Primerica Home Buyers Workshop - PowerPoint PPT Presentation

Loading...

PPT – Primerica Home Buyers Workshop PowerPoint presentation | free to view - id: 7dcea6-ZDVlN



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

Primerica Home Buyers Workshop

Description:

Title: Primerica Home Buyers Workshop Author: Katherine Wolla Last modified by: Rod D. Swartz Created Date: 8/15/2001 2:35:55 PM Document presentation format – PowerPoint PPT presentation

Number of Views:180
Avg rating:3.0/5.0
Slides: 36
Provided by: Katheri154
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Primerica Home Buyers Workshop


1
Primerica Home Buyers Workshop
  • How to get the most house for your money.

2
Today Were Going to Talk About
  • How Primerica Can Help You Achieve Your Goals
  • The Benefits of Home Ownership
  • The Home Buying Process
  • Financing Your Home
  • Flexible Financing Alternatives
  • Process Recap and Guest Information Card

3
Lets Talk About Money
  • Most families want to buy their own homes but one
    of the main reasons they do not is because of
    money.
  • If we could help you develop a game plan to buy a
    home, pay it off sooner, protect your investment
    and plan for a great financial future, would that
    be of value to you and your family?

4
How Do You Make Goals and Dreams Come True
  • The route to home ownership begins with
  • The Financial Needs Analysis (FNA)
  • Customized
  • Confidential
  • Complimentary

5
FNA
6
FNA
  • The FNA helps families look at how to
  • Get out of debt sooner
  • Pay off your mortgage earlier
  • Have a game plan to retire comfortable
  • Save for your childs education

7
After Tax Monthly Cost
  • OWNING
  • 874 Mortgage Payment
  • 137 Real Estate Taxes
  • 40 Property Insurance
  • 81 Private Mortgage Insurance
  • 1,132 Total Monthly Mortgage Payment
  • - 255 First Year Monthly Tax Savings
  • 877
  • RENTING
  • 975

Assumes 131,580 Outstanding Mortgage Loan
Balance with 5 Down Payment, 30 Year Fixed Rate
Mortgage at 7.5, 28 tax bracket, assumes full
tax deductibility. Consult your tax advisor for
actual tax savings.
8
How You Build Equity
9
Why Buy Now?
Mortgage Rates 30 Year Fixed Rate Average.
Based on a 125,000 First Mortgage SOURCE
Mortgage Bankers Association
10
Why Buy Now?
11
Benefits of Home Ownership
  • The Home Buying Process
  • Everyday Living Needs
  • Neighborhood
  • Future Needs
  • Personal Preferences

12
Location, Location, Location
  • Neighborhood Property Values
  • Streets and Transportation
  • Environment
  • Community Services
  • Schools and Shopping
  • Proximity to Workplace
  • Personal Tastes

13
A Real Estate Agent Can Help
  • Realtors Know the Community
  • They Know Whats Available
  • They Arrange Home Showings
  • You Can See More Homes

14
Determining A Fair Price
  • What do homes sell for in that area?
  • Did the Realtor give you comparable sales?
  • Neighborhood meet your needs?
  • In your price range?

15
Everything Is Negotiable
  • Sales Price
  • Financing
  • Date/Location of Closing
  • Pro-rating Expenses
  • Selecting Attorney/Title Company

16
Making An Offer
  • Negotiate a price
  • Work with the Realtor
  • Finalize Contract
  • Bind with a small deposit
  • Deposit is generally non-refundable!
  • Closing Provisions
  • Allow time to move
  • Allow time to sell current home or finish your
    lease

17
Financing Your Home
  • Good Faith Estimate
  • The Approval Process
  • Appraisal
  • Loan Decision
  • Closing/Settlement
  • Need out-of-pocket cash for closing costs
  • Get a Settlement Statement (HUD-1)

18
What Lenders Consider
  • Income
  • Employment
  • Assets
  • Debts
  • Credit History
  • Property

19
Income Employment History
Lenders consider your gross income, as long as it
is steady verifiable.
  • Salary
  • Second Job
  • Overtime
  • Alimony/Child Support
  • Commissions
  • Dividends
  • Social Security Income
  • Pension

You do not have to disclose this income if you
do not wish to have it considered as a basis for
repaying the loan.
20
Assets
  • Savings and Checking Accounts
  • Investments
  • Equity in Your Current Home
  • Gifts/Grants

21
Debts
Lenders Will Consider All Your Debts Since They
Affect Your Ability to Make Your Mortgage Payments
  • Installment Loans
  • Credit Cards
  • Lines of Credit
  • Other Mortgages
  • Other Kinds of Debt (Auto Loans)

22
Credit History
  • A Credit Rating May Include
  • Fixed Loan Balances and Payment History
  • Revolving Credit Balances and Payment History
  • Judgments/Bankruptcy/Foreclosure
  • Delinquencies/Collection Accounts
  • Suits/Repossessions
  • Number of New Inquiries
  • Credit Available vs. How Much is Used

23
No Credit History?
  • 12 Months Utility Bills (electric, gas)
  • Rent Receipts
  • Telephone and Cable Bills
  • Layaways
  • Alimony Payment History, if applicable
  • Any Recurring Monthly Obligation

24
Property
The Value of the Home You Are Financing Will Be
Determined Through an Appraisal
  • Appraisal Factors
  • Property Condition
  • Age of Property
  • Comparable Sales of Properties Nearby

25
Property
  • Loan to Value (LTV)
  • 125,000 Loan Amount
  • 131,580 Value of Home
  • 95 Loan to Value
  • Note If the LTV is greater than 80, lenders
    may require mortgage insurance and the interest
    rate may be slightly higher.

26
Primericas H.O.M.E. Loan Program Financing
Options
  • Through CitiMortgages Standard Home Financing
    Options
  • Expanded Lending Programs

27
Get Off To A Sure Start
  • With SureStart? on your side, youll be more
    confident as you begin shopping for your home,
    because youll be pre-approved for a specific
    loan amount. Plus, home sellers will know that
    youre a serious buyer, because youll have a
    commitment in hand.

28
Benefits of Home Ownership
  • RENTING
  • No Potential Tax Deductions
  • No Return on Money
  • Potential Landlord/ Tenant Issues
  • Potential Lease/Rental Agreement Hassles
  • OWNING
  • You Get To Select An Area of Your Choice
  • Equity Builds Up
  • Tax Deductions
  • Its YOUR Home! Pride of Ownership

Why rent when you can own?
Your total deduction may be limited. You should
consult your tax advisor.
29
CitiMortgages Expanded Lending Programs
  • More Flexible Qualifying Guidelines
  • Programs Specifically Designed
    for Self-Employed Borrowers

30
Mortgages
  • Stated Income Programs for Self-Employed
    Borrowers
  • Expanded Approval With Timely
    Payment Rewards
  • Conventional Loan Programs Including
    Jumbo Mortgages

31
Qualifying Guidelines
Qualifying or underwriting guidelines determine
how much of your income is available to pay your
housing expenses.
.
  • Monthly Housing Costs
  • mortgage payments
  • property taxes
  • insurance
  • monthly maintenance fees
  • PMI
  • 1. As a percentage of gross income (Housing or
    Front End Debt Ratio)
  • 2. Plus other long term debt as a
    percentage of gross income (Total or Back End
    Debt Ratio)

32
Now Is The Time To Act
  • Affordable Mortgage Rates
  • Primerica H.O.M.E. Loan Program
  • Equals.

33
Your New Home!
34
Process Recap
  • Guest Information Card
  • Name_______________________________________
    Phone(___)_______________
  • Address___________________________________________
    ______________________
  • City______________________ State______________
    Zip Code___________________
  • Are you interested in
  • _______ Buying a principal residence or
    vacation property in the next 90 days?
  • Do you have any money set aside for the purchase
    of this property? yes_____ no_____
  • Are you willing to commit a minimum of 150 to
    the process as a non-refundable deposit?
  • yes_______ no_______
  • Is it ok to call you at work? yes_____ no_____
    Phone (____)_____-_______________

35
Process Recap
  • Complete The Guest Information Card
  • Get With Your Primerica Representative
  • And Set Up An Appointment
  • Complete The Primerica H.O.M.E. Loan Borrower
    Information Kit
  • A CitiMortgage Consultant Will Call You Within
    24 Hours
About PowerShow.com