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Home Mortgage 101

In this series of videos Revolved Realty Managing Partner Tim Knox interviews Steven Allen of The Mortgage Firm. This series covers everything from the basics of getting a mortgage to types of interest rates to choosing the best type of mortgage and more.

HOW TO GET A HOME MORTGAGE WITH A LOW CREDIT SCORE
Does your credit suck? Must you have great credit to qualify for a home mortgage? Not according to Steven Allen from The Mortgage Firm. There are mortgages designed for buyers with low credit scores and programs to help buyers increase their credit score over time. Watch this quick video to learn more.

WHY DOES THE MORTGAGE PROCESS TAKE SO LONG?
In this video Tim and Steven discuss the mortgage process and why it sometimes seems to take forever to complete.

HOW MUCH DOWN PAYMENT DO YOU REALLY NEED?
The amount of money you put down on your new home depends on how much you have, how low you want your payment to be, and the programs available to you. A 20% down payment on a convention mortgage is typical, but there are zero down payment programs as well. This video explains them all.

WHAT DOCUMENTATION DO YOU NEED TO GET A MORTGAGE?
In this video Tim and Steven discuss the documentation you’ll need to apply for a mortgage.

WHAT ARE CLOSING COSTS AND WHO SHOULD PAY THEM?
What are closing costs and why doesn’t anyone want to pay them? The more important question may be: who is responsible for paying them when a home is bought or sold? We get the low down on closing costs from Steven in this quick video.

WHAT MORTGAGE LENGTH IS BEST FOR YOU?
In this video Tim and Steven discuss how to determine the best mortgage length for you: 15 years, 30 years, or something in between.

WHAT’S THE DIFFERENCE BETWEEN A FIXED & ADJUSTABLE RATE MORTGAGE
In this quick video Steven explains the differences between fixed rate and adjustable rate mortgages and how to determine which type of rate is best for you.

WHAT’S MORE IMPORTANT: MONTHLY PAYMENT OR INTEREST RATE?
In this video Tim and Steven discuss which is more important: the amount of your monthly payment or the mortgage interest rate.

WHICH TYPE OF MORTGAGE IS BEST FOR YOU?
There are many types of home mortgages that offer different rates, time tables, and payment plans. Which type you choose depends on a number of factors. In this quick video Steven offers advice on how to choose the mortgage type that’s best for you.

WHAT IS AN APPRAISAL WAIVER?
In this video Tim and Steven discuss the appraisal waiver and how it can speed up the mortgage process.

WHAT ARE POINTS & HOW ARE THEY USED IN MORTGAGES?
In this video Tim and Steven discuss “points’. What are they? Who should pay them? And how can they be used to lower the monthly payment?

WHAT IS A BIWEEKLY MORTGAGE?
In this video Tim and Steven define the biweekly mortgage process and discuss how it can pay off a mortgage faster over time.