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HUD and REALTORS® Unveil 
Three How-To Videos
To Help Consumers

  Especially in today’s housing market, the prospect of buying a home can seem overwhelming for many Americans who may not be aware of how to begin the process of shopping for a home or even a mortgage. To help consumers navigate this process, the U.S. Department of Housing and Urban Development (HUD) and the National Association of Realtors® (NAR) today unveiled three how-to videos to help prospective homeowners find a home they can afford, shop for a mortgage they can sustain, and what to expect when they go to closing.

  HUD produced the three consumer education videos in coordination with NAR and released them at the Realtors® annual convention in New Orleans. Each video focuses on a critical part of the homebuying process including Shopping for your Home, Shopping for your Loan, and Closing the Deal.

Shopping for your Home – The homebuying process obviously starts with finding a place you’ll want to call home. This short video will instruct viewers on assessing how much of a home you can afford, working with a real estate agent and what happens once you find the home you want to buy. Housing counselors can assist home buyers and home owners on issues such as home buying, fair housing, credit issues, and foreclosure prevention.

Shopping for your Loan – Once you’ve found the home of your dreams, the next step is to shop for a mortgage loan. This video will help consumers use the good faith estimate (GFE), which is a form that spells out the terms of a loan offer, to shop for the best loan for them. Consumers will 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. HUD suggests consumers shop and compare GFEs from multiple mortgage brokers and/or lenders in order to get the best loan for their situation.

Closing the DealFinally, this video walks consumers through the actual closing process including how to make sure the loan they were offered closely matches what they encounter at the settlement table. In particular, HUD will walk the viewer through the HUD-1 Settlement Statement and demonstrate ways consumers can compare their actual costs with those reflected on their Good Faith Estimate.

To view HUD’s new homebuyer education videos, visit HUD’s YouTube channel at www.youtube.com/HUDchannel.

Advanced Real Estate Services
is a registered HUD Real Estate Broker
in Southwest Michigan.

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Give me a call today!

B. Gail Mitchell
 
Broker/Owner
Office:269-373-922
2
   FAX: 269-978-6845
Email:
gail@aresmi.com
Accredited REO Agent

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