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What Are The Major Types Of VA Loans?
What Are The Major Types Of VA Loans?
Major Veterans Affairs loan programs described in this video include:
1) Purchase Loans.
These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortg...
Understanding Your Loan: Closing Disclosure Page 1
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-payme...
Understanding Your Loan: Additional Information Can Be Important
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?
...
Understanding Your Loan: Cash And Transaction Summaries
Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is “YES” notes for changed sections should be provided.
Understanding Your Loan: Closing Cost Details
Page 2 of your Closing Disclosure details specific closing costs.
Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan officers or other parties and Discount Points ...
Your Rights And Rules For Closing Disclosures
The Closing Disclosure documents the actual terms of your loan transaction. You should receive it no later than 3 business days before consummation. It must be in writing - paper or digital.
If the loan terms or costs change prior to consummation, your lender mus...
Understanding Loan Estimate Comparisons
Page 3 of your Loan Estimate includes measures to help you compare loans.
“In X Years” shows the total amount you will have paid in that time, and the dollar amount applied to your loan principal. The ratio between total paid and principal reduced may change ...
Understanding Your Loan Estimate: Other Costs
Real estate transactions require taxes, certain pre-payments, and escrow funding.
Recording fees are charged by government agencies for keeping legal ownership records, while “transfer taxes” may be imposed by s...
Understanding Your Loan Estimate: Services You CAN Shop For
These costs are paid to outside parties and YOU are free to shop and compare providers for a variety of services. These might include pest inspection, or a survey to verify property lines or a range of Title-related services.
Title services might include:
Understanding Your Loan Estimate: Services You Cannot Shop For
These costs are paid to outside parties, not the lender, but you don’t get to choose them. They may include:
appraisal, which puts a value on your property on the lender’s behalf
a credit report on you
fees to assess flood risk ...