1 OPENING PRAYER. 2 HOUSEKEEPING ISSUES INTRODUCTION REST ROOMS BREAKS CELL PHONES CLEAN UP CHAIRS AND TABLES EVALUATION FORMS WITH RECOMMENDATIONS.

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OPENING

PRAYER

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HOUSEKEEPING ISSUES INTRODUCTION REST ROOMS BREAKS CELL PHONES CLEAN UP CHAIRS AND TABLES EVALUATION FORMS WITH

RECOMMENDATIONS

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Agenda My background Why are we here What do we hope to accomplish Partnership Maryland Saves Stewardship Understanding credit Mortgage Crisis Buying a home Potential tax savings

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Welcome!

Our MissionBridgeway Community Church TO EDUCATE AND EQUIP THE BODY OF CHRIST TO BECOME BETTER STEWARDS OF GOD’S ASSETS THROUGH EDUCATION, COUNSELING AND FAITHFULLNESS”

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CCCS OF MD & DE MISSION

“To promote economic self-sufficiency to individuals, families and communities through financial education and counseling”

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Consumer Credit Counseling Service of MD & DE CCCS of MD & DE Services Budgeting Debt Management Plans Housing Counseling Pre-file Bankruptcy Counseling Pre-discharge Bankruptcy Education Financial Literacy Education

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God’s word Matthew 6:24 “ No one can serve

two masters; for either he will hate the one and love the other, or he will hold to one and despise the other. You cannot serve God and Mammon”

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What are your goals

Learn to become a better steward of Gods assets?

Learn how to budget? Buy a home? Save for retirement? Become a millionaire? Financial security for you and family? Do you have financial goals?

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GOD WANTS US TO BE PROSPEROUS

Exodus 36:1 - God gives us abilities and skills Genesis 39:2-3 - God gives us success –– Joseph

prospered Psalm 75:6-7 - God gives us promotion Jeremiah 29:11 – “For I know the plans I have for you”,

declares the Lord, plans to prosper you and not to harm you, plans to give you hope and a future”.

Ecclesiastes 5:19 – Moreover, when God gives any man wealth and possessions, and enables him to enjoy them, to accept his lot and be happy in his work – this is a gift of God.

Deuteronomy 8:18 – But remember the Lord your God, for it is he who gives you the ability to produce wealth….

Genesis 24:35 – Abraham was wealthy Job 1:1-3 – Job was wealthy

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SPIRITUAL CONDITIONS FOR PROSPERITY

Deuteronomy 29:9 – Carefully follow the terms of this covenant so that you may prosper in everything you do.

Psalm 1:1-3 – Blessed is the man who does not walk in the counsel of the wicked …….. Whatever he does prospers.

Malachi 3:9-10 – “You are under a curse – the whole nation of you – because you are robbing me. Bring the whole tithe into the storehouse, that there may be food in my house, Test me in this”, says the Lord Almighty, “and see if I will not throw open the floodgates of heaven and pour out so much blessing that you will not have room enough for it”.

Matthew 6:33 – “But seek first His kingdom and His righteousness…

Proverbs 13:21 – Misfortune pursues the sinner, but prosperity is the reward of the righteous.

Joshua 1:8 – Do not let this Book of the Law depart from your mouth; meditate on it day and night, so that you may be careful to do everything written in it. Then you will be prosperous and successful.

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CHARACTER CONDITIONS FOR PROSPERITY

Leviticus 19:11,13 – “Do not steal. Do not lie. Do not deceive one another. Do not defraud your neighbor or rob him”.

Exodus 20:17 – “You shall not covet your neighbor’s house. You shall not covet your neighbor’s wife, or his manservant or maidservant, his ox or donkey, or anything that belongs to your neighbor”.

Proverbs 25:28 – Like a city whose walls are broken down is a man who lacks self-control.

I Timothy 6:9-10 – People who want to get rich fall into temptation and a trap and into many foolish and harmful desires that plunge men into ruin and destruction. For the love of money is a root of all kinds of evil.

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STEWARDSHIP Matthew 25:21 – “His master replied, ‘Well done,

good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!

Luke 16:10 – “Whoever can be trusted with very little can also be trusted with much….”

Proverbs 28:20 – A faithful man will be richly blessed, but one eager to get rich will not go unpunished.

Romans 13: 7 – Give everyone what you owe him: if you owe taxes, pay taxes; if revenue, then revenue…..

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GIVING I Timothy 6:17-19 – Command those who are rich in this

present world not to be arrogant nor to put their hope in wealth….command them to do good, to be rich in good deeds, and to be generous and willing to share.

Proverbs 11:25 – A generous man will prosper; he who refreshes others will himself be refreshed.

Proverbs 28:27 – He who gives to the poor will lack nothing, but he who closes his eyes to them receives many curses.

Philippians 2:4 – Each of you should look not only to your own interests, but also to the interests of others.

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DEBT

Proverbs 22:7 – The rich rule over the poor, and the borrower is servant to the lender.

Psalm 37:21 – The wicked borrow and do not repay, but the righteous give generously; those the Lord blesses will inherit the land but those he curses will be cut off.

Romans 13:8 – Let no debt remain outstanding, except the continuing debt to love one another…..

Proverbs 17:18 – A man lacking in judgment strikes hands in pledge and puts up security for his neighbor.

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SAVING & INVESTING

Genesis 41:34-36 – They should collect all the food of these good years that are coming and store up the grain under the authority of Pharaoh, to be kept in the cities for food. This food should be held in reserve for the country, to be used during the seven years of famine that will come upon Egypt….

Proverbs 30:25 – Ants are creatures of little strength, yet that store up their food in the summer;

Proverbs 21:5 – The plans of the diligent lead to profit as surely as haste leads to poverty.

Proverbs 13:22 – A good man leaves an inheritance for his children’s children

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Facts A $5000 credit card balance take 21.5 years to payoff If you save $350 per month for 30 years at a 10% return

you would have approximately $765,000 48% have a difficult time making ends meet 36% have more expense than income 50% have no emergency, 3 months or more 58% have never analyzed retirement needs 12% have no checking or savings account 62% never looked at a credit report 64% never looked at their credit score 70% felt they had good finance knowledge only 46%

passed a test about finances

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THE TEN FINANCIAL COMMANDMENTS

Thou shall save – direct deposit is best Thou shall give – tithes & offerings Thou shall help those less fortunate than

yourself Thou shall not overspend Thou shall budget Thou shall not covet your neighbor’s lifestyle Thou shall diversify – business, stocks, real

estate Thou shall have financial advisors Thou shall have good credit Thou shall not be in debt

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What are your goals Becoming a good steward of Gods assets? Setting a budget so you can tithe? Get out of debt? Buy a home? Save for retirement? Become a millionaire? Financial security for you and family? Do you have financial goals?

Startling Statistics Household debt is $13.8 trillion or $45,000

for every man woman and child in the USA. (Consumer and Mortgage)-Federal Reserve

Consumer Debt is 2,596 billion dollars or $8,467 for every man, woman and child in the USA – Federal Reserve

Personal savings is 6.4%,was –1% 2years ago and was 11% in 1987

Congregational giving is approximately 2.2%

Startling Statistics Bankruptcies rose past one million up 28%

from same time last year ( ABA) Foreclosures up 23% over same time last year

(Realty Trac) National Debt/Gross Domestic product is

75%, the highest since WWII years (Bureau of Economic Analysis)

Unemployment 9.4% highest since 1982 Credit Card Debt up 500% in 10 years, in 2009

we realized the first downward trend in 20 years

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FACTS

780 BILLION IN CREDIT CARD DEBT

2.5 TRILLION IN LIMITS RATES FROM 9- 24 % TO

25 – 36% 3.5 BILLION PIECES OF

SOLICITATION PER YEAR AVERAGE BALANCE 9k 568 MILLION CARDS AVERAGE # CARDS

CARRIED 5.2 LEADING REASON FOR

DIVORCE, FINANCES 9% HAS A NEGITIVE NET

WORTH

3RD,4TH AND 5TH MORTGAGES COMMON

34.3 BILLION IN DELINQUENCY

BANKRUPTCY 1.7 MILLION PAST 12 MONTHS

NEW BANKRUPTCY BILL PENDING

AVERAGE BANKRUPTCY 10K

AVERAGE AGE 26 AVERAGE STOCK

MARKET RETURN 11.5% 90% have no financial

plan

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Facts continued If you have a credit card balance of

$5000 and paid 2% minimum payment it would take 21.5 years to pay off

If you saved $4000 per year @ 10% average return for 30 years you would have $763424

The average return on the stock market history is 8.5%

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Money and Life

It’s About Stewardship

“Be willing to do today

what others won’t do,

so you can live tomorrow

like others can’t live.”

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Signs of financial bondage Can no longer achieve God’s will Impulse buying No plan/budget Can no longer pay bills Cannot help others Cannot meet family needs Bondage of work No money Out of control

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THREE GOLDEN RULES TITHE FIRST

PAY YOURSELF

HAVE A SHORT TERM AND LONG TERM PLAN

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FINANCIAL FITNESS CHECKLIST

ARE YOU USING MORE OF YOUR INCOME TO PAY DEBT DO YOU MAKE ONLY MINIMUM PAYMENTS ON CREDIT CARDS ARE YOU NEAR YOUR CREDIT LIMITS ARE YOU PAYING BILLS WITH MONIES MEANT FOR OTHER

THINGS DO YOU OFTEN PAY BILLS LATE ARE YOU DIPPING INTO YOUR SAVINGS TO PAY BILLS DO YOU HAVE A SAVINGS PLAN DO YOU PUT OFF VISITS TO THE DOCTOR DUE TO NO MONEY HAVE COLLECTION AGENCIES CALLED YOU LATLEY ARE YOU WORKING MORE THAN ONE JOB TO MAKE ENDS MEET ARE YOU BORROWING MONEY OR USING CREDIT CARDS TO

PAY FOR THINGS YOU USED TO BUY WITH CASH IF YOU OR YOUR SPOUSE LOST YOUR JOB, WOULD YOU BE IN

FINANCIAL TROUBLE RIGHT AWAY DO YOU WORRY ABOUT MONEY A LOT HAVE YOU FORGOTTEN TO DO A BUDGET OR A SPENDING PLAN

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Paul said in 1Timothy 5 God requires Christians to operate

between 2 points Romans 13:8 “Owe nothing to

anyone except to love one another for he who loves his neighbor has fulfilled the law”

Psalms 37:21 “ The wicked borrows and does not pay back but the righteous is gracious and gives”

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Families and Financial Distress Single parents Retired seniors Recently divorced people Unemployed/under-employed people Recently married couples Families with children Blended families

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How to better communicate about money

Establish common goals What is important to the entire

household Set ground rules for financial

decisions Make commitment to be open and

honest Identify common problems

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NEEDS,WANTS,DESIRES Definition and examples First step in budget reduction Ask yourself these questions

How does Needs, Wants and Desires relate to Overspending and Impulse buying?? Is this purchase a need, want or desire??

Homework- analyze 3 months of Credit Card Statements with N W D

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Why is a spending plan important It is what God wants Better Stewards of God’s assets Enables you to tithe Enables you to begin saving Helps save money for an emergency Helps you achieve financial freedom

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Why Is a Spending Plan Important? (cont) Establishes financial controls Helps avoid overspending Budgets for emergencies Helps achieve Goals Controls impulse buying

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Preparing a spending plan

PAST Review your spending habits Understand how to spend and save Look at the last 3 months of

Cash spent Checking account Credit card usage

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How can I track my spending

PRESENT Write down all purchase Track your cash in a small book Track your checks written Track credit card usage Track fees in small book (ATM) Transfer to a computer for comparison Compare month to month

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A good spending plan can

FUTURE Reveal your financial condition Income vs. expense Establish financial direction Breaks down financial control and

direction Stop overspending Stop impulse buying

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What do I learn fromtracking my expenses

Where money goes How much I eat out Entertainment Clothing Funding priorities Savings How much debt I reduced

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Expense tracking Track your Cash- Use a small book . Keep

it in your pocket and write down all cash, ATM charges on a daily basis.

Review your credit cards- Need, want or desire?? Review your spending habits. Are you living on them???

Review your checking account Count all three – Add all 3 together, this is

your spending level vs. your income Track monthly – track on computer, buy

software, take charge

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BUDGETING INCOME

List your income Get a total disposable income

Total net income x 52 weeks spouse1 Total net income x 52 weeks spouse 2 Divide by 12 = monthly income Gives total income

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Income Job income/Wages Retirement income Child support Dividends/interest 3/5 year average bonuses, tips,

commission Tax refunds Government program No overtime

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Budget analysis List monthly fixed expenses List monthly variable expenses Review for area to reduce expenses Review area that needs to be increased Tithe first, pay yourself second Set short, intermediate goals and

long term goals

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Budgeting SMART

A budget must be S = Specific M =Manageable/Moveable A = Attainable R = Reasonable T = Timely

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Budget Analysis Fixed Expenses Tithe Savings Housing Utilities Cable Internet phone Cell Insurance Food Car payment Gas Repairs Parking Transportation Laundry Medical Medicine Dental Loans Credit cards Lunches Tuition Childcare

Total

Variable Expenses Entertainment Restaurants Clothing Health clubs Pet care Charity/donations Emergency funds Vacations Bank charges Postage Other Cleaning services Babysitting Gifts _____________ _____________ _____________

Total

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities2) Cable3) Internet4) Phone5) Insurance6) Food7) Lunches8) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable3) Internet4) Phone5) Insurance6) Food7) Lunches8) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable $803) Internet4) Phone5) Insurance6) Food7) Lunches8) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable $803) Internet $404) Phone5) Insurance6) Food7) Lunches8) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable $803) Internet $404) Phone $605) Insurance6) Food7) Lunches8) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable $803) Internet $404) Phone $605) Insurance $306) Food7) Lunches8) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable $803) Internet $404) Phone $605) Insurance $306) Food $1507) Lunches8) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable $803) Internet $404) Phone $605) Insurance $306) Food $1507) Lunches $508) Entertainment9) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $802) Cable $803) Internet $404) Phone $605) Insurance $306) Food $1507) Lunches $508) Entertainment $259) Restaurants

CCCS your partner in education,counseling and

debt repayment

Reducing Daily Expenses

1) Utilities $80 + 402) Cable $803) Internet $404) Phone $605) Insurance $30 + 206) Food $150 +1507) Lunches $508) Entertainment $259) Restaurants $100 +100 TOTAL $615

$310

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Save big when shopping Get a Sunday paper Pre plan menu Shop Alone Don’t buy bulk, unless justified Make a list No impulse buying Use coupons Don’t go hungry Take an inventory of pantry and freezer

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Expense Allocation Chart

Housing 23-33%

Food 12-29%

Transportation 7-10%

Entertainment 4-6%

Savings 5-10%

Insurance, Medical 7-10 %

Church/Charity 5-10%

Personal Debt 8-18%

Clothing 4-7%

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Trick yourself to wealth I.R.S. refunds $2300 Save a Dollar a day $ 365 Coupon clipping $ 730 Cut $10 a week $ 520 Auto deduct $50 mo $ 600

TOTAL $4515

6% x 20 years this equates to approx $300,000

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Compound Interest “ The most powerful force in the

world is compound interest”Albert Einstein

Insanity – doing the same thing over and over again and expecting different results

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Rule of 72 Rule of 72

A formula that shows you how long it takes to double your money

Example 72 divided by 4% interest rate = 18 years 72 divided by 6% interest rate = 12 years 72 divided by 12% interest rate = 6 years

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Rule of 72Year Rate of return 6%

1 $10,000

13 $20,000

25 $40,000

Year Rate of return 12%

1 $10,000

7 $20,000

13 $40,000

19 $80,000

25 $160,000

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Compound Interest Assumptions

$2000 per year X ten years = $20,000 Invested for 20 years 20 years the $20,000 is worth

$178,504

$4000 per year X ten years = $40,000 Invested for 10 years 10 years the $40,000 is worth $79,098

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Saving Money Fact If you saved $5.00 per week (with

no interest) you would save $5200 IN 20 Years

Rate Investment 20Yrs 30 Yrs 6% $5200 $9624 $20,924 8% $5200 $12268 $31039 10% $5200 $15,817 $47082

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10 Commandments of Investing 1)Set clear goals 2)Know your finances well 3)Question Authority 4)Don’t be a follower 5)Be humble 6)Be patient 7)Use moderation in investing 8)Knowledge is power, know your investments 9)Don’t be a high risk taker, know your risk

tolerance 10)Don’t worship mere men

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Credit and Debt Management

“Today, there are three kinds of people:  the have's, the have-not's, and the have-not-paid-for-what-they-have's.” 

Earl Wilson

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Personal financial statement Assets

Checking/savings account

Accounts receivable Marketable

securities Pension/401k Real estate Vehicles/boats Furniture Total assets

Liabilities Accounts payable Loans Taxes Credit cards Real estate Misc debt

Total liabilities Net worth Total

assets/liabilities

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Debt to income RatioMonthly income

Take home pay, alimony, commissions,dividends, interest, other income

Minimum debt paymentsAuto payment, loan payments, credit cards, past medical care. (Regular monthly payments)

Payments divided by monthly income equals your debt to income ratio

SEE THE HANDOUT. HOW DO YOU STAND

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How is my debt to income ratio 0 to 10%

Excellent keep up the good work

10.1 to 19.9% Not bad, but as you approach 20% you are starting to place strain on your

budget

20 to 24.9%Your debt may already be a problem. Start a spending plan now even if this is temporary.

25 to 37%Immediately review your spending habits and develop a budget. Look for ways to cut spending now. Look at all options to reduce your debt

37.1% or GreaterGet counseling. Your ratio is way too high. Budgeting and tracking your spending are not options at this point. Debt Management programs may be a good alternative. ACT NOW!

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Pros and Cons of CREDIT

A needed financial tool Costly to use Can lead to over spending Total consumer debt in the U.S.

now at $2.03 Trillion as of May 31, 2007.

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CREDIT REPORT CONTAINS YOUR FINANCIAL RESUME Personal Credit Accounts Public Record InquiriesFRAUD FREEZING YOUR REPORT

Pin code DISPUTING ITEMS LETTER

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OBTAIN YOUR REPORT Yearly from Equifax, Experian, and

Trans Union www.annualcreditreport.com If denied credit Potential Fraud Free copy yearly starting in 2005

thanks to the Fair and Accurate Credit Transactions Act (FACTAct)

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CREDIT SCORE A number that summarizes your report Used by Lenders Determines your level of creditworthiness Qualifies you for higher/lower rates Higher Insurance rates Higher interest rates Promotions lost

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How Scores Are Calculated Credit Score breakdown

35% Payment History30% amount Owed15% Length of Credit History10% New credit10% Type of credit

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CREDIT SCORE* FAIR ISAACS CREATOR

* 350-850

* PREDICTS FUTURE NOT PAST

* SUMMARY OF YOUR REPORT

* USED BY LENDERS

• DETERMINES YOUR LEVEL OF CREDITWOTHINESS

• QUALIFIES YOU FOR HIGHER/LOWER RATES

• DETERMINES INSURANCE RATES

• COULD IMPACT PROMOTIONS

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IMPROVE YOU REPORTIMPROVE YOUR SCORE

Check for Accuracy YOU are responsible Pay bills on time Review quarterly

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How An Improved Score Can Save You Money Car Loan: 48 Mos. Loan Principal: $10,000 Current Score: 500-599 Improved Score: 690-719

Current Score Improved ScoreAv. Nat’l APR 18.4% 7.9%Monthly Pmt $295.84 $243.66Total Interest $4,200.64 $1,695.63

Savings on monthly pmt $52.18Savings over life of loan $2,505.01

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Bankruptcy Purpose: to provide new start to those

overwhelmed by debt with no means to repay

Intended to be a last resort

Bankruptcy filings often precipitated by job loss, divorce, illness, death in family

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Types of Bankruptcy Chapter 7 – provides for discharge for

all unsecured debt. Can only receive discharge once every 8 years

Chapter 13 – a 3-5 year repayment plan

Chapter 11 – for businesses

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Bankruptcy Continued Law change October 2005 Means test Budget and Credit Counseling

Certificate Pre Bankruptcy discharge Certificate 60 months of payments, no free

rides

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Mortgage Crisis

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DefinitionsGlossary Of Terms- see handout

Deed-in-Lieu Deferred Payments Forbearance Foreclosure Modification Refinance Short Sale Mitigation – To act in such a way as to cause

an offense to seem less serious

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What to do Call your mortgage company for

resolution! Attempt a refinance Modification Forbearance Reverse Mortgage Look for foreclosure events Contact an attorney Contact a reputable counseling service Get everything in writing

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My Refinance was declined, why?

Equity position

Delinquency

Investor owned-I/O and Arms

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What not to do Stop looking for a resolution Avoid calling your mortgage company Ignore warning letters Sign a contract under duress Sign documents without counseling Sign a contract with blank lines Never sign over your deed Give up Walk away from your home Procrastinate Sign documents without reading them Make a payment to anyone but the lender Make a deal with unsolicited sources

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Where to turn Consumer Credit Counseling Services Of

Maryland and Delaware Inc. www.cccs-inc.org

Maryland Hope Hotline www.mdhope.org

Making homes affordable www.makinginghomesaffordable.gov

Federal Government www.ftc.gov

State Attorney General Better Business Bureau

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Where to turn Investigate counseling companies for

help Insure they are a true non profit

Do they charge upfront fees? Are they local? Can you get both phone and in person

counseling? Did you call the BBB or Attorney General for

complaints? Get a Mortgage counseling session

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FRAUD AND SCAMS Fraud- any misrepresentation or omission of

information during a mortgage process

You can sue for damages

Call 1-888-784 0136 ,Department of Labor, if you think you are a victim of mortgage fraud or a victim of a rescue scam

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RED FLAGS Guarantees to stop foreclosure You are told not to contact your lender Needs fees before they can start service Only accepts wire transfers and certified funds Lease back your home and repurchase later Make mortgage payments directly to them Tells you to transfer the title to them Offers cash for the house below the market Offers to fill out all paperwork for you Pressures you to sign papers

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FIRST TIME BUYER

IS THE TIME RIGHT

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Own Your Home Advantages

Usually good investment Tax Incentives Equity buildup Pride of ownership Privacy

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Own your home Disadvantages

Long term commitment Maintenance Lack of flexibility Usually more expensive than renting High up front costs Foreclosure Property taxes

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Renting Advantages

Possible lower housing cost Shorter term commitment No/minimal maintenance repair costs

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Renting Disadvantages

No Tax incentives No fixed housing costs No equity build up Less Privacy

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NAR/MAR FACTS Average price of homes in US are down 20%+/- Rates are now at avg of 4.75% Buyers market Great 1st time homebuyer programs Selling your home for less you are buying new for less Over a 6 year period the average owners still has 85%

increase in home value Renters assets rose $4500 vs. buyers $185,000 in past

5 years www.mdrealtor.org www.realtor.org

NOTE: PLEASE CHECK THE WEB SITES ABOVE FOR UP TO DATE STATISTICS THEY MAY HAVE CHANGED

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START

RATIFIED CONTRACT

___ / ___ / ___ Date when final

signatures and initials are on all pages of contract & addenda Turn paperwork and

good faith deposit check into Processing

Department

1

___/___/___ Usually within 7-10 days of Contract Date

2

PROPERTY ADDRESS: ___________________________________________________ BUYER: ______________________________ SELLER: ____________________________

___/___/___ Owner must obtain from

Courthouse or from Management Co.

Must be delivered to Buyer w/in 20 days of Contract Ratification

___/___/___ Buyer Brings

Certified Funds Seller Gives

Possession to Buyer

___/___/___ Title Co. Faxes HUD-1

1-2 Days before Settlement

___/___/___ 15 Days Prior to

Settlement + 7 day Review Period

13

____/___/___ 5 days Prior

to Settlement

15

___/___/___ Within 7 Days of Receipt of Docs

from Seller

16

___/___/___ Within 5 Days Of Receipt By Seller of Buyer’s list

of Repairs

___/___/___ 20 days From

Contract Date + 5 days to review

8

___/___/___ Within 10 days

Of Contract Date

___/___/___ Within 3 days of

Receipt of Seller’s Decision to make or not make Repairs

___/___/___ 30 days from Date

of Mortgage Application

___/___/___ 30-45-60 days

From Contract Date

___/___/___ 30 days Prior to

Settlement

1. Contract Acceptance

19. Day of Settlement

2. Buyer to Have Made Mortgage Application

4. Home Inspection Takes Place

6. Seller Responds To Request for Home Inspection Repairs

7. Buyer Responds To

Seller’s Decision Re: Repairs

12. Appraisal Received by Lender

3. Seller Requests Resale Packet for

HOA + Condo

8. Deadline to Deliver HOA Docs to Buyer

11. Buyer to Receive Written Loan Commitment

14. Agent to Order Termite Inspection

15. Deadline to Deliver Condo Docs to Buyer

17. Pre-Settlement Walk –Thru

___/___/___ Within 3 Days From Date of Inspection

5

5. Deliver Buyer’s Request for Repairs to

Seller/ LA

9. Last day for Buyer to Review HOA

Docs

___/___/___ Within 5 days of Receipt of Docs

from Seller

9

12

11

16. Last Day for Buyer to Review Condo Docs

18. Client To Review

Settlement Sheet

TIMELINE FOR TRACKING SALES FROM DATE OF CONTRACT THROUGH DATE OF SETTLEMENT

THE FINISH LINE!

17

4 6

7

3

14 18

10

10. Conduct Well and/ or

Septic Inspection

___/___/___ 30 days prior to

settlement

13. Schedule Settlement Date/ Send

Notice

___/___/___ 30 days Prior to

Settlement

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PLEASE NOTE DOWN AND KEEP TRACK OF ALL CONTRACTUAL DEADLINES AND OTHER IMPORTANT DATES. GIVE A COPY TO YOUR CUSTOMERS AND/ OR CLIENTS SO THEY ARE ALSO ABLE TO TRACK THE PROGRESS OF THEIR PURCHASE/ SALE.

The Buying Process

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Monthly Mortgage Payments $ borrowed rate P&I Payment

180,000 6.5 $1138 200,000 6.5 $1264 220,000 6.5 $1390 240,000 6.5 $1516 260,000 6.5 $1642

Note: payment above does not include, Property tax, HOA, insurance.Under this analysis a $5000 increase in the amount financed will increase your payment by $31.50 P&I

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Projected Tax Savings $200,000 MTG @ 6.5%, 30 yr fixed

RENT BUY

Income $60,000 $ 60,000Standard deduction 5,000Interest Deduction 0 - $ 13,392Property tax 0 - $ 3500Taxable Income $55,000 $ 43,108

Tax Due (@35% rate) $19,250 $ 15,088 SAVINGS $4162 or $347 a monthNOTE THESE ARE PROJECTIONS ONLY,SEE YOUR TAX ADVISOR

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Expense reduction ideas

Reduce Fees Money pits

Big house Big cars Investment

properties Tight budgets

means less non essentials

Cable TV Lunches

Hot water heater cover

Seal duct seams Programmable

thermostat Seal drafty

windows and doors

Fuel additives

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Expense reduction ideas

Increase Insurance deductible

Insure only house not land

Unplug electric items Compare fees Shop Rates www.money.com www.bestrate.com Flatten toilet paper

Coupon clipping Florescent bulbs Review deductions

from pay Turn jarred items

upside down Ketchup/vinegar

Brass cleaner Stale potatoes chips Phones

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Avoid Fees Over limit $39 ATM Fees $2.50 Foreign C.C. fees Late fees Bad deposit fee Checking Acct Fees Bi weekly payment

Car rental Ins Heavy bag fees Paper ticket fees Change flight fee Talking to Airline Gift card fee Hotel fees, internet,

resort fee, bell fees Broker fee

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Saving Web sites

Shopzilla.com Pricegrabber.com Sortprice.com Couponcabin.com Couponbug.com Edeals.com Couponmom.com Salescircular.com Dealnews.com Bilshrink.com (cells) Retailmenot.com(coupons Accuquote.com(home ins) Insurance.com(life) Insweb.com(auto) Myfico.com (credit score) Healthinsurance.com www.66ways.org www.energynear.gov WWW.ANGELFOODMINISTRIES.COM

Gasbuddy.com Magazinepricesearch.com Smartbargin.com Annualcreditreport.com www.moneyanswers.com Ruelala.com Bluefly.com Overstock.com bigwords.com(text books) Gasprices.mapquest.com Energystar.com Gethuman.com(cust. Ser.) Kayak.com(travel) us.lastminutetravel.com Taxcalculatorkiplinger.com www.ssa.gov/estimator www.energysavers.gov http//tax-coalition.org/programs.cfm

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Websites Continued www.ftc.gov www.quickenonline.com www.livingto100.com www.kiplinger.com www.thestreet.com www.investinginbonds (bonds) www.morningstar.com ( stocks and funds) www.myfico.com (credit score) www.kiplinger.com (tax calculator) www.ssa.gov (Social Security Calculator) www.ehealthinsurance.com (health insurance) www.coverageforall.org (health insurance) www.medicare.gov (Medicare) www.accuquote.com (life ins) www.insure.com (life ins) www.insweb.com (auto ins) www.accucoverage.com (home ins) www.naic.org/cis (commissioner cust. service complaints for

ins)

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Debt Consolidation Loan:Risks & Benefits Creating more DEBT to pay DEBT Loss of Property if secured Running up cards again Lower interest rate Reduce reliance on credit, IF close

old accts

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Strategies to Reduce Credit Card Debt

Consistent Monthly Payment ALWAYS pay more than minimum Avoid Cash Advances Avoid purchasing with credit cards

during repayment period Adhere to a Spending Plan

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Contact InformationConsumer Credit Counseling Service of MD and DE, Inc.

Jim Harris CCCS - 1-800 642 2227 CCCS Website www.CCCS-

inc.org Email - [email protected]