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

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Mar 13, 2023 480 likes •624 views

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

SLIDE 1

FIRST-TIME HOME BUYER

SEMINAR

with MI K E WI SE

SLIDE 2

WHAT IS A MORTGAGE?
WHO IS INVOLVED?
HOW DO I QUALIFY?
WHAT ABOUT MY CREDIT?
LOAN PROGRAMS
WHAT DOES IT COST?
HOW SHOULD I PLAN AHEAD?

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

CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

SLIDE 3

W H O I S I N V O L V E D?

CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

BUYER SELLING AGENT LISTING AGENT SELLER APPRAISER TITLE LENDER ESCROW

V A L U E ? N O L I E N S

SLIDE 4

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?

CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

A MORTGAGE IS A LEGAL AGREEMENT BY WHICH A BANK OR OTHER CREDITOR

LENDS MONEY– AT INTEREST– 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.

S A F E < 4 0 % AV E R A G E 4 0 % - 4 9 % H I G H > 5 0 %

DEBT TO INCOME RATIO (DTI)

TOTAL MONTHLY EXPENSES TOTAL MONTHLY INCOME

AUTO LOANS | MONTHLY CREDIT CARD PAYMENTS | INSTALLMENT LOANS VERIFIABLE EMPLOYMENT INCOME | RENTAL INCOME

SLIDE 5 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 ?

TAXES 26% INSURANCE 3% OTHER MONTHLY HOUSING PAYMENTS 8% INTEREST 43% PRINCIPAL 20%

SLIDE 6

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

CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

CALIFORNIA TAXES

SPLIT IN 2 PAYMENTS AND DUE IN NOVEMBER & FEBRUARY

INSURANCE

PAID QUARTERLY OR

ANNUALLY

IMPOUND OR ESCROW ACCOUNT

TAX & INSURANCE PAID MONTHLY BY THE BORROWER AND

DISBURSED BY THE LENDER WHEN DUE

OR -

SLIDE 7 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 ?

3 5 0 6 8 0 8 5 0 CREDIT SCORE

CREDIT BUREAUS WHAT AFFECTS YOUR CREDIT SCORE

PAYING YOUR BILLS ON TIME K EEPING YOUR CREDIT

BALANCES BELOW 50 %

L ATE BILL PAYMENTS H IGH CREDIT BALANCES BANKRUPTCY & FORECLOSURE

* CAPSTONE DIRECT USES THE MEDIAN SCORE

SLIDE 8 CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

FIXED

PAYMENT IS FIXED FOR THE LIFE OF THE LOAN

ADJUSTABLE RATE MORTGAGE (A.R.M.)

BEGIN WITH A LOWER RATE, BUT YOUR RATE– AND PAYMENT AMOUNT– ADJUSTS THE RATE CAN ADJUST UP OR DOWN

INTERMEDIATE A.R.M.

FIXED FOR A PERIOD OF TIME (3, 5, 7 OR 10 YEARS), AND THEN ADJUSTS EVERY 6-12 MONTHS

L O AN P R O G R A M S

SLIDE 9 CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

DOWN PAYMENT ESCROW

SHARED WITH SELLER &

INCLUDES MESSENGER & NOTARY FEES

REALTOR

INSPECTIONS &

ADMINISTRATIVE FEES

C O S TS T O C O N S I D ER

LOAN

ORIGINATION,

UNDERWRITING, PROCESSING, CREDIT REPORT, & APPRAISAL FEES

TITLE

SHARED WITH SELLER &

INCLUDES LOAN TIE IN, TITLE, INSURANCE, & RECORDING FEES

TAXES

SLIDE 10

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

SLIDE 11

H O W S H O U LD I P L AN A H E A D?

CAPSTONE DIRECT • 3285 OLD CONEJO RD, THOUSAND OAKS, CA • 805-229-6800

1. BEGIN BY GETTING PRE-APPROVED

BY CAPSTONE DIRECT, & DETERMINE THE LOAN AMOUNT YOU QUALIFY FOR

2. SAVE MONEY FOR YOUR DOWN

PAYMENT

3. PAY YOUR BILLS ON TIME
4. IF YOU DON’T HAVE ANY CREDIT,

APPLY FOR SOME

5. CONNECT US WITH YOUR REALTOR

SLIDE 12 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

APPLY: www.capstonedirect.com WRITE: mike@capstonedirect.com CHAT: 805-229-6800

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!