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Now it is time to find out about getting a loan. You are a first time home buyer. Create document named Applying for a Loan and answer the questions after watching each video and completing the internet research for finding loan companies.
Watch the video Understanding Loan Types. (Backup Link) 1. Explain what ARM and fixed rate mortgages are. Now, search the internet for "home loans" and find sources available for getting a loan. 2.Create of list of 3 banks advertised for getting a home loan and link them. Do not include Quicken as part of your possibilities. They do not have very solid reviews from past customers. Your own bank might also offer competitive home loans but you should shop around for the best rates. Watch the video Interest Rates and APR Points. (Backup Link) 3. Which loan was the best choice if you are moving or refinancing in 5 years? Watch the video What Does it Take to Qualify for a Loan . (Backup Link) 4. What are the 5 main factors lenders look at that will influence your ability to get a home loan? What length of time at your current job do lenders prefer? After you have looked at possible places to get a loan you decide to try for an FHA loan. 5. Click the link to visit the HUD.gov site. Click on #3 Let FHA Help you and then Find a Lender. Find the location of lenders in the state you are moving to. Take a screenshot of the results and paste into your Applying for a Loan document. |