News
What Does Ability To Repay Mean?
http://videotap.wistia.com/medias/uqp9fq05aj?embedType=async&videoFoam=true&videoWidth=640 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...
What Is The Debt-To-Income Ratio (DTI)?
http://videotap.wistia.com/medias/rgx8uca99l?embedType=async&videoFoam=true&videoWidth=640 Measuring your existing debts against your existing income is one part of a lender’s required assessment of your ability to repay a...
When Do I Get My Loan Closing Disclosure?
http://videotap.wistia.com/medias/3cw4twwi3d?embedType=async&videoFoam=true&videoWidth=640 If an eligible loan proceeds from Estimate to closing, creditors must provide a Closing Disclosure form documenting the actual transaction terms and costs THREE business...
Understanding Your Loan: Closing Disclosure Page 1
http://videotap.wistia.com/medias/xe9wahvl6a?embedType=async&videoFoam=true&videoWidth=640 The first page of your Closing Disclosure documents: The Loan Amount - the total you will actually borrow The Interest Rate - which does NOT include the fees factored...
Understanding Your Loan: Additional Information Can Be Important
http://videotap.wistia.com/medias/l2iodtwqmu?embedType=async&videoFoam=true&videoWidth=640 Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan. Review these terms: Assumption: can this...
Understanding Your Loan: Cash And Transaction Summaries
http://videotap.wistia.com/medias/1drt87dtng?embedType=async&videoFoam=true&videoWidth=640 Page 3 of your Closing Disclosure will compare cash requirements from your Loan Estimate to your actual final charges. If “Did this change?” is...
Understanding Your Loan: Closing Cost Details
http://videotap.wistia.com/medias/lgpeewenqg?embedType=async&videoFoam=true&videoWidth=640 Page 2 of your Closing Disclosure details specific closing costs. Section A includes: Origination charges collected by the lender Origination fees paid to brokers, loan...
Your Rights And Rules For Closing Disclosures
http://videotap.wistia.com/medias/wbn4oqtnv4?embedType=async&videoFoam=true&videoWidth=640 The Closing Disclosure documents the actual terms of your loan transaction. You should receive it no later than 3 business days before consummation. It must be in...
Understanding Loan Estimate Comparisons
http://videotap.wistia.com/medias/zcqapkfyj4?embedType=async&videoFoam=true&videoWidth=640 Page 3 of your Loan Estimate includes measures to help you compare loans. “In X Years” shows the total amount you will have paid in that time, and the dollar...
Calculating Your Cash To Close
http://videotap.wistia.com/medias/7ngj2k3un0?embedType=async&videoFoam=true&videoWidth=640 Page 2 of the Loan Estimate provides the current ESTIMATED cash to close. Some costs will stay the same between estimate and closing. Some will change. A - Origination...