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Homebuyer Seminar Preview

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This is a mini-preview of the 'Knowledge is Power' Homebuyer seminar lead generator sales kit. for more information and complete seminar go to www.mtgtna.com bookstore today!

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Homebuyer Seminar Preview

  1. 1. <ul><li>HOMEBUYER </li></ul><ul><li>KNOWLEDGE IS POWER </li></ul><ul><li>SEMINAR </li></ul><ul><li>PRESENTED BY </li></ul><ul><li>_YOUR NAME HERE_ </li></ul><ul><li>  </li></ul><ul><li>Equal Housing Opportunity © Silver State Trainers Inc 2007 </li></ul>
  2. 2. OVERVIEW <ul><li>The Mortgage Cycle </li></ul><ul><li>New vs. Resale Properties </li></ul><ul><li>Pre-qualification </li></ul><ul><li>Making Application </li></ul><ul><li>Loan Programs </li></ul><ul><li>Your Credit Score </li></ul><ul><li>Loan Processing </li></ul><ul><li>Underwriting </li></ul><ul><li>Closing and Funding </li></ul><ul><li>Questions & Answers </li></ul>
  3. 3. PREQUALIFICATION <ul><li>Obtaining a Prequalification Letter before making an offer on a property lets the seller know you’re ready to close. </li></ul><ul><li>After this presentation we will have our staff available for your private questions or to discuss your homeownership goals. </li></ul><ul><li>You are also welcome to take a card to call with questions or for an appointment. </li></ul><ul><li>Prequalification is risk free </li></ul><ul><ul><li>no money is required </li></ul></ul><ul><ul><li>no obligation to complete the transaction </li></ul></ul><ul><li>All your information is kept confidential. </li></ul>
  4. 4. QUALIFICATION <ul><li>Qualification means a mortgage professional will review your three ‘C’s of lending </li></ul><ul><li>Capacity </li></ul><ul><ul><li>Do you have sufficient funds to close the loan? </li></ul></ul><ul><ul><li>Do you have sufficient income to support the loan? </li></ul></ul><ul><ul><li>Is your income stable and continuous? </li></ul></ul><ul><li>Character </li></ul><ul><ul><li>How do you handle your creditors? </li></ul></ul><ul><li>Collateral </li></ul><ul><ul><li>Does the property meet the program requirements? </li></ul></ul>
  5. 5. APPLICATION PROCESS <ul><li>After initial pre-qualification </li></ul><ul><ul><li>Loan originator reviews the different loan programs based on borrower needs and situation. </li></ul></ul><ul><li>The full mortgage application is taken </li></ul><ul><ul><li>Application summarizes your assets and liabilities for an underwriter to evaluate </li></ul></ul><ul><li>Supporting documentation is given to the loan originator </li></ul><ul><ul><li>All loan application information is verified </li></ul></ul>
  6. 6. CHOOSING THE RIGHT LOAN PROGRAM <ul><li>The Loan Originator will: </li></ul><ul><li>Review all the loan programs available – there are many </li></ul><ul><li>Ensure you are getting the best choice of loan products </li></ul><ul><li>Meet your home ownership goals </li></ul><ul><li>And make it all seem easy! </li></ul>
  7. 7. APPLICATION PROCESS <ul><li>Borrower supplies: </li></ul><ul><ul><li>at least 3 months bank statements </li></ul></ul><ul><ul><li>Social security card </li></ul></ul><ul><ul><li>Photo ID/Green card </li></ul></ul><ul><ul><li>Addresses for last 24 mos. residency </li></ul></ul><ul><ul><li>24 mos. employment information </li></ul></ul><ul><ul><li>Most recent two years complete tax returns </li></ul></ul><ul><ul><li>If self employed, Profit & Loss statement </li></ul></ul><ul><ul><li>W-2’s for last two years </li></ul></ul><ul><ul><li>Pay stubs for most current month </li></ul></ul><ul><ul><li>Any other income supporting documentation requested </li></ul></ul>
  8. 8. 15 MINUTE BREAK! <ul><li>Hurry back! </li></ul>
  9. 9. Derogatory credit <ul><li>Derogatory credit alone is not a reason for loan denial </li></ul><ul><li>The type of derogatory credit, </li></ul><ul><li>time since delinquency, </li></ul><ul><li>amount of delinquency, </li></ul><ul><li>and the reason for delinquency are all considered. </li></ul><ul><li>If for some reason you are not able to meet the loan requirements, the mortgage professional will inform you what it may take for you to meet these requirements in the future. </li></ul><ul><li>You should find out where you stand in the lender’s eyes. </li></ul>
  10. 10. YOUR CREDIT <ul><li>IN TROUBLE NOW OR </li></ul><ul><li>IN THE FUTURE </li></ul><ul><li>      Forbearance by lender possible </li></ul><ul><li>      Consumer Credit Counseling Services – Non profit </li></ul><ul><li>      Debt Negotiation companies </li></ul><ul><li>      Bankruptcy (Different types) </li></ul>
  11. 11. UNDERWRITING <ul><li>Underwriting is the decision-making stage in mortgage cycle </li></ul><ul><li>3 “c”s – critical areas analyzed: </li></ul><ul><li>- Capacity </li></ul><ul><li>- Character </li></ul><ul><li>- Collateral </li></ul>
  12. 12. CLOSING AND FUNDING: HUD-1 Settlement Statement <ul><li>Itemized closing statement showing your (buyer) costs on left side </li></ul><ul><li>Initially you will receive preliminary HUD-1 which puts all costs down but is not generally the final numbers </li></ul><ul><li>Compare costs on HUD-1 with Good Faith Estimates – should be similar </li></ul><ul><li>Final HUD-1 will be prepared when loan is funding </li></ul><ul><ul><li>Some costs may be tax deductable </li></ul></ul>
  13. 13. CLOSING AND FUNDING <ul><li>Receiving keys – not until after your legal documents record and funds from lender are disbursed </li></ul><ul><li>Your real estate agent will handle getting the keys to the house for you </li></ul>
  14. 14. QUESTIONS & ANSWER TIME <ul><li>There is no such thing as a stupid question </li></ul><ul><li>Our mortgage professionals are here to help you </li></ul><ul><li>Private consultations are available </li></ul><ul><li>JUST ASK! </li></ul>
  15. 15. THANK YOU FOR ATTENDING! <ul><li>We appreciate your attending our session. </li></ul><ul><li>If you’d like a private appointment to discuss your situation, please approach one of our loan originators now or pick up a business card to make an appointment later. </li></ul><ul><li>Remember, we are here to assist you in meeting your home financing needs. </li></ul><ul><li>Please complete the survey at the end of your workbook, and leave it where you are sitting. </li></ul><ul><li>We appreciate your input. </li></ul>

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