With over XX years in the title business, Community First Title Agency’s goal is to give you the fastest and best closing experience possible. We pride ourselves on communication throughout the entire closing process to all parties involved. Since we’ve closed...
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. They administer benefits and services for...
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...
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, National Guard, and Reserve members may apply online or through their lender; most...
Mortgage rates change constantly through an unpredictable combination of government policies and economic conditions. This video explains the common term ‘rate lock.’ A “Rate Lock” is a guarantee that a lender will honor a specific combination of...
As this video explains, Federal laws put into effect in 2014, and supervised by the Consumer Financial Protection Bureau, define lending practices and loan terms for a new category called “Qualified Mortgages.” They provide stable loan features for...
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 borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt,...
Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a loan. Like the video says: debts are existing financial commitments; a car payment is a debt a grocery bill is not. To calculate...
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...
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...
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...
