Frequently Asked Questions

Frequently Asked Questions

What Makes Up Closing Costs?

http://videotap.wistia.com/medias/yglejbaipn?embedType=async&videoFoam=true&videoWidth=640 What you’ll see in this video is, there may be closing costs customary or unique to a certain locality but closing costs are usually made up of the following:...

What Can I Expect To Happen On Closing Day?

http://videotap.wistia.com/medias/41q4xevsid?embedType=async&videoFoam=true&videoWidth=640 While this video simplifies things to help you remember: you'll present your paid homeowner's insurance policy or a binder and receipt showing that the premium has been...

How Can The FHA Assist Me In Buying A Home?

http://videotap.wistia.com/medias/msuwrl6hui?embedType=async&videoFoam=true&videoWidth=640 Remember these points from the video:the FHA works to make homeownership a possibility for more Americans. With the FHA, you don't need perfect credit or a high-paying...

What Should I Look Out For During The Final Walk-Through?

http://videotap.wistia.com/medias/4uor7flnbr?embedType=async&videoFoam=true&videoWidth=640 Well, as this story shows, this will likely be the first opportunity to examine the house without furniture giving you a clear view of everything. Check the walls and...

What Responsibilities Do I Have During The Lending Process?

http://videotap.wistia.com/medias/7blygxvl91?embedType=async&videoFoam=true&videoWidth=640 To ensure you won't fall victim to loan fraud, as you’ll see in this video, be sure to follow all of these steps as you apply for a loan: Be sure to read and...

What Are The Steps Involved In The FHA Loan Process?

http://videotap.wistia.com/medias/2zq4cqr9el?embedType=async&videoFoam=true&videoWidth=640 The video puts this in more visual terms, but with the exception of a few additional forms the FHA loan application process is similar to that of a conventional loan....

How Do I Choose The Right Lender For Me?

http://videotap.wistia.com/medias/539u3melue?embedType=async&videoFoam=true&videoWidth=640 There are some great tips in this video. Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction. Be sure to choose a...

Closing Costs Explained Visually

http://videotap.wistia.com/medias/9ocpxcsbk8?embedType=async&videoFoam=true&videoWidth=640 Purchasing a home is exciting. Once escrow begins, the excitement can change to frustration, particularly if you are not ready for...

Title Insurance Explained Visually

http://videotap.wistia.com/medias/sa7k4pvghp?embedType=async&videoFoam=true&videoWidth=640 What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format...

Understanding Your Loan: Cash And Transaction Summaries

http://videotap.wistia.com/medias/gul8k0l8mj?embedType=async&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...

Understanding Your Loan: Closing Cost Details

http://videotap.wistia.com/medias/as2wl40kdm?embedType=async&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://videotap.wistia.com/medias/fge4w46pqg?embedType=async&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...

Understanding Loan Estimate Comparisons

http://videotap.wistia.com/medias/p0avb7ibbr?embedType=async&videoFoam=true&videoWidth=640 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...

Calculating Your Cash To Close

http://videotap.wistia.com/medias/mysswtiubc?embedType=async&videoFoam=true&videoWidth=640 Page 2 of the Loan Estimate provides the current ESTIMATED cash to close. Some costs will stay the same between estimate and closing. Some will change. A - Origination...

Understanding Your Loan Estimate: Other Costs

http://videotap.wistia.com/medias/y0q5bglh65?embedType=async&videoFoam=true&videoWidth=640 Real estate transactions require taxes, certain pre-payments, and escrow funding. Recording fees are charged by government agencies for keeping legal ownership records,...

Understanding Your Loan Estimate: Services You CAN Shop For

http://videotap.wistia.com/medias/cbjlto2s95?embedType=async&videoFoam=true&videoWidth=640 These costs are paid to outside parties and YOU are free to shop and compare providers for a variety of services. These might include pest inspection, or  a survey...

Understanding Your Loan Estimate: Services You Cannot Shop For

http://videotap.wistia.com/medias/j46wsodpq4?embedType=async&videoFoam=true&videoWidth=640 These costs are paid to outside parties, not the lender, but you don’t get to choose them. They may include: appraisal, which puts a value on your property on the...

Understanding Your Loan Estimate: Page 2, Loan Costs

http://videotap.wistia.com/medias/kbdhcrzjpk?embedType=async&videoFoam=true&videoWidth=640 Closing costs are fees paid when the title of the property is transferred to the buyer making them the legal owner. Origination Charges are fees collected by the lender...

Can My Settlement Charges Change?

http://videotap.wistia.com/medias/lm9etgbtyc?embedType=async&videoFoam=true&videoWidth=640 Yes, if circumstances change, such as: a natural disaster damages the property or affects closing costs the title insurer providing the estimate goes out of business...

Can Creditors Revise TRID Loan Estimates?

http://videotap.wistia.com/medias/g6erp2j4mz?embedType=async&videoFoam=true&videoWidth=640 Creditors are generally bound by the initial Loan Estimate. They are permitted to provide a revised Loan Estimate only under certain changed circumstances. These include...

What’s Refunded If My Loan Is Higher Than My Estimate?

http://videotap.wistia.com/medias/k123f093gq?embedType=async&videoFoam=true&videoWidth=640 If the amount you pay at closing exceeds the amounts disclosed on the Loan Estimate - beyond tolerance limits for each category - the creditor must REFUND the excess to...

Could My Loan Costs Exceed The Loan Estimate?

http://videotap.wistia.com/medias/k5pmyh7e91?embedType=async&videoFoam=true&videoWidth=640 Yes, within defined limits. Service charges for which YOU shop and select a provider may change; the creditor is NOT responsible for providers who are NOT on their...

What Will The TRID Loan Estimate Tell Me?

http://videotap.wistia.com/medias/cubig4slv0?embedType=async&videoFoam=true&videoWidth=640 The Loan Estimate documents the essential facts and terms of an approved real estate loan. It includes: loan terms projected payments and loan costs cash and costs at...

How Long Must Creditors Keep Real Estate Loan Records?

http://videotap.wistia.com/medias/yczop7841o?embedType=async&videoFoam=true&videoWidth=640 Under the TRID rule, creditors must retain Escrow Cancellation and Partial Payment Policy disclosures for two years; Loan Estimate records for three years after loan...

What Is A ‘Business Day’ For Real Estate Loan Disclosures?

http://videotap.wistia.com/medias/zzqkmv6yff?embedType=async&videoFoam=true&videoWidth=640 “Business day” is defined slightly differently for Loan Estimates and Closing Disclosures. For Loan Estimates, each day on which a creditor’s offices...

Do Creditors Have To Approve TRID Loans In 3 Days?

http://videotap.wistia.com/medias/o7iwfbriwf?embedType=async&videoFoam=true&videoWidth=640 If your loan is approved, on the terms you requested the creditor is required to provide a Loan Estimate within 3 business days. If they determine that your application...

Can Creditors Collect Information Beyond The 6 Required Pieces?

http://videotap.wistia.com/medias/dssm8fixxo?embedType=async&videoFoam=true&videoWidth=640 In addition to the required pieces: Name Income Social Security Number Property Address Estimated Property Value Mortgage Amount Sought a creditor may collect whatever...

What 6 Pieces of Information Make A TRID Loan Application?

http://videotap.wistia.com/medias/j3gnlwg1k6?embedType=async&videoFoam=true&videoWidth=640 Submitting these 6 pieces of information: Name Income Social Security Number Property Address Estimated Value of Property Mortgage Loan Amount sought constitutes a valid...

What Disclosures Are Used For Loans Not Covered By TRID?

http://videotap.wistia.com/medias/pggzycq15r?embedType=async&videoFoam=true&videoWidth=640 Creditors must continue to use the Good Faith Estimate, Truth-In-Lending Disclosure and the HUD-1 form for reverse mortgages, HELOCs, mobile home or other non-attached...

What Kinds Of Loans Do TRID Disclosures Cover?

http://videotap.wistia.com/medias/mptgntlxmx?embedType=async&videoFoam=true&videoWidth=640 TRID rules apply to MOST consumer credit transactions secured by real property. These include mortgages, refinancing, construction-only loans closed-end home-equity...

What Do Lenders Have To Tell You About Your Real Estate Loan?

http://videotap.wistia.com/medias/1vnybcrn0r?embedType=async&videoFoam=true&videoWidth=640 Federal “disclosure” forms define the information that creditor businesses MUST provide to consumers applying for real estate loans. As of Oct 1, 2015...

How Should I Prepare For Internet Showing?

http://videotap.wistia.com/medias/v9e73nkuup?embedType=async&videoFoam=true&videoWidth=640 Today, your first “showing” will be on the Internet - you're watching this on the Internet, right? Your price, listing description and...

How Should I Prepare The Outside For An Open House?

http://videotap.wistia.com/medias/0u1093xgm3?embedType=async&videoFoam=true&videoWidth=640 Professional “staging” may include the exterior, but if you’re doing it all yourself, try the five things outlined in this video. 1 - Landscape...

What Are VA Home Loans?

http://videotap.wistia.com/medias/462kv0a21g?embedType=async&videoFoam=true&videoWidth=640 What Are VA Loans? As the video says, the name is misleading - they’re not loans FROM the VA. The VA - short for “US...

What Are The Major Types Of VA Loans?

http://videotap.wistia.com/medias/br8x2nga9h?embedType=async&videoFoam=true&videoWidth=640 What Are The Major Types Of VA Loans? Major Veterans Affairs loan programs described in this video include: 1) Purchase...

What Is A Certificate of Eligibility, or COE?

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

What Is The Debt-To-Income Ratio (DTI)?

http://videotap.wistia.com/medias/jnekqh9i7l?embedType=async&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...

What Is A Rate Lock?

http://videotap.wistia.com/medias/t0yfg5zoju?embedType=async&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://videotap.wistia.com/medias/lk2ssjl4zf?embedType=async&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...

What Does Ability To Repay Mean?

http://videotap.wistia.com/medias/cxj0oktzom?embedType=async&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...

How Should I Prepare The Inside For An Open House?

http://videotap.wistia.com/medias/bazosq4pqi?embedType=async&videoFoam=true&videoWidth=640 For many homes and markets, professional help from someone in “staging” makes good financial sense.  Like this video say, check your staging...

When Do I Get My Loan Closing Disclosure?

http://videotap.wistia.com/medias/lnmgeorkfy?embedType=async&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://videotap.wistia.com/medias/ou2wuh5suj?embedType=async&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...

Understanding Your Loan: Additional Information Can Be Important

http://videotap.wistia.com/medias/qyrjwa5lcq?embedType=async&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...

Which Square Footage Figure Should I Use?

http://videotap.wistia.com/medias/5l19czvf2m?embedType=async&videoFoam=true&videoWidth=640 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...

6 Selling Mistakes

http://videotap.wistia.com/medias/03hysq98fy?embedType=async&videoFoam=true&videoWidth=640 If you’re selling, don’t do these things - take some notes from the video! 1. Don’t Sell Before The House Is Ready. If it doesn’t present well,...

What Is An Appraisal?

http://videotap.wistia.com/medias/viy6lp235s?embedType=async&videoFoam=true&videoWidth=640 Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties. Appraisers don’t work for the buyer or the seller;...

What Does The Closing Process Involve When I Sell?

http://videotap.wistia.com/medias/fhf3g6ord1?embedType=async&videoFoam=true&videoWidth=640 As this video explains, a signed sales contract doesn’t mean your house is sold. There are still financial, contractual and legal steps for both sides. The buyer...