Presentation on theme: "Century 21 Ashby & Associates1 Fannie Mae Foundation Home Buying Fair Washington, DC Convention Center July 19, 2003 10 am – 4 pm Ashby & Associates."— Presentation transcript:
Century 21 Ashby & Associates1 Fannie Mae Foundation Home Buying Fair Washington, DC Convention Center July 19, 2003 10 am – 4 pm Ashby & Associates
Century 21 Ashby & Associates2 Consider the following Home price: $140, TToday’s interest rate (estimate) of 5.75% AAnnual property taxes (estimate): $ AAnnual homeowners insurance (estimate): $ PPrincipal and Interest (30 years): $ TTotal Monthly Mortgage Payment (PITI): $917.00; this includes monthly payment for property taxes and insurance
Century 21 Ashby & Associates3 Home buying process 1. Are you ready? 2. Contact us at Century 21 Ashby & Associates 3. You get loan pre-approval / approval 4. You get funding from your lender 5. We look for homes that meet your criteria 6. You choose a home 7. We make an offer for your home of choice 8. You obtain homeowner’s insurance 9. We close the deal at settlement 10. You move into your first home!!!
Century 21 Ashby & Associates4 To start the home buying process Step 1: Determine if you are ready Step 2: Call Century 21 Ashby and Associates at and ask for Charles T. Janifer Step 3: Get a mortgage pre- approval and approval letter from a lender
Century 21 Ashby & Associates5 1. Are You Ready? Have you started planning? Do you know what you want? What is your timeframe? Is your financial house in order?
Century 21 Ashby & Associates6 2. Contact us at Century 21 Ashby and Associates – Charles T. Janifer Cell:
Century 21 Ashby & Associates7 3. Mortgage loan pre-approval and approval Use your lender of choice -OR- a referral: Wells Fargo – Yvonne Required documents W-2 Form(s) Verification of employment Bank statements Utility bills Two years of income taxes if self employed
Century 21 Ashby & Associates8 4. Get funding You determine financing options and terms that meet your needs with your mortgage lender of choice based on your situation
Century 21 Ashby & Associates9 5. Look for a home Together, we determine your search criteria Number of bedrooms: ___ Number of bathrooms: ___ Neighborhood: ___ Garage(s): ___ We search the available inventory of homes and visit them with you
Century 21 Ashby & Associates10 6. Choose a home Based on the homes selected, we find a home that will meet your needs
Century 21 Ashby & Associates11 7. Make an offer After we find a home for sale that meets your criteria, we work with you to make an offer and present it to the seller; Include price and terms that you specify The seller could: Accept your offer and ratify the contract –OR- Make a counter offer and suggest different terms and price –OR- Reject your offer A number of reports occur after contract ratification: title search with boundary survey, home inspection by licensed home inspector, lender required appraisal, and termite
Century 21 Ashby & Associates12 8. Get Insurance Your lender will require that you get a homeowner’s insurance policy on your new property (insurance binder) You can use an insurance company of your choice This policy will insure you against fire, theft, and other similar situations You must also get owner’s title insurance on your property to insure against defects in the title after settlement occurs
Century 21 Ashby & Associates13 9. Closing the deal Your property settlement will occur with the settlement attorney of your choice In some cases, the seller(s) will request settlement at a settlement company of their choice Settlement includes the legal recordation of all necessary documents, making sure that the title is free and clear of any defects
Century 21 Ashby & Associates Mover’s Checklist Change of address cards US Post Office Charge accounts Subscriptions Friends/Relatives Utilities Water Gas Electric Telephone Cable Subscriptions Newspaper Magazine Memberships Church Clubs & Associations Bank accounts Checking Savings Insurance companies Health Life Automobile Medical HMO PPO Dental Refill prescriptions Miscellaneous Moving company Child school records
Century 21 Ashby & Associates15 Some Home Ownership Programs in DC There are a number of DC incentive programs available for you: DC Employer Assisted Housing Program (EAHP) – assistance up to $11, for employees of the DC government and is a 1 st time home buyer Home Purchase Assistance Program (HPAP) – provides interest free and low interest loans to qualified residents DC Metropolitan Police Housing Assistance Program – assistance up to $10, in deferred loans for down payment and closing cost assistance for members of the DC Police Department Many others; visit for details.
Century 21 Ashby & Associates16 Home office? We can assist you with configuration and installation of a home office that includes: High speed wireless Internet access for your computers Recommendation on computer purchase Call for details