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Mortgage Basics: the Guidebook

p.

MANY PEOPLE DREAM OF OWNING THEIR OWN HOME,

BUT FEAR THAT THE PROCESS IS OVERLY

COMPLICATED OR OUT OF THEIR REACH EVEN

THOUGH A LOT OF RENTERS QUALIFY. THIS BOOK

WILL SIMPLIFY THE PROCEDURE & ARM YOU WITH THE

KNOWLEDGE TO COMPLETE THE PROCESS.

  • *

Remember; don’t be scared to ask questions. Be sure to understand the benefits and risks of the product you are considering.

If it sounds too good to be true, it might be.

Before you sign on the dotted line, contact me if you’ve got any questions.

[*Mohamed T Gulamali: *]

Individual Licenses:

Mortgage: NMLS 1128605 | P&C Insurance: BR-1170226

Phone: 516-900-3603

Cell: 646-571-5352

Fax: 888-507-5926

Email: [email protected]

Web: www.moresult.com

MORTGAGE BASICS: THE GUIDEBOOK

BY MOHAMED T. GULAMALI

  • *

*Table Of Contents *

1. Anti-discrimination

Page 1

2. Comparison of Renting vs. Buying

Page 2

3. Benefits of Home Ownership

Page 3-4

4. Pre-qualification & Preapproval

Page 5

5. Types of Properties

Page 6 – 10

6. Mortgage Types

Page 11

7. Qualifying for a Mortgage

Page 12 – 16

8. Mortgage Payment

Page 17 – 19

9. Glossary

Page 20

10. Mortgage document checklist

Page 21

11. Entire Process of Buying a Home

Page 22

12. Basic Requirements & misconceptions

Page 23 – 24

  • *

[*IMPORTANT NOTICE: *]

You do not have the right to reprint, resell, auction or re-distribute the Mortgage Basics: The Guidebook

*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 1: *]

ANTI-DISCRIMINATION

Banks aren’t supposed to discriminate when making residential

mortgages. Federal and State anti-discrimination laws prohibit it.

[*It is illegal to: *]

 Refuse you credit when you qualify

 Discourage you from applying for a mortgage

 Offer you credit on terms that are negative, like a higher

interest rate compared to somebody with similar

qualifications

 Close your account

  • *

[*Based on: *]

 Race or Color

 Basis of sex

 National Origin

 Marital status

 Religion

 Age

 Sex

 Source of income

 Disability

 Familial Status

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

CHAPTER 2:

COMPARISON OF RENTING VS. BUYING[* *]

Over time the principal & interest portion of your mortgage

payment will decrease till it’s paid off. This portion of your

mortgage payment will obviously be lower than the rent you would have been paying with no end in sight. More importantly, you are not throwing away your hard earned money on rent.

You got to live somewhere, so instead of paying off your

landlord’s home just pay off your own & increase your net worth!

*Own or Rent *

*Advantages *

*Disadvantages *

 Short-term

 No Tax

commitment

incentives

 Minimal repair

 Rent can be

*Renting *

costs

increased

 No building of

equity

 Privacy

 Maintenance &

 Investment

Repairs

 Stable housing

costs

*Homeownership *

 Pride of

ownership &

community

ties

 Tax Incentives

  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

CHAPTER 3:

BENEFITS OF

HOME OWNERSHIP[* *]

[*1. Builds Wealth: *]

Through history property possession specifically home ownership

has been a financially savvy move. Usually home values increase

so with that logic today is the best time to buy low so that later you can sell high in order to maximize your profit.

*EQUITY *

Equity is the difference how much you owe on the home and how

much the home is worth.

Equity = Home value – Mortgage debt

  • *

[*Factors that increase equity: *]

1. Larger down payment when purchasing property

2. Home value rose (renovations help but remember it also

contingent on values within the area)

3. Lowering principal by consistently making mortgage

payments over time.

4. Paying extra along with your mortgage payment (the excess

will go directly towards your principal)

  • *

[*Benefits of equity: *]

1. More money you receive when you sell the property.

2. Leverage when you cash out funds from your property

through a refinance or home equity loan

3. Equity is an asset

[*2. Tax Benefits: *]There are numerous tax benefits to home ownership below are a few of them. * *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

The Schedule E portion of personal tax returns list the following deductions:

 Advertising

 Management

 Supplies

Fees

 Cleaning &

 Mortgage

 Property Taxes

Maintenance

Interest paid

 Commissions

 Repairs

 Utilities

 Insurance

 Legal &

 Depreciation

professional fees

Discount points: Money paid to lower the interest rate

PMI or MIP: Tax deductable as long as your AGI is under $109,000 Married or $54,500 filing separately

[*3. Capital Gains Exclusion: *]

To qualify you just need to buy a home & live in it as your primary residence for at least two years. When you sell you keep profits of up to:

 $250,000 if you are single

 $500,000 if you are married

  • *

[*4. Build your Castle: *]

You can tailor fit the home to meet your needs. The upgrades you make will likely also increase the value of your home.

  • *

[*5. Benefits to Family: *]

Your Family will have stability knowing that they aren’t going to have to move and alter their lives, which can be traumatic. Besides the pride of Home Ownership they will also be part of the

community along with all the benefits that it entails. A Financial benefit is the access to vast equity in their future.

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 4: *]

PRE-QUALIFICATION

& PRE-APPROVAL

[*PRE-QUALIFICATION: *]

Is an estimate of how large a mortgage you will qualify for.

To get pre-qualified, you go over your income and credit

profile with a Loan Officer. Then fax or email over the

following for the Loan Officer to review:

 2 recent Tax Returns

 2 recent W2’s

 30 days of Pay Stubs

 60 days of Assets[* *]

[*PRE-APPROVAL: *]

Is a commitment by the lender, to make you a mortgage

loan. The lender checks your credit report and verifies your

income and assets. Not guaranteed a mortgage until the full

loan application and approval process.

Keep in mind Bank Pre-Approvals are not what they used to

be since using a big bank also forces you to play by the big

banks rules & they’ve also been reprimanded numerous

times. * *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 5: *]

TYPES OF PROPERTIES

Each type of home has benefits and disadvantages depending on

your needs and preference. Home buyers have several options the

most relevant home options are:

 Cooperative (co-op)

 Condominium (condo)

 Single Family home

 Multi Family home (2-4 units)

[*CO-OP & CONDO *]

CO-OP[* *]

CONDO

You are a shareholder

You are a property owner

You receive a “proprietary

You receive a deed to your

lease”

home

Renting is usually restricted

Renting is usually permitted

Board approval is usually

Board approval is usually not

required to buy

required to buy

Monthly maintenance charges

You pay your own property

include property taxes

taxes

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

You elect Board of Directors

You elect board of managers

More affordable for first time

Prices are usually higher than

homebuyer

co-ops

*Disadvantages *

 Shared Yard: Condo and Co-op yards are shared with the

entire building.

 Special Assessments: If the association doesn’t have enough

money to cover repairs it will issue an assessment requiring

owners to pay a fee to cover the costs.

 Size: Condos and Co-ops are typically smaller than a single

family property.

 Storage: Condos and Co-ops typically have less storage due

to lack of basement, attic and garage.

 Financing: Condos and Co-ops are usually harder to finance,

since banks are stricter due to the extra risk[* *]

 Noise: Condos and Co-ops are often noisier than single

family properties since the units are attached on all sides. * *

Note: If you are interested in a condo, make sure to view it at night or on the weekend as well to get an idea of how loud the neighbors are and the quality of the soundproofing for the unit.

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

*SINGLE FAMILY HOME *

[*Advantages: *]

Living Area: Single family homes are typically larger.

Yard: You will have access to your own yard.

Storage: Single family homes generally have more storage in the forms of a: basement, attic and garage than condos or

co-ops.

Expansion: It’s your prerogative to make any additions to your home such as an adding a floor or an extension on the

side.

Financing: It is easier to obtain financing compared to a condo.

  • *

*Disadvantages *

Maintenance: Maintenance issues such as repairs,

landscaping, and snow removal are your responsibility.

Price: Due to the numerous advantages single family homes are more expensive than condos.

  • *

  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*MULTI-FAMILY *]

*Advantages *

Monthly Costs: The monthly net costs can be considerably lower than owning a single family property if you live in one

of the units.

Investment Property: Multi unit properties are an ideal investment because it generates monthly rent while normally

increasing in value while still producing multiple tax

benefits. * *

 [*Easier to qualify for a mortgage: *]Rental income counts towards your income ratios within the majority of Mortgage

Products. * *

*Disadvantages *

Landlord Responsibilities: By renting out an apartment you become a landlord. This requires all responsibilities that

come along with being a landlord along with the benefit of

income.

Size: Units are at times similar in size to condos.

Shared Yard and Driveway: The yard and typically the

driveway will be shared with your tenants depending on

terms of the lease[*. *]

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

1-4 Family VS.

Condo or

Homes

Co-op

  • *

  • *

 1-4 unit homes are more likely to increase in value condos & co-ops

 1-4 unit homes are easier to resell mostly because people

have a hard time envisioning paying a higher sales price for

a property where they have to pay additional maintenance

fees forever.

Most homebuyers would rather put that money into home

improvements of their own choosing.

 Fewer outside Fees – There’s no getting around it: Condos

typically cost more to own than a single- family as far as

square footage. Not to mention, condo fees are subject to

increase, potentially raising your cost burden over time.

 Financing Options are more numerous for Homes. They also

normally have access to lower interest rates and lower down

payment requirements.

 2-4 unit properties have rental income

  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 6: *]

MORTGAGE TYPES

To keep things simple as far as the mass public in NY is concerned the two mortgage options are FHA & Conventional.

CHIEF DIFFERENCES BETWEEN

FHA & CONVENTIONAL

  • *

FHA

CONVENTIONAL

Minimum 3.5%

Minimum 5-15%

*Down Payment *

MIP: Monthly Fee

PMI: Monthly Fee

*MIP or PMI * (cannot be avoided)

(if down payment is

less than 20%)

Normally lower

Rates

rates

Owner Occupied

Investment Option

*Occupancy *

only

Allows higher debt

Income Ratio

ratios

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 7: *]

QUALIFYING FOR A MORTGAGE

There are 3 major factors in attaining a mortgage:

1. Income

2. Assets

3. Credit

INCOME:

The bank will verify your income and proof of employment in

order to make sure you are capable of covering the mortgage

payments, home owners insurance, property taxes, MI if applicable along with your monthly expenses.

Income is the main factor in determining how much home you can

afford. Income used to qualify for a mortgage must have 2 years of history, unless just graduated and the job is related to field of study.

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ASSETS:

The bank will verify your assets chiefly to make sure you have

saved enough for the down payment. The minimum down payment

within the FHA program is 3.5% of the purchase price.

The more of a down payment you make the less of a risk you are

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

and thus the bank will give you a lower interest rate.

Assets must have a full documented paper trail for 60 days. If you are using funds from a retirement account for the down payment

you will also be required to provide the Terms Of Withdrawal.

*CREDIT *

Lenders prefer borrowers with low balances, a long history of on-time payments and a mix of credit utilization this would be

reflected within a good fico (credit score).

A good credit score is the most dominant determinant of your

mortgage rate & the higher your credit score is the lower your interest rate will be. A credit score of 740 or more should qualify you for the best

BLOG

Credit Tips: How to raise your score

[*WHAT IS CREDIT: *]

 A transaction based on a promise

 An agreement for delayed payment of a loan or purchase

 Best described as buy now & pay later or in installments[* *]

  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

*CREDIT REPORT *

*Information in your Credit *

*Information NOT in your *

*Report *

*Credit Report *

 Personal Identification

 Personal comments

information

from Creditors or debt

 Your payment history

collection agencies

on accounts

 Your income

 Public records

 Payment history on

 Inquiries[* *]

non-credit accounts

 Criminal records

  • *

*CREDIT SCORE *

[*Credit Score: *]Number intended to measure how likely you are to repay a loan. Scores range from 300 – 850 the higher the

score the better your credit is within the banks view. * *

[*Your fico Score: *]There are a total of 3 scores 1 from each credit bureau which are:

 *Experian *

 *Equifax *

 *Transunion *

Fico score is the one between the lowest and highest (the median score)

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*Calculating your Score: *]

 35% Punctuality of payment (pay on time)

 30% Amounts owed (Balance no more than 30% of

credit limit)

 15% Length of credit history (keep older cards active)

 10% Types of credit used (mix of revolving and

installment debt)

 10% Recent inquiries and accounts (limited credit

application)

  • *

  • *

*WHO CAN SEE YOUR CREDIT *

[*Your credit reports may be viewed by: *]

 Anyone you authorize to review it

 Lenders

 Landlords

 Employers

 Insurance companies

 Government agencies

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  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

  • *

WAYS TO ORDER YOUR CREDIT REPORT

You have an option to a free credit report from each credit bureau once every 12 months.

[*Ways to order: *]

1. Internet: 222.annualcreditreport.com

2. Phone: 877-322-8228

Another option to find your score is to use

www.creditkarma.com it gives you two of your three scores; it is also free and requires no credit card.

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  • *

  • *

  • *

  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 8: *]

MORTGAGE PAYMENT[* *]

Elements of a Mortgage Payment:

Principal: The amount of money you actually borrowed

Interest: How lenders profit on the loan over time.

o Fixed: Interest rate stays the same through the loan

o Adjustable: Interest rate changes periodically.

May be lower than a fixed rate in the beginning but

is risky.

Taxes: Property Taxes

 [Insurance: *]Home Owners Insurance[ *]

PMI or MIP:

o Applicable to FHA loans

o Applicable to Conventional loans when down

payments are under 20%

Home Association (Maintenance) Fees:

o Applicable to Condo’s

o Applicable to Co-ops (property taxes are usually

included within this fee for co-ops)

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  • *

  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

  • *

[*HOW MUCH CAN YOU AFFORD? *]

 General rule of thumb: Mortgage amount no more than 2.5

times gross annual income

 Example $40,000 sustain mortgage of $100,000

 $40,000 × 2.5 = $100,000

[*This equation isn’t written in stone and for this reason it’s *]

*best to have a professional prequalify you. *

  • *

[RATIOS: *]There are 2 ratios that have to be qualified for when seeking a mortgage. These ratios are the:[ *]

 Front End ratio

 The Back End ratio

*RECOMMENDED EXPENSE RATIOS *

_Housing Payment is your complete mortgage _

_payment with everything included _

* *

Housing Payments

*Front End *

=

x 100

*Ratio *

Gross Household Income

(Housing Ratio)

[* Government Recommended Ratio: 31% or lower *]

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

_*Certain cases allow a higher ratio* _

*Back End *

Housing + Debt

*Ratio *

=

Payments

x 100

(Debt Ratio)

Gross Household Income

[* Government Recommended Ratio: 45% or lower *]

*Certain cases allow a higher ratio *

  • *

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  • *

*HOMEOWNERS INSURANCE *

Homeowners Insurance protects your home by covering

expenses faced if an unexpected crisis occurs. Your mortgage

lender will require you to purchase homeowners insurance as a

condition to receiving the loan.

Even after your mortgage is paid off, it is important to maintain home owners insurance for your own protection.

[*Most Homeowners insurance policies include: *]

 Property Damage

 Personal Liability

 Medical Payments

 Living Expenses

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 9: *]

GLOSSARY

 [*Note: *]A written promise to repay debt that includes terms of repayment.

 [*Points: *] Fee 1 point equals 1% of the loan amount

 [*Discount points: *]Fee for a lower interest rate

 [*Loan To Value (LTV): *]The amount of the loan divided by the purchase price (or value of the house if it’s a refinance)

 [*Private Mortgage Insurance (PMI): *] Monthly fee if down payment is less than 20% for conventional loans. Protects lender in case of default of mortgage by the borrower due to risk

 [*MIP: *]Monthly fee on FHA loans, but keep in mind FHA normally has lower interest rates as well.

Amortization: a payment plan that enables you to reduce your debt gradually through monthly payments.

Appraisal: Document from a professional that gives an estimate of a property’s fair market value also protects buyer from making a bad investment.

Deed: Document that legally transfers ownership of property from the seller to the buyer, it’s recorded on public record with the property description and the owner’s signature (also known as the title).

Rate Lock: a commitment by a lender to a borrower guaranteeing a specific interest rate over a period of time.

Real Estate Agent: an individual who is licensed to negotiate and arrange real estate sales

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 10: *]

MORTGAGE DOCUMENT CHECKLIST:

[Organize documents: *]When[ *]applying for a mortgage you must document the below documents and include every page even the

blank ones

Purchasing a property can be a strenuous process, gathering your documents in the beginning will save you a lot of time and stress.

• 2 most recent Tax Returns

• 2 most recent W2’s & 1099’s if applicable

Income

• 30 days of recent Pay Stubs

• 60 days of recent Bank Statements

• Document any other Assets & Terms of

Assets

Withdrawal

• Drivers License or Passport (any gov

photo ID)

ID

• Copy of Social Security card

  • *

[*BLOG: MORTGAGE DOCUMENT CHECKLIST *]

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 11: *]

ENTIRE PROCESS OF BUYING A HOME

[*STEP 1: PREPARATION *]

• Complete Application with Loan Officer

• Fax or email documents from the Document

Checklist

• Get Pre-Qualified with a loan officer

• With the help of a Realtor find your new Home and

make an accepted offer

• Sellers attorney will draw up the contract.

• Terms of the contract will be reviewed by your

attorney after which you will sign and put down the

earnest money (a portion of the downpayment)

[*STEP 2: ORIGINATION *]

• File is processed and Docs are drawn up for

signature to submit the file.

• File is submitted along with your documents to the

bank.

[*STEP 3: UNDERWRITING *]

• Approval is issued

• Income & Assets are verified

• Third party services are ordered such as Appraisal

and Title

• Satisfy all conditions assigned by the Bank

[*STEP 4: CLOSING *]

• Job is verbally verified and Credit ir reviewed to

make sure there are no changes

• File is cleared for closing

• Do a final walk through of the home

• Attorney will advise you on how much money you

have to bring to the table for the remainder of the

down payment and closing costs (if they were not

rolled into the loan)

• Close on your new home

  • *

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

[*CHAPTER 12: *]

BASIC REQUIREMENTS & MISCONCEPTIONS

There are a lot of misconceptions about how easy it is to obtain a mortgage, the below most common issues will be addressed:

1. Down Payment

2. Credit

3. Income

Most borrowers falsely presume the down

payment required to qualify for a mortgage is

about 20% of the purchase price, in actuality

most cases require 3.5% to qualify.

[*1: Down *]

These funds can be from your own assets or

Payment

even from a gift through a family member

such as a parent or sibling as long as no

repayment is necessary, keep in mind a

complete paper trail is necessary for the funds

for at least 60 days.

Nearly half of all borrowers believe they need

a credit score of 780 or more to qualify,

[*2: Credit *]

fortunately they’re wrong.

Score

In most cases a credit score of a 640 is more

than adequate to become a home owner.

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*MORTGAGE BASICS THE GUIDEBOOK *

*BY MOHAMED T GULAMALI *

Allot of tenants think they can’t become home

owners because their income just isn’t

adequate enough. More often than not a

mortgage payment is extremely reasonable

and can in fact be very close to how much

you’re already paying in rent, keep in mind

[*3: Income *]

your landlord likely uses your rent towards his

mortgage payment.

A simple calculation is that your Total Income

a month should be double your total min debts

(from credit) plus Mortgage Payment.

Bottom Line

If you want to find out if you qualify for a Mortgage

contact me and find out.

  • *

  • *

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Mortgage Basics: The Guidebook

By: Mohamed T Gulamali

This E-Book is authored by Mohamed T Gulamali to help home

buyers get mortgage ready. As a leading voice in educating

buyers, Mohamed is proud to offer this material for free to anyone to assist turn from renters into Home Owners.

Mohamed T Gulamali is a:

 Licensed Mortgage Loan Officer NMLS ID 1128605

 Licensed P&C Insurance license BR-117022

 A professional Financial Blogger

 Author


Mortgage Basics: the Guidebook

This book written by Mohamed T Gulamali will go over Mortgage Basics as well as the entire process of buying a home and getting a mortgage. This book also includes: benefits of home ownership; types of properties available to be purchased along with their pros and cons; the different mortgage types; items used to qualify for a mortgage; what a mortgage payment is comprised of; a mortgage document checklist; entire process of buying a home along with basic requirements and misconceptions. For this reason it is titled Mortgage Basics the Guidebook

  • Author: Mohamed T Gulamali
  • Published: 2015-12-14 02:05:08
  • Words: 4031
Mortgage Basics: the Guidebook Mortgage Basics: the Guidebook