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What Is A Rate Lock?
http://fwd4.wistia.com/medias/ry12go2nph?embedType=iframe&videoFoam=true&videoWidth=640 Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term 'rate...
What Is A Qualified Mortgage?
http://fwd4.wistia.com/medias/qdbhqzbedd?embedType=iframe&videoFoam=true&videoWidth=640 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...
What Does Ability To Repay Mean?
http://fwd4.wistia.com/medias/7afzdrodwg?embedType=iframe&videoFoam=true&videoWidth=640 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...
What Is The Debt-To-Income Ratio (DTI)?
http://fwd4.wistia.com/medias/mzmbd5twlm?embedType=iframe&videoFoam=true&videoWidth=640 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:...
When Do I Get My Loan Closing Disclosure?
http://fwd4.wistia.com/medias/ve72k2p8aj?embedType=iframe&videoFoam=true&videoWidth=640 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...
Understanding Your Loan: Closing Disclosure Page 1
http://fwd4.wistia.com/medias/o7pa4soyog?embedType=iframe&videoFoam=true&videoWidth=640 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...
Understanding Your Loan: Additional Information Can Be Important
http://fwd4.wistia.com/medias/jhwxyin263?embedType=iframe&videoFoam=true&videoWidth=640 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...
Understanding Your Loan: Cash And Transaction Summaries
http://fwd4.wistia.com/medias/8qhhzg142m?embedType=iframe&videoFoam=true&videoWidth=640 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...
Understanding Your Loan: Closing Cost Details
http://fwd4.wistia.com/medias/v590jot0qn?embedType=iframe&videoFoam=true&videoWidth=640 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...
Your Rights And Rules For Closing Disclosures
http://fwd4.wistia.com/medias/ceqilj9sss?embedType=iframe&videoFoam=true&videoWidth=640 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 -...