Home Buyers

445 views

Published on

0 Comments
1 Like
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
445
On SlideShare
0
From Embeds
0
Number of Embeds
7
Actions
Shares
0
Downloads
10
Comments
0
Likes
1
Embeds 0
No embeds

No notes for slide
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Presented by: Affinity Alliance Mortgage www.affinityalliance.com
  • Home Buyers

    1. 1. HOMEBUYERS SEMINAR <ul><li>Everything you need to know when buying your home. </li></ul><ul><li>Brought to you by: </li></ul><ul><li>Affinity Alliance Mortgage </li></ul>
    2. 2. Are You Ready to Buy? <ul><li>Do you have: </li></ul><ul><li>Steady income </li></ul><ul><li>Pay your bills on time </li></ul><ul><li>Low to medium debt load </li></ul><ul><li>Money for a down payment </li></ul><ul><li>The ability to pay a mortgage? </li></ul>
    3. 3. Why Be Pre-Approved? <ul><li>You can know what you can afford before you begin looking </li></ul><ul><li>Lets the seller know you are serious about buying </li></ul><ul><li>Able to make an offer as soon as you find the house you want </li></ul>
    4. 4. What You Will Need to Be Pre-Approved <ul><li>Paystubs for most recent 30 days </li></ul><ul><li>Previous 2 years W2’s and tax forms </li></ul><ul><li>Bank statements for checking & savings for most recent month </li></ul><ul><li>Proof of any additional income </li></ul><ul><li>Bankruptcy discharge and all schedules </li></ul><ul><li>List of your creditors </li></ul><ul><li>Documentation of any other assets (401K, IRA, CD’s) </li></ul>
    5. 5. Fixed Rate vs. Adjustable Rate <ul><li>With Fixed Rates: </li></ul><ul><li>Your payment remains the same </li></ul><ul><li>15, 20 or 30 year repayment terms </li></ul><ul><li>Advantages: predictability and insurance against rising rates </li></ul><ul><li>With Adjustable Rates (ARM) </li></ul><ul><li>Payments increase or decrease on a regular schedule with interest rate changes </li></ul><ul><li>Increases are subject to limits </li></ul><ul><li>ARM linked to specific index or margin </li></ul><ul><li>Advantages include a low initial interest rate with lower monthly payments </li></ul>
    6. 6. How Much Home Can You Afford? <ul><li>Housing costs (including taxes and insurance) should be less than 29% of your total gross income </li></ul><ul><li>Housing costs + your other debt should be no more than 41%-45% of your gross income </li></ul><ul><li>Special programs do allow a total debt ratio of up to 50% of your gross income </li></ul>
    7. 7. How a Realtor Can Help <ul><li>Guides you through the process, buying or building </li></ul><ul><li>Knows the community </li></ul><ul><li>Can provide you with lists of homes that meet your requirements </li></ul><ul><li>Protects you with a contract, skills & knowledge </li></ul><ul><li>A buyer’s agent would be bound to protect and represent you (the buyer) </li></ul><ul><li>Listing agent is bound to protect and represent the seller </li></ul>
    8. 8. Looking for a Home <ul><li>Compare the homes you see to a list of your “must haves” </li></ul><ul><li>Imagine your furniture—will it fit? </li></ul><ul><li>Is it in good condition? Or will you be spending a lot of money on repairs? </li></ul><ul><li>Ask your Realtor to point out the pros and cons </li></ul><ul><li>What is the neighborhood like? Are the other homes going up or down in value? </li></ul>
    9. 9. Make copies of this page and use it to keep track of the properties you visit. Property Address : ________________________________________________ Type of House: New or Existing Ranch /Split /2 Story/Multi Traditional Contemporary Construction: Brick - Stucco - Stone Vinyl Siding # of Rooms: Bedrooms: Baths: Living Room Dining Room/ Kitchen Basement Office Family Room Other Heat: Forced air Radiator A/C: Central Window - Evaporative None Extras: Fireplace Garage Deck Porch Neighborhood: Ideal Acceptable Poor
    10. 10. When You’ve Found the Home of Your Dreams! <ul><li>Determine the amount you’re willing to offer </li></ul><ul><li>What are comparable homes selling for? </li></ul><ul><li>What is home’s condition </li></ul><ul><li>How long has home been on the market? </li></ul><ul><li>What is the seller’s situation </li></ul><ul><li>Rely on your Realtor for guidance </li></ul><ul><li>Be prepared to negotiate </li></ul><ul><li>Decide how much earnest money you’ll put down </li></ul><ul><li>Usually between 1-5% of purchase price </li></ul><ul><li>If offer is accepted, earnest money becomes part of your down payment </li></ul>
    11. 11. What are closing costs? <ul><li>Loan Origination Fee </li></ul><ul><li>Discount Points </li></ul><ul><li>Processing Fee </li></ul><ul><li>Underwriting Fee </li></ul><ul><li>Appraisal </li></ul><ul><li>Escrow Fees </li></ul><ul><li>Documentation Prep Fee </li></ul><ul><li>Title Insurance </li></ul><ul><li>Recording Fees </li></ul><ul><li>Homeowner’s Insurance </li></ul><ul><li>Property Taxes </li></ul><ul><li>Interest </li></ul><ul><li>MI (Mortgage Insurance) </li></ul>
    12. 12. Closing Day! <ul><li>At closing, you will: </li></ul><ul><li>Present receipt of homeowner’s insurance </li></ul><ul><li>Closing agent will list money you owe seller </li></ul><ul><li>Seller will provide proofs of any warranties or inspections </li></ul><ul><li>You’ll read documentation and sign loan papers </li></ul><ul><li>You’ll pay the closing costs and down payment </li></ul><ul><li>You’ll receive a settlement statement (HUD’s) </li></ul><ul><li>The new deed will be recorded </li></ul>
    13. 13. How to Get Started <ul><li>Set Up A Personal Homebuyer’s Consultation with your Affinity Alliance Mortgage Loan Officer that includes: </li></ul><ul><li>Credit history review </li></ul><ul><li>Application </li></ul><ul><li>Advisement of pre-qualification </li></ul>
    14. 14. Presented to you by: <ul><li>Affinity Alliance Mortgage </li></ul><ul><li>11075 So. State Bldg. #4 </li></ul><ul><li>Sandy, UT 84070 </li></ul><ul><li>Email: [email_address] </li></ul><ul><li>www.affinityalliance.com </li></ul><ul><li>Phone: 801-619-9009 </li></ul>

    ×