Mortgage Basics 101 from Udemy

Over the years, I have always had difficulty for acquiring important topics of mortgage, I got to know that when I started working in the mortgage industry some time, I did research and made a course where you can learn everything that is involved in mortgage within 1 hour. But in order to do so, you may have to pause the module and repeat it sometimes so that you can ace the course. My intent was to create something that will help you when someone talks about Mortgage with ease.

In this course, we will cover everything you need to know to be knowledgeable about mortgages in the United States. We start with the most fundamentals of mortgage business such as Mortgage, Subject Property, Lien, Monthly housing expenses and many more.

This course will give you an understanding of all the things that you need to be aware of before going to a lender as a borrower, job seeker or researcher.

This course contains nearly 41 modules in 7 sections and is structured so you have a clear awareness of how mortgages work specially in the United States:

Introduction
Mortgage
Purpose of Loan
HELOC, Amortization and Titles
Other parts involved in Mortgage
Loan Documents
Wrapping up

This program is one of the keep essentials that would help you to have clarity about Mortgage.

What's inside

Learning objectives

Understanding the concepts of mortgage
Understanding the types of properties involved in mortgage

Learning the type of loans available for homeowners
Understanding the loan documents involved in the process

Understanding the concepts of mortgage
Understanding the types of properties involved in mortgage
Learning the type of loans available for homeowners
Understanding the loan documents involved in the process

Syllabus

Introduction

Introduction to the course and Instructor

What is Mortgage?

Mortgage, Lien and Subject Property

Monthly Housing Expense

Lender and Borrower

Type of Mortgages

Type of Properties

Purpose of Loan

Conventional Loans

FHA loans

Home Equity Conversion Mortgage

VA loans

USDA loans

Rate and Term Refinance

Cash Out Refinance

FHA Streamline Refinance

VA Interest Rate Reduction Refinance Loan

HELOC, Amortization and Titles

Home Equity

HELOC

Fixed-Rate Mortgage

Adjustable-Rate Mortgage

Hybrid Adjustable-Rate Mortgage

Title Company

Title Insurance

Title Search

Other parts involved in Mortgage

Appraiser

Closing agents

NMLS

Fannie Mae, Freddie Mac and Ginnie Mae

Mortgage Broker

Loan Originator, Loan Processor and Underwriter

Loan Origination and Closing Cost

Loan Documents

Credit Report

1003 Form Introduction

Section 1 of 1003

Section 2 of 1003

Section 3 of 1003

Section 4 of 1003

Section 5 of 1003

Section 6 to 10 of 1003

Loan Estimate And Closing Disclosure

Wrapping Up

Types of Lending

Bonus Lecture

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Provides an overview of various loan types, including conventional, FHA, VA, and USDA loans, which is helpful for prospective homeowners

Covers essential concepts such as liens, subject properties, and monthly housing expenses, which are fundamental to understanding mortgage basics

Explores the roles of various parties involved in the mortgage process, such as appraisers, closing agents, and loan originators, which is useful for those entering the field

Examines loan documents like the 1003 form, loan estimates, and closing disclosures, which are essential for anyone involved in the mortgage application process

Includes a section on HELOCs, amortization, and titles, which are important aspects of home equity and mortgage management

Discusses Fannie Mae, Freddie Mac, and Ginnie Mae, which are important entities in the secondary mortgage market and the broader housing finance system

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Mortgage Basics 101 with these activities:

Review Basic Financial Literacy

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Solidify your understanding of basic financial principles to better grasp mortgage concepts.

Browse courses on Personal Finance

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Review key concepts like budgeting, credit scores, and debt management.
Take a practice quiz on personal finance.

Read 'Home Buying For Dummies'

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Gain a broader understanding of the home buying process to contextualize mortgage information.

View Alter Ego on Amazon

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Read the book, focusing on chapters related to mortgages and loan types.
Take notes on key terms and concepts.

Create a Mortgage Glossary

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Reinforce your understanding of mortgage terminology by creating a comprehensive glossary.

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Compile a list of key mortgage terms from the course.
Define each term in your own words.
Share your glossary with classmates for feedback.

Four other activities

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Show all seven activities

Calculate Mortgage Payments

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Practice calculating mortgage payments using different interest rates and loan terms.

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Find an online mortgage calculator.
Input different loan amounts, interest rates, and loan terms.
Analyze how these factors affect the monthly payment.

Read 'The Book on Investing In Real Estate with No (and Low) Money Down'

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Explore real estate investment strategies to understand the practical application of mortgage principles.

View The Multifamily Millionaire, Volume I: Achieve... on Amazon

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Read the book, focusing on chapters related to financing and investment strategies.
Identify different loan options discussed in the book.

Analyze Local Mortgage Rates

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Research and compare mortgage rates from different lenders in your local area.

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Identify several local mortgage lenders.
Gather information on their current mortgage rates and terms.
Compare the rates and terms to find the best options.
Present your findings in a short report.

Answer Questions in Online Forums

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Reinforce your understanding by helping others learn about mortgage basics.

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Find online forums related to mortgages or personal finance.
Answer questions from other users based on your knowledge from the course.
Provide clear and concise explanations.

Career center

Learners who complete Mortgage Basics 101 will develop knowledge and skills that may be useful to these careers:

Mortgage Consultant

Mortgage Consultants advise clients on the best mortgage options based on their financial situation and goals. The Mortgage Basics 101 course is especially beneficial because it gives a broad understanding of mortgage types, loan purposes, and the loan process. It also introduces essential concepts such as amortization, title insurance, and the roles of various parties involved in mortgage lending. This comprehensive knowledge positions a Mortgage Consultant to provide informed and tailored advice to clients.

See salaries and explore the career path for Mortgage Consultant

Mortgage Processor

Mortgage Processors compile and verify loan documentation to ensure a smooth loan application process. The Mortgage Basics 101 course offers a comprehensive overview of the loan documents involved, including the 1003 form and credit reports, which are essential for this role. Understanding the various mortgage types and purposes, coupled with knowledge of the parties involved, from loan originators to underwriters, enables a Mortgage Processor to work efficiently and accurately. This course may be great preparation for someone just starting out in this role.

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Loan Officer

A Loan Officer evaluates and authorizes approval of real estate, commercial, or credit loans. This course on Mortgage Basics 101 directly applies by building a solid understanding of mortgage fundamentals, property types, and loan options like Conventional, FHA, VA, and USDA loans. Understanding loan documents, including the 1003 form, and the roles of various parties involved, such as appraisers and underwriters, positions a prospective loan officer to excel. If you want to become a Loan Officer, this course may give you the introductory insight you need.

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Mortgage Underwriter

Mortgage Underwriters analyze loan applications to assess risk and determine if a borrower meets the criteria for a mortgage. The Mortgage Basics 101 course is particularly helpful because it thoroughly covers the types of mortgages, loan documentation, and the roles of entities like Fannie Mae and Freddie Mac. Understanding the nuances of credit reports and different refinance options, as taught in the course, prepares one to make informed underwriting decisions. Aspiring Mortgage Underwriters may find value in this course.

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Loan Closer

Loan Closers ensure that all loan documents are accurately prepared and executed before disbursing funds. A course like Mortgage Basics 101 is helpful because it covers loan documents, the parties involved in closing, and the different mortgage types. Understanding the nuances of the closing disclosure and the roles of title companies and closing agents, as taught in the course, enables Loan Closers to ensure a smooth and compliant closing process. If you are an aspiring Loan Closer, this course helps you to understand the fundamentals of the settlement process.

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Real Estate Agent

Real Estate Agents assist clients in buying, selling, and renting properties. This course on Mortgage Basics 101 may be useful as it provides a solid foundation in mortgage types, the loan process, and what lenders look for. A real estate agent who understands mortgages can better guide their clients, interpret loan estimates, and facilitate smoother transactions. The course's coverage of property types and loan purposes can also help agents advise clients on suitable financing options. This overview gives a real estate agent a practical overview of the mortgage ecosystem.

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Credit Analyst

Credit Analysts assess the creditworthiness of individuals or businesses to determine the risk of lending money. The Mortgage Basics 101 course may be useful by giving a detailed look at credit reports, loan types, and the overall mortgage process. Understanding how lenders evaluate borrowers, as discussed in the course, may help a Credit Analyst to better assess mortgage-related risks. The course’s content on loan documentation and borrower profiles can also enhance analytical skills relevant to credit risk assessment.

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Loss Mitigation Specialist

Loss Mitigation Specialists work with borrowers who are at risk of defaulting on their mortgage loans to find solutions that prevent foreclosure. The Mortgage Basics 101 course may be useful by giving a solid understanding of mortgage fundamentals, loan types, and the documentation involved. Understanding the various refinance options, such as FHA Streamline and VA Interest Rate Reduction Refinance Loans, as taught in the course, can help Loss Mitigation Specialists to create effective solutions tailored to borrowers' needs. Understanding the 1003 form is particularly useful in this line of work.

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Real Estate Paralegal

Real Estate Paralegals assist attorneys with various legal tasks related to property transactions, including drafting documents, conducting title searches, and preparing for closings. The Mortgage Basics 101 course may be helpful because it provides a foundational understanding of mortgage types, loan documentation, and the roles of parties involved in real estate transactions. Learning about title insurance, title searches, and the loan closing process equips a Real Estate Paralegal with relevant knowledge to support legal professionals effectively.

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Compliance Officer

Compliance Officers ensure that financial institutions adhere to regulatory requirements and internal policies. The Mortgage Basics 101 course may be useful because it covers important aspects of mortgage lending, including loan documentation, origination, and the roles of various regulatory bodies like Fannie Mae and Freddie Mac. Understanding the different loan types and compliance requirements helps a Compliance Officer identify and mitigate risks associated with mortgage lending practices. A course like this can give you insight into the specific processes you will be auditing.

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Financial Advisor

Financial Advisors provide guidance to clients on managing their finances, including assisting with investment and retirement planning. The Mortgage Basics 101 course may be useful by building a foundation in mortgage products and the home buying process. Understanding mortgage options, loan types, and the financial implications of homeownership allows a Financial Advisor to offer well-rounded advice to clients. The knowledge of loan documents and mortgage-related terminology gained from the course can also improve communication with clients regarding their mortgage-related financial decisions.

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Escrow Officer

Escrow Officers manage the funds and documents involved in real estate transactions, ensuring that all conditions of the sale are met before funds are disbursed. This Mortgage Basics 101 course may give you a helpful overview of the mortgage process, loan documentation, and the roles of parties involved, such as lenders, borrowers, and title companies. Understanding the loan documents and the closing process helps Escrow Officers fulfill their responsibilities accurately and efficiently. This provides context for what a loan officer does.

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Real Estate Appraiser

Real Estate Appraisers determine the value of properties for mortgage lending, insurance, and other purposes. The Mortgage Basics 101 course may be useful because it introduces fundamental concepts related to property types, mortgage purposes, and the overall mortgage process. While the course does not delve deeply into appraisal methodologies, it provides context on how appraisals fit into the mortgage ecosystem and how lenders use them. Learning about the roles of appraisers, as covered in the course, helps aspiring Real Estate Appraisers appreciate their position within the industry.

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Bank Teller

Bank Tellers handle customer transactions, such as deposits, withdrawals, and loan payments, and provide information about bank products and services. A course on Mortgage Basics 101 may be useful by providing a broad overview of mortgage products and the lending process. Understanding different loan types and mortgage-related terminology helps Bank Tellers answer customer inquiries and direct them to the appropriate resources within the bank. This course offers a foundation in the language of mortgages for a prospective teller.

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Commercial Lender

Commercial Lenders evaluate and authorize commercial loans for businesses. The Mortgage Basics 101 course may be useful as it helps to build a foundation of the basics of lending. Understanding the type of mortgage, the loan purpose, and various loan documents help a Commercial Lender to understand commonalities in lending. A commercial lender may find this course valuable as a brief introduction.

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Mortgage Basics 101

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