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MORTGAGE PLANNING GUIDEOur goal is a First-Class mortgageexperience!We are your mortgage coach.Getting a home loan today can be easy but getting the right home loan that meets your short-term and long-term financial needs at the lowest overall cost canbe very challenging.Our unique mortgage planning approach teaches our clients financial education, clearly articulates your financing options, and uses technology to ensure a smart, low cost, and efficient financing process!I’ve built my business one client at a time by closing on-time, proactively communicating, and delivering exactly what we promise an experience not just a loan.Markita Woods NMLS #196099703-929-2274 directmarkita.woods@fairwaymc.comwww.queenofmortgages.com

The Markita Woods Team:Who we are & what we do:Our goal is a first-class experience….Markita Woods aka Queen of Mortgages– 703-929-2274 markita.woods@fairwaymc.comWith more than 20 years experience I know the ins and outs of the business. We work hard at making the loan process as smooth as possible from start to finish, Our system is unlike most lenders, and we know how to get our buyers’ loan closed quickly and on time. This is why you place your trust in an originator like myself, a lender who helps create relationship built on trust for all involved in the transaction. At Fairway, we use local experienced appraisers, in-house underwriting, closing document and funding. This allows us to close a purchase in as little as 15 days. A pre-approval with us is like money in the bank.NMLS #196099Janet Grogman Loan Processor 571-357-3426 janet.grogman@fairwaymc.comJanet’s primary role is to handle every client with care! Janet is the main point of contact before and after a loan goes into processing for both , real estate agents and borrowers. And will be there to answer any questions you may have. She is able to communicate the urgency of a transition while keeping borrowers calm through the process. Janet ensures that borrower have a complete understanding of the loan process and remains available to address concerns. Janet is a US Army Veteran and Military spouse who understands the need for communication and care throughout the process

See What Clients Are Saying About the Markita Woods Team…

Your First Mortgage Payment Once your loan funds, you will have 30-60 days before your firstpayment is due. For example, a loan that funds on September 18thwill have a first payment due date ofNovember 1st.

In order to expedite the processing of your loan, we request that you scan or upload the following items to us for review within 24-hours of completing the online application Paystubs covering the most recent one month period (must be payroll or computer generated and show the YTD earnings and deductions). W2s for the most recent two years 1040s (personal federal tax returns) for the most recent two years. All pages/schedules please. Photo copy of a valid US picture ID All checking and savings bank statements for the most recent two months. Asset account statements (IRA, 401K,investment accounts, etc.) for the most recenttwo months Copy of your current lease agreement or copyof your most recent mortgage statement(s) as applicable.If applicable: Bankruptcy papers (including all pages and discharge paperwork). Divorce decree and/or child support court orderIfself-employed: Business tax returns for the most recent two years CPA letter documenting minimum two years ofself-employment with positive continued outlook of business Business license for most recent two yearsItems Necessary to Process Your LoanThese items can be uploaded directly into our secure online portal once you begin the online app process!

The Dos and Don’ts When Applying for a Home LoanDON’T make any major purchases (car, boat, furniture, jewelry, student loans…)DON’T apply for new credit – PLEASE CALL ME IF YOU FEEL THE NEED TO OPEN NEW CREDITDON’T open any new accounts - gym memberships, etc.DON’T transfer any balances without letting us know firstDON’T pay off any collections or accounts past due without first consulting with usDON’T close any credit card accountsDON’T change banks or open new bank accountsDON’T max out or overcharge your credit accountsDON’T draw on an open line of credit for closing costs or down payment fundsDON’T consolidate your debt onto other open credit accounts without consulting us firstDON’T take out a new auto loan or leaseDON’T open a new cell phone accountDOcontinue to make your mortgage or rent payment on timeDOstay current on all existing accounts (even if you are paying them off)DOcontinue to work for the same employer – try not to switch jobs or get firedDOcontinue to use the same insurance company DOcontinue to live at the same residenceDOcontinue to use your credit cards as normal DOcall us if you have ANY questions!PLEASEDO tell your friends, co-workers, and familyaboutus! We promise to take great care of you andtheonly thing we ask for in return is for you tointroduceus to others we can help!** IT’S SIMPLE: DO NOT GIVE YOUR SOCIAL SECURITY NUMBER OUT F OR T HE NEXT 30 DAYS **If you encounter a special situation, it’s best to mention it to us right away so that we can help you determine the best way to handle it in order to achieve your financial goals!

Why Is It SO Hard To Get A Home Loan?I get it, it’s frustrating… The amount of documents, the details of the documents requested, the back-and-forth, the signing of SO many disclosures…. WHY????- Here’s Why -2004-2006 - GreedThe financial crisis was primarily caused by deregulation in the financial industry. That permitted banks to engage in hedge fund trading with derivatives. Banks then demanded more mortgages to support theprofitable sale of these derivatives, initiating loosened mortgage approval guidelines. Essentially, anyone could qualify for ANY home loan amount.2008-2010 – Collapse/Oh-Crap/President ObamaHome prices drop 34%.. Stock market crashed Sept 2008. President Obama is elected. His #1 job was the economy. Inherited the worst economy since Great Depression. Started with Wall Street reform, the large banks, and mortgage/real estate industries. This began the over-regulation of the mortgage industry.TODAY2010-2016 – Over-regulat ion/Bail-Outs/Bills/RecoveryIn 2010, the Dodd-Frank Act & the Consumer Protection Act was passed. This was the greatest legislation (laws) since the 1930’s! This law placed strict regulations on banks to protect the consumer. Many “bad” mortgage/real estate people left the industry as a result. In 2015, the CFPB *Consumer Financial Protection Bureau) was formed to provide more laws/regulations to protect consumers. Appraisal practices, advertising, rates, and loan disclosures were impacted.ALL of these guidelinesare STILL in place!

2Home Shopping Offer Negotiations Offer Accepted Inspection AppraisalMortgage Planning MeetingAn Enhanced Home Buying ExperiencePre-ApprovalCreditCashYes No Yes No Income/Emp Yes No Property (condo/sfr)Rate Lock Strategy Federal Disclosures Lock RateFinal DisclosuresPre-Closing Review Sign at Escrow Fund/Close/Keys!Do you have an insurance agent?Do you have a financial planner?Do you have a real estate agent?I need your helpName 31BudgetingMonthly Pmnt.Down Pmnt.Are you debt-free?Do you have life insurance?

83 Ways You May Hit TurbulenceThe Buyer/Borrower (32)1. Not telling the truth on loan app.2. Incorrect info submitted to lender3. Late payments on credit report4. Unknown additional debt after app.5. Borrower/co-borrower loses job6. OR switches to job w/probation period7. OR switches from salary to 100% commission income8. Income verification lower than on app.9. Overtime income not allowed by U/W10. Large purchase on credit prior to closing11. Illness, injury, divorce, etc. during escrow12. Lack of motivation13. Gift donor backs out14. Cannot locate divorce decree, tax returns, bank statements, or other required documents15. Cannot locate petition/discharge of bankruptcy16. Difficulty obtaining rent verification17. Interest rate increases & borrower no longer qualifies19. Child support not disclosed on app.20. Borrower is a foreign national21. Bankruptcy within last two years22. Mortgage payment is double previous housing payment23. Not having steady two-year employment history24. Handwritten pay stubs25. Borrower/co-borrower/seller dies26. Family/friends do not like the home the buyer chooses27. Buyer is too picky about property in price range28. Buyer feels the house is misrepresented29. Veterans DD214 form not available30. Short on closing cash31. Improper “paper trail” for gifts, loans, etc.32. Buyer doesn’t bring/wire closing funds in timeThe Seller (24)33. Loses motivation to sell34. Cannot find suitable replacement property35. Delays or refuses access to property for appraisalsor inspections or repairs36. Removes property the buyer believed was included37. Unable to clear liens – short on cash to close38. Did not own 100% of property as previously disclosed39. Unable to get partner’s signatures timely enough40. Leaves town w/o getting Power of Attorney41. Delays projected move-out date42. Not completing repairs agreed in contract43. Seller’s home goes in to foreclosure during escrow44. Misrepresents info about home & neighborhood45. Does not disclose hidden or known defects & thosedefects are discovered46. Builder miscalculates completion of new home47. Builder has too many cost overruns48. Final inspection does not pass18. Loan program changes with higher rates, points, & fees49. Seller doesn’t appear for closing & won’t signpapers50. Have no client control over buyers or sellers51. Unfamiliar with client’s financial position – do they have enough equity to sell, etc.52. Delays paperwork to lender53. Inexperienced in this type of property transaction54. Takes unexpected time off during transaction &cannot be reached55. Misleads other parties to the transaction56. Fails sufficient homework on clients or propertyThe Property (9)57. County does not approve septic system or well58. Substantial termite damage that seller will not repair59. Home size and/or condition misrepresented60. Home is destroyed prior to closing61. Home is not structurally sound62. Home unsuitable for insurance63. Property incorrectly zoned64. Existing oil tank leaks cannot be decommissioned65. Comparable homes for appraisal difficult to findThe Escrow/Title Company (8)66. Fails to notify lender/agents of unsigned or unreturned docs67. Fails to obtain info from beneficiaries, lien holders, insurance companies, or lenders in atimely manner68. Lets principles leave town w/o getting needed signatures69. Loses or incorrectly preps paperwork70. Does not disclose valuable info quickly enough71. Does not coordinate well so that many items can be done at once72. Does not bend rules on small issues73. Finds liens or other title problems last minuteThe Appraiser (6)74. Is not local/misunderstands market75. Too busy to complete on time76. No comparable sales available77. Not on lender’s approved list78. Makes mistakes leading to low value79. Lender requires a 2ndor review appraisalInspectors (4)80. Pest Inspector not available when needed81. Pest inspector too picky about property condition82. Home inspector not available when needed83. Inspection reports alarm buyer & sale cancelled

Mortgage Payment BreakdownPPrincipleThe original amount of money owedIInterestThe charge for the use (loan) of moneyTTaxesThese are assessed by county; your lender typicallypays your taxesIInsuranceHomeowners insurance; you pay 1/12the annual premium each month-AND-Private Mortgage Insurance.This is requiredif you put less than 20% down.There are several factors, including the down payment amount and the loan program, & type of property that determine how much your monthly mortgage payment will be.What’s in your mortgage payment?A mortgage payment consists of four components:

Understanding Mortgage RatesYou can’t believe what you see online… Not all mortgage loans are created the same1. Loan amount (over $647,200)2. Loan Type (Gov’t, FHA, VA, Conv, Jumbo...)3. Loan Term (30, 20, 15… 10/1, 7/1, 5/1 ARM)4. Amortization (30-yr or ARM)5. Purpose (refinance, purchase)6. Cash out/amount7. Loan to value (LTV)8. CLTV (combined loan to value, 2ndmtg)9. Property State10. Property County11. Property Type (condo, manufactured home)12. Number of Units (1-4)13. Occupancy (owner occupied/investment)14. Credit Score15. Credit History16. Debt tolerance ratio17. Asset verification18. Reserves19. Relocation20. Gift Funds21. Concessions22. Income Verification23. Employment Status24. Employment Documentation25. Co-Borrower26. Citizenship27. Lock Period (15, 30, 45, 60, 90...)28. Mortgage Insurance29. Automated UW System (DU, LP, Manual)30. Escrows Included or not (taxes andinsurance)The Top 30 Factors that Determine an Accurate Rate Quote

Under standing Your Rate LockA Professional Buying Plan To Personalize Your MortgageRateCost“Discount Points or Not”(the lower the Rate, the higher thecost) see the “cash to close” line

What is a rate lock?A rate lock is an agreement between you (the borrower) and us (the lender) that a specific interest rate will be provided to you for a specific period of time (the rate lock period).When is my rate locked?We will confirm and lock your interest rate with your verbal or written authorization.What if rates go up before I close my loan?Once your rate is locked, we immediately purchase money from our investors for you at that specific rate. As long as your loan application is approved and all other terms and conditions or approval requirements are met, this money will be available to you at your loan closing regardless of market conditions after you have locked your rate. If interest rates have increased, you are protected and can be assured that your locked rate will be honored on your loan papers on the date of closing. We will NOT ask you to pay a higher interest rate simply because the market has worsened.If rates appear to be dropping, why shouldn’t I wait to lock a rate?Ask yourself what would be more disappointing: locking a rate and finding out that you may have missed a lower rate or NOT locking your rate and finding that rates have increased? It is our objective as advisors to assist you in determining an optimal time to lock an interest rate given our professional assessment of market conditions as well as your objectives as our client. We may not be able to catch the very lowest rate every time, however, trying to time the market is a risky game. Far too often the market spikes sharply, leaving many clients wishing they would have locked in a rate. Keep in mind that if rates continue to fall, you can always refinance your loan (subject to our post-closing refinance policy).How soon can I refinance my rate after closing?As lenders, our contractual agreement with out investors requires that the loans we originate stay on their books for at least 120 days. If the loan is paid off within that period of time (i.e. through a refinance), we must return the compensation we received for our services on the initial loan. While we cannot prevent you from refinancing during the first 120 days, we can only ask you in good faith if you would refrain from doing so.Interest Rate Lock Disclosure

Example based on a$350k purchase priceMarkita Woods NMLS#196099

The ROI(Return on Investment)Of Buying a Home In Any MarketPurchase Price: $500,000Down Payment: $17,500 (FHA 3.5% down) Closing Costs: $9,000 (avg. estimate)Initial Investment: $26,500Appreciation rate: 4% (30-yr avg. in Seattle = 9%) 4% a year over 5-years = 20% total ($100k)-House went from $500k to $600k in 5-yrs.-Paid down mortgage to $450k = $150k+ equityIRS Tax savings/refund over 5-yrs: $36,000+BENEFITS/SAVINGSConservative Appreciation+ $100k (4% a yr. for 5-yrs)Forced Savings Account:+ Paid down mtg. by $50kIRS Tax Benefits:+ $36k+ over 5-yrs.A 277% ROI over 5-yrs.+ Over $186k to Net Worth!Markita Woods NMLS #196099

ADDITIONALMORTGAGEPAYMENTS MATTERMaking oneadditional mortgagepayment per year cansaveyouthousands ofdollarsand helpyou pay off yourloanquicker thanyourloan term.Original Loan AmountTermInterest RateMonthly PaymentTotal InterestTotal Loan PaymentREPAYMENT EXAMPLE FACTORS30 Year Fixed$263,70712 Monthly Payments/Year30 Year Fixed$209,19413 Payments/Year$320,000$320,0004.5% 4.5%$1621.39 $1621.39$583,70212 payments per year will put your total loan cost at $583,702$529,196One additional payment per year will save you $55,990.06 ANDreduce your term by six years.How to Pay Less Interest Over TimeThe power of 1 extra payment a year!

Great Books On Money/WealthAll 4 have very simple principles for us to follow!Budgeting Saving InvestingValue of investing. Anyone can be a millionaire!How money works. Anyone can be wealthy.Money worksharder than any human can...Mindset around saving.Investing for life... A new life!

OUR INFORMED AND HAPPY HOMEOWNER PRORGAM!ANNUAL MORTGAGE REVIEWS w/ MARKITAQuick call/meeting AROUND YOUR MORTGAGE ANNIVERSARY TO MAKE SURE THE MORTGAGE YOU HAVE IS STILL IN-LINE WITH YOUR FINANCIAL GOALSFOLLOW ME ON YOUTUBEhttps://www.youtube.com/channel/UCDoNaxK0yP_cmHFrhN4LavgWeekly tips on Mortgage, Credit, All Things Real Estate FinanceMonthly e-mail updating you on your home’s value, and how to trackhousing stats in your area! Think of you home as your 401k or investmentaccount statement, you like to see how it’s performing, right? Homebothelps me keep you up to speed on managing your home’s equity &wealth! ( We pay for this service for you)