PRICE DOESN'T MATTER, PAYMENT DOES!
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About this ebook
Did you know that bank pre-approvals are based on educated guesses? Did you also know you can purchase a more expensive home yet carry a lesser payment than a cheaper home with the same loan program and interest rate? There is just so much people don't know about the industry and so many issues no one discusses. This book is compiled with inform
JULIO C ROQUE
My name is Julio. I am an entrepreneur and the inventor of a proprietary system that helps buyers purchase homes based on true affordability. I bring the empathy and human touch that is so imperative within my industry.I want to help clients avoid disappointment while bringing their real and authentic affordability to the surface. Proving there's no need to "settle" for what you "think" you can afford. Chances are you can do a lot better than you believe.I am also the founder/owner of Re-Connect, LLC. I am an out-of-the-box thinker and an inventor with patent-pending technology that will change the industry and help buyers shop smarter, not harder. The industry has many flaws, but it has been my life's mission to help people understand it and teach them how to properly purchase a home. I have been in the mortgage and real estate industry for more than 18 years and involved in all aspects of the industry. I have taught and educated thousands of first-time home buyers, trained industry professionals, and found tremendous success as a top producing mortgage lender, credit repair specialist, mortgage underwriter, real estate broker-owner, inventor, entrepreneur, and author.
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PRICE DOESN'T MATTER, PAYMENT DOES! - JULIO C ROQUE
Copyright © 2020 by Julio C Roque
Printed in the United States of America
All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law.
For permission requests, please contact the publisher using the contact information below.
Published by Roque Enterprise, LLC
Copyright © 2020
For any requests, please contact the publisher
info@pricedoesntmatter.com
All rights reserved
Disclaimer: This book is for educational and informational purposes only. It is not intended to provide any financial, legal, or credit advice. Always be sure to consult with the right professionals before making any decisions.
Contents
Dedication
Introduction
About The Author
Chapter 1: True Affordability: How a Mortgage Really Works!
DTI Explained
The Truth Behind a Bank Pre-Approval
More for Your Money
Owner Occupied Investment Property
Chapter 2: Proper Planning
Type of Home
Budgeting
Credit
Co-Signing
Required Funds
Chapter 3: Understanding Income
W2 Income
Using Multiple Jobs
Commissioned and Variable Income
Self-Employed Borrowers
Schedule E Rental Income
Social Security, Retirement, Child Support, and Foster Care Income
Chapter 4: Loan Programs
Overlays
FHA
Conventional
Fannie Mae HomeReady
Freddie Mac HomePossible
VA
USDA
Community Grant Programs
Chapter 5: Getting a Pre-Approval
The Secret to a Smooth Transaction
Organization is the Key
Chapter 6: The Dream Team
The Right Team = A Successful Transaction
Chapter 7: Your Dream Home Awaits
Searching for the Right Home
Bidding Wars and Negotiating an Offer
Important Offer Dates
Home and Other Inspections
Negotiating Inspection Results
The Purchase and Sales Agreement
Chapter 8: Securing Financing
Required Documents
Motivation Letters and Letters of Explanation
Getting Insurance
The Appraisal
The Wait
Chapter 9: Cleared to Close & The Closing
CTC Music to My Ears
The Closing
Chapter 10: Post-Closing
Utilities
Check Your Windows
Outdoor Water Faucets and Hoses
Look for Cracks
Filters and Heating
Flashlights & Batteries
Don’t Ignore the Leaves
Check for Water Leaks
Your Fixed Payment Isn’t So Fixed
A Closing Note
Dedication
I would like to dedicate this book to all of the amazing people that have been there for me throughout life’s journey; to my amazing wife, Maiden Gomez, who has always supported me through good and bad times, and whose love has helped me through some of my toughest challenges; to my uncle and aunt, Carlos and Elizabeth Palacios, who provided me with a home when I needed it the most; to my brother Mario Roque whose love and loyalty is unmatched; to Ann Sabbagh, who kindly gave a stranger an opportunity to grow, shine, and succeed.
I dedicate this to all the new friends and family I have made through the mortgage and real estate industries. I have touched the lives of so many people as they have mine. I have been to their weddings, birthday parties, family gatherings, first communions, Christmas Eves, and have even welcomed newborn members of their families into the homes I helped them achieve. I’ve been warmly welcomed into the homes and lives of so many people with such love. Seeing how many lives I have impacted along the way has made me fall in love with the industry. A home is something so much more than brick and mortar. It’s a place where memories are made; we laugh with loved ones, cry through hardships, and feel comfort when we seek escape from the rest of the world. It’s the place where we forever hold the fondest and most intimate memories of our lives. I truly feel blessed to be a part of all of these memories.
Lastly, I dedicate this to a good friend whom I have yet to meet but God willing, someday I will, Tony Stark Policci. At one of my lowest points in life, Tony kindly stepped up to help me on a project while I was trying to get back up on my feet. He is a dear friend. He definitely knows how to put my words into perspective.
Introduction
I was tired of seeing people lose unimaginable amounts of money, time, and sanity on failed home purchase transactions. I launched Re-Connect to help people achieve the dream of owning the right home, while also making agents' lives a lot easier. This book isn't about those agents. It's about you the home buyer. I believe everyone can invest and save a lot of money once they understand one basic principle:
Price doesn't matter payment does
, is a phrase that will change your home buying experience. At its core, it might sound like a riddle to people outside of the industry but I am here to tell you that it absolutely needn't be difficult. This simple guide will tell you everything you need to know. Better yet, it'll do it in a way that you can understand. Let's leave the technical terms to the professionals, and get a grasp of your financial future together. With this book at your side, you'll save a lot of money, and you’ll never walk into a transaction blind again.
I am infinitely passionate about helping people make smart financial decisions. Through creative thinking and inventive solutions, everyone can have the investment opportunities they deserve. This book is just one part of the plan to level the playing field of home buying.
Through an extensive 18+ years of real estate, mortgage, underwriting, and loan origination experience with background on both sides of transactions, I’ve learned a better way than the industry standard of purchasing. This is a book for the buyers; you deserve to get the most bang for your buck, and can only do that by understanding the industry from the inside out.
Most people don't realize there is a direct correlation between mortgage denial and true affordability. The Consumer Financial Protection Bureau recently released loan-level mortgage lending data submitted by more than 5,600 commercial banks, savings associations, credit unions, and mortgage companies covered by the Home Mortgage Disclosure Act (HMDA).
(Corelogic, 2019). That data showed that 2.65 million loan applications secured by single-family one-to-four-unit properties (including manufactured homes) were denied, making the overall denial rate