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What Are Discount Points?

http://videotap.wistia.com/medias/non9ob11h1?embedType=async&videoFoam=true&videoWidth=640 Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest with each point equaling 1% of the total loan amount. Generally, for each point...

What Is An Escrow Account? Do I Need One?

http://videotap.wistia.com/medias/0z2m9iym8b?embedType=async&videoFoam=true&videoWidth=640 As we show you in this video, an escrow account is an account, established by your lender, to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner's insurance mortgage insurance (if applicable), and property...

What Steps Need To Be Taken To Secure A Loan?

http://videotap.wistia.com/medias/5ioqffktzl?embedType=async&videoFoam=true&videoWidth=640 You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application. To do so, you'll need the following information. Pay stubs for the past 2-3 months. W-2 forms for the...

What Is A Mortgage?

http://videotap.wistia.com/medias/wwy4z7fbni?embedType=async&videoFoam=true&videoWidth=640 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...

What Is Loan To Value (LTV) And How Does It Affect The Size Of My Loan?

http://videotap.wistia.com/medias/pfu08e8pxo?embedType=async&videoFoam=true&videoWidth=640 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%...

What Types Of Mortgage Loans Are Available?

http://videotap.wistia.com/medias/x1v53jnzp1?embedType=async&videoFoam=true&videoWidth=640 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...

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