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Host: What is collateral? Jeff Thomas: Collateral is in my opinion is four or five different things, but it's obviously the house because you are purchasing the house and that's the asset that's going to be encumbered by the loan. It's also your credit, it's your income and it's your -- the way you paid your bills in the past because if you paid your bills in the past on time, typically you are going to pay your bills in the future on time. Everybody runs into problems in life and that can be taken into account. But -- so collateral is all of those combined rolled in together and it basically says yes, you can get approved, not you can't and if you can't then what do we have to do to get you approved for your mortgage?
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Expert: Jeff Thomas
Mortgage Advisor
Jeff Thomas is a Mortgage Advisor and Financial Educator with Family Lender, Inc. located in Fairfax, Virginia. Jeff has seen the mortgage business change significantly in the 15 years he has been in the business. Changes such zero down loans, to relaxed underwriting guidelines to borrowing more than the house is actually worth on a purchase or refinance transaction. With the changes in the mortgage industry, More »
About This Video
In this video, mortgage advisor, Jeff Thomas describes how to purchase your first home and the process you must go through to obtain a mortgage. This video is designed for first time homebuyers and also provides More »
This expert:10173 views
This video series: 1853 views
This video segment: 205 views
Tags: Mortgage, House, Purchasing, Buying, Credit, Payment
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