These lessons follow a purchase in roughly the order things come up: the first conversation, the pre-approval letter, the loan programs, the costs, the lender's review of the file, and the escrow account that pays taxes and insurance. FHA, VA and USDA are here because they come up often with first purchases, and FHA, for one, isn't only for first-time buyers. Where a program's limits or fees matter, the lesson points to the agency's own page, because those can change.
- BuyingYour first call, and the documents a loan needsRead · try
Your first call, and the documents a loan needs
What the first conversation covers, how documents reach me, and what a lender will generally ask for.
- BuyingWhat a pre-approval is, and what it isn'tRead · try
What a pre-approval is, and what it isn't
What gets reviewed, what the letter means, and what it doesn't promise.
- ProgramsFHA, VA and USDA: who each is forRead · try
FHA, VA and USDA: who each is for
Three government-backed programs, and the borrowers each one was built for.
- HelpWhere down-payment assistance comes fromRead · try
Where down-payment assistance comes from
Where assistance programs come from, how they're structured, and where to check their current rules.
- CostsClosing costs, explainedRead · try
Closing costs, explained
The fees and prepaid items due at closing, what each one covers, and which ones can be shopped.
- ComparingReading a Loan Estimate, section by sectionRead · try
Reading a Loan Estimate, section by section
The standard form for most home loans, and how to compare two of them.
- BasicsUnderwriting, demystifiedRead · try
Underwriting, demystified
What happens to your file after you apply, and why the lender asks for more documents.
- ProcessWhy “no news” isn't good news
Why “no news” isn't good news
Why silence during a loan isn't a good sign, and how Five Star Communication updates you, your agent, the settlement company and the lender at the same time.
- BasicsEscrow, in plain EnglishRead · try
Escrow, in plain English
The account that pays your taxes and insurance, and why the escrow part of the payment changes.
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