The fine art of successfully purchasing a home is addressed in two new videos from licensed mortgage professionals. The better of the pair, by far, is the First Time Home Buyer's Manual, presented by Ron J. Ressler. Following a fictional couple through the process of buying a house, the program shows viewers how to determine how much house they can afford, and offers good tips for successfully navigating each stage of the paper trail which eventually leads to a set of house keys: the real estate contract, mortgage application, credit report, appraisal, and closing costs. In addition to covering the major items involved in purchasing a house, the program delves into a number of additional areas, such as gift letters (i.e., chunks of money from mom and dad), homeowner's insurance, condos and co-ops, etc. Excellent explanatory graphics and good use of onscreen mathematical formulas make this the best introduction to the financial aspects of home buying we've seen to date. The only drawback is the fact that the program only talks about a 30-year fixed mortgage and says nothing about various types of loans (VA, FHA, etc.) a buyer who planned to spend six years or less in a new house, for instance, and who qualified for a VA adjustable rate mortgage, wouldn't necessarily want a conventional 30-year fixed mortgage. Narrow focus aside, this is an excellent program.Using a low-budget single video camera set-up, the Video Guide to Mortgages features mortgage officer Ken Burton explaining various aspects of mortgages: the contract, sources, closing costs involved, income requirements, types (fixed vs. adjustable), and products (FHA, VA, etc.) At the end of the program, Burton takes viewers through a standard mortgage application. With the exception of the application, no visuals--other than very infrequent onscreen text examples--are used. While the program offers some insight into obtaining a mortgage, it's also not complete (no mention is made of VA adjustable rate mortgages, for example), and the low-budget approach of having Burton sit and read the script directly into the unmoving camera is not the best use of the video medium.First Time Home Buyer's Manual is highly recommended. Video Guide to Mortgages is not recommended. (R. Pitman)
The First Time Home Buyers Manual; Video Guide To Mortgages
(1994) 60 min. $29.95. National Real Estate Productions. PPR. Color cover. Vol. 9, Issue 5
The First Time Home Buyers Manual; Video Guide To Mortgages
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