This document provides an overview of the home buying process. It discusses preparing for homeownership by saving money and improving credit. The stages of buying a home are outlined, including choosing homes that fit one's budget and criteria, obtaining financing, making an offer, and closing on the purchase. Both benefits and challenges of homeownership are described, such as higher monthly costs compared to renting but gaining equity over time.
There have been some important changes to the CalSTRS 80/17 that will affect your qualifying in 2010.
This informative and educational Webinar was presented by Mario Basura, a CalSTRS specialist at Broadview Mortgage - Katella on February 25th, 2010.
If you have questions, feel free to email Mario at MarioB@Broadviewmortgagecorp.com
You’re thinking of buying a home? Congratulations -- it’s an exciting
process. And it can be a lot of fun. You get to envision the type
of lifestyle you want for yourself (and your family). Do you want
a beautiful two-story home close to your work? Do you want a
modern, stylish condo in the heart of downtown? Are you yearning
to live near the beach, the mountains, restaurants, good schools,
museums, or family?
One of the greatest things about purchasing your own home is
that you get to make it yours. Even before you move in, you’re in
charge of making the decisions about which home you will buy.
It’s a powerful feeling -- having total control. But it can also be a bit
overwhelming, especially when you’re doing it for the first time.
That’s why we wrote this guide. We want to make purchasing a home
less scary and give you the confidence to move forward through
each step of the process -- from beginning to end, when you move into your new home!
Reverse for purchase for Realtors ppt 8 8-2019Jack Benke
As we age, the home we lived in for 40 years may no longer work. Transitioning to more suitable housing can be difficult because the value of the home we live in is less then the new home we want to purchase. Here is the solution, if you are 62+.
There have been some important changes to the CalSTRS 80/17 that will affect your qualifying in 2010.
This informative and educational Webinar was presented by Mario Basura, a CalSTRS specialist at Broadview Mortgage - Katella on February 25th, 2010.
If you have questions, feel free to email Mario at MarioB@Broadviewmortgagecorp.com
You’re thinking of buying a home? Congratulations -- it’s an exciting
process. And it can be a lot of fun. You get to envision the type
of lifestyle you want for yourself (and your family). Do you want
a beautiful two-story home close to your work? Do you want a
modern, stylish condo in the heart of downtown? Are you yearning
to live near the beach, the mountains, restaurants, good schools,
museums, or family?
One of the greatest things about purchasing your own home is
that you get to make it yours. Even before you move in, you’re in
charge of making the decisions about which home you will buy.
It’s a powerful feeling -- having total control. But it can also be a bit
overwhelming, especially when you’re doing it for the first time.
That’s why we wrote this guide. We want to make purchasing a home
less scary and give you the confidence to move forward through
each step of the process -- from beginning to end, when you move into your new home!
Reverse for purchase for Realtors ppt 8 8-2019Jack Benke
As we age, the home we lived in for 40 years may no longer work. Transitioning to more suitable housing can be difficult because the value of the home we live in is less then the new home we want to purchase. Here is the solution, if you are 62+.
Top 10 Tourist Attractions in North CarolinaEric Gaulin
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Home buyers create a wish list, get learn about the different types of loans, how to get pre-approved for a loan and work with a real estate agent to find their dream home.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Understanding your mortgage options as a home buyer is the first step to home ownership. With millions of lenders that offer millions of solutions, who do you pick. In this presentation, we will help clear some of your options.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
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Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
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The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
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Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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3. Quick Facts
Homeownership has both benefits &
drawbacks. It is not always the best option
at a time.
Buying your first house needs preparing &
preserving.
Prepare a guidelines to help you store for a
house.
Prequalify for home financing to see how
much house you are able.
There are several govt applications for first-
time & low- to moderate-income real estate
customers.
4. Homeownership: The American
Dream
Purchasing a home is one of the most
important choices children can make.
It has serious economical &
psychological effects and is a main
issue with the United states desire.
5. Advantages
Pressured benefits plan because your
home loan major expenses are
maintained as value in the home
Usually a good long-term investment–
value will most likely improve
eventually
Deduct residence taxation & interest
rates from earnings tax
Over time home become less
expensive in "real" dollars
6. As value develops, you can step up
to a bigger house or lend against your
house (home value loan) to fund
large purchases
Homeownership can improve a
family's sense of control over their
lifestyles & atmosphere, as well as
improve more powerful group
connections
You can personalize the home to
match special needs & tastes
7. Disadvantages
Per month installments (principal,
interest, taxation & insurance) may be
higher than lease payments
You must pay for normal servicing &
frequent repairs
Owning is less versatile than renting;
most first-time real estate customers
live in a house for 7 years
Like any financial commitment, there
is no assurance that value boosts
8. What Do We Want? (Professional
Builder magazine, 2006)
Boomers (age 41-60)
Per month installments (principal, interest,
taxation & insurance) may be higher than
lease payments
You must pay for normal servicing &
frequent repairs
Owning is less versatile than renting; most
first-time real estate customers live in a
house for 7 years
Like any financial commitment, there is no
assurance that value boosts
9. Gen XERS (26-40) & Echo Boomers (18-25)
Smart-home technology—every room
wired for mobile phones, locations & DSL
Home enjoyment facilities in the family
room—the middle of activity
Built-in cabling & conduits for flat-screen
TVs, with cables & cables out of site
Breakfast bar or place as additional eating
space
Green/environmentally delicate features
10. Features Important to All 3 Groups
Large, start cooking areas to make
meals & amuse guests; they are the
“new living room”
Kitchen isles no broader than 40”
Quality units
High great quality, high-performance
appliances
Separate tub &
shower
11. Prepare for Homeownership
Buying your first house includes
planning & saving—attend a real
estate customer education and
learning category to help you get
ready for homeownership
Possible obstacles:
High Cost
Discover options to the conventional
single-family separated house:
apartment, manufactured house, or
older house (generally can afford a
house 2.5 times total yearly income)
12. Credit
Pay off your financial troubles & wait
significant buys until after you buy a
home
Get a duplicate of your credit rating
file to see if any issues exist
www.equifax.com
If your credit score is not great,
check out subprime loans
13. Downpayment
Most traditional mortgages--20% of
the amount
However, there are methods to
lessen downpayments to the 0 to 5%
range:
--government-insured loans
--local real estate
organizations & creditors may have
applications for first-time home
buyers
--curtail your investing & ask relatives
14. Closing Costs
Right of ownership passes from
seller to buyer at the closing
Can reach several thousands of
dollars
Some of the programs that help with
downpayments can also help with
closing costs
15. Long-term Affordability
Per month major, attention, residence
taxation & insurance (PITI) expenses
No more than 28% of your total
monthly earnings should go to PITI
(front-end ratio)
Monthly PITI expenses plus any other
long-term debts expenses should not
surpass 36% of your total monthly
earnings (back-end ratio)
Also need a support to protect
servicing & repairs
16. Project
You have been provided two tasks,
one in Fitzgibbons, MS, and the other
in LA. Go to appropriate property
Websites & select two similar houses.
Explain each house such as its price
& functions, and fix an image. Given
that 28% of your earnings can go
towards real property, how much
would you have to generate to
manage each home? Which would
you choose?
17. Initial Selection of Homes
Once you are economically prepared to
purchase a home, identify one that fits your
principles, needs, wants & price range
Where to look?
--Real property part of a nearby
newspaper
--Real property consumer books
--Real property Web websites
--Driving, bike riding & strolling
through neighborhoods
--Stop at model/open homes
18. Select a Real Estate Agent
Select a representative to help filter
your choices
Agents are a valuable source of
information because they are familiar
with property in a specific area
19. Criteria for selecting an agent:
--trust
--rapport
--track record
--level of commitment to first-time
home buyers
20. As you consider different homes,
evaluate each based on values,
needs, wants & financial issues
Be flexible, realistic & responsible—
Your first home will most likely not
be your dream home
Develop a checklist:
Can you & your family be happy
living in this home?
21. House Hunting Checklist
(Ideas of what to include, but your list must be
personalized based on your needs)
Is the area safe?
Are the houses in the area
maintained?
Does the home have enough rooms
& bathrooms?
Is there sufficient storage area
space?
Are there top quality educational
institutions in the area?
22. Is the place of the home and group
convenient?
Is there a property owners
association?
Is the area quiet?
Does the floor-plan match your
lifestyle?
Is the home power efficient?
Is the garden easy to worry for?
What group solutions are available?
23. Are the equipment & accessories
adequate?
What are the common servicing
expenses for the house?
How great are regional residence
taxes?
24. Obtain Financing
When you store for a home, also
store for home financing
Get pre-qualified so you have a better
idea of budget (price range of houses
that you can afford)
Mortgage creditors include:
professional financial institutions,
benefits & loan organizations,
creditors & credit unions
25. Two possibilities for low- and
moderate-income home buyers are:
Fannie Mae's Community Home
Buyers Program
Freddie Mac's Affordable Gold
Program
Government agencies—
FHA
VA
RHS
State housing & finance authority
26. Besides downpayment, carefully
compare mortgage options based on
these criteria:
Annual percentage rate (APR)
Total yearly cost of a mortgage as a
percentage of the loan amount
Includes the contract interest rate,
mortgage insurance & points (each
point equals 1% of the loan amount)
28. Application & origination fees
Minimize fees to cover processing,
credit check, appraisal, points & other
overhead costs
29. Term
For most first-time home buyers a 30-year
term to pay off the mortgage is appropriate
Determine if you want a fixed or adjustable
rate mortgage
A fixed rate mortgage
Loans are fully amortized with a fixed
interest rate for the entire term -- both the
principal & interest are paid off at the end
of the loan
30. An adjustable rate mortgage (ARM)
Interest rate adjusted periodically,
usually every 1, 3, or 5 years based
on an index written into the loan
agreement
Might initially get a lower interest rate,
but future increases may mean higher
monthly payments
31. Negotiate and Enter Into Contract
Buy offer
Offer is typically given to the property
broker who provides it to the supplier
(earnest money)
Get a home examination report--a
certified examiner provides an
purpose viewpoint about home’s
condition
Purchase contract
32. Loan Approval
Obtain actual financing for home
Lender will ask about your income,
expenses, history of credit score,
employment, & the terms of purchase
offer
You complete form & pay a software
fee, pay for a credit score file &
appraisal, receive an estimate of
settlement costs & truth-in-lending
statement Loan processing occurs
33. Closing
Final step is the closing, a meeting
between you, your lender, the seller &
other interested parties
Review & sign loan documents
Exchange of documents between
buyer, seller & lender
Disbursement of funds
You receive the deed to the property
& join the ranks of homeowners!
34. Potential Difficulties
Discrimination
Against the law—Fair Housing Act
Fair housing—several consumer laws
or acts prohibiting discrimination
Subprime & predatory lending
Credit affected debtors can benefit with
a subprime mortgage
Predatory lending comprises of unjust
or violent loans, including a number
of aggressive methods
35. Postpurchase Concerns
Keeping up with servicing & maintenance
(avoid an costly crisis)
Create a servicing fund
Remodeling & improvements—make
advised choices in picking the venture,
specialist, or determining to do it yourself
Refinancing—may be a wise idea when
interest levels go down
Foreclosure prevention
Loss minimization resources such as a
loan modification