Videos

Buying a Home

How Can I Determine My Housing Needs Before I Begin The Search?

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Like the video shows, your home should fit the way you live, with spaces and features that appeal to the whole family.

Before you begin looking at homes make a list of your priorities – things like location and size.

  • Should the house be close to certain schools? your job? to public transportation?
  • How large should the house be?
  • What type of lot do you prefer?
  • What kinds of amenities are you looking for?

Establish a set of minimum requirements and a ‘wish list.” Minimum requirements are things that a house must have for you to consider it while a “wish list” covers things that you’d like to have but that aren’t essential.

 

Buying a Home, Selling a Home

What Is An Appraisal?

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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 size, condition and comparable properties – to appraise its current value.

They know how to focus on conditions that affect value; dishes in the sink don’t; damage and neglect do.

Appraisals lower than the proposed purchase price can affect transaction details. The seller might have to lower the price or the buyer might have to increase down payment or fund additional escrow.

Appraisal seems a lot like inspection, but they’re not the same.

You can think of it this way:

  • Appraisers report on value to the lender
  • Inspectors report on condition of the house and major components to the buyer.

So – expect both appraisal & inspection in your transaction.

Buying a Home, Federal Programs, Mortgages

What Is RESPA?

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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 and escrow account practices and business relationships between closing service providers and other parties to the transaction.
For more information on RESPA, visit HUD.GOV or call 1-800-569-4287 for a local counseling referral.

Buying a Home, Mortgages

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

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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 judgments when shopping for a loan.

Buying a Home, Mortgages

What Costs or Fees Are Associated With Loan Origination?

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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 may be necessary.
The application fee is generally non-refundable.

Buying a Home, Mortgages

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

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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 or in person. Be sure to call every lender on the list the same day as interest rates can fluctuate daily.

In addition to doing your own research your real estate agent may have access to a database of lender and mortgage options or suggest a variety of different lender options.

Buying a Home, Mortgages

How Do I Choose The Best Loan Program For Me?

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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 next few years?
  • Are you planning to live in this home for a long period of time?
  • Are you comfortable with the idea of a changing mortgage payment amount?
  • Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

Lenders can help you use your answers to decide which loan best fits your needs.

Buying a Home, Mortgages

How Do I Choose The Right Lender For Me?

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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 it will be easier for you to monitor the status of your application and ask questions. Plus, it’s beneficial when the lender knows home values and conditions in the local area.

Do your research, and ask family and friends.

Buying a Home, Mortgages

What Happens After I’ve Applied For My Loan?

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It usually takes a lender between 1-6 weeks to complete the evaluation of your application.

Like the video shows, it’s not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information the faster your application will be processed.

Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing with you.

And after closing, you’ll be able to move into your new home.

Buying a Home, Mortgages

What Responsibilities Do I Have During The Lending Process?

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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 your income.
  • Do not overstate how long you have been employed.
  • Do not overstate your assets.
  • Accurately report your debts.
  • Do not change your income tax returns for any reason.
  • Tell the whole truth about gifts.
  • Do not list fake co-borrowers on your loan application.
  • Be truthful about your credit problems, past and present.
  • Be honest about your intention to occupy the house

And do not provide false supporting documents.