When we’re starting out with our teaching careers, we’re overwhelmed with all of the details that go into being a teacher that we often neglect to take care of ourselves. I’m sure you’ve seen so many posts, websites, programs, and even CONFERENCES dedicated to teacher self-care.

But part of taking care of yourself is making sure that you and your family are safe and secure. It goes without saying that if you didn’t have to worry so much about your finances, your home, your health, and the well-being of your family, you’d have more mental energy and space to tackle teaching. If there was a way to feel even a little bit better about some aspect of your personal life, then teaching just seems less overwhelming.

I know it sounds cliche to say that, but so many people think that homeownership is so impossible that it’s not the American dream anymore. However, after talking to my good friend and real estate agent Tonya Spivey and her friend and loan officer Wes Shaw, I realized that there are AMAZING programs out there to help people - particularly teachers - get into a home of their own.

So even if you’re super skeptical and think it’s out of the question, give this episode a listen so that you at least know your options. Have an open mind and envision yourself moving into your own first home. And when the time is right, you’ll be educated and prepared to dive head first into the process.

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How to contact Wes: (858)888-5270, [email protected]

Wes Shaw NMLS # 272036 / CA-DBO272036 | Movement Mortgage, LLC supports Equal Housing Opportunity. NMLS ID# 39179 (www.nmlsconsumeraccess.org) | Movement Mortgage, LLC is licensed by "CA Department of Business Oversight under the California Residential Mortgage Lending Act"# 4131054. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. “Movement Mortgage” is a registered trademark of the Movement Mortgage, LLC, a Delaware limited liability company. 8024 Calvin Hall Rd, Indian Land, SC 29707.

How to contact Tonya: (619)302-9891, [email protected] Keller Williams SD Metro CALBRE#02059804 Broker CalBRE #01295699 The four programs we discuss:

• School program
• My Home
• Zero Interest Program (ZIP)
• Golden State Funding Authority for Veterans

Be sure to visit downpaymentresource.com to find out what programs are available for your address

Some vocabulary in our discussion:

conventional financing - A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.

FICO score - A FICO Score is one of many types of credit scores, which are three-digit numbers that summarize your credit history, management and behavior. Your FICO Score is the credit score generated by Fair Isaac Corp. (FICO), a leading financial analytics company. FICO Scores range from 300 to 850.

simple interest - interest that is paid on the principal amount borrowed. It is considered the best type of interest for a borrower because it is not compounded.

lien on title - A lien is a legal claim or a right against property. Liens provide security, allowing a person or organization to take property or take other legal action to satisfy debts and obligations. Liens are often part of the public record, informing potential creditors and others about existing debts.

lien in secondary position - Second lien debt refers to loans that are reimbursed only after loan balances on senior debts (lien on title) are repaid in full following a default. Due to the subordinated claim on assets, if a borrower defaults on a secured loan, the senior lien holder may receive 100% on the loan balance from the sale of the underlying collateral, while the second lien holder receives only a fraction of the loan amount on the subordinated debt.

deferred payments - A deferred payment option is an option that operationally defers payment on the loan until a later date.

closing costs - Expenses required for a real estate purchase or refinance. Closing costs are also called settlement costs and can include lender charges, title insurance, escrow fees, real estate commissions, recording fees, transfer taxes and others.

escrow fees - Escrow is when an impartial third party holds on to funds and distributes them accordingly to process a transaction. The funds, also known as earnest money, is typically held in an escrow account by an escrow officer or attorney. Escrow costs cover the final closing paperwork and handle the exchange of funds and recording of deeds. Escrow may also refer to an account held by a mortgage lender into which the homebuyer pays money each month for property tax and insurance payments. The lender then pays these items on the borrower’s behalf as they come due. 

title fees - Title service fees are part of the closing costs you pay when getting a mortgage. When you purchase a home, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title,” to the home to you. Title service fees are costs associated with issuing a title insurance policy for the lender.

default - Failing to repay a debt as agreed. 

home appreciation - Appreciation is the increase in a home's value over time. 

loan officer - A loan officer is a representative of a bank, credit union, or other financial institution who finds and assists borrowers in acquiring loans. Loan officers can work with a wide variety of lending products for both consumers and businesses. 

Sources:

• Lending Tree: https://www.lendingtree.com/glossary/#a
• The Balance: https://www.thebalance.com/liens-what-they-are-and-how-they-work-315611
• Investopedia: https://www.investopedia.com/terms/d/deferredpaymentoption.asp
• American Financing: https://www.americanfinancing.net/mortgage-basics/escrow-closing-costs-guide
• Consumer Financial Protection Bureau: https://www.consumerfinance.gov/ask-cfpb/what-are-title-service-fees-en-157/
• Redfin: https://www.redfin.com/definition/appreciation

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