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First-Time Home Buyer’s Webinar: Your Comprehensive Guide to Owning Your Dream Home!

Uncover essential steps from mortgage pre-approval to closing, featuring credit advice, property search tips, agent selection, negotiation tactics, and more. Learn about down payments, special programs in NJ, and significant cost factors such as title insurance and closing costs. Discover how to navigate contingencies, home inspections, and finalize your mortgage process. Be informed about vital details for a successful home buying journey. Presented in an engaging webinar format to empower first-time buyers.

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First-Time Home Buyer’s Webinar: Your Comprehensive Guide to Owning Your Dream Home!

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  1. First Time Home Buyer’s Webinar… PICTURE HERE PICTURE HERE Realtor Company, Title Etc Lender Company, Title, Etc

  2. Outline • Getting Pre-Approved For A Mortgage • Credit • Employment • Paperwork Needed • Debt To Income Ratios • Down Payment • Special Programs • Searching For A Home • Sites & Search Tips • Picking an Agent • Negotiating • Contingencies • Home Inspection • Title Insurance • Mortgage • Closing

  3. Before we get started… is now really the right time for you to buy? Owning a home is part of the American Dream, but it has its pitfalls, things that most people don’t talk about... [Maintenance, Lack of Liquidity, Short Term financial Stresses...]

  4. The Process…

  5. Getting Pre-Approved For A Mortgage Why Get “Pre-Approved” BEFORE You Find a House?

  6. Getting Pre-Approved For A Mortgage Employment Length - Depends on Situation , Usually 6 Months W2 Vs. 1099/Self W2 Seen As More Stable 1099 Requires More Tax Return History, etc… Income Numbers are based on Net… Example = 72,000 Gross or $6,000 / Month Housing Payment + Other Liabilities can = 43%

  7. Getting Pre-Approved For A Mortgage Credit The Better The Credit, The Better The Rate 580 Is Possible but… Most Advertised Rates are based on a 740… Short Term Credit Analysis Shows Some Opportunities for Improvement… What NOT To Do When You’re About To Buy!

  8. Getting Pre-Approved For A Mortgage

  9. Getting Pre-Approved For A Mortgage Paperwork Needed… W2 (2 years) Tax Returns? (2 years) Bank Statements? (2 months) Be Prepared for Last Minute Requests From Underwriters… this is Normal [A Good Advisor will Minimize Last Minute Stress]

  10. Getting Pre-Approved For A Mortgage Down Payment How Much Needed? As Little As 3% Down… Negotiate Closing Costs Back From Seller FHA may allow 3.5% with 6% for closing costs Gifts? Special Programs - “Smart Start In NJ” (borrow 96.5% + borrow 4% of closing costs.. forgivable?)

  11. Getting Pre-Approved For A Mortgage Closing Costs Title Insurance (regulated pricing, 1 time fee) Mortgage Fees (origination charges vary) Points? (percentage of purchase price used to buy down rate) Homeowners Insurance Taxes/Prorations Transfer Taxes Your Advisor will estimate all these fees for you.

  12. Shopping Around For A Mortgage? Might Make Sense…

  13. Searching For A Home Sites Zillow (not every listing) Craigslist (not every listing) Realtor.Com (listed by agents) HudHomeStore.Com (hud) Your Agent’s Site…

  14. Searching For A Home Search Tips FSBO’s Can = Good Deals (but utilize your agent) Key in on “Price Reductions” and “Motivated” Keywords. Consider 2-4 Units as a Long Term Strategy (use income from extra unit 75% toward income) Foreclosures Don’t Always = A Good Deal (but they can) Fixer Uppers Might = “Sweat Equity” (if you’re brave) (“Homestyle Renovation & 203k Programs allow you to finance the cost of repairs…)

  15. Searching For A Home Picking An Agent • Your cousin or friend might not be the best choice...if they’re new ask them to work with a partner… • If he/she is willing to just jump in the car and show you stuff they might not be the best choice. • Buyer Agency agreements are OK • Fees?

  16. Searching For A Home Negotiating? • If you picked the right agent, LISTEN To Them! • Sometimes “coming in low” makes no sense…. • Focus on terms not so much on price.

  17. Contingencies Home Inspection • There’s Always Something Wrong, Don’t Get Freaked Out (Welcome to Homeownership) • Renegotiate based on bigger stuff, especially things that affect ability to get mortgage on property. (try not to sweat the small stuff)

  18. Contingencies Title & Homeowner’s Insurance? • Title … “Clean Deed” • Homeowner’s Insurance (Fire, Flood, etc… usually required to get mortgage)

  19. Contingencies & Closing Mortgage • Commitment is usually subject to a few conditions • The underwriter might drive you nuts, hang in there! • You can close 3 days after closing disclosure is given to you. This tells you all the fees related to the loan very accurately

  20. Next Steps Get Pre-Approved, Schedule a Consult… Search For Properties Interview Agents

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