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First Time Home Buyer Presentation
Transcript of First Time Home Buyer Presentation
What is a Mortgage?
Are there different types of mortgage loans?
Tax Benefits of Buying a Home
-A mortgage is a loan that is secured by real estate.
-Lenders use a series of criteria to identify lending standards
-Underwriters use this criteria to determine your likelihood of repayment
Your mortgage payment is based on...
* job stability
* credit history
What Makes up My Mortgage Payment?
*Amount you borrow from the bank (principal)
*Term (length of loan)
*Insurance & Taxes (1/12 annual cost)
Any applicable additional monthly costs such as...
*Homeowners Association/Condo Fees
Your monthly mortgage payment
Most Popular Loan Products:
* 80 - 10 - 10
The Five Keys
Your Credit Score
House Qualification Factors
* Deductible Mortgage Interest
* Real Estate Taxes
* PMI (100k AGI maximum for full deduction)
Your lender will send you a 1098 at the end of the year for you to take to your tax preparer
Personal Qualification Factors
Steps to Sucess:
1. Mortgage pre-approval
2. Interview real estate agents
3. Shop for a home
4. Make an offer/ratify contract
5. Home Inspection
6. Loan Processing
**The minimum down payment varies based on loan program;**
- Conventional Loan = min 5% down payment (all your own funds)
- FHA Loan = 3.5% down payment (can all be a GIFT)
- VA Loan = 0 % down payment required in most cases
Assets are: available funds in your checking, savings, CDs, Retirement, Stocks, Mutual Funds, Etc.