How Much House Can You Afford?
Debt-to-income Ratios
Your Monthly Income – the way Lenders Figure it
Your Maximum Monthly Mortgage Payment
The Rest is Easy – Sort of
Your Down Payment Affects Everything Else
Analyzing Your Savings – the First Step
Mortgage Program Choices
Shopping for Interest Rates
Writing Your Offer
Conclusion – Look at Your Savings First
Documenting Your Assets & Verifying Your Down Payment
Checking, Savings, & Money Market Accounts
Stocks, Bonds, Mutual Funds, etc.
Gifts from Family Member
401K or Retirement Accounts
Selling Personal Property
Help from Employers
Savings Bonds
Borrowing to Come up with a Down Payment
Where Does Mortgage Money Come From?
The Olden Days
How it works now
Mortgage Backed Securities
Different Types of Lenders
Mortgage Bankers
Mortgage Brokers
Wholesale Lenders
Portfolio Lenders
Direct Lenders
Correspondents
Banks
Savings & Loans
Credit Unions
Advantages of Different Types of Lenders
What kind of Lender is Best?
Banks and Savings & Loans
When Realtors or Builders Recommend a Lender
Things You Need When You Apply for a Home Loan
The Actual List of things you need to get a quick loan approval
Closing Costs When Buying or Refinancing a Home
Introduction
Items Paid in Advance
Impounds or Reserves
Costs not Associated with the Lender
Refinancing Associated Costs
Asking the Seller to Pay Closing Costs – Advice and Rules
Mortgage Interest Rates – How it Works
A Loan Officer’s Rate Sheet
Pricing the Loan
Quoting Rates to You
Locking in Your Rate
Shopping for Rates
Getting Reliable Quotes
