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What Types Of Mortgage Loans Are Available?
This video tells you about the most common types: 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...
What Is Loan To Value (LTV) And How Does It Affect The Size Of My Loan?
While this video simplifies things to help you remember, the loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing.
Each loan has a specific LTV limit. For example: With a 75% LTV loan on a hom...
What Is A Mortgage?
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.
A...
Are There Special Mortgages For First-Time Homebuyers?
Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.
Lenders may now be able to help borrowers who don't have a lot of money saved fo...
What Are “Home Warranties”, And Should I Consider Them?
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 ...
What Is Earnest Money, And How Much Should I Set Aside?
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...
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