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Home mortgage process & qualification

Home mortgage process & qualification. Presented by David Zhang. Quick Survey. How many of you have experience about home mortgage?. Purpose of Today’s Topic. 1. Understand the process of home mortgage as a Borrower 2. Understand the qualification for home mortgage

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Home mortgage process & qualification

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  1. Home mortgage process & qualification Presented by David Zhang

  2. Quick Survey How many of you have experience about home mortgage?

  3. Purpose of Today’s Topic 1. Understand the process of home mortgage as a Borrower 2. Understand the qualification for home mortgage 3. Be able to get married? (For someone?)

  4. How much would you pay ? I am mean, so let’s offer: $250,000

  5. What the…… I have no MONEY! Find a Bank, Credit Union, etc.

  6. How do you qualify for a loan? 1. Payment plan 2. Appraisal 3. Credit report 4. Title/ Insurance 5. Closing process(transfer/Taxes) 6. Payment to income Time-consuming, about 60-90 days

  7. Payment plan 1. What is your payment plan? Using fixed 30-year payment as example? What rate will be applied? (60-90days) “Lock the rate”: your choice

  8. Payment plan 2. How much can you get from a loan? Loan to Value(LTV): Usually 90% to 95% of the house value. What is the value of the house: $250,000? No! Have to appraise property($300-$500)

  9. Appraisal 3. What if the appraised value is lower than your offer($200,000 instead of $250,000)? Renegotiate Inspected: $300-$1,000 make sure “it is up to code”

  10. Credit report Credit report $25- $50 for a credit report

  11. Title/ Insurance 1. Is the title clean? Is it stolen? Someone died there? Anything illegal in it? On average, cost 0.4%-0.7% of the value This could be shared with seller

  12. Closing process • 1. Private mortgage insurance(PMI) • When borrowing over 80% of the value $10 per month • 2. Insurance on house($300/month) for my fancy house? • 3. Property taxes Could be shared with seller depending on the selling date.

  13. Payment to income Income certificate will be required

  14. How much should I have on hand before offer $250,000? $35,000, well I will have this much money very soon if I don’t have to eat anything to be alive.………..

  15. 8 Key points 1. Payment plan 2. Appraisal for the house 3. Title & Insurance 4. Payment to Income 5. Money 6. Money 7. Money 8………………..still money

  16. Thank you!

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