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Do You Qualify for a USDA No Down Payment – 3:54•Why the USDA mortgage loan was created
•Who qualifies
•No down payment and flexible UW guidelines
•Loan guarantee fees
•Types of homes that qualify
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How to Read Your Closing Statement – 4:34•HUD 1, with examples
•Different sections of HUD 1 and what they mean
•Where the debits and credits come from
•How the money owed at closing is calculated
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Shopping For Interest Rates – 3:25•Why there are different interest rates for different loan programs and credit scores
•Reasons to lock or float the interest rate
•Why a locked rate will not decrease even if rates go down
•How to shop for a mortgage
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Reasons to Choose an ARM Loan – 3:47•Different types of ARM loans
•Why a client would choose an ARM versus a fixed-rate mortgage
•How payments adjust (margin, index, payment caps)
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What You Need to know About Real Estate Contracts – 4:48•Why home buyers need a written contract
•That you can refer a real estate agent to your clients if they aren’t already working with one
•Contract clauses and what they mean (i.e., sales price, loan terms, earnest money, inspections, closing date, etc.)
•What happens to the earnest money
•How to negotiate with the seller to pay closing costs
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What is an FHA Loan – 3:31•Who qualifies for an FHA loan
•Down payment comparison of FHA to conventional loan
•Gift funds
•MIP and UFMIP and how it differs depending on down payment or loan term
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What is Mortgage Insurance – 3:38•What is mortgage insurance
•FHA MIP
•VA Funding Fee
•USDA Guarantee Fee
•Private Mortgage Insurance
•Different ways it can be paid
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What’s an Escrow Account? Why Do I Need One? – 4:28•Where the money to set up the escrow account comes from
•How the monthly dollar amount is calculated
•Why it can change year after year
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Differences between a 30 Year and 15 Year Mtg – 3:54•Payment differences between 15, 20, 25 and 30-year fixed rate mortgage
•Interest savings between 15, 20, 25 and 30-year fixed rate mortgage
•Why there are different interest rates for different loan terms
•How to prepay the principal
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What You Need to Know About Appraisals – 3:41•Why lenders require an appraisal
•What clients will find when reading the report
•What an appraisal is NOT
•What happens if the appraisal value comes in lower than the sale price
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Who Qualifies for a VA Loan – 4:21•Length of time a military person needs to serve in order to qualify
•List of different individuals who qualify
•DD 214 and Certificate of Eligibility
•No down payment with flexible UW guidelines
•VA funding fees
•Seller contributions
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Why Getting Pre-Approved is Like Money in the Bank – 3:08•Why you should get pre-approved for a mortgage before buying a home
•What documentation is needed to get pre-approved
•Credit reports and credit scoring
•What real estate agents and sellers need to know about the pre-approval letter
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Your Final Loan Approval – 4:03•Why get pre-approved before making an offer
•The job of the underwriter
•Why client will be asked (several times) to provide documents
•What happens if documents are not provided on a timely basis
•Reasons a closing could be delayed