Three new how-to home buying videos were just released at the National Association of Realtors Convention in New Orleans. HUD produced the three consumer education videos in coordination with NAR. The videos help educate the consumer on shopping for a home they can afford, a mortgage they can sustain, and what to expect when its time to close escrow.
“Educating consumers about the home buying process is at the heart of what Realtors® do,” said 2010 National Association of Realtors® President Vicki Cox Golder at the video release announcement. “Informed home buyers create the conditions necessary for responsible, sustainable home ownership, and we’re very happy to be a part of this project.” Here’s a summary of the three videos:
Shopping for your Home – The home buying process begins with finding a place you’ll want to call home. This video instructs viewers on assessing how much of a home they can afford, how to work with a real estate agent and what happens once they find the home they want to buy.
Shopping for your Loan – Once you’ve found the right home, the next step is to shop for a loan. This video helps consumers use the good faith estimate (GFE), a form that spells out the terms of a loan offer, to shop for the best loan for them. Consumers learn how to use the GFE to determine how long an interest rate is available for a particular loan and how to identify key loan terms and costs of a particular loan offer.
Closing the Deal – This video walks consumers through the actual closing process including how to make sure the loan they were offered closely matches what they receive. Of particular interest, HUD will walk the viewer through the HUD-1 Settlement Statement and demonstrate ways for the consumer to compare their actual costs with those on their Good Faith Estimate.
The videos are accessible from both HUD and NAR’s websites. Additionally, HUD has a youtube site that is easy to use, www.youtube.com/HUDchannel. They are free, informative, and could make a difference to you in your home buying process. Check them out. All it takes is one good bit of information that helps you in your home buying undertaking to make the time worth your while.
Our Advice: First time home Buyers will find these videos informative and helpful. During the release announcement, a HUD spokesman said, “These videos go a long way in identifying key aspects of the home buying process that a consumer should be aware of. Our goal is help make the process more transparent through educating consumers who in turn can make informed choices about their home purchase. We partnered with NAR because a real estate agent is often the primary point of contact for homebuyers and we believe real estate agents are in a great position to provide these videos to their clients as they move through key areas in the home buying process.”
Between the videos and your good agent you’ll have a more informed and therefore a more confident, pleasing experience. So pop some popcorn to watch the videos with, and get ready to buy a house! Prices and rates are great! These are the good ole days – don’t miss out.
Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.net or www.CarsonValleyLand.com