Description
Before we go deep into your mortgage education, let’s review a few key mortgage terms:
Lender: the company that funds your mortgage loan
Borrower: the person receiving the mortgage loan — you!
Down payment: the amount of cash you bring to the transaction. Down payments may be described in dollar terms (e.g., $10,000) or as a percentage of the home’s sale price (e.g., 3 percent)
Loan amount: the amount of money still owed on your mortgage loan. Loan amounts are sometimes called principal.
Loan term: the amount of time you have to pay back your loan. Loan terms are expressed in years (e.g., 30 years, 15 years) or months (e.g., 360 months, 180 months).
Interest rate: The borrowing rate on your mortgage.
Fannie Mae & Freddie Mac: the two government organizations that support most first-time home buyer mortgages.
The course will teach the Real Estate agent an overview they need to know about the Mortgage Understanding could lead to higher closing ratios and higher level of satisfied customers
You will learn how to identify potentional issues that will alert you to reach out to your title partners. This will help potentially resolve issues ahead of time.
Top 7 Items to understand
1. Types of Mortgages 2. difference in Credit 3. Term Limits 4. APR Vs Interest Rate 5. MIP vs PMI 6. Difference of mortgage broker and Mortgage Banker7.Settlements, and more…
Course Learning Objectives
Unit 1:
After completing this unit of the course, you will be able to:
- Broad Understanding of what Mortgage is
- Help borrowers undertstand the importance of Mortgage
- Understand the Mortgage Process
- How to qualify a Home Buyer
- Know the difference Preapproval vs. Prequalification
Unit 2:
After completing this unit of the course, you will be able to:
- Understand how to Build Review
- Explain to difference between Appraisal and Title
- Know the difference between Underwriting, Commitment And Conditions
Unit 3:
After completing this unit of the course, you will be able to:
- Understand Closing and Funding
- Understand Loans
Timed Course Outline
0.0 Course Introduction
0.1 Course Description
0.2 Course Description (cont.)
0.3 Introducing Your Instructor
0.4 Course Outline
0.5 Course Learning Objectives
10 minutes
1.0 Overview of Title
1.1 Unit Introduction
1.2 Unit Learning Objectives
1.3 Key Terms
1.4 What is Mortgage
1.5 Basics of Mortgage
1.6 Mortgage Process
1.7 Qualifying A Home Buyer
1.8 Preapproval VS. Prequalification
1.9 Quiz Instructions
1.10 Unit Quiz
60 minutes
2.0 The beginning of a title report
2.1 Unit Introduction
2.2 Unit Learning Objectives
2.3 Key Terms
3.4 Building Review
2.5 Appraisal And Title
2.6 Underwriting, Commitment And Conditions
2.7 Unit Conclusion
2.8 Quiz Introduction
50 minutes
3.0 Mortgage information purveyors
3.1 Unit Introduction
3.2 Unit Learning Objectives
3.3 Surveys
3.6 Closing And Funding
3.7 Loans
3.8 Unit Conclusion
3.9 Quiz Instructions
60 minutes
Q& A
30 minutes
Total: 225 minutes (3.75 Hour CE class)
