What Are VA Home Loans?

http://bucket.wistia.com/medias/ak84icnc4b?embedType=async&videoFoam=true&videoWidth=640 What Are VA Loans? As the video says, the name is misleading - they’re not loans FROM the VA. The VA - short for “US Department of Veterans Affairs” - is the Federal military veteran benefit system. The VA administers benefits and services for Servicemembers, Veterans their dependents and survivors. Programs related to home loans are one of their key services. The VA is not a bank; they do not provide home loans themselves. But they do guarantee a portion of home loans provided to ...
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What Are The Major Types Of VA Loans?

http://bucket.wistia.com/medias/ftyg9tfdng?embedType=async&videoFoam=true&videoWidth=640 What Are The Major Types Of VA Loans? Major Veterans Affairs loan programs described in this video include: 1) Purchase Loans. These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortgage insurance. 2) Cash Out Refinance Loans which enable taking cash out of home equity to pay off debt, fund school or make home improvements. 3) Interest Rate Reduction Refinance Loans also called Streamline Refinance Loans can h...
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What Is A Certificate of Eligibility, or COE?

http://bucket.wistia.com/medias/9a707ti530?embedType=async&videoFoam=true&videoWidth=640 What Is A Certificate of Eligibility, or COE? The COE is the key document that verifies to lenders that someone is eligible for a VA-backed loan. Servicemembers, Veterans and National Guard and Reserve members may apply online or through their lender; most lenders have access to the system and can verify eligibility IF the VA has records on file. The VA also maintains a hotline for assistance. Surviving Spouses can use VA Form 26-1817 to request determination of their eligibility for...
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What Is Equity?

http://bucket.wistia.com/medias/hxqsa0oid0?embedType=async&videoFoam=true&videoWidth=640 Equity is the value YOU own in property such as a house. It’s the difference between what’s OWED and what the property is WORTH in the current market. The example this video shows - you have a house worth $300,000 today and you owe the bank $200,000.  Your equity would be $100,000. If the house is valued at $500,000 in five years, and you still owe $150,000 your equity will be $350,000. Equity grows if the property value goes up or if the amount owed goes down.  The key thing to remembe...
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What Are Real Estate Commissions?

http://bucket.wistia.com/medias/u2t02vd0tn?embedType=async&videoFoam=true&videoWidth=640 Like the video says - real estate agents aren’t paid by the hour!They’re paid a percentage of the purchase price in a successful real estate transaction. When one agent represents the sellers and another represents the buyers the commission is typically split between them. In the US, real estate commissions are commonly 6% of the transaction usually 3%/3% when split. No government or industry body sets commission rates.  Legally, commission rates ARE negotiable.  However, remember that...
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What Is “Prime”?

http://bucket.wistia.com/medias/9pb03qs82b?embedType=async&videoFoam=true&videoWidth=640 The Prime Lending Rate - sometimes just called “Prime”  - is the interest rate that banks charge each other for overnight loans. Some consumer rates - like ARMs - are set in relation to Prime. In the US, Prime is affected by the Federal Reserve lending rate to banks; historically, Prime is about 3 percent above the Fed rate. The video shows  an example. The Federal Reserve loans to Bank A at 1% Bank A loans to Bank B at 4% Both banks - A & B - will recalculate variable-rate l...
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Closing Costs Explained Visually

http://bucket.wistia.com/medias/uawbnq4mso?embedType=async&videoFoam=true&videoWidth=640 Purchasing a home is exciting. Once escrow begins, the excitement can change to frustration, particularly if you are not ready for the closing costs that quickly accumulate. Closing costs simply refer to the fees associated with various things associated with the escrow process in a real estate transaction. In the excitement of having an offer accepted for your dream home, you can easily lose track of the fact you are going to need to have some serious cash on hand to pay them. Many peopl...
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Title Insurance Explained Visually

http://bucket.wistia.com/medias/37klujwz9g?embedType=async&videoFoam=true&videoWidth=640 What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesn’t the attorney or settlement company handling the closing see to it that you have a clear title? Isn’t this just another way for someone to siphon a few coins off a real estate transaction? Title insurance prevents the property owner from suffering financial loss if, at any time during his ownership of the property,...
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How Should I Prepare For Internet Showing?

http://bucket.wistia.com/medias/eh2wev65us?embedType=async&videoFoam=true&videoWidth=640 Today, your first “showing” will be on the Internet - you're watching this on the Internet, right? Your price, listing description and PHOTOS determine whether someone will visit in person.  Consider professional staging advice or help. Prep for photos and video just as carefully as real visits. Ask your realtor if they use a professional photographer If they do look at prior photos and pick someone who understands the job. Photos should make the most of your home’s features and give prospect...
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How Should I Prepare The Outside For An Open House?

http://bucket.wistia.com/medias/l8xpz3pzl4?embedType=async&videoFoam=true&videoWidth=640 Professional “staging” may include the exterior, but if you’re doing it all yourself, try the five things outlined in this video. 1 - Landscape & lawn. That’s the first impression; make it a good one. Mow, prune, edge and get rid of junk! 2 - Paint And Clean! You don’t have to do the whole house, but the front door and lintels should either be painted or cleaned. 3 - Leaks & Repairs Small visible problems can become large mental objections and change how someone feels about your hou...
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