Presentation for Social Media Class

1. Mortgages
Tammy Haskell,Brandon Winn,Duska Grass

2. Step 1 -Getting Prepared!

3. Getting Prepared!
Make sure you have all documents you need ready beforehand.
Make sure you have a document of all assets that you own.
That being said you don't need to know the value of appliances,
DVD'S just big stuff you have to worry about!

4. Step 2-The Application

5. Application Process
• This the meeting with your mortgage profesional.
• This is when you will put signature on the paperwork and sign the mortgage application verifying the
information sent to the bank. Step 2-The Application
• When you receive the papers to have the meeting this is the BEST TIME to ask questions.
• Make sure you give all the information needed on the phone to fill out application for the credit report
to be receive in advance.

6. Step 3- Processing

7. Step 3- Processing
This is when a mortgage professional looks over your application
to make sure it paints an accurate picture of your financial situation,
And its also the first step of submitting your application to the under
Writer of the lender who will hopefully approve the loan.

8. Step 4-Underwriting

9. Step 4- Underwriting
Is the process of analyzing a loan application
to determine the risk involved in making the loan.
It includes a review of the borrowers credit history
and judgment of property value.

10. Step5-Clearing Conditions

11. Step5-Clearing Conditions
Are Request made by the underwriter for additional
information which may include not limited to
Verification of Employment
Clearing up past collection accounts
Once all conditions are cleared a “clear to close”
will be issued by the bank or lender.

12. Step6-Closing

13. Step6-Closing
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This is where you sign the papers committing
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yourself up to 30 years of paying the bank just
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to live in your house,if all the steps above have been
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followed you have picked a mortgage professional
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that does their job.

14. Rebuilding Credit
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Check your credit report
Keep credit card balance below 50%
Save three months in mortgage payments
Pay bills on time
Pay anything in collections
Keep debt to income ration between 40-46%
Look into FHA and Maine Housing Programs.