Mortgage Videos
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The speaker reviews a common mortgage qualification ratio, the debt to income ratio. He mentions that debt to income ratios measure your debts in terms of your gross income. Different loan programs require different DTI ratios to qualify. Many loan programs follow a 29/41 ratio qualifier. Thi
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The speaker explains what a home equity loan, how a homeowner can determine how much equity they have, and discusses his belief that these loans fueled economic consumption during the early 2000's and are now leading to the furious increase in foreclosures and bankrupcies.
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Suze Orman discusses the differences between a home equity line of credit (HELOC) and a home equity loan (HELOAN). She mentions that these two types of loans are used to withdraw equity out of your home in the case that your home has appreciate in value or you have paid down the mortgage and have equity sitting
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In this Part 2, the continues the discussion on how to use the loan to value calculator. The calculator will provide the LTV on each of the mortgages, including first and second. Other statistics provided include: combined loan to value (CLTV) and ownership stake.
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The video is a tutorial on how to use a loan to value calculator. He talks through the various inputs used to calculate this ratio, including: first mortgage, second mortgage, third mortgage, down payment, purchase price, closing costs, seller paid closing costs, and seller assisted down payment.
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The speaker suggests that the next wave of monetary system failure will be in the Option ARM and Alt-A loan market. He suggests that this market will suffer more defaults than the sub-prime market has already suffered.
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The speaker discusses the basics of a balloon mortgage. A balloon mortgage requires that the borrower repays the outstanding loan balance once the loan period is satisfied; for example, if a borrower took a 15 year balloon, he would be responsible for paying the loan balance off in full after 15 years. He me
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The speaker provides an explanation of what a negative amortization loan is. He mentions that they keep your monthly payments low by increasing your outstanding loan balance up to maximum limit. These loans are commonly referred to as
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The speaker discusses private mortage insurance, or PMI, and talks about its heavy costs (typically .5% to 1%). He suggests that borrowers can pay down their mortgage below 80% LTV to remove the insurance premium or refinance their lo
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The speaker from quicken loans discusses common techniques to avoid paying PMI, or private mortgage insurance. He suggests that PMI can be eliminated once the balance of the loan drops below 78%. Another possibility is to pay the mortgage down to 75% or even refinance your loan if your homes appra
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The speaker discusses PMI, or private mortgage insurance. PMI is charged to borrowers who finance more than 80% of their homes value on their first mortgage. PMI will insure the lender against your default and only has to be paid up until the point that the borrowers
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The speaker provides an overview of the truth in lending document and discusses the different fees that can be included in the APR; however, different lenders will compute the APR differently. This makes the TIL document less reliable; borrowe
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The speaker explores the myth that the truth in lending document actually provides the borrower with more transparency. He cites that many lenders will flaunt a low APR which was bought down by points or high fees. He suggests tha
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The speaker gives a presentation on how fees can affect your effective interest rate. It is extremely important to understand the true cost associated to your loan or you may be paying astronomical interest rates. He talks about how front end loaded interest expenses can dramatically increase your effective interest rate.
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The speaker talks about how a homebuyer should closely review a truth in lending document and understand what fees are being rolled into the APR of the loan. He suggests that many lenders will leave some fees out of the APR and deceive
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