First-Time Home Buyer Webinar: Essential Steps and Tips for Buying Your First Home
Join our informative webinar designed for first-time home buyers, where we cover topics such as getting pre-approved for a mortgage, understanding credit and employment requirements, navigating the home search process, selecting an agent, negotiating, inspections, insurance, and closing. Determine if now is the right time to buy with expert insights on the American Dream of homeownership and potential pitfalls. Be prepared with the knowledge and tools needed for a successful home purchase journey.
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Presentation Transcript
First Time Home Buyers Webinar PICTURE HERE PICTURE HERE Realtor Lender Company, Title Etc Company, Title, Etc
Outline Getting Pre-Approved For A Mortgage Credit Employment Paperwork Needed Debt To Income Ratios Down Payment Special Programs Searching For A Home Sites & Search Tips Picking an Agent Negotiating Contingencies Home Inspection Title Insurance Mortgage Closing
Before we get started is now really the right time for you to buy? Owning a home is part of the American Dream, but it has its pitfalls, things that most people don t talk about... [Maintenance, Lack of Liquidity, Short Term financial Stresses...]
Getting Pre-Approved For A Mortgage Why Get Pre-Approved BEFORE You Find a House?
Getting Pre-Approved For A Mortgage Employment Length - Depends on Situation , Usually 6 Months W2 Vs. 1099/Self W2 Seen As More Stable 1099 Requires More Tax Return History, etc Income Numbers are based on Net Example = 72,000 Gross or $6,000 / Month Housing Payment + Other Liabilities can = 43%
Getting Pre-Approved For A Mortgage Credit The Better The Credit, The Better The Rate 580 Is Possible but Most Advertised Rates are based on a 740 Short Term Credit Analysis Shows Some Opportunities for Improvement What NOT To Do When You re About To Buy!
Getting Pre-Approved For A Mortgage Paperwork Needed W2 (2 years) Tax Returns? (2 years) Bank Statements? (2 months) Be Prepared for Last Minute Requests From Underwriters this is Normal [A Good Advisor will Minimize Last Minute Stress]
Getting Pre-Approved For A Mortgage Down Payment How Much Needed? As Little As 3% Down Negotiate Closing Costs Back From Seller FHA may allow 3.5% with 6% for closing costs Gifts? Special Programs - Smart Start In NJ (borrow 96.5% + borrow 4% of closing costs.. forgivable?)
Getting Pre-Approved For A Mortgage Closing Costs Title Insurance (regulated pricing, 1 time fee) Mortgage Fees (origination charges vary) Points? (percentage of purchase price used to buy down rate) Homeowners Insurance Taxes/Prorations Transfer Taxes Your Advisor will estimate all these fees for you.
Shopping Around For A Mortgage? Might Make Sense
Searching For A Home Sites Zillow (not every listing) Craigslist (not every listing) Realtor.Com (listed by agents) HudHomeStore.Com (hud) Your Agent s Site
Searching For A Home Search Tips FSBO s Can = Good Deals (but utilize your agent) Key in on Price Reductions and Motivated Keywords. Consider 2-4 Units as a Long Term Strategy (use income from extra unit 75% toward income) Foreclosures Don t Always = A Good Deal (but they can) Fixer Uppers Might = Sweat Equity (if you re brave) ( Homestyle Renovation & 203k Programs allow you to finance the cost of repairs )
Searching For A Home Picking An Agent Your cousin or friend might not be the best choice...if they re new ask them to work with a partner If he/she is willing to just jump in the car and show you stuff they might not be the best choice. Buyer Agency agreements are OK Fees?
Searching For A Home Negotiating? If you picked the right agent, LISTEN To Them! Sometimes coming in low makes no sense . Focus on terms not so much on price.
Contingencies Home Inspection There s Always Something Wrong, Don t Get Freaked Out (Welcome to Homeownership) Renegotiate based on bigger stuff, especially things that affect ability to get mortgage on property. (try not to sweat the small stuff)
Contingencies Title & Homeowner s Insurance? Title Clean Deed Homeowner s Insurance (Fire, Flood, etc usually required to get mortgage)
Contingencies & Closing Mortgage Commitment is usually subject to a few conditions The underwriter might drive you nuts, hang in there! You can close 3 days after closing disclosure is given to you. This tells you all the fees related to the loan very accurately
Next Steps Get Pre-Approved, Schedule a Consult Search For Properties Interview Agents
