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.” They provide stable loan features for...
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...
Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says: debts are existing financial commitments; a car payment is a debt a grocery bill is not. To calculate...
If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business days before consummation. It must be in writing, whether paper or digital, and disclose...
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-payment or includes a...
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? Demand: can the...
Today, your first “showing” will be on the Internet – you’re watching this on the Internet, right? Your price, listing description and PHOTOS determine whether someone will visit in person. Consider professional staging advice or help. Prep for...
Professional “staging” may include the exterior, but if you’re doing it all yourself, try the five things outlined in this video. 1 – Landscape & lawn. That’s the first impression; make it a good one. Mow, prune, edge and get rid of junk! 2 –...
For many homes and markets, professional help from someone in “staging” makes good financial sense. Like this video say, check your staging options first. If you are doing it yourself, here are 5 key tips. One – Depersonalize. You want the buyer to...
Home size is one of the key figures used in comparisons. But you may have different measurements to choose from, as you’ll learn in this video, including builder, appraiser, tax records and possibly owner records. Which one is right, and which one is...
