SEMINAR with MI K E WI SE F I R S T- T I M E H O M E B U YE R - PowerPoint PPT Presentation

FIRST-TIME HOME BUYER SEMINAR with MI K E WI SE

F I R S T- T I M E H O M E B U YE R O V E R V I E W • W HAT IS A M ORTGAGE ? • W HO IS I NVOLVED ? • H OW DO I Q UALIFY ? • W HAT ABOUT MY C REDIT ? • L OAN P ROGRAMS • W HAT DOES IT C OST ? • H OW SHOULD I P LAN A HEAD ? CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

W H O I S I N V O L V E D? LISTING SELLING BUYER SELLER AGENT AGENT N V O A L L U I E E N ? S APPRAISER TITLE ESCROW LENDER CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

W H AT I S A M O R T G A GE A N D H O W D O I Q U A L I F Y? A M ORTGAGE IS A LEGAL AGREEMENT BY WHICH A BANK OR OTHER CREDITOR MONEY – INTEREST – LENDS AT IN EXCHANGE FOR TAKING TITLE OF THE DEBTOR ’ S PROPERTY , WITH THE CONDITION THAT THE CONVEYANCE OF TITLE BECOMES VOID UPON PAYMENT OF THE DEBT . DEBT TO TOTAL MONTHLY EXPENSES H I G H INCOME > 5 0 % AUTO LOANS | MONTHLY CREDIT CARD PAYMENTS | INSTALLMENT LOANS = RATIO VERIFIABLE EMPLOYMENT INCOME | RENTAL INCOME TOTAL MONTHLY INCOME AV E R A G E (DTI) 4 0 % - 4 9 % S A F E < 4 0 % CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

W H AT ’ S I N C L U D ED I N M Y M O N T HLY P A Y ME N T ? PRINCIPAL TAXES 20% 26% INSURANCE 3% OTHER MONTHLY HOUSING PAYMENTS 8% INTEREST 43% CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

T A X E S & I N S U R A N CE | I M P O U ND S & E S C R O W S + CALIFORNIA TAXES INSURANCE S PLIT IN 2 PAYMENTS AND DUE IN P AID QUARTERLY OR N OVEMBER & F EBRUARY ANNUALLY - OR - IMPOUND OR ESCROW ACCOUNT T AX & INSURANCE PAID MONTHLY BY THE B ORROWER AND DISBURSED BY THE L ENDER WHEN DUE CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

W H AT A B O UT M Y C R E D I T ? CREDIT SCORE CREDIT BUREAUS WHAT AFFECTS 8 5 0 YOUR CREDIT SCORE P AYING YOUR BILLS ON TIME K EEPING YOUR CREDIT BALANCES BELOW 50 % L ATE BILL PAYMENTS 6 8 0 H IGH CREDIT BALANCES B ANKRUPTCY & FORECLOSURE * CAPSTONE DIRECT USES THE MEDIAN SCORE 3 5 0 CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

L O AN P R O G R A M S FIXED P AYMENT IS FIXED FOR THE LIFE OF THE LOAN ADJUSTABLE RATE MORTGAGE (A.R.M.) B EGIN WITH A LOWER RATE , BUT YOUR RATE – AND PAYMENT AMOUNT – ADJUSTS T HE RATE CAN ADJUST UP OR DOWN INTERMEDIATE A.R.M. F IXED FOR A PERIOD OF TIME (3, 5, 7 OR 10 YEARS ), A ND THEN ADJUSTS EVERY 6-12 MONTHS CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

C O S TS T O C O N S I D ER ESCROW REALTOR DOWN S HARED WITH S ELLER & I NSPECTIONS & PAYMENT INCLUDES MESSENGER & ADMINISTRATIVE NOTARY FEES FEES LOAN TITLE TAXES O RIGINATION , S HARED WITH S ELLER & UNDERWRITING , INCLUDES LOAN TIE IN , PROCESSING , CREDIT TITLE , INSURANCE , & REPORT , & APPRAISAL FEES RECORDING FEES CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

E S T I M A TE D C L O S I NG S TA T E M E N T CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

H O W S H O U LD I P L AN A H E A D? 1. B EGIN BY GETTING P RE -A PPROVED BY C APSTONE D IRECT , & DETERMINE THE LOAN AMOUNT YOU QUALIFY FOR 2. S AVE MONEY FOR YOUR DOWN PAYMENT 3. P AY YOUR BILLS ON TIME 4. I F YOU DON ’ T HAVE ANY CREDIT , APPLY FOR SOME 5. C ONNECT US WITH YOUR R EALTOR CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

T H A N K Y O U F O R J O I N IN G U S ! YOU CAN GET PRE-APPROVED THROUGH OUR ONLINE APPLICATION A N D D O N ’ T H E S I TAT E TO R E A C H O U T W I T H A N Y Q U E S T I O N S – W E W O U L D LO V E TO WA L K YO U T H R O U G H YO U R F I RS T H O M E B U Y I N G E X P E R I E N C E ! APPLY: www.capstonedirect.com CHAT: 805-229-6800 WRITE: mike@capstonedirect.com CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800