What Is An Appraisal?

  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 weigh factors about the property and location – including […]

What Steps Need To Be Taken To Secure A Loan?

  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 debts. Recent bank […]

How Are Pre-Qualifying And Pre-Approval Different?

  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, this helps […]

What Is The Best Way To Compare Loan Terms Between Lenders?

  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 time whether prepayment is allowed Speak with companies by phone […]

What Is A Good Faith Estimate And How Does It Help Me?

  You’ll see some pictures in this video to help you remember later, but a good faith estimate lists all fees paid before closing all closing costs, and any escrow costs you will encounter when purchasing a home. The lender must supply it within three days of your application so that you can make accurate […]

How Do I Choose The Best Loan Program For Me?

  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 the […]

What Costs or Fees Are Associated With Loan Origination?

  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 […]

What Is RESPA?

  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 fully inform borrowers about all closing costs, lender servicing […]

What Responsibilities Do I Have During The Lending Process?

  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 […]

How Do I Choose The Right Lender For Me?

  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 is preferable since […]

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