Choosing the Right Home Loan is not Easy   Does this story resonate with you? You managed to save up enough money to cover your mortgage loan down payment and closing fees. You think your ready to buy a home so you decide to go to a few open houses and you see some really nice homes […]

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What you’ll see in this mortgage video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following: Real Estate Attorney’s or escrow fees (Yours and those of your mortgage lender if applicable) Property taxes (to cover tax period to date) Interest (paid […]

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While this video simplifies closing day tips to help you remember: you’ll present your paid homeowner’s insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller remainder of down payment, prepaid taxes, and so on. and then the money […]

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The FHA is generally more flexible than conventional loan lenders when considering credit history in its home loan qualification guidelines. As we show you in this video, the FHA allows you to re-establish credit if: two years have passed since a bankruptcy has been discharged all judgments have been paid any outstanding tax liens have […]

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Like the video shows, mortgage insurance is a policy that protects home loan lenders against some or most of the losses that result from defaults on home mortgages. Like home or auto insurance, mortgage insurance requires payment of a premium, is for protection against loss, and is used in the event of an emergency. If […]

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This video tells you about it all. PMI stands for Private Mortgage Insurance or Insurer. These are privately-owned companies that provide mortgage insurance. They offer both standard and special affordable programs for home loan borrowers. These companies provide guidelines to mortgage lenders that detail the types of home mortgage loans they will insure. Home lenders […]

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Like the video says, there are no easy ways to improve your credit score but you can work to keep it acceptable by maintaining a good credit history. Remember, the higher your score the better your home mortgage terms. Pay your bills on time. Pay down cards and keep monthly debts sustainable. Limit your overall […]

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Watch this video and take a few notes on comparing mortgage lenders! First, devise a checklist for the information from each home 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 […]

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As you’ll see in the video, mortgage lenders consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA, monthly mortgage payments should be no more than 29% […]

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Watch this video and it’ll easily explain the differences between a mortgage pre-approval and a home loan pre-qualification. Pre-qualification is an informal way to see how much mortgage you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a home lender your income, your long-term debts and how […]

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As we show you in this video, a credit bureau score, or “credit score” is a number based upon your credit history that represents the possibility that you will be unable to repay a loan. Home lenders use it to determine your ability to qualify for a mortgage loan. The better the score, the better […]

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Well, as this story shows, there isn’t a definitive answer to this question. You should look at each home for its individual characteristics. Generally, older homes may be in more established neighborhoods offer more ambiance and have lower property tax rates. People who buy older homes, however shouldn’t mind maintaining their home and making some […]

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As we show you in this video, in addition to comparing the home to your minimum requirement and wish lists use the HUD Home Scorecard and consider the following when buying a home: Is there enough room for both the present and the future? Are there enough bedrooms and bathrooms? Is the house structurally sound? […]

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There are some great tips in this video, like: If possible, take photographs of each house: the outside, the major rooms, the yard and extra features that you like or ones you see as potential problems. Write things down as you go. And don’t hesitate to return for a second look. Use the HUD Home […]

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As we show you in this video, a home inspector checks the safety of your potential new home. Home Inspectors focus especially on the structure, construction and mechanical systems of the house and will make you aware of only repairs that are needed. A home inspection does not evaluate whether or not you’re getting good […]

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Remember these pointers from the video: you may want to include an inspection clause in the offer when negotiating for a home. A home inspection clause gives you an “out” on buying the house if serious problems are found or gives you the ability to renegotiate the purchase price if repairs are needed. An inspection […]

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It’s not required, but it’s a good idea.  As this story shows, let the home inspector do their job while you take notes and pictures. Following the inspection the home inspector will be able to answer questions about the report and any problem areas. This is also an opportunity to hear an objective opinion on […]

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As we show you in this video, laws vary by state. Some states require a lawyer to assist in several aspects of the home buying process while other states do not as long as a qualified real estate professional is involved. Even if your state doesn’t require one you may want to hire a lawyer […]

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The video puts this in more visual terms, but Yes! A paid homeowner’s insurance policy (or a paid receipt for one) is required at closing so arrangements will have to be made prior to that day. Involving the insurance agent early in the home buying process may save you money. Insurance agents are a great […]

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A flood plain is an area of land adjacent to a stream or river that experiences flooding during periods of high discharge. Watch this video and it’ll make sense. If you live in a flood plain home lenders will require that you have flood insurance before lending any money to you. But if you live […]

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Watch this video and take a few notes! Always check to see if the house is in a low-lying area in a high-risk area for natural disasters like earthquakes, hurricanes, tornadoes, etc. or in a hazardous materials area. Be sure the house meets building codes. Also consider local zoning laws which could affect remodeling or […]

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Watch this video and it’ll make sense. Your real estate agent will assist you in making an offer which will include the following information: The Complete legal description of the property The Amount of earnest money The Down payment and financing details The Proposed move-in date The Price you are offering The Proposed closing date […]

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As you’ll see in this video, unless you have a buyer’s agent remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Listen to your real estate agent’s advice but follow your own reason on deciding a fair price. Calculating your offer […]

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Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local customs and conditions. If your offer is accepted the earnest money […]

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You’ll see some pictures in this video to help you remember later, but essentially, home warranties offer you protection for a specific period of time, such as one year, against potentially costly problems like unexpected repairs on appliances or home systems which are not covered by homeowner’s insurance. Warranties are becoming more popular because they […]

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Yes. Like the video shows, home loan lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past. Mortgage advisors may now be able to help borrowers who don’t have a lot of money saved for the down payment and closing costs, have […]

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This video tells you about the most common types of home loans: Fixed Rate, ARM, Balloon and 2-Step. First, Fixed Rate Mortgages: Payments remain the same for the life of the loan generally 15 years or 30 years. Interest rates remain the same, so payments are predictable. A second common type is an Adjustable Rate […]

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What you’ll see in this video is, an Adjustable Rate Mortgage (ARM) may make sense if: you are confident that your income will increase steadily over the years you anticipate a move in the near future and aren’t concerned about potential increases in home loan interest rates ARMs generally offer lower initial interest rates. Monthly […]

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Usually, Yes. Like the guy in the video says, by sending in extra money each month or making an extra payment at the end of the year you can accelerate the process of paying off your mortgage loan. When you send extra money, be sure to indicate that the excess payment is to be applied […]

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The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes homeowner’s insurance, and mortgage insurance, if applicable. If you are refinancing compare what is and isn’t included in your financing options. Watch this video and it’ll make sense.  

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Well, as this story shows, the amount of the down payment the size of the mortgage loan, the interest rate the length of the repayment term and payment schedule will all affect the size of your mortgage payment. In bullets: down payment loan size interest rate – fixed or adjustable repayment term – how long […]

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As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan so ask lenders if they offer a rate “lock-in” which guarantees a specific interest rate for a certain period of […]

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Like the video shows, if interest rates drop significantly you may want to investigate refinancing. According to the US Dept of Housing & Urban Development most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one refinancing […]

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Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage the interest rate is reduced by 1/8 (or.125) of a percentage point. When […]

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This video explains that some specific kinds of lending organizations are exempt from the ability-to-repay laws enacted in 2014. These include: Community Development Financial Institutions Community Housing Development Organizations, or Downpayment Assistance Providers, and State Housing Finance Agencies In addition, small nonprofit organizations that make relatively few home loans, and loans made under Federal programs […]

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The original phrase “mort gage” translates as “death pledge”! But as this video explains, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien – a legal claim on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal […]

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Can I Buy A Farm With a VA Loan? As this video shows, you can’t buy a farm unless it has a farmhouse that is a substantial part of the farm’s value with a VA loan. VA loans are specifically for the veteran’s residence. A VA loan for a farmhouse does not require that the […]

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Moreira Team was happy to see our mortgage ebook library mentioned in the March 7th Huffington Post article 4 Main Data Points On How to Be Financially Free by Tom Ayling. The article itself was packed with tips on four major financial areas which some of those in the financial know are taking advantage of […]

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  How To Remove Private Mortgage Insurance from Your Mortgage Payments   After a few years of accelerated mortgage payments I paid off the private mortgage insurance on my mortgage loan. I realized that I was saving $235 a month in PMI payments.   As you may know, private mortgage insurance is applied to most […]

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How to get a Qualified Mortgage   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”. Curious about what it takes to qualify for a mortgage loan in 2015? You’ve found the right place. […]

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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 and credit rating. These new Federal laws- supervised by the CFPB – require […]

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