video: What's A Credit Score?

As we show you in this video, a credit bureau score, or credit score is a number based upon your credit history that represents the possibility that you will be unable to repay a loan.
Lenders use it to determine your ability to qualify for a mortgage loan.
The better the score, the better your chances are of getting a favorable loan.
Know your score and ensure that lenders have current information about it.
 

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video: VA Loans And Divorce

If a veteran with a spouse purchases a home with a VA loan they are not eligible for another VA loan until that loan is paid in full. If the ex-spouse is also a veteran they may be able to substitute their entitlement; consult with the VA for situations with this level of complexity.

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video: What Is RESPA?

RESPA stands for the Federal Real Estate Settlement Procedures Act.
This video tells you about it all.
RESPA requires lenders to disclose information to potential customers throughout the mortgage process.
By doing so, it protects borrowers from abuses by lending institutions.
RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices and business relationships between closing service providers and other parties to the transaction.
For more information on RESPA, visit HUD.GOV or call 1-800-569-4287 for a local counseling referral.

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video: Removing PMI From Loans

Private Mortgage Insurance can add hundreds of dollars per year to mortgage rates so it is worth learning when you are eligible to cancel - so watch this video! For loans closed after July 29, 1999 Private Mortgage Insurance - PMI - can be removed automatically, or by request.
Provided your monthly payments are up-to-date your lender must terminate PMI when your principal balance reaches 78 percent of the original value of the home.
OR if you reach the halfway point of the loan term such as 15 years on a 30-year loan.
Consumers also have the right to request PMI cancellation when principal balance reaches 80% of original value.
You can ask your lender for the date that balance will be reached.
If you are current in your payments with a good history, request cancellation in writing.Follow the steps outlined by your lender and keep copies of all documents and correspondence.
 

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video: When Do ARMs Make Sense?

What you will see in this Fast Forward Stories video is, an ARM may make sense if:  

  • you are confident that your income will increase steadily over the years
  • you anticipate a move in the near future and aren't concerned about potential increases in interest rates  

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Improving Your Credit Score

Like the video says, there are no easy ways to improve your credit score but you can work to keep it acceptable by maintaining a good credit history.
Pay your bills on time.
Pay down cards and keep monthly debts sustainable.
Limit your overall debt.
and check your credit history annually for accuracy and correct any errors.
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video: FHA Debt-To-Income Ratios

You may qualify to exceed if you have: a large down payment a demonstrated ability to pay more toward your housing expenses substantial cash reserves net worth enough to repay the mortgage regardless of income evidence of acceptable credit history or limited credit use less-than-maximum mortgage terms funds provided by an organization a decrease in monthly housing expenses.

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