Homeowners Association Video Transcript

Video Transcript: Getting A Mortgage In Today's Market

Description: The video starts with music and the captions myNewHome(SM) and Getting a Mortgage in Today’s Market.

Onscreen: myNewHome(SM) logo and myNewHome
Onscreen: Getting A Mortgage In Today's Market

Description: The scene moves to show a tree-lined street and a housing community with white picket fences.

On Screen: Ja, MORTGAGE BANKER

Description: Ja is shown in her office. She starts to speak.

Ja: I always tell people, ‘Even if you bought a home or refinanced, even two years ago, it’s a different environment.’

Description: The scene changes to show another neighborhood, with hills, older homes and ramps to climb stairs into the homes.

On Screen:
Amy, HOMEBUYER
Jamie, HOMEBUYER

Description: Amy and Jamie are shown in their home. They start to speak.

Jamie: They ask so many questions now after the mortgage debt crisis of 2008, that compared to what in 2003 when I bought my condo.

Description: The scene switches to show a white colonial-style home with a jeep parked in the front.

On screen:
Mandy, HOMEBUYER
Marie, HOMEBUYER

Description: Now, Mandy and Marie are shown speaking. They are seated in their kitchen. Both appear to be in their late 20s or early 30s in age.

Mandy: They looked at everything. Like I mentioned before. Our mortgage banker, she went and she looked under every rock that we had as far as finances go.

Description: The scene switches to Ja, the mortgage banker.

Ja: I have to make sure that you qualify for a mortgage based on how much of your income can be going towards a housing payment and look at it for the long term of the loan to say you know what is the likelihood of your ability to pay back on this loan. Does this exist or not.

Description: The scene switches show Ryan, the real estate agent. He’s in his office.

On Screen:
Ryan, REAL ESTATE AGENT

Ryan: I think they’re preparing people a little bit before even before they’ve started the home search. They’ve been trying to go through more of their financial documents. Really go through the criteria so that they don’t have any hidden surprises that come up later.

Description: The scene switches to show a wooden mailbox in front of a brick colonial-style home with a 2-car garage.

Description: The scene switches to Jenny and Eric seated in a beige-color couch in their living room, with their kitchen shown in the background.  The camera presents a close-up of Eric, as he speaks.

On Screen:
Jenny, HOMEBUYER
Eric, HOMEBUYER

Eric: Prior to us moving out and getting our old house for sale I got preapproved for everything, from several different lenders. Worked out the financing to figure out how much our payment could be. What we could afford.

Description: The scene switches back to Ryan, the real estate agent.

Ryan: It’s setting some of those restrictions to make more responsible borrowers. So people are actually can go in there and live carefree in their home. Be able to feel confident with the payments they’re making. Really focus on making it a home then just being more of a burden of having a mortgage.

Description: The scene switches back to Ja, the mortgage banker.

Ja: I may have to come to you and ask for a more detailed explanation about a certain bank deposit that you might have made.

Description: The scene switches to show a close-up of Jamie, the home buyer. As he is speaking, the scene changes to show both Jamie and Amy seated in their living room

Jamie: What are your names? What are your incomes? What are your assets? If you have a condo with a mortgage and you’re trying to buy a house with a mortgage, your debt to income ratio is pretty high.

Description: The scene switches back to Ja, the mortgage banker.

Ja: So, some of the rules that went into effect this past year actually was to make sure that all of the lenders were much more in line as far as the debt to income ratio guideline.

Description: The scene switches to a close-up of Amy, the homebuyer. As Amy speaks the scene ends to show Victorian-style homes with cars parked on the street.

Amy: It was going so fast that we didn’t…uhhh…we weren’t ready. If we didn’t know how much money we could spend or how much we were approved for. Other people were kind of stepping in and making bids. It was just a good idea to have all of that ready.

Description: The scene ends with myNewHome(SM) logo and myNewHome, as the music stops.

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