Lots of members have questions about buying their first home and the mortgage process in general. Check out the tips we've put together to learn the basics to get on your way to your dream home!
Sean Roland | Introduction to Real Estate Insurance for Realtors and Mortgage...Sean Roland
Insurance requirements have become such an integral part of the real estate and loan transaction, they must be included in any comprehensive discussion of real estate finance.
Sean Roland
Sean Roland | Introduction to Real Estate Insurance for Realtors and Mortgage...Sean Roland
Insurance requirements have become such an integral part of the real estate and loan transaction, they must be included in any comprehensive discussion of real estate finance.
Sean Roland
VA Loans for Vets NMLS#184169
5050 North 40th Street, Ste 260
Phoenix, AZ 85018
602-908-5849
Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com
Southwest Funding, LP a leader in Home Equity Conversion Mortgages more commonly know as a Reverse Mortgage. We are here to help you make an informed decision.
Discover the complete process from start to finish of a bank’s role in the foreclosure process at ForeclosureDeals.com. Foreclosure listings and information is our business.
VA Loans for Vets NMLS#184169
5050 North 40th Street, Ste 260
Phoenix, AZ 85018
602-908-5849
Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com
Southwest Funding, LP a leader in Home Equity Conversion Mortgages more commonly know as a Reverse Mortgage. We are here to help you make an informed decision.
Discover the complete process from start to finish of a bank’s role in the foreclosure process at ForeclosureDeals.com. Foreclosure listings and information is our business.
Buying a car can be intimidating; there are so many things to think about. Doing your homework ahead of time is the key to finding the vehicle you want at a fair price. Arming yourself with knowledge will give you the power to negotiate the best deal possible. Here are the six steps you should take when you are ready to purchase a car.
"Welcome to your path to homeownership with our mortgage loan solutions. Owning a home is a dream for many, and we're here to make it a reality for you. Our mortgage loans offer a secure and affordable way to purchase your dream property or refinance your existing home. With competitive interest rates, flexible repayment options, and personalized guidance, we're committed to helping you find the perfect loan to fit your unique needs. Our experienced team of experts will walk you through the entire process, from application to closing, making your journey to homeownership as smooth as possible. Take the first step towards building equity and creating a place to call your own with our trusted mortgage loan services."
"Welcome to your path to homeownership with our mortgage loan solutions. Owning a home is a dream for many, and we're here to make it a reality for you. Our mortgage loans offer a secure and affordable way to purchase your dream property or refinance your existing home. With competitive interest rates, flexible repayment options, and personalized guidance, we're committed to helping you find the perfect loan to fit your unique needs. Our experienced team of experts will walk you through the entire process, from application to closing, making your journey to homeownership as smooth as possible. Take the first step towards building equity and creating a place to call your own with our trusted mortgage loan services."
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
Dana Chiles | Introduction to Real Estate Insurance for Realtors and Mortgage...Dana Chiles
Insurance requirements have become such an integral part of the real estate and loan transaction, they must be included in any comprehensive discussion of real estate finance.
Similar to What to Know Before Buying a House (20)
The secret way to sell pi coins effortlessly.DOT TECH
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Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
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Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
2. Conventional: If a mortgage loan is not insured or guaranteed by the federal
government, it is considered a conventional loan. Fixed-Rate, Adjustable,
Bridge Home, Balloon and Hybrid are types of conventional home loans.
Federal Housing Administration (FHA): Administered by the U.S. Department
of Housing and Development. Term options include a 30-year fixed, 15-year
fixed and adjustable rate options.
Veterans Affairs (VA): This loan is guaranteed by the U.S. Department of
Veterans Affairs and may be issued by qualified lenders. This loan is designed
to offer long-term financing to eligible American veterans or their surviving
spouses. 100% financing is available and no down payment is required. Terms
include 30-year fixed and 15-year fixed.
Loan Types
3. Fixed: The interest rate on a fixed mortgage is set at the time the loan is
secured and will not change for the life of the loan. Benefit: consistent
monthly mortgage payment.
ARM: An adjustable rate mortgage is not fixed and instead may go up or
down throughout the life of the loan. Typically there is a cycle to the ups and
downs, but there is no guarantee. Benefit: this loan is right for someone who
is prepared for payment fluctuations.
Neither of these options are better than the other, but can be reviewed based
on your current financial situation.
Interest Rate Types
4. You will encounter many different people during your home buying journey.
Get to know the players and understand what is expected of each.
Lender: The financial institution that lends the money to purchase the home.
Mortgage Loan Officer: The person who arranges the financing and
assembles necessary documents.
Buyer’s Real Estate Agent: The individual that helps prepare the earnest
money contract, presents the offer to the Seller’s Real Estate Agent or shows
houses to the buyers.
Who you will meet along the way…
5. Seller’s Real Estate Agent: The individual that lists the house and advertises
the property. They represent the seller in the transaction.
Home Inspector: The person who will inspect the home to determine the
condition and identify possible problems.
Home Appraiser: The person who will estimate the market value of a home
based on comparisons and similar properties.
Settlement Agent: The person who prepares the paperwork and details for
closing the deal. This person could be a banker, attorney or title company
closing agent.
Who you will meet along the way…
6. Owner’s Title: A policy issued when you purchase property. The policy covers
the insured party against losses, up to the sale amount, resulting from
disputes over rightful ownership of a piece of real estate.
Loan Title: A policy issued to lenders when a loan is insured. This policy
protects the lender from loss incurred, up to the loan amount, if the resulting
lien is invalid or in an inferior lien position.
Private Mortgage Insurance (PMI or MI): A policy that protects the lender
against a buyer defaulting on mortgage payments. Most lenders require an
insurance policy any time the buyer puts less than 20% down on the purchase
of the home. A lender must automatically cancel PMI when your outstanding
loan balance drops to 78% of the home’s original value.
Insurance Types
7. Homeowners Insurance: A form of property insurance designed to protect an
individual’s home against damages to the house itself or to possessions in the
home due to a catastrophic (CAT) loss such as a windstorm, hurricane, hail or
tornado. The insurance also provides liability coverage against accidents in
the home or on the property such as water damage caused by a plumbing
leak within the home, burglary or theft, fire and liability loss. The policy must
list the lender as the loss payee and must be in place prior to the loan going
into effect.
Flood Insurance: Insurance that covers the structure of your home and
personal property in the event of a flood.
Insurance Types
8. Escrow
Escrow: Funds that are a part of the total loan price, that are held in an
account where the lender draws from to pay taxes and insurance premiums
when they are due.
Most mortgages are set up with escrow unless you specify you want to handle
it yourself.
Escrow is generally required if PMI is on a loan.
Ask yourself the following questions to find out if you need an escrow
account.
• “Am I a spender or a saver?”
• “Do I have the discipline to put away enough money to cover my annual
taxes and insurance?”
9. Warranty Deed: A document that legally transfers ownership of property
from one person to another. The deed is recorded in the public records with
the property description and the owner’s signature.
Deed of Trust: A lien on the property that secures the promise to repay a
loan. The agreement is between the lender and the buyer in which the
property is collateral for the loan.
Deed Types
10. • Origination Fee
• Discount Points
• Credit Report
• Appraisal
• Title Insurance
• Recording Fees
• Underwriting Fee
• Commitment Fee
• Settlement/Closing Fee
• State Transfer Tax
• Survey
• Odd Days Interest
• Homeowner’s Insurance
• Property Taxes
Common Closing Costs
11. “Real estate cannot be lost or stolen, nor can it be
carried away. Purchased with common sense, paid for
in full, and managed with care, it is about the safest
investment in the world.”
-Franklin D. Roosevelt
12. For further information or questions,
please contact the
Financial Education Department at
financialeducation@rbfcu.org
or
Jennifer Crawford
(210)637-4188
jcrawford@rbfcu.org
Michelle Herrera
(210)945-3305
mherrera@rbfcu.org