When thinking about buying a home, the biggest roadblock for most buyers is the down payment. How large of a down payment do you need? The answer is it depends on the loan, the lender, and your priorities. But don’t worry! The size of your home down payment may not be as big as you think. So let’s talk about what a down payment is and how much you’ll need. What is a down payment? A down payment is...
Financing:
http://videotap.wistia.com/medias/g6tl2t0nti?embedType=async&videoFoam=true&videoWidth=640 You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you'll need the following information. Pay stubs for the past 2-3 months. W-2 forms for the past 2 years. Information on long-term...
http://videotap.wistia.com/medias/51b25b12ie?embedType=async&videoFoam=true&videoWidth=640 Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation,...
http://videotap.wistia.com/medias/q8krti40s8?embedType=async&videoFoam=true&videoWidth=640 Watch this video and take a few notes! First, devise a checklist for the information from each lending institution. You should include: the company's name and basic information the type of mortgage minimum down payment required interest rate and points closing costs loan processing...
http://videotap.wistia.com/medias/qr7iz5zucg?embedType=async&videoFoam=true&videoWidth=640 A loan estimate lists your loan terms projected payments, costs at closing measures for comparison, including Annual Percentage Rate and Total Interest Percentage and other considerations that lender may apply to this loan application. Each lender must supply a loan estimate within three business days of...
http://videotap.wistia.com/medias/4i7sap6vdx?embedType=async&videoFoam=true&videoWidth=640 The video puts this in more visual terms, but your personal situation will determine the best kind of loan for you. By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best. Do you expect your finances to change over...
http://videotap.wistia.com/medias/tg6i4rwsph?embedType=async&videoFoam=true&videoWidth=640 Yes, loan origination involves costs and fees. As you’ll see in the video, when you turn in your application you'll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal a copy of your credit report and any additional charges that...
http://videotap.wistia.com/medias/nzmca7reyv?embedType=async&videoFoam=true&videoWidth=640 RESPA stands for the Federal Real Estate Settlement Procedures Act. This video tells you about it all. RESPA requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions. RESPA mandates that lenders...
http://videotap.wistia.com/medias/4y38fgs73b?embedType=async&videoFoam=true&videoWidth=640 To ensure you won't fall victim to loan fraud, as you’ll see in this video, be sure to follow all of these steps as you apply for a loan: Be sure to read and understand everything before you sign. Refuse to sign any blank documents. Do not buy property for someone else. Do not overstate...
http://videotap.wistia.com/medias/qb04bkgi8a?embedType=async&videoFoam=true&videoWidth=640 There are some great tips in this video. Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a company that gives helpful advice and that makes you feel comfortable. A lender that has the authority to approve and process your loan locally...