FRU News: short mortgage and home equity videos

Short, captioned videos that answer common mortgage and home equity questions. Each one has a full transcript and links to the FreeRateUpdate page it comes from. The presenters are AI-generated.

Answers

• Can You Get a Mortgage After Bankruptcy? Not permanently. Each one comes with its own waiting period or conditions, and they differ by program. Conventional loans generally wait four years after Chapter 7, or two years with documented extenuating circumstances.
• Credit Frozen? Why the Lender Can't Pull It Why a frozen or locked credit report blocks a lender, how to lift a freeze and how fast it must come off, and how a lock differs.
• Do I Need a Home Appraisal, or Can It Be Waived? When a home appraisal can be waived, when it is always required, and when a lender can charge the appraisal fee on a first mortgage.
• How Long Does It Take to Close? A HELOC or home equity loan without a full appraisal can close in a few days to about two weeks. A mortgage that needs an in-person appraisal more often takes three to four weeks, and VA loans commonly take longer.
• What Debt-to-Income Ratio Do You Need? How a debt-to-income ratio is calculated, the limits that apply to conventional, FHA and VA loans, and what to do if your ratio is too high.
• What Documents Do You Need for Pre-Approval? The documents a lender usually asks for at pre-approval, how they differ for a W-2 employee and a retiree, and what makes a pre-approval real.
• What Happens If You Miss a Mortgage Payment? One missed payment can hurt your credit once it's 30 days late, but it usually won't put your home at immediate risk. Your servicer has to try to reach you by phone by day 36, and send written notice about options by day 45.
• What Happens If Your Home Appraises Low? What usually happens to the loan when a home appraises below expectations, the typical loan-to-value caps, and what an FHA appraiser checks.
• What Income Counts for a Mortgage? Which kinds of income count toward qualifying for a mortgage, how stable and nontaxable income is treated, and how self-employed income is read.
• Which Credit Score Does a Mortgage Lender Use? Which credit score a mortgage lender uses for one borrower and for co-borrowers, with a worked example, and why scores differ between bureaus.
• Why Does My Home's Value Differ From Zillow? Why an online home value estimate differs from a lender appraisal, how recent sales lag, and which value sizes your loan.
• Will a Credit Check Hurt My Credit Score? The difference between a soft pull and a hard pull, how long each counts, and how mortgage inquiries in a short window count as one.
• Will a New Job or Employment Gap Hurt Your Mortgage? Neither one rules you out, but both can add steps. Lenders look for about two years of steady work history. A gap of a month or more usually needs a short written explanation. It's a routine part of underwriting.

By the State

• California: home values, property taxes and loan categories California's median home value, property taxes and monthly owner costs from the Census Bureau, and the three loan categories a California mortgage can fall into.

How It Works

• How much will my HELOC payment be? How a HELOC payment works in the draw and repayment periods, and how choosing a 10, 15 or 30-year repayment period changes the monthly payment and the total interest.

News Brief

• How many U.S. homes are owned free and clear About 40.3 percent of owner-occupied U.S. homes have no mortgage: which states lead, what owner costs run with and without a mortgage, and how the share changes with age.