1. THE SECRETS TO STOP PAYING RENT AND FINALLY OWN YOUR OWN HOME
Brian Sacks National Mortgage Expert NMLS #
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2. Who’s Ready To Own Your Home?

3. WHAT YOU ARE ABOUT TO LEARN
The 3 Types of Lenders Which One Is Best For You? 1
How To Get More Take Home Pay To Pay Your Mortgage 2
Types of Financing Which one is best for you 3
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4. WHAT YOU ARE ABOUT TO LEARN
How to Buy A Home Even If You Don’t Have Perfect Credit 4
Costly Mistakes To Avoid When Buying A Home 5
The One Document That Increases Your Negotiating Power 6
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5. TOP 5 REASONS PEOPLE RENT
NEW TO THE AREA
DON’T HAVE ENOUGH MONEY FOR DOWNPAYMENT AND CLOSING COSTS
HAVE HAD PAST CREDIT ISSUES INCLUDING A BANKRUPTCY OR FORECLOSURE
THINK IT’S TOO HARD TO QUALIFY FOR A MORTGAGE LOAN
THINK THEY CAN’T AFFORD A MORTGAGE PAYMENT
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7. WHO AM I AND WHY SHOULD YOU EVEN LISTEN?
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8. FHA LOAN PROGRAM
PRO’S * Low Down Payment- 3.5 % * Funds Can All be gift or seller help * Easier Qualifying Guidelines * Assumable – when you sell * Qualifying ratios 29/41 CON’S * Mortgage Insurance –Upfront & Monthly * Appraisal Standards are stricter * Must use FHA Approved Lender
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9. VA LOAN PROGRAM
PRO’S * Zero downpayment * Liberal Qualifying ratios 41% of income * Stricter Appraisal Guidelines * Reservists are Eligible with certain guidelines * Closing costs can be paid by lender-seller-gift CON’S * Must Be Veteran or Vet and Spouse * Funding fee similar to mortgage insurance
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10. CONVENTIONAL LOANS
PRO’S * Minimum 5% down * You must have 5% of your own funds * NO Mortgage Insurance if 20% down or when you get sufficient equity CON’S Stricter qualifying ratios 28/36 Easier Guidelines For Appraisals than FHA/VA
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11. WHAT TO DO IF YOU HAVE DON’T HAVE ENOUGH MONEY FOR DOWNPAYMENT AND SETTLEMENT COSTS
CREATIVE WAYS TO GET YOUR MONEY $ GIFT FROM A RELATIVE $ LENDER CREDIT $ GRANTS $ SECURED LOANS $ SELLER HELP TOWARDS CLOSING FHA- UP TO 6% |VA ALL CLOSING|CONV 3% /6%
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12. WHAT TO DO IF YOU HAVE HAD A BANKRUPTCY –FORECLOSURE OR OTHER CREDIT ISSUE
Case History Joe and Cheryl- not their real name had a business that they had to close. Bankruptcy in 2012 Chapter 7 Discharged in Foreclosure started but included in BK Now salaried – reestablished good credit Qualifed for a fixed rate loan of 3.99% with only 3.5% down payment
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13. WHAT TO DO IF YOU DON’T HAVE MONEY FOR DOWNPAYMENT AND CLOSING COSTS
Case History Joan not her real name has great income and only 2 bills Car payment and school loan. She qualifies for a 250,000 loan but doesn’t have the money for downpayment & Closing. She is not a veteran. SOLUTION- We were able to negotiate a contract where the seller helped with settlement and she received a grant for part of her downpayment
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14. IS THIS ONE OF THE REASONS YOU ARE RENTING?
DON’T FEEL YOU CAN AFFORD THE MONTHLY PAYMENTS?
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15. WHAT TO DO IF YOU THINK YOU CAN’T AFFORD THE PAYMENTS ON A HOME !
Ever Hear People Say Buying a Home Is Good For Your Taxes?
TAX DEDUCTIBLE ITEMS * Interest on your mortgage
* Property Taxes
NOTE- I AM NOT AN ACCOUNTANT OR ATTORNEY OR FINANCIAL PLANNER AND YOU NEED TO CHECK ALL INFORMATION WITH YOUR OWN PROFESSIONALS
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16. Should you be Or should you be
HOW TO GET MORE MONEY EACH MONTH IN YOUR PAYCHECK TO PAY YOUR MORTGAGE Do You Currently Get A Refund?
Should you be Or should you be
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17. PROBLEMS WITH GETTING A REFUND
GOVT HAS HAD YOUR MONEY FOR 18 MONTHS AND PAID ZERO INTEREST
IF INFLATION IS 5% THE MONEY COMING BACK TO YOU IS WORTH LESS ( $1.00 HAS .95 BUYING POWER)
YOU BUY A HOME YOU AREN’T HAPPY WITH BUY MUST STAY IN OR YOU STRUGGLE EACH MONTH WHEN THERE IS A BETTER ALTERNATIVE
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18. HOW TO GET MORE MONEY EACH MONTH IN YOUR PAYCHECK TO PAY YOUR MORTGAGE
BRING HOME PLUS TAX BENEFIT - car -insurance -utitlities
-food -entertainment - clothing -other COMFORT LEVEL = $ = $
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19. DIFFERENT TYPES OF LENDER
IS ONE BETTER THAN THE OTHER? Why would one company say yes when another says no?
Mortgage Banker – Independent
Mortgage Banker –Bank Owned
Small Bank –Portfolio or hard money lender
Mortgage Broker
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20. THE BIG MISCONCEPTION
MYTH- IF I GO TO MY BANK THEY WILL GIVE ME A GOOD DEAL SINCE I AM A CUSTOMER REALITY- THE BANK OWNS A MORTGAGE COMPANY THAT IS A SEPARATE OPERATING ENTITY OR A SUBSIDIARY. THEY TEND TO BE MORE CONSERVATIVE THAN OTHERS AND THEIR OWN RULES TO THE EXISITNG GUIDELINES
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21. WHICH ONE SHOULD YOU CHOOSE????
PORTFOLIO LENDER-
- HIGHER RATES - EASIER TERMS AND QUALIFYING - MORE EXPENSIVE IN FEES
MORTGAGE BANKER -INDEPENDENT VS BANK OWNED - LEND YOU THEIR FUNDS BACKED BY FHA- VA – FNMAE- FREDDIE MAC SO THEY GET THEIR FUNDS BACK TO LEND AGAIN. GOOD PROGRAMS- GOOD RATES –COMPEITITVE FEES
MORTGAGE BROKER -CAN SHOP DIFFERENT LENDERS BUT MUST CHARGE A FEE
OVER THE LENDERS FEE TO EARN INCOME - DON’T HAVE CONTROL OF THE PROCESS –UNDERWRITING OR SETTLEMENT DEPARTMENTS
IS NOT LENDING YOU THEIR FUNDS BUT ARE PLACING YOUR
LOAN WITH THE LENDER.
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22. WHAT ARE POINTS AND SHOULD YOU PAY THEM ?
POINTS ARE PREPAID INTEREST PAID AT THE TIME OF SETTLEMENT TO LOWER YOUR RATE Option A: 4 % with 1 point
Option B: 4.25 with 0 points
Loan amount $200,000
4 % PRINCIPAL& INTEREST = $ Principal & interest = $ $32.00
Cash = 0 | 4.0 = $ /32 = 63 months ( 5 years ) to breakeven
Note- always compare APR not just rates
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23. WHAT IS AN APR?
An Annual Percentage Rate (APR) is a broader measure of cost to you of borrowing money. The APR reflects not only the interest rate but also the points, broker fees, and certain other charges that you have to pay to get the loan, including certain of your closing costs.
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24. SUCCESS STORIES AND COMMENTS
"Brian Sacks helps people who have emerged from bankruptcy--even some who are still in bankruptcy--with loans for homes." -- Jeffrey Raymond/The Daily Record "Brian Sacks has created an opportunity for folks who don't think there's any opportunity." -- The Baltimore Sun "Brian Sacks helps people who have filed for bankruptcy protection boost their credit scores.“ -- Eileen Ambrose/The Baltimore Sun
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25. MISTAKES TO AVOID WHEN SHOPPING FOR A MORTGAGE
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26. CLOSING COSTS – HUD 1 /GFE
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27. CLOSING COSTS
LENDER CHARGES TITLE COMPANY CHARGES PREPAID ITEMS BE AWARE WHEN SHOPPING
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28. SUCCESS STORIES AND COMMENTS
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29. SUCCESS STORIES AND COMMENTS
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30. MISTAKE # 1 TO AVOID Lost $$$$ Lost Time Emotional Distress
LOOKING FOR A HOME BEFORE YOU GET
PRE-APPROVED!
Lost $$$$
Lost Time
Emotional Distress
ALWAYS GET PRE-APPROVED SO YOU KNOW WHERE TO LOOK AND WHAT YOU CAN COMFORTABLY AFFORD AND QUALFIY FOR
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31. PRE –APPROVED VS PRE QUALIFIED IS THERE A DIFFERENCE
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32. ITEMS NEEDED FOR PRE-APPROVAL
Last 2 years w2 forms
Most recent paystubs
If self –employed- last 2 years business and personal returns and ytd profit & loss
Most recent paystub
Most recent bank statements ( all pages) on all assets
Permission to run your credit report
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33. POLLS AND QUESTIONS
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34. SUCCESS STORIES AND COMMENTS
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35. MISTAKE #2 TO AVOID Working With An On-Line Lender
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36. MISTAKE # 3- CHOOSING THE WRONG AGENTS 3 TYPES OF REALTORS SELLERS AGENT AKA LISTING AGENT
•Seller's agent. Also called a listing agent, this person works exclusively for the seller. Most often, you'll deal with the seller through the seller's agent. Except in cases where you have a specific agreement with an agent to represent you as a buyer (see the next item on this list), you should assume that any agent you work with is a seller's agent. Even if an agent didn't personally list the seller's property, any agent involved in the sale of a property is considered a subagent of the listing agent—unless that agent has a contract to represent only you, the buyer (see "Buyers' Agent" below). Note: Agency means representation, and an agent is a representative. If you enter into an agency agreement with someone, it means that you've both agreed that that person will act as your representative.
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37. 3 TYPES OF REALTORS -DUAL AGENT
HERE’S WHAT HAPPENS WHEN YOU WALK INTO AN OPEN HOUSE!
•Dual agent. This is a single agent who represents both the seller and the buyer in the same transaction. In most states, dual agency is legal so long as the agent gets the consent of both the buyer and the seller. But as the box on Section explains, dual agency can lead to conflicts of interest.
Note: Dual agency can also occur when two agents who work for the same broker represent both parties in a real estate transaction.
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38. 3 TYPES OF REALTORS BUYERS AGENT
THIS IS WHAT YOU WANT
•Buyer's agent. A buyer's agent works solely for you the buyer, and represents your interests throughout the real estate transaction, from initial house hunting through closing the deal. Buyer's agency is a formal agreement, signed by you and a particular real estate agent, saying that the agent represents you and your interests in buying a home.
Tip: In a transaction, the buyer's agent is called, confusingly enough, the selling agent. To keep from being muddled by the terminology, think of agents' roles this way: In transactions that have both a listing (seller's) and a buyer's agent, the listing agent puts a home on the market and represents the current owner; the selling agent facilitates the sale by representing the buyer who makes that sale possible.
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39. WHY SHOULD YOU USE REBATE REALTY
WHY SHOULD YOU USE REBATE REALTY? PLEASE CONTACT THE AGENT THAT INVITED YOU TO THIS WEBINAR FOR MORE INFORMATION !

40. HERE’S WHAT TO DO NOW
USE SCHEDULE ONCE AND WALK THEM THRU IT CALL OR ME NOW TO SET UP YOUR FREE NO-OBLIGATION CONSULTATION NMLS#
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41. ARE YOU READY TO STOP RENTING AND OWN YOUR HOME?

42. HERE’S WHAT TO DO NOW
CALL OR ME NOW TO SET UP YOUR FREE NO-OBLIGATION CONSULTATION
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43. Microsoft Engineering Excellence
Questions?
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44. Microsoft Engineering Excellence
Appendix
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45. _____MISTAKES TO AVOID
What will the audience be able to do after this training is complete? Briefly describe each objective how the audience will benefit from this presentation.