Home Buyers
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  • 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 Presentation Transcript

  • 1. HOMEBUYERS SEMINAR
    • Everything you need to know when buying your home.
    • Brought to you by:
    • Affinity Alliance Mortgage
  • 2. Are You Ready to Buy?
    • Do you have:
    • Steady income
    • Pay your bills on time
    • Low to medium debt load
    • Money for a down payment
    • The ability to pay a mortgage?
  • 3. Why Be Pre-Approved?
    • You can know what you can afford before you begin looking
    • Lets the seller know you are serious about buying
    • Able to make an offer as soon as you find the house you want
  • 4. What You Will Need to Be Pre-Approved
    • Paystubs for most recent 30 days
    • Previous 2 years W2’s and tax forms
    • Bank statements for checking & savings for most recent month
    • Proof of any additional income
    • Bankruptcy discharge and all schedules
    • List of your creditors
    • Documentation of any other assets (401K, IRA, CD’s)
  • 5. Fixed Rate vs. Adjustable Rate
    • With Fixed Rates:
    • Your payment remains the same
    • 15, 20 or 30 year repayment terms
    • Advantages: predictability and insurance against rising rates
    • With Adjustable Rates (ARM)
    • Payments increase or decrease on a regular schedule with interest rate changes
    • Increases are subject to limits
    • ARM linked to specific index or margin
    • Advantages include a low initial interest rate with lower monthly payments
  • 6. How Much Home Can You Afford?
    • Housing costs (including taxes and insurance) should be less than 29% of your total gross income
    • Housing costs + your other debt should be no more than 41%-45% of your gross income
    • Special programs do allow a total debt ratio of up to 50% of your gross income
  • 7. How a Realtor Can Help
    • Guides you through the process, buying or building
    • Knows the community
    • Can provide you with lists of homes that meet your requirements
    • Protects you with a contract, skills & knowledge
    • A buyer’s agent would be bound to protect and represent you (the buyer)
    • Listing agent is bound to protect and represent the seller
  • 8. Looking for a Home
    • Compare the homes you see to a list of your “must haves”
    • Imagine your furniture—will it fit?
    • Is it in good condition? Or will you be spending a lot of money on repairs?
    • Ask your Realtor to point out the pros and cons
    • What is the neighborhood like? Are the other homes going up or down in value?
  • 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. When You’ve Found the Home of Your Dreams!
    • Determine the amount you’re willing to offer
    • What are comparable homes selling for?
    • What is home’s condition
    • How long has home been on the market?
    • What is the seller’s situation
    • Rely on your Realtor for guidance
    • Be prepared to negotiate
    • Decide how much earnest money you’ll put down
    • Usually between 1-5% of purchase price
    • If offer is accepted, earnest money becomes part of your down payment
  • 11. What are closing costs?
    • Loan Origination Fee
    • Discount Points
    • Processing Fee
    • Underwriting Fee
    • Appraisal
    • Escrow Fees
    • Documentation Prep Fee
    • Title Insurance
    • Recording Fees
    • Homeowner’s Insurance
    • Property Taxes
    • Interest
    • MI (Mortgage Insurance)
  • 12. Closing Day!
    • At closing, you will:
    • Present receipt of homeowner’s insurance
    • Closing agent will list money you owe seller
    • Seller will provide proofs of any warranties or inspections
    • You’ll read documentation and sign loan papers
    • You’ll pay the closing costs and down payment
    • You’ll receive a settlement statement (HUD’s)
    • The new deed will be recorded
  • 13. How to Get Started
    • Set Up A Personal Homebuyer’s Consultation with your Affinity Alliance Mortgage Loan Officer that includes:
    • Credit history review
    • Application
    • Advisement of pre-qualification
  • 14. Presented to you by:
    • Affinity Alliance Mortgage
    • 11075 So. State Bldg. #4
    • Sandy, UT 84070
    • Email: [email_address]
    • www.affinityalliance.com
    • Phone: 801-619-9009