How to Get a New House Mortgage

Series Summary

Buying your first home is not the intimidating ordeal you might think. Although it is likely to be the most expensive thing you'll ever own, the home buying process is much simpler than most people think. Realtors, agents, contracts, home loans, pre-qualification letters, buyer loyalty agreements, sales and purchase agreements and banks are just a few of the many things to consider when starting the process of purchasing a house. Luckily, loan officer Jim DiVietri has teamed up with Expert Village to explain and demystify the seemingly daunting task of qualifying for a home mortgage.

In this free video series, learn how to qualify for a mortgage, how your credit history and credit score factors into getting a mortgage, what documents are needed for a mortgage, and how to choose the best kind of loan for your investments. Get information on the real estate market and how to best utilize your assets with these easy step by step online tutorials.

Video Transcript

"Hi! This is Jim DiVietri from Allied Home Mortgage in Lansing, Michigan on behalf of Expert Village. In this clip, we're going to talk about what a mortgage is. A mortgage is money that a bank or a mortgage company will lend you so that you can purchase a house. That sounds really simple, but there are so many different kinds of mortgages. My job is to find out what mortgage will fit you and find out from you what kind of mortgage you're looking for. Most people think of a mortgage as 30 year. That seems to be the one that we sell the most of. You get an interest rate that's fixed. Let's say a 6.5 interest rate is fixed for 30 years. It's amateurised. Say we borrow 100,000 dollars. You put 25,000, so we'll financing about 78%. The mortgage company or bank will come in and give you that 78%. The interest rate is fixed for 30 years and it's amateurised over 30 years. Your payment's going to be somewhere in the seniti of about 650 dollars a month. There are other kind of mortgages and we'll get into those later."