Educational Videos to Increase your Mortgage Knowledge
The Mortgage Process
- Step-by-Step Summary of the Whole Mortgage Process This video takes you step-by-step through the entire process of getting a loan. Learn about the credit report, the loan application, and which financial statements you will need.
- Explanation of the Lender Good Faith Estimate This video takes an in-depth look at the lender good faith estimate. This is a very important document that communicates the loan amount, interest rate, and all of the estimated fees associated with your loan.
- Questions to Ask Your Mortgage Broker A list of questions borrowers should ask their lender before refinancing or purchasing real estate. Questions covered in this video include topics on prepayment penalties, intermediate arms, and private mortgage insurance.
- How are Title and Escrow Involved in the Mortgage Process Learn how title and escrow are involved and are an essential part of the mortgage loan process.
- How Do Mortgage Brokers Make Their Money? The way mortgage brokers make their money originating a loan is not always straight forward. This video provides tips for negotiating with your broker to make sure you get a square deal.
- Explanation of Lender Points This video explains the circumstances which paying down an interest rate with points makes financial sense.
- Options for Paying Mortgage Closing Costs In this video learn your options for paying the closing costs when you do a home purchase loan or mortgage refinance.
- What is Private Mortgage Insurance? Private mortgage insurance is used to protect the lender's financial interests in the event of foreclosure. Learn in which cases it may be required by your lender.
How Credit is Used in the Lending Industry
- A Detailed Look at a Credit Report The credit report is vital to the loan process as almost all lenders require the borrower to submit one. In this video, go step-by-step through a sample credit report.
- Factors That Affect Your Credit Score Your credit history can have a huge impact on the interest rate you receive from your lender. Learn the factors that affect your credit score and steps you can take to improve it.
- How to Establish Credit Those with a clean credit history can qualify for a lower rate on their mortgage. This video teaches how to build up your credit to get the best rate possible.
- How Credit Reports are Used by Mortgage Lenders This video explains how mortgage lenders use credit reports to determine the interest rates quoted to borrowers.
Different Mortgage Products that are Available
- Fixed Mortgages Vs. Adjustable Mortgages This video details and compares the two main types of mortgages; the fixed rate mortgage and the adjustable rate mortgage.
- Interest Only Mortgages Vs. Fully Amortized Mortgages This video will help you understand the basics of an interest only loan and a fully amortized mortgage.
- Negative Amortization Loans Learn how the negative amortization loan works, how it is used, and why this can be such a risky loan for the unwary borrower.
- No-Cost Mortgage Loans This video explains how the lender fees are built into these "no-cost" loans with a higher interest rate enabling the borrower to not pay any out of pocket expenses at closing.
- Explanation of a 2nd Mortgage Learn what 2nd mortgages are, how they are used, and the different types of 2nd mortgages that exist.
Mortgage Refinancing
- Explanation of Mortgage Refinancing Options Learn how to choose the right mortgage refinancing program to fit your personal needs and financial objectives.
- When to Refinance a Home Mortgage Video Learn how to calculate if refinancing your mortgage makes financial sense by taking into account the origination costs, the monthly payment savings, and the expected duration of the loan.
Mortgage and Real Estate Investing
- The Subprime Marketplace and Your Investments Video Learn how the subprime meltdown affects the stock and credit markets and what you can do to minimize your risk exposure.
- Investing in Real Estate Learn how investing in real estate doesn't always mean buying a physical property and being a landlord. Real estate can also be invested through the stock market which is more hands off, provides some diversification, and is a more liquid investment vehicle.
Helpful Article Resources
- COFI and LIBOR Loans All adjustable mortgages are tied to a market index. The COFI and LIBOR indices are two of the most common. Learn more about them in this article.
- Home Equity Loans Vs. Cash-Out Refinancing Learn about two common ways of accessing your home's equity and how to determine which one makes the best financial sense for your situation.