Slide 1: Introduction to
Introd uction to
Slide 2: HSBC's Commitment to Homebuyers
HSBC’s Commitment to Homebuyers At HSBC, we’re committed to helping you finance your home. We offer a variety of mortgage products that include jumbo, conforming, affordable, and regional mortgages to help meet your personal needs. Let an HSBC Mortgage Consultant help find the mortgage that’s right
Slide 3: Step-by-step mortgage process
Step-by-step mortgage process 1 2 3 4 5 6 Prepare Complete an Submit your Complete your Obtain loan Close on your for home affordability request for mortgage approval new home ownership review— prequalification* application compare mortgage options and rates Tip: During the mortgage process, you may
Slide 4: 1. Prepare for home ownership
Step 1. Prepare for home ownership What to know when deciding to rent vs. own Renting Owning • Missed opportunity to build equity • Potential to build equity, which may increase your personal wealth • No tax deduction advantages • Possible tax deduction advantages1 • Monthly payments may increase ov
Slide 5: 2. Complete an affordability review—compare mortgage options and rates
Step 2. Complete an affordability review— compare mortgage options and rates Mortgage calculators can help you take the next step to determine a monthly mortgage payment you can comfortably afford. Use these interactive tools to find the mortgage that fits your needs. • How much can you afford? • Vi
Slide 6: 3. Submit your request for prequalification
Step 3. Submit your request for prequalification* Key considerations that lenders look for: • Income-to-expense ratio • Recurring debts / total debts • Creditworthiness and history • Gross monthly income • Assets, such as bank accounts, • Down payment and closing costs 401(k), gifts, grants, etc. •
Slide 7: 4. Complete your mortgage application
Step 4. Complete your mortgage application Information and documentation Here’s a list of documents you may be asked to provide for your mortgage application. A common cause for application delays is missing documentation. Documentation provided by customer Required Documents Employment Verification
Slide 8: Qualify for a loan: Income, assets and credit
Qualify for a loan Income, assets and credit Income Assets Credit • Full time, part time, • Checking / savings accounts • Monthly bills paid on time overtime • Investment accounts • Excessive obligations* • Bonus and commissions • 401(k) plans / IRAs • Slow credit or late payments • Self-employment
Slide 9: Qualify for a loan: Debts and property value
Qualify for a loan Debts and property value Debts Property Appraisal • Installment loan (auto, personal, student) HSBC will order an appraisal, which is done by a • Revolving credit (credit cards, store cards, etc.) licensed professional who will compare similar home sales in the neighborhood to est
Slide 10: Attend a first-time homebuyer seminar
Attend a first-time homebuyer seminar Depending on your mortgage program, a first-time homebuyer seminar may be required. Please check with your mortgage consultant for details. Topics that may be covered when you attend a first-time homebuyer seminar: • Learning how to budget • Understanding credit
Slide 11: 5. Obtain loan approval
Step 5. Obtain loan approval Once you find a home and your offer is accepted, you are under contract. Next steps • Contact your lender when your offer is accepted • Additional documents and conditions are often required to complete your mortgage application • Work with your mortgage professional on
Slide 12: 6. Close on your new home
Step 6. Close on your new home Prior to closing you will receive a Closing Disclosure that outlines the fees and charges you might see. Mortgage lender Prepayments Additional fees • Loan origination fee • Interest from closing date • Title charges • Commitment fee to first payment • Recording and tr
Slide 13: Contact Resources
Contact Resources Please refer to the links below for additional information. Name: • Buying a Home: us.hsbc.com/home Title: • International Buyers: us.hsbc.com/internationalmortgage • Affordable Mortgages: us.hsbc.com/affordablemortgages NMLS #: • v Mortgage Calculators: us.hsbc.com/mortgagecalcula
Slide 14: Contact
Contact Name: Title: NMLS #: v Phone: Email: Visit HSBC Home Loans at us.hsbc.com/mortgages MKT32190_2022_05 14