Mitchel Ronacher, Isaac Hill, Adam Luehmann, Corey Plath

 A Loan  Legal signed agreement  Foreclosure  Monthly Payments

 Principal  Interest  Taxes  Insurance

 Lender can be anyone!  Financial Institutions Wells Fargo and Chase Bank Credit Union Mortgage association  Online mortgage AAAmortgage.com Quickenloans.com  Method of paying is varied

 Builds credit  Builds equity  Freedom  More pocket cash and security

 Employment  Investments  Other Income

 Goal  Not above 36%  Not above 28%

 Itemized list of current debt  Real-estate based debt

 Bank Balances  Security Account Statements  Retirement fund interest  Life insurance policies  Significant Pieces of personal property

 Loans

 Other Debts or Income

 Information is verified Credit Report Background Check  Underwriting

 After Verification  Amount approved to lend  You decide to accept or not

 Outline of Costs Credit Report Fees Home Appraisal Title Search Fee Down Payment Closing Costs

 Amount being financed  Finance Charge  Payment Schedule  Annual percentage rate

 Discloses Fees of closing  Low range 3%  High range 7% Services of closing  Given when closing date is set

 States you will repay the loan  You agree to the terms of payment  Explains the consequences of not paying

 Third party transfer till full payment  Lender’s right to property  You promise To keep your house in good repair To maintain insurance on the property

 Signed by seller to transfer ownership  Held by third party till the loan is paid  You receive a copy as evidence at closing

 Declares the information you provide is true  States the house will be your main residence  States all needed repairs were made

 First-Time Home Buyer Credit Enacted by the Government in 2008 Available from 2008 to 2010 Provided a tax credit for the year you purchased your home In some circumstances the credit had to be repaid This tax benefit is no longer available

 Mortgage Credit Certificate Availability varies from State to State A percentage of the interest you pay on your mortgage becomes a tax credit The remainder of your mortgage interest still qualifies as an itemized deduction Need to fill out tax Form 8396

 Mortgage Interest Can be included in Itemized Deductions (Schedule A lines 10 and 11) Limited to interest paid on $1,000,000 of home acquisition debt and interest on $100,000 of home equity debt May be changed in upcoming years

 Real Estate Taxes Can be included in itemized deductions (Schedule A line 6) Do not include itemized charges or charges for improvements that increase your properties value like  Monthly charges for garbage collection  Assessment to build a new sidewalk

 Schedule A  Form

 Make sure you are ready s/mortgage-loan-points-calculator.aspx s/mortgage-loan-points-calculator.aspx  Get the scores you need Experian TransUnion Equifax  Organize paperwork  Make time for the pre-approval

1. Don’t buy if you can’t stay put. 2. Aim for a home you can really afford. 3. Buy in a district with good schools. 4. Get professional help. 5. Hire a home inspector.

1. Misunderstanding mortgage discount points. 2. Ignoring mortgage rates. 3. Failing to compare lenders. 4. Not considering various loan options. 5. Not understanding basic terms.

 The average 30-year fixed-rate mortgage was 4.32% with 0.7 points for the week ending Sept. 26, down from 4.5% a week earlier. A year ago, the 30-year fixed rate was 3.4%.  The average rate for a 15-year fixed-rate mortgage was 3.37% with 0.7 points. Last week the rate was 3.54%, and a year ago it was 2.73%. Read more from JSOnline: ge-rates-hit-9-year-low-freddie-mac-reports- b z html#ixzz2gXgTtZol ge-rates-hit-9-year-low-freddie-mac-reports- b z html#ixzz2gXgTtZol