Welcome! First Time Homebuyers Webinar
|
|
- Janice York
- 8 years ago
- Views:
Transcription
1 Welcome! First Time Homebuyers Webinar
2 The PenFinancial Team Tina Antonio Branch Manager Dorchester Branch Cindy Cwiertniewski Branch Manager Lake Street Carm Mancini Branch Manager Heritage Branch Rob Taylor Branch Manager Huggins Branch Jason Vokey Financial Advisor Main Street Branch
3 Webinar Agenda Pre Approval Choosing the Right Home Mortgage Options Putting it all Together The Credit Union Difference
4 What is a Mortgage? A mortgage is a loan secured by a property and paid in installments over a set period of time For most of us, a mortgage is the most significant obligation we ever make.
5 Pre-Approval Provides insight into affordability Shows you how much you qualify for Interest rate guaranteed for a period of time depending on the Financial Institution. Discuss Down Payment Options Must have a good credit score Contact your Advisor There is no obligation!
6 GDS (Gross Debt Service Ratio) Do I Qualify? = (Monthly Mortgage payment + Monthly Property taxes + 50% Monthly Condo Fees (if applicable) + Monthly Heating /Gross Monthly Household Income = MAX 32% TDS (Total Debt Service Ratio) = (GDS + All Other Monthly Debt Payments) / Gross Monthly Household Income = MAX 40%
7 Down Payment Options Down Payment Minimum Required 5% of Purchase Price of the Home Your down payment can come from: Personal Savings investments Tax-Free Savings Account (TFSA) RRSP (under the Home Buyers Plan) Gifts from family Lender Cash Back Programs
8 RRSP Home Buyers Plan RRSP funds are available as a Tax Free withdrawal for First Time Home Buyers Each purchaser is eligible to withdraw up to $25,000 each from your RRSPs The property being purchased must be a qualifying home & must be intended to be occupied by you as your own principal residence within the same year of withdrawal Repayment over 15 years with a 2 year grace period.
9 5% Cash Back Option Some financial institutions offer Cash Back on the mortgage in exchange for a higher interest rate. Cash Back can be used for: Down Payment Closing Costs Pay Down Other Debts Furnishings/Appliances Renovations
10 Choosing the Right Home Location Property Taxes Distance to and from work Neighbourhood Proximity to schools Public Transportation Recreational Facilities Shopping
11 Choosing the Right Home Home vs. Condominium Build vs. New vs. Re-Sale
12 Types of Mortgages Conventional Loan to a max of 80% of the value of the property Home equity line of credit up to 80% Requires 20% down payment No Default Insurance Required Example: Home Purchase Price $200,000 Down Payment: 20% $40,000 Amount of Mortgage $160,000 Total Mortgage $160,000
13 High Ratio Types of Mortgages Less than 20% down payment Default Insurance Required Example: Home Purchase Price $200,000 Down Payment 5% $10,000 Amount of Mortgage $190,000 Default Insurance Prem. 2.75% $5,225 Total Mortgage $195,225
14 Mortgage Default Insurance Provided by CMHC (Canada Mortgage and Housing Corporation) and Genworth Financial. Must pay mortgage default insurance premium if your down payment is less than 20% of your purchase price. Max amortization is 25 yrs for mortgages with default insurance.
15 Table of CMHC/GE Mortgage Loan Insurance Premiums Loan Size (% of lending value) Single Advance Premium (% of loan) Up to and including 80% 1.00% Up to and including 85% 1.75% Up to and including 90% 2.00% Up to and including 95% 2.75% 90.01% - 95% (non traditional) 2.90%
16 Fixed vs. Variable Fixed Rate Interest Rate is not tied to Prime Rate. Payment and Interest Rate remains the same for the entire length of the mortgage. Equal payments every month and any fluctuations in interest rates will not affect your payments. Variable Rate Interest Rate is tied to Prime Rate. Interest rate and payment can change with fluctuations in interest rates.
17 Open vs. Closed Mortgages Open Mortgage Can be Paid in Whole or Partially without Penalty Closed Mortgage Cannot be Paid Out or Transferred early without a Penalty
18 Mortgage Term and Amortization Term Contract by which the length of time and features are set. Typically borrowers choose 5 years. Amortization Period The time over which your payments would pay off the mortgage, typically 25 Years.
19 Example Time
20 Schedule of Payments Loan Amount: $250,000 Rate: 4% Amortization: 25 years Payment Schedule Payment Amount Length of Payment Total Interest Paid Total Interest Saved Monthly $ years $144,515 None Bi-weekly $ years $144,165 $ Accelerated Bi -Weekly $ years $124,059 $20,455
21 Sequence of Events Pre-Approval Find Home Conditional offer to purchase accepted Mortgage Approval Home Inspection Waive Conditions Legally Binding Purchase Agreement Closing Date You re a Home Owner!!
22 Documentation Required Offer to Purchase Real Estate Listing Income Verification Down Payment Verification Proof of Assets/Liabilities Divorce/Separation agreements/court Orders for Support Payable Waiver of Conditions on Purchase Agreement
23 Resources CMHC - Genworth Canada - Realtor.ca - Energy Efficient Homes - Canada Revenue Agency Get Smarter About Money - Municipality for Property Taxes Local Builders Financial Services Commission of Ontario
24 Professionals Needed Financial Advisor Real Estate Agent Home Inspector Lawyer
25 Next Steps Book an appointment with a PenFinancial Advisor Obtain a pre-approval Build a team of professionals Start shopping
26 The Credit Union difference
27 The PenFinancial Difference? Niagara based, owned and operated Co-operative financial service organization owned by the people we serve = our members Credit unions make decisions based on best interest of members All decisions are made locally Income reinvested back into our Niagara communities Accessible, transparent and negotiable Genuine, honest and fair
28 PenFinancial Credit Union Over 60 years of experience in Niagara 15,000 members strong $350 million in assets 94 employees 6 branches, 1 commercial business centre Local and accessible Nimble and innovative Small enough to care but big enough to trust
29 THANK YOU! Q&A s
Navigating with a REALTOR
HOMEBUYERS ROAD MAP Navigating with a REALTOR YOUR REALTOR CAN HELP YOU: REALTORS are experienced in everything you need to know and do when buying a home. Navigate the home buying process and paperwork
More informationFIRST TIME HOMEBUYERS. Canada Mortgage and Housing Corporation (CMHC) and Genworth have made it easier than ever to own the home of your dreams.
FIRST TIME HOMEBUYERS Canada Mortgage and Housing Corporation (CMHC) and Genworth have made it easier than ever to own the home of your dreams. Program Highlights Minimum down payment 5% of the appraised
More informationYOUR MORTGAGE PLANNING GUIDE. John Cavan,
YOUR MORTGAGE PLANNING GUIDE Compliments of John Cavan, TABLE OF CONTENTS This mortgage planning guide will take you through 4 easy steps to OBTAIN a MORTGAGE. 1 2 34 STEP 1 CONNECT 04 ABOUT MY SERVICES
More informationOFFER HOMEBUYERS ROAD MAP
OFFER HOMEBUYERS ROAD MAP Navigating with a REALTOR Your REALTOR can help you: REALTORS are experienced in everything you need to know and do when buying a home. Navigate the home buying process and paperwork
More informationFirst Time Home Buyer
First Time Home Buyer What we ll need to get started on your pre-approval Verification of employment income: most recent T4 / Tax Return / Notice of Assessment and either a Pay Stub or Letter of Employment
More informationGetting Started With A Builders Mortgage
Getting Started With A Builders Mortgage What we ll need to get started on your pre-approval Verification of employment income: most recent T4, Tax Return and Notice of Assessment, Letter of Employment,
More informationHome Financing Guide
Home Financing Guide Table of Contents Is Home Ownership Right for You? 1 Basics about Your Mortgage Options 2 Conventional or High Ratio Mortgage 3 Options for a Down Payment 3 Understanding Amortization
More informationBUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING
ABCs OF MORTGAGES SERIES BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING Smart mortgage decisions start here About Financial Consumer Agency of Canada (FCAC) With educational materials
More informationFirst Time Home Buyers Seminar
First Time Home Buyers Seminar Topics of Discussion Financing Dawn Blainey, Mortgage Broker with Dominion Lending Real Estate Angela Haas, Realtor with Right at Home Realty Legal Hussein Hamdani, Lawyer
More informationBuying Your First Home in Canada. What Newcomers Need to Know
Buying Your First Home in Canada What Newcomers Need to Know A PLACE TO CALL HOME. A PLACE OF YOUR OWN. You ve made Canada your new home and now you re looking for a place of your own. Buying a house is
More informationWords to Know When Buying a Home
Words to Know When Buying a Home Adjustable mortgage interest rate: With an adjustable rate, both the interest rate and the mortgage payment vary, based on market conditions. Amortization: Length of time
More informationBuying Your First Home: Three Steps to Successful Mortgage Shopping
ABCs of Mortgages Series Buying Your First Home: Three Steps to Successful Mortgage Shopping Smart mortgage decisions start here Note: FCAC s Mortgage Calculator tool, available at itpaystoknow.gc.ca,
More informationRegion of Waterloo Affordable Home Ownership Program
Region of Waterloo Affordable Home Ownership Program Fact Sheet January 2014 update Note: The information in this Fact Sheet is subject to change from time to time at the discretion of the Region of Waterloo
More informationFirst-Time Buyer Guide
First-Time Buyer Guide Jake Abramowicz Mortgage Edge Cell 416 910 4448 Fax 1 888 819 4816 MBL 10680 FSCO M08003274 Getting Started Interested in purchasing a property? Your first step is determining if
More informationintroduction CANADA MORTGAGE AND HOUSING CORPORATION
introduction CANADA MORTGAGE AND HOUSING CORPORATION More Than Insurance CMHC is well known for mortgage insurance, but we re not only Canada s leading mortgage insurer, we re Canada s national housing
More informationMinimum mortgage amount $50,000. Stated Income: $750,000 Metro Toronto, Metro Calgary, Metro Vancouver; $600,000 rest of Canada.
Product Features Insurer Programs: CMHC & Genworth Loan Purpose Property Type Standard, Rental, Business for Self Stated and Income Qualified, New to Canada, Purchase Plus, Second Home, Flex Down. Purchase
More informationFirst Timer s Guide PREParing First Time Homebuyers
First Timer s Guide PREParing First Time Homebuyers SO MANY QUESTIONS Maybe you live in the best apartment with a great landlord and don t want to change a thing. Or maybe you ve looked at the rent going
More informationBUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES
BUYING YOUR FIRST HOME: THREE STEPS TO SUCCESSFUL MORTGAGE SHOPPING MORTGAGES June 2015 Cat. No.: FC5-22/3-2015E-PDF ISBN: 978-0-660-02848-4 Her Majesty the Queen in Right of Canada (Financial Consumer
More informationMortgage Basics 101. Talk to your CIBC Mobile Mortgage Advisor today.
Mortgage Basics 101 Mortgages are big investments that require financial stability and dedication. Start the process on the right foot by familiarizing yourself with different types of mortgages and rates,
More informationOPEN NEW DOORS TO AFFORDABLE HOUSING
OPEN NEW DOORS TO AFFORDABLE HOUSING...With CMHC Mortgage Loan Insurance 65404 As Canada s national housing agency, Canada Mortgage and Housing Corporation (CMHC) is committed to facilitating the creation
More informationDiscount Mortgage Canada Inc. Home Buyer s Guide Understanding all aspects of buying a home
Home Buyer s Guide Understanding all aspects of buying a home INDEX INTRODUCTION..1 PROFESSIONALS WHO CAN HELP 2 Mortgage Brokers Counselling Service 2 Real Estate Professionals 2 Real Estate Lawyers 3
More informationHome Ownership. A comprehensive
US H ST AR W T IT Guide to Home Ownership A comprehensive Why use a Mortgage Broker? Let an expert take care of getting you a better deal! Mortgage Brokers are professionals whose primary knowledge and
More informationHome Buyer s Guide Understanding all aspects of buying a home
Home Buyer s Guide Understanding all aspects of buying a home 1 INDEX INTRODUCTION..4 PROFESSIONALS WHO CAN HELP 5 Mortgage Brokers Counseling Service 5 Real Estate Professionals 5 Real Estate Lawyers
More informationBuying your first home?
Information for First Time Buyers Buying your first home? It is a big purchase and can be a little intimidating, but it doesn t have to be. There are many Home Buyer Guides and Reports available on the
More information...With CMHC Mortgage Loan Insurance
Open New Doors to Affordable Housing...With CMHC Mortgage Loan Insurance 65404 As Canada s national housing agency, Canada Mortgage and Housing Corporation (CMHC) is committed to facilitating the creation
More informationAppraisal A written analysis prepared by a qualified appraiser and estimating the value of a property
REAL ESTATE BASICS Affordability Analysis An analysis of a buyer s ability to afford the purchase of a home, reviews income, liabilities, and available funds, and considers the type of mortgage a buyer
More informationCanada Product Guide. With our Accelerator Program of insured A products we now have bank rate options for your A clients with clean credit.
Canada Product Guide With our Accelerator Program of insured A products we now have bank rate options for your A clients with clean credit. Our dedicated underwriters have the experience to find the solution
More informationcäéñáäáäáíáéë Ñçê ^ÑÑçêÇ~ÄäÉ eçìëáåö
CANADA MORTGAGE AND HOUSING CORPORATION cäéñáäáäáíáéë Ñçê ^ÑÑçêÇ~ÄäÉ eçìëáåö Homeowner Mortgage Loan Insurance As Canada s national housing agency, Canada Mortgage and Housing Corporation (CMHC) is committed
More informationLaurie Foster s MORTGAGE GUIDE. Unlocking the Mysteries of Mortgage Financing WINNER. The easy way to a great mortgage!
Laurie Foster s MORTGAGE GUIDE Unlocking the Mysteries of Mortgage Financing WINNER The easy way to a great mortgage! 1 LAURIE FOSTER, AMP Accredited Mortgage Specialist The Right Specialist for You! Laurie
More informationBUYING A HOME IN MANITOBA. by appointment
BUYING A HOME IN MANITOBA by appointment BUYING A HOME IN MANITOBA A Literacy Partners of Manitoba Publication Written by Katherine Pavlik Illustration & Design by Burgess Mertens www.burgessdesign.ca
More information2011 Mortgage Consumer Survey
CANADA MORTGAGE AND HOUSING CORPORATION 2011 Mortgage Consumer Survey Everything you need to open new doors Key Findings from the 2011 Survey Buyers continue to view homeownership as an investment and
More informationHome Buyers Mortgage Guide
Section for Non-Residents NEW! Construction Financing Step by Step Guide the complete Construction Financing Step by Step Guide Home Buyers Mortgage Guide Available @ garibaldimortgage.com On-line Application
More informationNew Mortgage Rules 2012
Contents Who do they apply to?... 2 What are the changes?... 2 Amortization... 2 What Happens When I Renew My Mortgage?... 3 Debt Servicing Requirements:... 4 Restriction on Million-Dollar Mortgages...
More informationMORTGAGE FINANCING. Flexible, low cost and hassle-free mortgages for new and current home owners. www.cambrian.mb.ca
MORTGAGE FINANCING Flexible, low cost and hassle-free mortgages for new and current home owners. Apply online www.cambrian.mb.ca MORTGAGES Get more home for less with Cambrian s low interest, hassle-free
More informationShopping for Your New Home 2 Making the Right Choice 3 Choosing the Right Price 6
Table of Contents Shopping for Your New Home 2 Making the Right Choice 3 Choosing the Right Price 6 Down Payment 6 Monthly Mortgage Payment 7 Other Debts 7 Price Range 8 Amortization Schedule 9 Understanding
More informationFirst-Time Home Buyers Guide. Step by Step. Steve Bucher, Mortgage Consultant
Step by Step First-Time Home Buyers Guide Prepared By: Steve Bucher, Mortgage Consultant Ph 250.682.6077 Email steve.bucher@migroup.ca Txt 250.682.6077 Web www.mortgagebuilder.ca Brokerage Lic. 10428 Table
More informationMORTGAGE FINANCING. Flexible, low cost and hassle-free mortgages for new and current home owners. www.cambrian.mb.ca
MORTGAGE FINANCING Flexible, low cost and hassle-free mortgages for new and current home owners. Apply online www.cambrian.mb.ca MORTGAGES Get more home for less with Cambrian s low interest, hassle-free
More informationHome Buying Seminar. A presentation by The Summit Federal Credit Union
Summit Branches are located in Rochester (7), Seneca Falls (1), Buffalo (3), Syracuse (5) and Cortland (2) Home Buying Seminar A presentation by The Summit Federal Credit Union What We Will Cover Today
More informationThe Prudent Navigator. Financial Planning for Every Stage and Every Age
The Prudent Navigator Financial Planning for Every Stage and Every Age Prepared by: John Kehoe CFP FMA CSWP November 4, 2013 Ontario Civil Service Credit Union Ltd A financial co-operative owned by its
More informationCITY OF SOLEDAD FIRST-TIME HOMEBUYER ASSISTANCE PROGRAM FIRST MORTGAGE LENDER INSTRUCTIONS 248 MAIN STREET, SOLEDAD CA 93960
FIRST MORTGAGE LENDER INSTRUCTIONS Maximum Home Sales Price Home sale prices cannot exceed 95% of the area median home value for Soledad (see Table 1: Maximum Purchase Price per Unit). Maximum Loan-to-Value
More informationCITY OF PERRIS HOUSING DIVISION 135 N. D STREET, PERRIS, CA 92570-220 TEL: (951) 943-5003 FAX: (951) 956-2179
CITY OF PERRIS HOUSING DIVISION 135 N. D STREET, PERRIS, CA 92570-220 TEL: (951) 943-5003 FAX: (951) 956-2179 HOMEBUYERS ASSISTANCE PROGRAM F.A.Q S for Buyers What is the Homebuyer Assistance Program (HAP)?
More informationCalculation of Debt Service Ratios Treatment of Key Inputs
Calculation of Debt Service Ratios Treatment of Key Inputs Overview of debt service ratios Background Treatment of key inputs Sample calculations Minimum documentation requirements Review questions Gross
More informationComparison of SONYMA Mortgages vs. FHA
Levels of loan approval FHA self insures Lenders Direct Endorsement Underwriters approve loans 3* Levels of loan approval Lender PMI/Pool Insurer *Pre Closing SONYMA compliance review will be eliminated
More informationPromoting the Tax Free Savings Account for Homeownership
Promoting the Tax Free Savings Account for Homeownership October, 2008 for Homeownership Prepared for: Canadian Home Builders Association Prepared by: 1580 Kingston Road Toronto Ontario M1N 1S2 Phone:
More informationDefinitions. In some cases a survey rather than an ILC is required.
Definitions 1. What is the closing? The closing is a formal meeting at which both the buyer and seller meet to sign all the final documentation required for the buyer's mortgage loan. Once the closing
More informationFirst Time Home Buyer Glossary
First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make
More informationHOME LOANS AND LINES OF CREDIT
HOME LOANS AND LINES OF CREDIT GENUINE LOANS FOR REAL PEOPLE Product Information Brochure Effective from 1 November 2014 At Queensland Country we offer genuine home loans for real people. We understand
More information(Financial Policy F17.3) Guaranteed Housing Loan to Faculty and Staff (Policy) Table of Contents
Financial Services Page 1 of 5 (Financial Policy F17.3) Guaranteed Housing Loan to Faculty and Staff (Policy) Effective Date: February 13, 2009 Signature/Position: Assistant Vice-President, Finance and
More informationHOME BUYING MADE EASY. Know what you need to get it right.
HOME BUYING MADE EASY Know what you need to get it right. HOME BUYING MADE EASY PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC has
More informationHOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs. Illinois Association of REALTORS. Springfield, IL 62701
Illinois Association of REALTORS 522 S. Fifth Street Springfield, IL 62701 www.illinoisrealtor.org www.yourillinoishome.com HOMEOWNERSHIP: Understanding What You Can Afford, Mortgages, and Closing Costs
More informationBokern Realty serving St. Louis since 1901. Home Buying Educational Seminar The WU Employer Assisted Housing Program
Home Buying Educational Seminar The WU Employer Assisted Housing Program Agenda WU Employer Assisted Housing Program Program highlights Neighborhoods Home Financing Benefits of homeownership Preparation
More informationHOME BUYING MADE EASY. Live the dream of owning your own home.
HOME BUYING MADE EASY Live the dream of owning your own home. HOME buying Made Easy PNC, PNC AgentView and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ( PNC ). PNC
More informationMSHDA's Down Payment Assistance and Mortgage Credit Certificate. May 21, 2010 (3:30 5:00 p.m.) Facilitated by: Carol Brito (MSHDA) Sponsored by:
MSHDA's Down Payment Assistance and Mortgage Credit Certificate May 21, 2010 (3:30 5:00 p.m.) Facilitated by: Carol Brito (MSHDA) Sponsored by: CREDIT UNIONS A DRIVING FORCE OF COMMUNITIES MSHDA Overview
More informationHOME BUYING101. 701.255.0042 www.capcu.org i
HOME BUYING101 701.255.0042 www.capcu.org i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended,
More informationHomebuyer Education: What You Need to Know
Homebuyer Education: What You Need to Know Today s Objectives Prepare your finances for home ownership Steps to mortgage prequalification Shopping for a home- who are the major players? Choosing the correct
More informationThe Residential Buying Process
This Guide was made possible thanks to a generous donation from the Alberta Real Estate Foundation The Residential Buying Process This brochure will help you understand the process of buying residential
More informationFinancing your Home Purchase
Financing your Home Purchase page 1 Disclaimer This booklet is for information purposes only, and must not be relied on as a substitute for legal advice. page 2 Contents How Much Can You Afford? 1 Other
More informationThe Ultimate Mortgage Checklist
The Ultimate Mortgage Checklist The Rate 1. Is the rate you re quoting me the lowest I can possibly get, given my qualifications and mortgage preferences? 2. If I find a lower rate for a similar product
More informationFifth Third Home Buying Guide. A Guide to Residential Home Buying.
Fifth Third Home Buying Guide A Guide to Residential Home Buying. Important Contacts and Numbers. Use this page to record important information as you move through the homebuying process. Realtor/Builder
More informationInvesting in your future is our commitment to you!
Lakeside Bank has met the financial needs of Chicago for nearly 40 years. With our competitive products and services to meet your every need, you can count on Lakeside Bank to help you achieve both your
More informationPreparing for homeownership
Preparing for homeownership What we ll cover 1. Getting ready for homeownership 2. Mortgage basics 3. What you need to buy a home 4. Finding the right home 5. Resources 2 Getting ready for homeownership
More informationFHA Reverse Mortgages for People 62 Years and Older
FHA Reverse Mortgages for People 62 Years and Older If you are age 62 or older you may want to participate in FHA's Home Equity Conversion Mortgage (HECM), better known as the Reverse Mortgage, program.
More informationGenworth Financial Canada First-Time Homebuyer s Monitor
Genworth Financial Canada First-Time Homebuyer s Monitor December 2008 2008 Genworth Financial, Inc. All rights reserved. Expert Commentary The following survey results demonstrate gaps in first-time buyers
More informationMORTGAGE DICTIONARY. Amortization - Amortization is a decrease in the value of assets with time, which is normally the useful life of tangible assets.
MORTGAGE DICTIONARY Adjustable-Rate Mortgage An adjustable-rate mortgage (ARM) is a product with a floating or variable rate that adjusts based on some index. Amortization - Amortization is a decrease
More informationEstes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES
Estes Valley Workforce Housing Assistance Down Payment Assistance Loan Program PROGRAM GUIDELINES Eligible Borrowers: Income: Employment: Borrowers must be First Time Homebuyers as defined as not having
More informationIs a Cash Back Mortgage right for you?
Is a Cash Back Mortgage right for you? Conditions and Disclosure Details ERCU CASH BACK MORTGAGE OVERVIEW Eagle River Credit Union offers cash back ranging from 1% to 5% of the total mortgage loan amount
More informationHOME FINANCING GUIDE
HOME FINANCING GUIDE SECTION 1: Mortgage Loans Available Fixed Rate Mortgages A fixed rate mortgage is a home loan with a rate that remains the same over the entire term of the loan, regardless of how
More informationIntroduction. Instructor and student introductions. Module overview. Your Own Home
Introduction Instructor and student introductions. Module overview. 2 Student Introductions Your name. Your expectations, questions, and concerns about buying a home. 3 Purpose : Gives you information
More informationCity of Somerville Closing Cost and Down Payment Assistance Programs
City of Somerville Closing Cost and Down Payment Assistance Programs WHAT DO THESE PROGRAMS OFFER? The City of Somerville can provide assistance in purchasing a home through two different programs. You
More informationHomebuyer s Guide. Brought to you by:
Homebuyer s Guide Brought to you by: AmeriSouth Mortgage Company NMLS ID: 67050 Phone: (704) 845-9400 info@amerisouth.com www.amerisouth.com The basics What is a mortgage? A mortgage is a loan secured
More informationCanadian Home Buildersʹ Association. Federal Mortgage Regulations and Housing Markets Our File: P 3812
Independent Real Estate Intelligence Memorandum to: John Kenward, Chief Operating Officer Canadian Home Buildersʹ Association From: Peter Norman, Senior Director Altus Group Economic Consulting Subject:
More informationHOME BUYING101 TM %*'9 [[[ EPXEREJGY SVK i
HOME BUYING101 TM i This book is intended as a general guide to the topics discussed, and it does not deliver accounting, personal finance, or legal advice. It is not intended, and should not be used,
More informationThe Key To Your Dreams A comprehensive guide to home ownership
The Key To Your Dreams Brad Wadden 902.880.5257 www.bradwadden.com Congratulations on your Decision to Buy a Home! Buying a home is a big step in your life. Finding the right home and the right mortgage
More informationA mortgage is a loan that is used to finance the purchase of your home. It consists of 5 parts: collateral, principal, interest, taxes, and insurance.
A mortgage is a loan that is used to finance the purchase of your home. It consists of 5 parts: collateral, principal, interest, taxes, and insurance. When you agree to a mortgage, you enter into a legal
More informationMORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.
MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default
More informationCity of Perris First Time Homebuyer Homebuyer Assistance Program (HAP) Lender Training
City of Perris First Time Homebuyer Homebuyer Assistance Program (HAP) Lender Training 2010 Agenda Staff Introductions HAP Program Summary HAP Program Requirements HAP Program Procedures Becoming an Approved
More informationHow to Purchase Your First Home
Young Alumni Network Webinar How to Purchase Your First Home Presented by: Mike Graves Residential Wholesale Mortgage What to consider when looking to buy your first home? 1. Long term investment: 5 years
More informationHelping You With Your Home Purchase
Financing Organizing your finances is the critical first step in your home purchase > Consider the one-time costs associated with a home purchase, including a down payment, legal fees, inspection fees,
More informationDown Payment & Closing Cost Assistance Programs & Primary Mortgage Lender Guidelines
437 S. Jackson St. Green Bay, WI 54301 920-448-3075 www.nwgreenbay.org Down Payment & Closing Cost Assistance Programs & Primary Mortgage Lender Guidelines Housing Counselors: Jeff Van Rens Belinda Pynenberg
More informationLake County Homebuyer Programs Lender Guidelines as of 1/22/2014
Lake County Homebuyer Programs Lender Guidelines as of 1/22/2014 ABOUT THE AFFORDABLE HOUSING CORPORATION OF LAKE COUNTY AHC is a nonprofit agency that increases and preserves affordable housing opportunities
More informationMortgage Assistance Program Down Payment Assistance
Mortgage Assistance Program Down Payment Assistance DISCLOSURE NOTICE - APPLICATION PROCESS You are applying for financial assistance to purchase a home through the City of Livermore Mortgage Assistance
More informationOver $1,700 in total value and savings! TABIA Business and Personal Banking Program
Over $1,700 in total value and savings! TABIA Business and Personal Banking Program July 27, 2012 Program Overview RBC Royal Bank is pleased to provide TABIA members with a special banking program for
More informationAre you planning to move into your very first home soon, or are you buying a new house? Buying a house is an important decision. It s something we do
HOMEBUYERS GUIDE Home sweet home Are you planning to move into your very first home soon, or are you buying a new house? Buying a house is an important decision. It s something we do only a few times in
More informationRefinancing Section 95 co-ops CHF Canada s Refinancing Program. 2015 Webinar
Refinancing Section 95 co-ops CHF Canada s Refinancing Program 2015 Webinar 0 This workshop Introductions Purpose of the Program How the New Mortgage Works How to qualify Lender and CMHC Requirements How
More informationWELCOME COURSE OUTLINE
WELCOME COURSE OUTLINE Dear Home Buyer: Thank you for giving us the opportunity to help guide you through your home lending process. It is typically the largest financial transaction you will make and
More informationHOME BUYING MADE EASY. Live the dream of owning your own home.
HOME BUYING MADE EASY Live the dream of owning your own home. sm Getting started For most of us, buying our first home is a dream come true. It s also a lengthy process where potential and sometimes very
More informationHOMEBUYER S MORTGAGE GUIDE
WWW.WINTRUSTMORTGAGE.COM WINTRUST.COM/MYHOME HOMEBUYER S MORTGAGE GUIDE HELPFUL INFORMATION ABOUT THE MORTGAGE PROCESS TO GUIDE YOU AS YOU PURCHASE YOUR NEW HOME. www.wintrust.com/myhome WHY WINTRUST?
More informationRefinancing Your Existing Mortgage
Refinancing Your Existing Mortgage Your home is your largest single asset and it can be a powerful financial tool. As you build up your equity over time, you will have access to a variety of borrowing
More informationGenworth MI Canada Inc. BRIAN HURLEY, Chairman and CEO
Genworth MI Canada Inc. BRIAN HURLEY, Chairman and CEO Genworth MI Canada Inc. 1 Scotia Capital Financial Summit September 2012 Forward-Looking and Non-IFRSs Statements This presentation includes certain
More informationFinancing Residential Real Estate
Financing Residential Real Estate Chapter 1: Finance and Investment Borrowing Money to Buy a Home Investments and Returns Types of Investments Ownership Investments Debt Investments Securities Investment
More informationWe ll help you open the door.
We ll help you open the door. The Citizens Guide to Home Financing Lori Customer Table of Contents Before you look 4 The costs of purchasing a home 4 Getting a head start: Pre-approval 6 Choosing a mortgage
More informationInformation and Education Seminar
Region of Peel Home in Peel Affordable Ownership Program Information and Education Seminar Program and Process Overview Why launch the Home in Peel Affordable Ownership Program? The Affordable Home Ownership
More informationMORTGAGE LOAN INSURANCE TO FACILITATE AFFORDABLE RENTAL PROPERTIES
MORTGAGE LOAN INSURANCE TO FACILITATE AFFORDABLE RENTAL PROPERTIES CMHC S Approach to Mortgage Loan Insurance for Affordable Rental Projects Ministry of Municipal Affairs and Housing Updated February 2007
More informationThe Help to Buy Equity Loan Scheme What you need to know before you go ahead
Page 1 of 6 The Help to Buy Equity Loan Scheme What you need to know before you go ahead What is the Help to Buy Equity Loan scheme? The Help to Buy Equity Loan scheme is a Government backed programme
More informationHome Buyers. from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust.
Information for First-time Home Buyers An overview of the mortgage process, from application to closing. Derek Haley, Senior Loan Officer SunTrust Mortgage, Inc. 919.426.5023 Derek.Haley@SunTrust.com NMLSR#
More informationDomestic and Foreign National Loan Programs & Guidelines:
Domestic and Foreign National Loan Programs & Guidelines: Property Types: Single Family Homes / Condos and Condo-Hotels. Condo-Hotel Minimum Requirements: Done on a case by case basis. We require a minimum
More informationGetting Prepared to Purchase Your Home
Thank you for taking the time to download our Homebuyer s Kit. TJC Mortgage knows that you have options when choosing a mortgage company to assist with your home purchase and we want you to know that we
More informationThe Reverse Mortgage Opportunity. Today s Solution to your Peace of Mind
The Reverse Mortgage Opportunity Today s Solution to your Peace of Mind The 2009 Retirement Environment 2008 Market downturn Net worth losses portfolio restrictions Age restrictions on employment Travel
More informationHOME EQUITY LINES OF CREDIT CHECK LIST. Name/Borrower. Address. Amount of Mortgage $
HOME EQUITY LINES OF CREDIT CHECK LIST Date Name/Borrower Address Amount of Mortgage $ Application Income Verification Additional: A. Copy of Recorded Deed B. Copy of Survey C. Tax receipts- School, County,
More informationWelcome. 1. Agenda. 2. Ground Rules. 3. Introductions. Your Own Home 2
Your Own Home Welcome 1. Agenda 2. Ground Rules 3. Introductions Your Own Home 2 Objectives If you are a pre-homebuyer: Explain the advantages and disadvantages of renting versus owning a home Identify
More information