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Mortgage Terminology

Do I need to pay for anything up front?

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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, Jeff has had to make changes in the way he performs his job. Jeff originally thought he was a loan originator, but after realizing the positive impact he could have on other peoples lives he made some basic adjustments to his business and now sees his position and career as a financial educator.

By taking the time upfront to get to know the people he serves, Jeff has been able to positively impact and improve the lives of the people he works with by providing relevant and timely advice. . This assistance comes in many forms, from insurance to painting to helping interview the right retirement professional. This core group of professionals allows Jeff to concentrate on providing the right advice for each person he works with.

Jeff is one of 200 people in the country that is both a Certified Mortgage Planning Specialist – CMPS and a Certified Liability Advisor – CLA. Jeff recently co-authored a book with Todd Ballinger, called “Borrow Smart Retire Rich”. The principles addressed in the book will be covered throughout the video.

Jeff hopes you gain insight on how to purchase and finance a home and hopefully you will find your time well spent and walk away with some information you did not know before. Jeff Thomas, Where Advice Does Make A Difference!

Do I need to pay for anything up front?

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 valuable information to indivduals who have purchased a home in the past. This video includes an overview of the four parts of a loan file, mortgage jargon, the loan process, house hunting, the types of mortgages available and the 7 steps on how to manage your mortgage correctly.

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Mortgage

House

Purchasing

Buying

Credit

Payment

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Host: Do I need to pay for anything upfront? Jeff Thomas: A Mortgage company, whether it's a lender or broker, they are going to ask you to pay for typically two things, an appraisal which is anywhere from 350 to 450 and for your credit report which is anywhere from $15 to $55. Those are the typically the only cost that I would recommend paying upfront, those are cost that the mortgage company has to incur upfront and they would just like to get those covered. So, if anybody wants to pay a lock in fee, you typically shouldn't have to pay that unless you are locking your loan in for a longer period of time than the 90 days. You shouldn't have to pay an application fee, they call it an application fee, I would ask them to see if that fee also covers your appraisal. So the only fees that I would pay upfront on that are your appraisal and your credit report.