Content
67 modules
Rating
Instructor
Niki Ackels
Description
A key part of the real estate transaction is financing. In general, financing addresses the ways in which people, businesses, and organizations allocate and use monetary resources. Being aware of the latest developments in finance; helps to clarify the economic status and affordability of the real estate market for customers. Understanding the fundamentals of mortgage finance is a key to a successful real estate sales business foundation and delivering invaluable services to consumers.
This course will provide participants with a better understanding of real estate finance.
Objectives
At the end of this course, students should be able to:
- Develop an awareness of market conditions and finance
- Expanding your sphere of influence to include vendors from the mortgage industry
- Understand your fiduciary responsibility to consumers and financing choices
- Create a strategy to discuss payments with consumers as opposed to just interest rates
- Identify options that can affect a mortgage
- Be able to explain points and seller concessions to potential buyers
- Describe how the primary and secondary (including GSEs) mortgage markets and entities operate.
- Outline the mortgage loan process
- Understand Pre-Approval vs. Pre-Qualified
- Understand how credit scores will effect a consumers ability to get a loan
- Demonstrate knowledge of the requirements and rules regarding VA loans, FHA-insured loans, and various conventional loan types
- Perform basic calculations for fixed and adjustable-rate mortgages to include qualifying ratios, down payment, monthly payment, PMI, principal, interest, and MIP
- Perform calculations unique to VA loans and FHA-insured loans
- Advise a client about the appropriateness of available loan products and programs
- Identify various types of loan programs
- Identify sources of income used to determine eligibility for a loan
- Determine when a customer should be referred elsewhere for professional lending advice and processing
- Describe the requirements and processes of a reverse annuity mortgage
- Prepare a customer for the three stages of the mortgage loan process
- Demonstrate a working knowledge of the credit scoring system
- Discover potentially fraudulent mortgage activity
1.
Introduction to Finance and the Mortgage Process
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2.
Exercise: Mortgage Market
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3.
Working with Buyers and the Lender
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4.
Exercise: How Much Debt?
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5.
Residential Lending Markets
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6.
Assignment: Mortgage Point Calculations
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7.
Other Items that can Affect the Loan
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8.
Mortgage Lenders
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9.
Knowledge Check: Mortgage Market
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10.
The Loan Process
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11.
Overview of the Mortgage Underwriting Process
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12.
The Mortgage Loan Process
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13.
The Loan Commitment
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14.
Quiz: Loan Process
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15.
Automated Underwriting
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16.
Credit and the Mortgage Process
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17.
Exercise: Credit Scores
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18.
Exercise: Credit Scores Follow-up
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19.
Knowledge Check: The Mortgage Loan Process
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20.
General Mortgage Loan Programs
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21.
Federal Housing Administration (FHA) Loans
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22.
Qualifying Ratios
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23.
Exercise: Qualifying Ratios
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24.
Exercise: FHA Loan Housing Ratio
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25.
FHA Mortgage Insurance Premiums
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26.
Exercise: FHA Mortgage Insurance Premiums
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27.
Exercise: FHA Mortgage Loan Premiums Follow-Up
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28.
Leverage with FHA Loans
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29.
Exercise: Leverage Math Follow-Up
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30.
Leverage with FHA Loans Continued
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31.
Other FHA Programs
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32.
Knowledge Check: FHA Loans
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33.
Veterans Administration (VA) Loans
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34.
Quiz: VA Objectives
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35.
Veterans Administration (VA) Loans Continued
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36.
Exercise: VA Funding Fee
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37.
Veterans Administration (VA) Loans Continued
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38.
Adaptive Housing Grant Programs
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39.
USDA Loans
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40.
Knowledge Check: VA Loans
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41.
Conventional Fixed-Rate Mortgage Loans
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42.
Qualifying for Conventional, Fixed-Rate Mortgages
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43.
Exercise: Leverage Math
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44.
Assignment: Client Qualification
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45.
Calculating Qualifying Ratios
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46.
Exercise: Calculating Qualifying Ratios
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47.
Exercise: Calculating Qualifying Ratios Follow-Up
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48.
Down Payments
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49.
Exercise: Down Payments
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50.
Exercise: Down Payments Follow-Up
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51.
Private Mortgage Insurance (PMI) for Conventional Loans
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52.
Exercise: PMI Calulations
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53.
The Homeowner Protection Act of 1998
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54.
Quiz: PMI
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55.
Adjustable-Rate Mortgages
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56.
Exercise: ARM
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57.
Exercise: ARM Follow-Up
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58.
Knowledge Check: Fixed rate, PMI, & ARMs
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59.
Other Types of Loan Programs
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60.
Assignment: A Borrower Calls
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61.
Other Types of Loan Programs Continued
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62.
Closing Disclosure
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63.
Knowledge Check: Other Types of Loan Programs
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64.
Mortgage Fraud
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65.
Knowledge Check: Mortgage Fraud
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66.
GRI 103 Finance Knowledge Check
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67.
Resources and Appendices
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Great course. I knew a lot about mortgages but I learned a LOT more. Thank you.
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