In today’s housing market, the home-buying process can seem complicated and overwhelming to consumers. To help make the process more transparent, the Federal Housing Authority has partnered with the National Association of Realtors (NAR) to release three consumer education videos. Each video will help homebuyers navigate a critical part of the home-buying process and will enable them to make informed decisions at each step. The videos include:
Shopping for your Home- The first video informs potential homebuyers how to assess how much home they can afford, how to work with a real estate agent and what to do when they find the home they want to purchase. It also discusses the role housing counselors can play in assisting with issues including home buying, fair housing, and foreclosure prevention.
Shopping for your Loan- In this video, consumers learn how to use the Good Faith Estimate (GFE) to identify key loan terms and costs for a particular offer. The video also advises potential homebuyers to compare GFEs from multiple lenders to determine the best loan for them.
Closing the Deal- This video walks consumers through the closing process and shows them how to use the HUD-1 Settlement Statement and GFE to ensure the loan they were offered closely matches the one they receive at closing.