The House Hunters Team: Talking Mortgage 101 With a Mortgage Expert

The House Hunters Team: Talking Mortgage 101 With a Mortgage Expert. Mortgage Basics - Mortgage 101

The House Hunters Team: Talking Mortgage 101 With a Mortgage Expert video duration 3 Minute(s) 27 Second(s), published by House Hunters Minnesota Team on 22 09 2017 - 20:08:43.

If you're considering buying a home, you'll likely need to take out a mortgage loan to do so
Today I'm joined by special guest Mona Edick from Bay Equity Home http://www.hardcorecloser.com/the-5-biggest-struggles-facing-a-loan-officer-job-in-2013 Recently I surveyed 100 producing Loan Officers across the USA to find .

The Honest Loan Officer' giving you an unbiased look on the mortgage industry and your ticket to gain more knowledge
Come along with me.
you won't regret it Understand the basics of a mortgage by watching this realtor.com® video
Learn more about payments, interest, taxes, collateral, and insurance
This series will Understand the basics of a mortgage by watching this realtor.com® video
Learn more about payments, interest, taxes, collateral, and insurance
This series will .

If you’re considering buying a home, you’ll likely need to take out a mortgage loan to do so. Today I’m joined by special guest Mona Edick from Bay Equity Home Loans to talk mortgage 101. The first thing to know about the world of lending is there are four core mortgage loans: an FHA loan, a USDA loan, a VA loan, and a conventional loan. Each one has slightly different requirements when it comes to applying for them. To find out what they are and learn more about mortgage loans, watch my latest video.

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TRANSCRIPTION:

Today Mona Edick from Bay Equity joins me to talk about what you need to know when it comes to mortgage loans. Mona is a mortgage expert with over 17 years of experience in the industry, and she has a few important points to cover.

First, there are four core mortgage loans:

FHA loan: This is not a first-time homebuyer program, but it does allow a down payment as low as 3.5%. It’s also more generous with its debt-to-income ratio and accepts a lower credit score.
USDA loan: This allows zero money down and you don’t have to be a first-time homebuyer either, but the home must be located in a designated area.
Conventional loan: This is more of a traditional loan in that it requires a bigger down payment, a higher credit score, and a lower debt-to-income ratio.
VA (Veteran’s Affairs) loan: This requires no down payment, but you must be a veteran of the armed forces to apply.

There are a couple common misconceptions when it comes to mortgage lending.

First, there’s only one product that requires you to be a first-time homebuyer, and that’s the down payment assistance through Minnesota Housing. If you take out a loan using that product, you cannot have owned a home for at least three years.

Second, depending on the loan, you don’t necessarily have to put 20% down. As stated above, FHA loans allow payments for as little as 3.5% down, conventional loans allow 5% down, and VA and USDA loans require no money down. With Bay Equity, you have the option to qualify for the Chenoa Grant Program, which also requires zero money down.

If you’re thinking about purchasing a home this year, your first step should be to either reach out to a loan officer and set up a meeting so they can go through your documents and lending options or simply apply for a mortgage online. Even if you choose to apply online, Mona still recommends at least one face-to-face meeting with a loan officer during the lending process.

If you have any questions about mortgage loans, don’t hesitate to reach out to us. We’d love to speak with you.