Author Archives: Site Administrator
Understanding Loan Estimate Comparisons
[wistia id=”wt5kfbtx6c”] Page 3 of your Loan Estimate includes measures to help you compare loans. “In X Years” shows the total amount you will have paid in that time, and the dollar amount applied to your loan principal. The ratio between total paid and principal reduced may change over time. The APR shows interest… Read More »
Your Rights And Rules For Closing Disclosures
[wistia id=”f1sglzgsot”] 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 – paper or digital. If the loan terms or costs change prior to consummation, your lender must provide a corrected disclosure AND an additional… Read More »
Understanding Your Loan: Closing Cost Details
[wistia id=”mgdzdjtdlh”] 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 officers or other parties and Discount Points – prepaid interest. These figures should match your original Loan Estimate. Section B covers services for which you could NOT… Read More »
Understanding Your Loan: Cash And Transaction Summaries
[wistia id=”d32elouemm”] 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 sections should be provided. The bottom line final “Cash to Close” is the money you will need in-hand in three business days. If your transaction… Read More »
Understanding Your Loan: Additional Information Can Be Important
[wistia id=”v0w3xtix7b”] 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 lender require early repayment of the loan? Late Payments:… Read More »
Understanding Your Loan: Closing Disclosure Page 1
[wistia id=”56iod62sui”] 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 balloon payment Page 1 will summarize… Read More »
When Do I Get My Loan Closing Disclosure?
[wistia id=”axef1ovhpj”] 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 ONLY the information specified by the CFPB. If terms or costs change prior… Read More »
What Is A Certificate of Eligibility, or COE?
[wistia id=”qyp1m0fkae”] What Is A Certificate of Eligibility, or COE? The COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan. Servicemembers, Veterans and National Guard and Reserve members may apply online or through their lender; most lenders have access to the system and can verify eligibility… Read More »
What Are The Major Types Of VA Loans?
[wistia id=”ruqs2frdzl”] What Are The Major Types Of VA Loans? Major Veterans Affairs loan programs described in this video include: 1) Purchase Loans. These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortgage insurance. 2) Cash Out Refinance Loans which enable… Read More »
What Are VA Home Loans?
[wistia id=”m3tkf7846k”] What Are VA Loans? As the video says, the name is misleading – they’re not loans FROM the VA. The VA – short for “US Department of Veterans Affairs” – is the Federal military veteran benefit system. The VA administers benefits and services for Servicemembers, Veterans their dependents and survivors. Programs related… Read More »