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Video instructions and help with filling out and completing how accurate is loan estimate
As you went with the home loan source so today I wanted to go over the the loan estimate and show you guys how to read a loan estimate okay alright so you can see my cursor over here so the loan estimate and this is pretty much when you're when you're applying for a home loan they're gonna prepare for you a quote and it's going to be called the other loan estimate so the date issue is the day that they issue it and then the applicants this should be your name and the property address and the estimated property value if you wanted to know your property value real estate agents and loan officers they can prepare what's called a competitive market analysis which is the CMA so if you're winding a CMA go ahead and you know send me send me an email send me a message on the website or you can call me and you can set an appointment with me and I could run a comparative market analysis for you okay if you want to know the value of your property so this right here is that the loan term it's going to be either 30-year fixed a twenty five or twenty a 15 a 10 or it might be see right here where it says fixed rate it might be an arm so the purpose here is gonna be the refinance a purchase to refinance or a cash out and then this is a loan type so conventional FHA VA FHA and then VA and then this is the rate lock if the your loan is locked or not so the rate lock what that is is once you commit to a long you lock it in for 30 days and you typically have 30 days but remember that we have two days two weekends so out of 30 days you have 2 4 6 8 so 8 days is gonna be weekend so you really have about 22 days so if your loan officer asks you for documents go ahead and send that over to them as soon as possible because it does cost money to extend the lock okay let's see here and then so here it is right here so the loan amount the loan amount and then can this amount increase after closing so here's a loan amount in the beginning you're probably gonna get preliminary disclosures and this could change if it's the initial draft and this is the initial draft loan amount you know and see this is the interest rate whether or not it's locked in this is the this is the principal and interest so eighteen forty sixty two principal and interest and then if there's any prepayment penalties 2018 right now there really aren't any prepayment penalties unless you go with a hard money loan so there's also different type of loans there's conventional this is our convention of this loan estimates