Introduction to Home Mortgages - PowerPoint PPT Presentation

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Introduction to Home Mortgages

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Introduction to Home Mortgages Outline Process to purchase a home Pre-approval Programs What do Lenders look for? What should you look for? Pre-Approval Realtors and ... – PowerPoint PPT presentation

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Title: Introduction to Home Mortgages


1
Introduction to Home Mortgages
2
Outline
  • Process to purchase a home
  • Pre-approval
  • Programs
  • What do Lenders look for?
  • What should you look for?

3
Pre-Approval
  • Realtors and sellers usually require a
    pre-approval letter when you put an offer down on
    a home.
  • Application
  • Pull credit report
  • Learn maximum loan amount approved for
  • Know payment
  • Good Faith Estimate (GFE)
  • No Cost for pre-approval

4
Programs
  • 1st time Homebuyer Programs
  • 95 loan to value
  • 97 loan to value
  • 100 loan to value
  • 103 loan to value
  • Interest rates for 1st time Homebuyers vs rates
    for previous purchase homebuyers.

5
What Do LENDERS Look For In Customers?
  • Credit
  • Credit established
  • 680 credit score
  • Can build non traditional credit
  • Debt to Income Ratio
  • DTI between 38 and 55
  • Gross income
  • Student loans

6
Example
  • Income 60,000 a year 5,000 a month
  • Current monthly debt
  • Student loans 150 pmt
  • Credit cards 100 pmt
  • Car loan 250 pmt
  • How much do I qualify for?
  • 500 current debt per month
  • 45 DTI 2,250 minus current debt
  • Approximately 1,750 a month

7
What Should YOU Look For In A Mortgage?
  • Interest Rate
  • Fixed Rate / Variable Rate
  • Pre-Payment Penalty
  • Closing Costs
  • Local Representative

8
  • www.wellsfargo.com/mortgage
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