Presentation Transcript

1. Housing MarketSurvival GuidePart 2

2. So how do you get a loan for a house?
3. Not from the mafia…
4. And not from your poor granny…
5. Go to the Banks or Credit Unions, and see a loan agent…
6. Make sure you take the following papers with you. 2 months of recent paystubs 2 months of recent bank statements Last 6 months of bills Last 2 years tax returns.
7. The loan agent will ask you questions in order to determine the type of loan to offer you.Find out everything you can about the terms of the loan.
8. The first thing you should know is… There are different types of loans…
9. Here are the most common ones… Interest only loan Amortized loan (variable and fixed rates) Amortized loan with balloon payments
10. Interest only loan. You pay only the interest the first five years, but then you begin paying interest + monthly loan payment.
11. Amortized loan. Variable rate mortgage – Monthly loan payment + fluctuating interest rate. Fixed interest rate mortgage - You pay monthly loan payment + fixed interest rate. Mortgage with balloon payment - You pay monthly loan payment + interest. The payment is very low, but at the end of the loan term, you pay the whole left over loan all at once.
12. Besides the loan, you also pay for... and
13. List of people you work with to get the loan. Real estate agent Loan agent Appraiser Title company Escrow company
14. Act smart and you will achieve this goal…
15. Trust me…