As we show you in this video, an escrow account is an account that is established by your lender. It’s created to set aside a portion of your monthly mortgage payment to cover annual charges for homeowner’s insurance, mortgage insurance (if...
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 past 2 years....
The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes, homeowner’s insurance, and mortgage insurance, if applicable. If you are refinancing, compare what is and isn’t included in your...
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 secures the promise...
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% LTV loan...
