Real Estate Finance 101: Your Exam Shortcut To Success | Just Call Maggie

Welcome to @justcallmaggie! 🏡 In today's video, we're kicking off a three-part series dedicated to demystifying the world of financing in real estate. If you're gearing up for the real estate exam or just looking to enhance your financial literacy, grab your notepads, and let's dive into the essentials of real estate financing!

0:00 - Intro

00:27 - 📚 Points - Decoding Discount Points
Ever wondered what those "points" are in real estate financing? Join us as we break down Discount Points, or simply "points." Learn how they function as upfront interest payments and impact your mortgage. We even tackle a practice question to solidify your understanding!

03:25 - 📊 LTV (Loan-to-Value Ratio) - Calculating Your Borrowing Power
Unravel the mystery of Loan-to-Value Ratio (LTV) with us! Understand the significance of this ratio in assessing risk, determining equity, and influencing interest rates. Discover why it's a crucial factor for lenders and how it can impact your mortgage options.

05:34 - 💼 PMI (Private Mortgage Insurance) - Your Loan's Guardian
What's the deal with Private Mortgage Insurance (PMI)? Find out why it's essential, especially if your down payment is less than 20%. Learn when and how you can bid farewell to PMI, potentially saving you money in the long run.

07:34 - 💰 Interest - The 'I' Word in Financing
Delve into the world of interest! Understand its role as the cost of borrowing money and learn a simple interest formula to compare loan offers effectively. Lowering your interest rate can significantly impact your long-term financial journey.

09:32 - 🏡 PITI (Principal, Interest, Taxes, Insurance) - The Mortgage Secret Sauce
Unlock the secrets of PITI! Learn how Principal, Interest, Taxes, and Insurance come together to form your monthly mortgage payment. We walk you through a scenario to demystify the calculation process and help you budget effectively.

12:58 - 📜 Financing Instruments - Navigating the Paperwork
Get ready for some paperwork talk! Understand the significance of mortgage and promissory notes in your real estate journey. These documents serve as your guide to a smooth homeownership experience, outlining terms, conditions, and responsibilities.

📚 EDUCATIONAL RESOURCES:

📘 Math E-Workbook Bundle for Real Estate Success

🔗 HELPFUL LINKS

📝 My top 5 study tricks to pass the real estate exam

📚 Link to our math formulas study guide

If you found this video insightful, give it a thumbs up, and don't forget to hit subscribe for more real estate wisdom! Stay tuned for part two, where we'll delve even deeper into the fascinating world of real estate financing. Happy learning, and remember, your success begins with knowledge! 🌟✨

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[hannakyeager]

Thank you so much for your fantastic prep videos. I passed the first time with your help! T method is SOLID!

[irfanahmed]

I passed my both IL National and State portion in my first attempt, I use to watch your valuable videos regularly. Thank you

[esmeandmau]

All your videos are so good!!! God bless you!!

[alfredorvideos]

wow wow AMAZING VIDEOS "NOBODY BEAT MY MAGGIE.

[MichelleMarie-pwtw]

may i ask where did you get the divide by $1000?

[adebayoadediranbfc]

Thank you Maggie. Your videos were really helpful. I passed my real estate license exams once

[MaeganGraceFuller]

Two ways you can get to the downpayment through the Loan to Value Ratio question:
1. Subtract 100% - 80% = 20%
2a. Subtract $200, 000 (purchase price) - $160, 000 (loan amount) = $40, 000 (down payment)
2b. Divide $40, 000 / $200, 000 = .2
2c. Multiply .2 x 100 = 20%

[MaeganGraceFuller]

Hold up...
Will we have the monthly & Interest Payment Factors chart on the test or is this something we need to memorize? Are we allowed to bring this chart for the test?

[executivelifetv]

I never understood this concept. Thank you for covering.

[TheTomKellner]

How long do you recommend giving your self to get ready for exam? 1 month, 3 weeks?

[joyking]

On the L to Value Ratio how did you find the 20% of the down payment of the loan.

[Officialdukevr]

I wish you taught the IL state portion. Your videos helped me pass the national portion after failing it 3 times.

[kathyrains]

HI Maggie! Confused-Help? Question 1, Bob and Susan bought house $125, 000. Where did you get the $1000? Thank you! Kathy

[TiciaTheDiva]

Maggie, how did you get that 20% down payment for the LTV for the 160, 000/200, 000?

[Deebabby]

Can you do more PITI questions, I got confused on the problems if you could explain the steps a little more. I wasn't sure why we used the 80% instead of the 7.5%.

[donnwilliams]

Like to know which state allows us to bring in amort. charts into the testing center to use???? NoNE. Where did you get 1000 to divide Just came up with it out of the air?? then you produced a chart that NO one can have while testing. ????

[joyking]

The chart for the 1000.00 amount where do you find a copy of that information? Is that in your ebook of math

[htowns]

Taken my Missouri Real estate Saleperson exam national and state 3 times already frustrated stay haven't pass neither one I need help please I have been study on quizlet still no success help me please

[jb-oi]

You can't use that sheet on the test