Education Portal – FREE for a Limited Time Only!

 

 

We at ALG Loans believe in empowering consumers through education. We feel that it is of the utmost importance that you feel totally comfortable with the home loan process, which is why we have created our own exclusive education portal for you to learn the key concepts that you will encounter throughout the home loan process – FREE for a limited time only. All you need to do to access these courses is to click on the “Enroll Now” button under the desired courses to create an account (if this is your first time) or to log back in to access your desired courses. Access to courses will be granted within 24 hours upon management review.

Rent Vs Buy: The Hidden Secrets

Goals and Objectives:

  • Describe the various low down payment options for buying a new home.
  • Discuss the key tax deductions available to homeowners as an additional benefit of buying.
  • Provide an in-depth analysis of a standard rent vs. buy scenario.

Estimated Run Time: 45 minutes

Is it better to rent or buy a home? Oftentimes people ask this question as they potentially approach one of the largest financial decisions of their adult lives. The goal of this course is to attempt to quantify which option is better by considering a number of key variables when it comes to making such a decision. Since the cost of renting is fairly straightforward to quantify, the majority of the focus will be on identifying the various financial benefits, including tax benefits, related to home ownership, and then finally evaluating the two options side by side for the most accurate comparison in order to help you make an informed choice on your next “rent or buy” scenario consideration. The variety of loan programs and tax deductions available will be discussed first in order to give you a basic understanding of these important topics, and the course will be concluded with a sample rent vs buy scenario breakdown.

Module 1 Housing Affordability: Minimal Down Payment Options
Unit 1 Course Disclaimer: Rent Vs Buy
Unit 2 Conventional Loan Programs
Unit 3 Jumbo Loan Programs
Unit 4 FHA Loan Programs
Unit 5 VA Loan Programs
Module 2 Key Tax Benefits of Home Ownership
Unit 1 Tax Deductions
Unit 2 Home Mortgage Interest Deduction
Unit 3 Property Tax Deduction
Unit 4 Mortgage Insurance Deduction (Limited)
Unit 5 Capital Gains Tax Savings on Sale of Primary Residence
Module 3 Rent Vs Buy: A True Side-by-Side Breakdown
Unit 1 Rent Vs Buy: The Criteria
Unit 2 Rent Vs Buy: The Results
Unit 3 Is 5% Appreciation Sustainable? What About the Next Recession?
Unit 4 U.S. National Home Price Index
Unit 5 Are We in a Housing Bubble Now?
Unit 6 Is Rent Really That Expensive?
Unit 7 Conclusion
Unit 8 Quiz: Rent Vs Buy

 

Choosing the Right Mortgage Pro: Broker Vs Banker

Goals and Objectives:

  • Provide an in-depth comparison of the pros and cons of mortgage broker vs banker.

Estimated Run Time: 15 minutes

Throughout the length of this course, we’ll be running through the various factors that make up the most important qualities of a mortgage professional in order to ensure a smooth and efficient home loan process for you – the borrower. Having gone through this course, you will be well-equipped to ask the right questions of the next mortgage professional you choose to work with as part of the initial vetting process.

Module 1 Pros and Cons
Unit 1 Course Disclaimer: Broker Vs Banker
Unit 2 Mortgage Experts
Unit 3 Speed and Efficiency
Unit 4 Loan Options
Unit 5 Rates, Pricing, and Costs
Unit 6 Communication and Availability
Unit 7 Conclusive Winner
Unit 8 Summary
Unit 9 Quiz: Broker Vs Banker

 

Home Purchase Process: A Step-by-Step Overview

Goals and Objectives:

  • Provide a step-by-step review of the home buying process, along with a review of the various parties, and their roles, in the home buying process.
  • Discuss how these various roles and steps are all connected to each other as they work towards achieving the mutual goal of home ownership for you.

Estimated Run Time: 30 minutes

When it comes to buying a home, it can oftentimes get confusing to understand the timing of, let alone the existence and order of, the various steps in the home buying process. First-time home buyers can get overwhelmed quickly, and while the professionals are here to guide buyers along a smooth and successful transaction, it is still important for a buyer to have a basic understanding of the various parties, and their roles, in the home buying process. The goal of this course is to give potential home buyers enough of an overview of the home buying process in order to feel comfortable and familiar going into their next transaction.

Module 1 Process and Parties
Unit 1 Course Disclaimer: Home Purchase Process
Unit 2 Get Pre-Approved – Mortgage Broker
Unit 3 Search for Homes for Sale / Submit Offers – Real Estate Agent
Unit 4 Open Escrow / Order Title – Escrow and Title Officer (Usually Same Company)
Unit 5 Receive/Approve All Mandatory Seller Disclosures – Sent by the Listing Agent
Unit 6 Receive and e-Sign All Mandatory Lender Initial Disclosures – Sent by the Mortgage Broker
Unit 7 Conduct Home Inspection – Home Inspector
Unit 8 Order Appraisal – Appraiser
Unit 9 Order Homeowner’s Insurance Policy – Insurance Agent
Unit 10 Clear Loan Conditions – Mortgage Broker
Unit 11 Perform Final Walk-Through – Real Estate Agent
Unit 12 Sign Loan and Any Other Closing Documents – Escrow Company
Unit 13 Close Escrow / Record Title
Unit 14 Conclusion
Unit 15 Quiz: Home Purchase Process

 

All About Rates: APR, Locks, Credits, Points & More

Goals and Objectives:

  • Provide an in-depth analysis of the tradeoff between paying points to “buy down” the rate and choosing a higher rate to receive extra lender credits to apply to closing costs.
  • Describe the difference between interest rate and APR, and when it’s appropriate to use APR to compare loan options.
  • Discuss the differences between locking and floating, and when it makes sense to lock a rate in.

When it comes to mortgage loans, rates may undoubtedly be one of the most controversial topics to be discussed among mortgage professionals and borrowers. It is vitally important to have a solid understanding of the basics regarding rates and all the various industry standard terminology used to describe the various scenarios revolving around rates that will ultimately have a financial impact on your life. The goal of this course is to deliver a basic understanding of these crucial points and also discuss best practices when it comes down to locking in a rate on your next home loan. While we can’t always perfectly time the market for the best rates, we can rely on key pointers to help us make the most informed decision possible at any given moment.

Estimated Run Time: 15 minutes

Module 1 Key Terminology
Unit 1 Course Disclaimer: All About Rates
Unit 2 Interest Rate
Unit 3 Annual Percentage Rate (APR)
Unit 4 Paying Points Vs Receiving Credits
Unit 5 Locking vs Floating
Unit 6 Timing the Lock
Unit 7 Conclusion
Unit 8 Quiz: All About Rates

 

Understanding the Loan Estimate: Full Breakdown and Hidden Insights

Goals and Objectives:

  • Provide an in-depth breakdown of the Loan Estimate disclosure while shopping for a home loan.
  • Improve understanding and ability to interpret details from the Loan Estimate to practical, real-world applications.
  • Discuss the key points and pitfalls related to the Loan Estimate.

The Loan Estimate is one of the key initial disclosures provided to you during the home loan process. It is a 3-page form meant to break down all the various details of the loan, including proposed interest rate, terms, payments, closing costs, and much more. While it isn’t considered an approval of your loan, it is still an expectation of what can be offered if you decide to move forward. In this course we will be covering all 3 pages in detail to ensure you have a complete understanding of this key disclosure when you are shopping for your next home loan.

Estimated Run Time: 30 minutes

Module 1 Step-By-Step Overview
Unit 1 Course Disclaimer: Loan Estimate
Unit 2 A. Transaction Information
Unit 3 B. Loan Terms
Unit 4 C. Projected Payments
Unit 5 D. Costs at Closing
Unit 6 E. Loan Costs
Unit 7 F. Other Costs
Unit 8 G. Calculating Cash to Close
Unit 9 H. Additional Information About This Loan
Unit 10 Conclusion
Unit 11 Quiz: Loan Estimate

 

Breaking Down the Closing Disclosure: The Final Disclosure

Goals and Objectives:

  • Provide an in-depth breakdown of the Closing Disclosure once the final steps of the loan have been reached.
  • Improve understanding and ability to interpret details from the Closing Disclosure to practical, real-world applications.
  • Discuss the key points and pitfalls related to the Closing Disclosure.

The Closing Disclosure (CD) is one of the key disclosures provided to you during the home loan process, most often once the most important details of the loan have been finalized and the closing is imminent. Unlike the 3-page Loan Estimate, the Closing Disclosure is a 5-page form meant to break down all the various details of the loan exactly to the penny, including proposed interest rate, terms, payments, closing costs, and much more, including a side-by-side comparison with the most recent Loan Estimate. At this point, the Closing Disclosure should detail with almost complete certainty what the final figures of the loan will be at closing. In this course we will be covering all 5 pages in detail to ensure you have a complete understanding of this key disclosure when you are about to close your next home loan.

Estimated Run Time: 30 minutes

Module 1 Step-By-Step Overview
Unit 1 Course Disclaimer: Closing Disclosure
Unit 2 A. Closing, Transaction, and Loan Information
Unit 3 B. Loan Terms
Unit 4 C. Projected Payments
Unit 5 D. Costs at Closing
Unit 6 E. Loan Costs
Unit 7 F. Other Costs
Unit 8 G. Calculating Cash to Close
Unit 9 H. Summaries of Transactions
Unit 10 I. Additional Information About This Loan
Unit 11 I. Additional Information About This Loan (cont’d.)
Unit 12 Conclusion
Unit 13 Quiz: Closing Disclosure

 

Want to learn about a new topic? Let us know!