Alex Margulis is the Vice President of Mortgage Lending with Cross County Mortgage in Chicago Illinois. How do you begin the process of buying a home? Alex explains how much money you should save for the house you want to purchase.
2:00 What are you comfortable paying for a monthly mortgage payment?
3:12 What is your creditworthiness? Things to consider, your credit history, credit score, and your ability to repay the loan, or do you have steady employment?
4:15 What are you paying for at this time? This includes car payments or any monthly payments
5:10 How much does it cost to buy a home? Have you saved money? Are you receiving gift funds?
8:28 What is a credit check? Does it ding your credit score?
10:00 Â What is a VA loan? What is a conventional loan? What is an FHA loan?
10:45 What is a down payment?
12:00 Who are Fannie & Freddie?
12:45 Explanation of an FHA loan
13:32 What is Private Mortgage Insurance (PMI)?
16:17 What are closing costs? These will vary across the country
17:10 Why would a home buyer buy points? (on the loan)
18:20 What are escrow fees, recording fees, and settlement/title costs?
20:00 Explains buying down a rate a little more
22:00 Explains the options with different types of loan products
22:35 Why communication matters during the transaction
Learn more aboutÂ Alex Margulis on his website with Cross Country MortgageÂ
Victoria Ray Henderson