Welcome to @justcallmaggie! 🏡 In today's video, we're kicking off a three-part series dedicated to demystifying the world of financing in real estate. If you're gearing up for the real estate exam or just looking to enhance your financial literacy, grab your notepads, and let's dive into the essentials of real estate financing!
0:00 - Intro
00:27 - 📚 Points - Decoding Discount Points
Ever wondered what those "points" are in real estate financing? Join us as we break down Discount Points, or simply "points." Learn how they function as upfront interest payments and impact your mortgage. We even tackle a practice question to solidify your understanding!
03:25 - 📊 LTV (Loan-to-Value Ratio) - Calculating Your Borrowing Power
Unravel the mystery of Loan-to-Value Ratio (LTV) with us! Understand the significance of this ratio in assessing risk, determining equity, and influencing interest rates. Discover why it's a crucial factor for lenders and how it can impact your mortgage options.
05:34 - 💼 PMI (Private Mortgage Insurance) - Your Loan's Guardian
What's the deal with Private Mortgage Insurance (PMI)? Find out why it's essential, especially if your down payment is less than 20%. Learn when and how you can bid farewell to PMI, potentially saving you money in the long run.
07:34 - 💰 Interest - The 'I' Word in Financing
Delve into the world of interest! Understand its role as the cost of borrowing money and learn a simple interest formula to compare loan offers effectively. Lowering your interest rate can significantly impact your long-term financial journey.
09:32 - 🏡 PITI (Principal, Interest, Taxes, Insurance) - The Mortgage Secret Sauce
Unlock the secrets of PITI! Learn how Principal, Interest, Taxes, and Insurance come together to form your monthly mortgage payment. We walk you through a scenario to demystify the calculation process and help you budget effectively.
12:58 - 📜 Financing Instruments - Navigating the Paperwork
Get ready for some paperwork talk! Understand the significance of mortgage and promissory notes in your real estate journey. These documents serve as your guide to a smooth homeownership experience, outlining terms, conditions, and responsibilities.
📚 EDUCATIONAL RESOURCES:
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🔗 HELPFUL LINKS
📝 My top 5 study tricks to pass the real estate exam
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📚 Link to our math formulas study guide
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If you found this video insightful, give it a thumbs up, and don't forget to hit subscribe for more real estate wisdom! Stay tuned for part two, where we'll delve even deeper into the fascinating world of real estate financing. Happy learning, and remember, your success begins with knowledge! 🌟✨
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30 июл 2024
