How to Get a Home Mortgage

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Getting a home mortgage and how to understand different loans in this free video on real estate and bank loans.

Part of the Video Series: How to Pick a Mortgage
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Video Transcript

Now that you know some of the mortgages that are available out there, how do you obtain a mortgage? What we're going to explain now are some of the steps that you have to go through to obtain a mortgage with a mortgage loan officer. A lot of what I'm going to be talking about applies to equity cash lines. Equity cash line is when you already have a mortgage on your house but you have equity, that means that, equity is if your house is worth a hundred thousand dollars, you only owe sixty thousand dollars on it, you have forty thousand dollars there that's available. Out of that you might be able to get a twenty thousand dollar equity cash line. There are steps for that. We will be discussing them along with refinancing. Refinancing is, you're usually using a refinancing loan to get a lower interest rate, possibly consolidate debt, those are some of the reasons to refinance. And we were talking about the steps that you have to go through, very similar to the ones that we have to go through for the equity cash line. The other reason to contact a mortgage loan officer is when you want to purchase a house and these are some of the steps are overlapping and similar that we're going to be discussing and we'll try to get more specific into each of these as we try to explain the steps and the material that you need on hand when you're actually to the point where you want to do something, you want to buy a house, you want to refinance or you want an equity cash line. You've got the phone in your hand, you're ready to call somebody, this is what you should have in front of you. You should have a copy of your current mortgage, your property taxes, you should know what your property taxes are, what your homeowner's insurance is, you should know your social security number and if you have a co-borrower, say with your wife, you should know her social security number and my job is to find out whether or not you want to refinance and to structure the loan to meet your needs, say like the interest only loan we talked about, the three year ARM, the thirty year fixed, this depends on you and your needs. The loan is structured for you, the loan isn't structured for the mortgage loan officer. We have to find out what you need and then help you go in that particular direction. We also will have to be pulling your credit.

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