Don't Get Scammed When Buying a Home
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About this ebook
Buying a Home can be very intimidating. Don't get ripped off by not knowing. Angelo Christian teaches you what to look out when getting a home loan and what to pay attention to make sure you get the best home loan.
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Don't Get Scammed When Buying a Home - Angelo Christian
Ebook by Angelo Christian
Table Of Contents
Chapter 1 ~ Real Estate Market
What is the Procedure to Purchase a Home?
What Role Does the Realtor Play
FSBO?
New Construction or Existing?
Why Foreclosures?
What Role Does the Loan Officer Play?
What Do Title Companies Do?
Chapter 2 ~ Home Loan Products
FHA loans
15 or 30 Year?
Fixed or ARM?
Reverse Mortgages
184 Indian Loans
VA Loans
USDA Loans
Conventional Loans
PMI
First Time Buyer Programs and Grants
Tax Credits
Chapter 3 ~ Real Estate Scams to Avoid
Gimmicks and Scams in the Business
Lease Purchase with Wrap Program
Chapter 4 ~ How Lenders Make Money
Portfolio Loans
Private Money
Hard Money
Chapter 5 ~ Selecting the Right Company to do Business With
Different Types of Lenders
Banks
Credit Unions
Mortgage Lenders
Mortgage Brokers
Loan Servicing
Lender Default Rate
Regulatory Accolades
Agency Approvals
Chapter 6 ~ The Home Loan Process
Loan Officer Originates Loan following Methodology-
Loan Officer Job Duties
Contract IN
LOA Job Duties
Processing Job Duties
Underwriting
Closing
Life After Closing
Chapter 1 ~ The Real Estate Market
What is the Procedure to Purchase a Home
Here is the process you will go through in order to secure a home loan.
First you will need to complete and a loan application. Your lender can help you fill it out.
After the application has been prepared, ask your lender for a pre-approval letter. This letter confirms the amount you are approved for to purchase a home.
Next you loan has to be processed. You will need to submit financial documents to the lender for it to be processed. At this time, the property is also appraised to find the fair market value of the home.
Now you need to get approval for your loan. The lender will review the application, your financial papers, and make a decision. If you are declined, they can give you recommendations to obtain financing.
Before closing, your home mortgage consultant will help you secure all required paperwork. This could include title insurance and other real estate documents that protect you against others claiming that the property is theirs.
A date and time will be set for all papers to be signed, and payments to be made to complete the purchase.
What Role Does the Realtor Play?
The role the realtor plays in your purchasing a home depends on