Watch this video and it’ll make sense. Pre-qualification is an informal way to see how much you maybe able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts and how large a down payment you can afford. Without any obligation, this helps you…
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What Does The Closing Process Involve When I Sell?
As this video explains, a signed sales contract doesn’t mean your house is sold. There are still financial, contractual and legal steps for both sides. The buyer has to get financing to meet the contract terms - which includes credit checks. The property is inspected and appraised; title insurance and escrow accounts are set up…
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What Does The Closing Meeting Involve For The Seller?
Watch this video to get a quick idea of the seller's side of closing. Also known as “settlement” and “escrow” the closing is a meeting where property, money, title and liens are exchanged between all the parties involved. The closing agent typically conducts the meeting. They’ll review the sales agreement to determine payments and credits…
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What Does Ability To Repay Mean?
What are the “Ability to repay” rules about? In a nutshell, as this video shows, new laws require lenders to make a good-faith assessment of a borrower’s capacity to pay back their loan over time. It’s a longer-term view that goes beyond immediate income, debt and credit rating. These new Federal laws- supervised by the CFPB - require…
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