http://videotap.wistia.com/medias/zkri31mdkb?embedType=async&videoFoam=true&videoWidth=640 As this video explains,  Federal laws put into effect in 2014 and  supervised by the Consumer Financial Protection Bureau define lending practices and loan terms for a new category called “Qualified Mortgages.” They provide stable loan features for...

http://videotap.wistia.com/medias/i681ll8d6t?embedType=async&videoFoam=true&videoWidth=640 What are the “Ability to repay” rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt...

http://videotap.wistia.com/medias/xmns011pcm?embedType=async&videoFoam=true&videoWidth=640 Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says:  debts are existing financial commitments; a car payment is a debt a grocery bill is...

http://videotap.wistia.com/medias/nar2hxawa4?embedType=async&videoFoam=true&videoWidth=640 For many homes and markets, professional help from someone in “staging” makes good financial sense.  Like this video say, check your staging options first. If you are doing it yourself, here are 5 key tips. One - Depersonalize. You want the buyer to envision this house being...

http://videotap.wistia.com/medias/m6chqpkxeq?embedType=async&videoFoam=true&videoWidth=640 If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose ONLY the information specified by the CFPB. If...

http://videotap.wistia.com/medias/hemdok96t2?embedType=async&videoFoam=true&videoWidth=640 The first page of your Closing Disclosure documents: The Loan Amount - the total you will actually borrow The Interest Rate - which does NOT include the fees factored into the APR on Page 5 If this loan has a penalty for pre-payment or includes a balloon payment Page 1 will summarize the...

http://videotap.wistia.com/medias/ywhl0suzfm?embedType=async&videoFoam=true&videoWidth=640 Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this loan be transferred to another person if you sell or transfer the property? Demand: can the lender require early repayment of the...

http://videotap.wistia.com/medias/ec24j9v1bq?embedType=async&videoFoam=true&videoWidth=640 Home size is one of the key figures used in comparisons. But you may have different measurements to choose from,  as you'll learn in this video, including builder, appraiser, tax records and possibly owner records. Which one is right, and which one is best? The official figure is the one in...

http://videotap.wistia.com/medias/zzajedga5c?embedType=async&videoFoam=true&videoWidth=640 If you’re selling, don’t do these things - take some notes from the video! 1. Don’t Sell Before The House Is Ready. If it doesn’t present well, it won’t sell well. 2. Don’t Over-Improve People buy houses in neighborhoods. If yours is so “improved” that it...

http://videotap.wistia.com/medias/yy1k52wvo8?embedType=async&videoFoam=true&videoWidth=640 Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties. Appraisers don’t work for the buyer or the seller;  their primary mission is actually to protect the lender who’s risking money against the home’s value. Appraisers have to...