funds to close: Video Tutorial: Understanding Cash To Close When Buying A Home
- 12/05/22 02:01 PM
Understanding Cash To Close (aka Funds To Close) is absolutely essential in order for Homebuyers to make informed decisions about how much of a home they can purchase within their budget. As part of the Mortgage Deep Dive video series, below is a video designed to help Homebuyers understand the nuances of Cash To Close. For example, why don't Mortgage Lenders know the exact amount of closing costs up front? What fees does the Lender control? What are recurring costs and why are they not considered "true costs" of obtaining the mortgage? What impact can interest rates have on the total amount … (2 comments)
If you are buying a home, or know someone who is, please read/share this simple tutorial of the 2 most common topics every Homebuyer wants/needs to know about. Topic #1 - MONTHLY PAYMENT (Where does all of that money go each month when I make my payment?) To better understand a monthly payment, think of the acronym PITI for starters. PITI can be defined as follows: Principal + Interest (P+I) - The P+I portion of your monthly payment is typically the largest. "Principal" can be defined as the amount of money you have borrowed (and are … (5 comments)
funds to close: Underwriting Guidelines - Assets
- 12/05/10 10:19 AM
While basic understanding of the "book smarts" within the mortgage industry will help you understand specific terminology, loan programs, and features, there is so much more you will need to know in order to make an informed financial decision. My approach to providing education strives to further your understanding beyond the "book smarts" of the mortgage industry, and learn the valuable "street smarts" that will help you achieve the best possible results, while avoiding the most common pitfalls that non-informed Borrowers and Real Estate Professionals have experienced. The Mortgage Street Smarts of what is considered regarding a Borrower's assets on a Loan Application:
Lenders across … (3 comments)
funds to close: Closing Escrow: Where does all that money go?
- 10/05/10 09:12 AM
When you are buying a home, you will likely need to bring in money at the conclusion of your escrow period (also referred to as the "close-of-escrow"). The information below will help you understand where all of your money is going, which will be useful to help you manage your expectations and budget accordingly. All of the information below carries an implied assumption that the Buyer is obtaining a Mortgage Loan as part of their home purchase (as opposed to paying "all cash" for the home).
1) EARNEST MONEY DEPOSIT: Typically, when you write an offer to purchase a property, you will … (4 comments)
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Jason E. Gordon
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE
Author Bio: Jason Gordon is a Residential Mortgage Specialist in San Diego, CA. He combines ethics, education, and experience while helping Homebuyers and Homeowners to achieve their financial goals.View all AR Posts By Jason Gordon
Understanding Cash To Close (aka Funds To Close) is absolutely essential in order for Homebuyers to make informed decisions about how much of a home they can purchase within their budget.
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