Home Ownership Q&A Presentation For Web Site 2 08

HOME OWNERSHIP
QUESTIONS & ANSWERS
SESSION
SPONSORED BY
____ YOUR COMPANY NAME HERE ___

Equal Housing Opportunity © Silver State Trainers Inc 2007

PREQUALIFICATION
As a service for you, after this presentation we will have loan originators available for you to discuss your homeownership goals.
You may also set an appointment to review your credit and start the prequalification process in private.
Prequalification is risk free
no money is required
no obligation to complete the transaction

PREQUALIFICATION
All our mortgage loan originators are professionals and will keep all your information confidential.
We will try to answer all your questions.
We are here to serve your home buying OR refinancing goals.

QUALIFICATION
Qualification means a mortgage professional will review your three ‘C’s of lending
Capacity
Do you have sufficient funds to close the loan?
Do you have sufficient income to support the loan?
Character
How do you handle your creditors?
Collateral
Does the property meet the program requirements?

QUESTIONS & ANSWER TIME
There is no such thing as a stupid question
Our mortgage professionals are here to help you
Private consultations are available
JUST ASK!

APPLICATION PROCESS
Loan originator interviews the borrower and completes loan application.
Loan disclosures are signed
Loan originator gives the borrower a complete Good Faith Estimate (GFE)
Borrower supplies:
at least 3 months bank statements
Social security card
Photo ID/Green card
Addresses for last 24 months

LOAN PROGRAMS
Terminology can be confusing
“ What are my closing costs?” Does not mean
“ What is the total amount of funds needed to close on the house?”
There are closing costs and prepaids disclosed on GFE, down payment, and maybe reserves required.
Most lenders require you escrow for real estate taxes and insurance – these are called pre-paids.

YOUR CREDIT
Loan originator will review a
Tri-merge credit report
You may obtain credit report direct from credit reporting agency
New FACTA requires the bureaus to give the consumer one free credit report a year (credit score costs)
www.annualcreditreport.com
Three main bureaus
Transunion
Equifax
Experian

TYPES OF CREDIT
No credit activity may cause no credit scores to generate
Alternative credit – letters of credit
Trade lines from creditors need to be reported to credit bureau
Fannie Mae requires 4-5 trade lines open 12 –24 months

JUST ASK!

CHOOSING THE RIGHT LOAN PROGRAM
The Loan Originator will:
Review all the loan programs available – there are many
Ensure you are getting the best choice of loan products
Meet your home ownership goals
And make it all seem easy!

CLOSING AND FUNDING
What questions can be asked at closing?
Not many – Escrow officers can help you with questions about when is the first loan payment, your property’s title Issues, payment period for Real estate taxes, and best ways to hold title to property

CLOSING AND FUNDING
Your loan originator will explain what type of loan program you’re getting, how the loan program works, monthly payment, interest rate, pre-payment penalties, mortgage insurance, etc.

JUST ASK!

Home Ownership Q&A Presentation For Web Site 2 08

by mtgna on Feb 26, 2008

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Home Ownership Q&A Presentation For Web Site 2 08 — Presentation Transcript