Home Buyers

Home Buyers

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  HOMEBUYERS SEMINAR Everythingyou need to know when buying your home. Brought to you by: Affinity Alliance Mortgage
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  Are You Readyto 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?
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  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
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  What You WillNeed 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)
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  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
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  How Much HomeCan 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
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  How a RealtorCan 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
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  Looking for aHome 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?
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  Make copies ofthis 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
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  When You’ve Foundthe 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
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  What are closingcosts? 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)
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  Closing Day! Atclosing, 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
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  How to GetStarted Set Up A Personal Homebuyer’s Consultation with your Affinity Alliance Mortgage Loan Officer that includes: Credit history review Application Advisement of pre-qualification
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  Presented to youby: Affinity Alliance Mortgage 11075 So. State Bldg. #4 Sandy, UT 84070 Email: [email_address] www.affinityalliance.com Phone: 801-619-9009