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Understanding the Home Mortgage Process and Qualification Factors

Join David Zhang in this insightful presentation that demystifies the home mortgage process for borrowers. Learn about essential qualification requirements and key steps to secure a mortgage, including payment plans, appraisals, and credit reports. Understand how to evaluate your finances and make informed decisions when entering the mortgage market. Get practical tips on what to consider before making an offer on a property, including closing processes and insurance. This session aims to equip you with the knowledge needed to navigate this often daunting journey effectively.

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Understanding the Home Mortgage Process and Qualification Factors

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Presentation Transcript

  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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