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....
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...
Discount points allow you to lower your interest rate. While this video simplifies things to help you remember, “points” are essentially prepaid interest – with each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year...
As this story shows, the amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term, and the payment schedule, will all affect the size of your mortgage payment. In bullets: down payment loan size interest...
As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan, so ask lenders if they offer a rate “lock-in” which guarantees a...
