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How Do I Evaluate An Offer?
Well, as this story shows, there’s more to an offer than the price tag. Factors you should consider:
Is this offer at, near or above my asking price?
Are there clauses and additions in their offer that change the terms and final price subs...
What Is A Counter-Offer?
The video puts this in more visual terms, but basically, a seller can respond to a buyer’s offer with changes - a “counter” - that improves the terms.
You need to put yourself in their shoes and construct a modified offer that you think they might take that m...
What Is Mortgage Insurance?
Like the video shows, mortgage insurance is a policy that protects 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...
What Makes Up Closing Costs?
What you’ll see in this video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:
Attorney's or escrow fees (Yours and your lender's if applicable)
Property taxes (to c...
What Are The Steps Involved In The FHA Loan Process?
The video puts this in more visual terms, but with the exception of a few additional forms the FHA loan application process is similar to that of a conventional loan.
With new automation measures FHA loans may be originated more quickly than before. And, if you don...
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.
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.
...
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 repo...
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 in...
How Can The FHA Assist Me In Buying A Home?
Remember these points from the video:the FHA works to make homeownership a possibility for more Americans. With the FHA, you don't need perfect credit or a high-paying job to qualify for a loan. The FHA also makes loans more accessible by requiring smaller down paym...