This series of three informative videos from HUD* does a good job of explaining the home buying process and defining terminology that you will encounter when you shop for a loan.
*U.S. Department of Housing and Urban Development
NOTE: Effective October 1, 2015*, the documents described in the videos below will be replaced by new forms developed by the Consumer Financial Protection Bureau. Download this step-by-step guide that explains the process of shopping for a home loan and introduces the new forms that will govern home purchases after October 1st. Your Home Loan Toolkit *implementation pushed back from August 1st to October 1st. |
Shopping for Your Home
This short video will help you with assessing how much of a home you can afford, working with a real estate agent and what happens once you find the home you want to buy. If you have never purchased a home, this video is a good place to start.
Shopping for Your Loan
Once you’ve found the home of your dreams, the next step is to shop for a mortgage loan. This video will help home buyers use the good faith estimate (GFE), which is a form that spells out the terms of a loan offer, to shop for the best loan for them.
Closing the Deal
This video takes home buyers through the actual closing process explaining what happens at closing, including walking the viewer through the HUD-1 Settlement Statement and demonstrating ways home buyers can compare their actual costs with those reflected on their Good Faith Estimate.
