This insurance policy protects you in the event that there are any problems with the title or deed.

Seal the deal

The formal transfer of property occurs at the closing. MMI facilitates this process by coordinating and distributing.

Mortgage Master, Inc. helped over 23,000 Americans with their home financing needs in 2012. We offer local market knowledge and unparalleled customer service to each and every client.

Call or email me today to discuss your financing needs. I can make you a homeowner!

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What Happens When Your Credit Report is Requested

What Happens After Your Mortgage Originator Pulls Your Credit Report 1. Your mortgage originator pulls your credit report from the credit bureaus to obtain your credit score and

process your loan application.

2. The credit bureaus may place your personal information on a prescreened list (also called a trigger list).

3. Within hours the credit bureaus may sell the list to hundreds or thousands of companies. Your mortgage originator does not authorize the sale of your personal information without your permission and cannot stop it.

4. Within hours you begin to receive phone solicitations for mortgage products from numbers and companies you don’t recognize.

5. Within days you begin to receive mail solicitations for mortgage products.

What to Look Out For 1. The “bait-and-switch” scheme. This scheme is run by companies who get business by luring customers in with

low rates and then switching the loan product. 2. Solicitations (phone and mail) that appear to be from your current mortgage company. Always confirm who

you are speaking with. 3. Solicitations asking for pin numbers, passwords, your mother’s maiden name and/or your social security number. 4. If you believe you have been the target of one of these deceitful practices or some other abuse of the

system, please report the incident to the Federal Trade Commission at 1.877.FTC.HELP (1.877.382.4357); TTY; 1.866.653.4261

What You Can Do 1. Opt-Out of prescreen offers. 2. Register with the Do-Not-Call Registry. 3. Contact the Federal Trade Commission.

4. Contact Congress.

Mortgage Master is one of the largest independent mortgage

lenders in the northeast.

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DON’T APPLY FOR NEW CREDIT – Any new credit inquiry or debt will have to be accounted for and if this is only discovered just prior to your closing it can create delays, change the terms of your financing or in some cases, even prevent qualification and closing. If you absolutely must open a new account, please consult with me first as we’ll need to properly analyze any impact and properly document it. The same can be said for borrowing against retirement funds—It’s OK to do so but only if you still qualify with the payments added to your debt load.

DON’T CHANGE JOBS DURING THE PROCESS – There are of course instances when this may not be your choice. However, if you’re considering a switch please be sure to consult with me first. Employment must be verified and the criteria can vary. Probationary periods can preclude use of income as can some career changes. Status changes such as from a salaried to a commissioned position, leave of absence or the use of bonus and overtime income unless it’s been received from the same employer for the past two years are also subject to very strict rules and may not be acceptable towards qualifying.

DON’T MAKE LARGE DEPOSITS WITHOUT CREATING A PAPER TRAIL – Deposits of $1000 or more (even less in some instances) often must be sourced. If they appear on your bank statements as transfers from one account to another or as payroll deposits, that’s fine. Unidentified funds however, must be accounted for as underwriters must assure that these do not represent borrowed money. Plan ahead, make copies of checks and deposit slips and be especially careful when depositing multiple checks from various sources or depositing cash—whenever you’re unsure, consult with me first.

DON’T WAIT TO LIQUIDATE FUNDS FROM STOCK OR RETIREMENT ACCOUNTS – If you’re using or borrowing against your retirement savings or brokerage accounts, don’t wait to get this done -you will need to provide evidence of the liquidation and transfer and if it’s a loan, the monthly payment. lf you’re cashing in stocks or bonds, the value can change at any time and many an unfortunate soul has ended up with not enough funds to close when their stock crashed just before they sold it.

DON’T START ANY HOME IMPROVEMENT PROJECTS – Especially before the appraiser has inspected your home or of the scope that require a building permit. Small cosmetic projects like painting are not usually a problem but anything like bathroom or kitchen renovations, anything structural or those that disrupt functionality can be an issue.

DON’T EVER BE AFRAID TO ASK QUESTIONS – If you’re uncertain about what you need or what you should do. I’m here to help you through the process and am always happy to communicate even if it’s long before you intend to buy. Together, we’ll be sure to make the process as painless and efficient as it can be and to get you into your new home on time.

What NOT to Do While Your Loan is in Process

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Quick Tips for Getting Started on Your Loan

Obtaining home financing can be a complex process, but it doesn’t have to be! Preparing documents

can save you a lot of time and hassle. To start, we will need personal information to verify employment for

you and your co-borrower (if applicable). We will also need information regarding all of your debts and assets.

In order to expedite the paperwork process, start gathering the following items:

• Pay stubs for most recent 30 day period • Prior 2 years W-2 • Federal tax returns, all schedules, attachments for prior 2 years • Copy of State Issued Driver’s License for each borrower • Prior 2 months full bank statements/investment accounts • Homeowners Insurance for all real estate owned • Most recent mortgage statement • IF you are self-employed, a year to date profit and loss statement • IF an offer has been made on a property, please provide a fully executed Purchase & Sale Agreement

What costs are involved?

This is a brief rundown of some of the fees that could be associated with your new mortgage:

• Application/Processing Fee- fee to process your loan application • Appraisal Fee- fee to determine the current value of the property • Closing Fee- fee to ensure the close of your transaction • Title Search/Insurance Fee- fee to ensure property is free from liens • Origination Fee- fee to originator to obtain a lower interest rate

Please note: Additional fees may apply.

Let me help you find the loan program that works best to meet your individual goals. Call me directly for a free evaluation!

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The Value of Pre-Approval

For many new homebuyers, the terms pre-qualification and pre-approval seem interchangeable. But they are not — and the distinction is an important one.

I can help you with either of these initial steps to get you started on your home financing process!

• Pre-qualification is when a lender performs a quick check to determine generally how large a home loan the buyer can afford. Essentially, when a buyer is pre-qualified, we notify them – as their lender – about how much they would most likely be approved to borrow.

• Pre-approval goes much deeper. In order to issue a pre-approval, the lender will examine and verify the borrower’s debt, income, savings, assets and credit report to ensure the borrower can repay the loan amount. Where pre-qualification is a sort of educated guesstimate of the buyer’s purchasing power, pre-approval says that you have a preliminary approval for the loan amount you are eligible to borrow.

Pre-approvals are particularly useful when home shopping for multiple reasons. To begin with, pre-approval instantly lets you know what your actual budget is. Knowing what you can afford from the outset will help you and your real estate agent better focus your efforts and keep within your financial comfort zone.

Being pre-approved also provides you with an advantageous position over other buyers, because pre-approval assures the seller that you are a serious buyer and have access to the loan necessary to back your offer. Your lender will provide you with a letter or certificate demonstrating that you are pre-approved for a certain amount of money, which you can provide as part of your offer.

If you, a relative, friend or colleague would like to learn more or get pre-qualified or pre-approved for a home loan at NO COST, please contact me. I would be happy to help you!

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PRODUCT ANNOUNCEMENT:

FHA 203K LOAN

Looking for a fixer-upper? Not sure how to finance repairs? If you find a house in need of repairs,

an FHA 203K rehabilitation loan allows you to finance the repairs and the house purchase in one loan.

A bedroom addition, a family room extension, an upgraded kitchen or a bathroom remodel are just a

few of the options available for you with an FHA 203K rehabilitation loan.

ELIGIBILITY

• Down payment — 3.5% of total amount of purchase plus costs of repairs – gift funds are allowed

• Seller contributions — seller may contribute 6% of purchase prices toward closing cost and prepaids

• Purchase of owner occupied primary residence

• Commercial properties are not eligible

• Required $5,000 minimum renovation cost

• Additional restrictions apply

BORROWER BENEFITS

• Turn an average home into a dream home. Qualified home-buyers can improve less-than-perfect homes in desirable locations or address property shortcomings immediately without draining your savings.

• Make the home your own — removing the previous owner’s style. Everyone has different tastes — you don’t have to live with the previous owner’s choices.

• Fix things the previous owner may have ignored — windows, roof repairs, etc.

• Get more house for the money. REOs and foreclosures are still a large part of the real estate inventory. Buyers can take advantage of reduced home prices.

• Rolling rehabilitation costs into the mortgage allows borrowers access to repair funds at lower rates.

Call me today to learn more about this great mortgage option!

589985 # CIL YN /589985 # CIL JN

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VETERANS ADMINISTRATION LOAN

You Served Us, NowLet Us Serve You

We’re proud to help you get the home of your

dreams with a VA Loan.

Whether you’re a veteran, reservist or currently on active duty, you may speak with me anytime about a low-cost VA loan. I can

help you qualify for the right VA loan to help you achieve your dream of home ownership, fast and easier than you thought possible.

The Facts About VA Loans:

• Most applicants qualify for no down payment.

• Loan maximum may be up to 100 percent of the VA-established reasonable value of the property.

• Flexible interest rates.

• No monthly mortgage insurance premium to pay.

• Limits on buyer’s closing costs.

• Assumable mortgages are subject to VA approval of the assumer’s credit.

• Penalty-free prepayment.

• Should you experience temporary financial difficulties, the VA extends forbearance and financial counseling to help you avoid losing your home.

Why Choose Mortgage Master?Simply put, our doors don’t close until your loan closes. Mortgage Master, Inc. is one of the nation’s largest privately owned mortgage companies, funding over $7 billion and helping over 24,000 Americans achieve home ownership in 2012. We employ more than 750 employees nationwide, with over 260 loan experts providing home financing services in approximately 22 states. It’s a combination of our knowledge of the market, our innovative programs, our remarkable flexibility and our unparalleled employees that makes us your best choice for a VA residential mortgage.

Here are a few more reasons:

• Expertise — We have more than 25 years in the business.

• Breadth — We are licensed to do business in over 30 states.

• Depth — We have custom programs to meet your needs: 100% financing, first-time financing, 1st and 2nd mortgages without Private Mortgage Insurance, Lender Paid Mortgage Insurance, no points/no closing costs loans and more.

Contact me today to find out why my existing clients consistently refer my services to their friends and family.

589985 # CIL YN /589985 # CIL JN

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moc.retsamegagtrom@ydnatg ydnatg/moc.retsamegagtrom.www

589985 :SLMN

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3079-279-615 :lleC moc.oohay@rotlaeryagibj

Nassau County Locations:

Bellmore: Branch Levittown: Branch Massapequa: Branch Woodbury: Headquarters

2868 Merrick Rd. 11710 650 Wantagh Ave 11756 579 Broadway Ave 11758 175 Crossways Park Dr West 11797

learning about buying a home with jeffrey bigay

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