What's the Difference: Homeowners Insurance and a Home Warranty

When buying a home, so many new terms are thrown at you and sometimes your realtor and lender think you know what the heck they're talking about. Some terms are interchangeable and it can get super confusing to keep them straight. 

So, what is the difference between homeowners insurance and a home warranty and do you really need them?

Owning a home is the one of the greatest investments you'll make in your life. Protecting your assets is not just smart—it's essential. The best way to do this is to have both a homeowner’s insurance policy and a home warranty. Purchasing both will cover your home, belongings, appliances and system components in case they need replacement or repair. But understanding the differences of the two products and why you need them can be tricky.

WHAT DOES A HOME WARRANTY COVER?

A home warranty may help cover the repair or replacement of a broken appliance. A home warranty may also cover what the Federal Trade Commission (FTC) calls "limited coverage of workmanship and materials" for specific parts of the house in a new home. A home warranty may also cover plumbing or electrical work.

What's excluded from home warranty coverage? According to the FTC, home warranties may not include components "covered under a manufacturer's warranty." If your new furnace breaks down, then you would likely have to discuss a repair with the manufacturer of your furnace system.

A home warranty isn't a blank check for repairs or replacements. According to the FTC, a home warranty may also have rules regarding how homeowners can make a claim, and might also delineate how an item, such as a furnace, will be repaired or replaced. Some warranties might specify which repair companies may complete a repair.

While a home warranty may be a worthwhile purchase for a homeowner, home warranty coverage is "never required." 

WHAT DOES HOMEOWNERS INSURANCE COVER?

While a home warranty may provide coverage for an appliance that's stopped working, what happens if someone steals your belongings or your home is damaged by fire?

A typical homeowners insurance policy may help pay to repair your home or replace your personal property after a covered event (also known as a peril) such as theft or fire. However, homeowners insurance typically will not provide protection if, for instance, your air conditioner or other appliance breaks down or is defective.

Homeowners insurance typically also comes with liability coverage, which may help pay legal fees or medical bills if you're found responsible after a visitor is injured at your home.

It's important to note that coverage limits will always apply. A local insurance agent can help you determine whether you have enough protection in place should you experience a loss.

A home warranty and a homeowners insurance policy offer different types of coverage that may give you peace of mind as you consider certain scenarios. To learn what your homeowners insurance policy may help protect — and what it may not — talk with your local insurance agent.

Reach out if we can assist you!

Aundrea Beach-Greco
Mortgage Advisor, CMPS
NMLS 333739
(702) 326-7866
info@aundreabeach.com
www.AundreaBeach.com

CMG Financial - NMLS 1820 
8337 W. Sunset Road, Suite 300
Las Vegas, NV  89113
Office (702) 777-1306

Rules For Giving & Receiving Gift Funds for Your Down Payment

 

Here's what you need to know about giving and receiving gift funds.

Saving a down payment is one of the most challenging—aspects of buying a home. The larger your down payment, the less you have to finance, which can lead to lower interest rates and monthly payments over the life of your loan. Furthermore, with a 20% down payment or more can help you avoid costly private mortgage insurance. 

If you're ready to become a homeowner, asking your family for help with your down payment may have crossed your mind. While down-payment funds can be gifted between family members, you must follow a list of rules to document the gift, including a down payment gift letter. 

If you’re lucky enough to get down-payment help this year (or generous enough to give it), be sure you know the rules around gift funds. It’s not as simple as handing over a wad of cash with a note that says “Congrats! Here’s a little something for your new house.”

Down payment gift funds must meet certain requirements or the gift giver and recipient face trouble down the road. From writing a gift letter to rules around repaying gift money, here are basic facts homebuyers and donors should know.

Who can gift a house down payment?

It might seem odd that there are restrictions around who can give someone money for a down payment. After all, money is money, right? Not necessarily. Cash can come with strings attached, which might affect the borrower’s ability to repay the mortgage.

How much money can you receive as a gift?

Many home loan programs allow some or all of a down payment gift to come from a variety of sources. You can get gift money from a relative, friend, your employer, local labor union, government agency or even a charitable organization.

The amount of gift funds you can apply to your down payment depends on what loan program you select. Here’s a look at the most common options.

Fannie Mae gift funds. 

Fannie Mae guidelines allow approved lenders to offer conventional loans, the most common type of home loan taken out in the U.S. The minimum down payment for a conventional loan is 3%, and the entire amount can come from a gift for a one-unit primary residence. A 5% minimum down payment from your own funds is required if you’re buying a two- to four-unit property.

Freddie Mac gift funds. 

Similar to Fannie Mae, Freddie Mac provides funding for conventional loans. Under Freddie Mac guidelines, your entire down payment can be gifted by a relative if you’re buying a single-family home as your primary residence. You’ll need to come up with up to 3% of your own down payment funds if you’re purchasing a two- to four-unit property with less than 20% down.

FHA gift funds. 

The Federal Housing Administration (FHA) insures loans made by FHA-approved lenders and allows the entire 3.5% down payment to be gifted. An FHA gift letter paper trail is required, with supporting documents resembling conventional guidelines. FHA loans, which have lower credit score requirements and a low down payment requirement, can help first-time homebuyers who need more flexible borrowing guidelines.

VA gift funds. 

The Department of Veterans Affairs (VA) guarantees home loans for eligible active and retired military borrowers. VA loans do not require a down payment, but the program does allow borrowers to use gift funds toward a down payment if they want to make one. The gift letter and documentation requirements are similar to FHA and conventional loans.

USDA gift funds. 

Families with low- to moderate-incomes can purchase homes in rural areas of the U.S. using the U.S. Department of Agriculture’s mortgage program. Like the VA loan program, USDA loans require no money down. Gift funds are permitted with a properly completed down payment gift letter and supporting documents consistent with FHA, VA and conventional lending rules for gift letters.

How Does Using Gift Money for a Down Payment Work?

You can use gifted funds to make a down payment, but the mortgage lender will want to know some details before they allow you to use it. Only two specific groups can give a home buyer money to fund their down payment.

• A family member — as long as they can prove they have a standing relationship with the buyer
• Government organization — as part of a program meant to get first-time buyers into the market

You must confirm the relationship between you and the gift giver.

If you plan on getting gift funds from a family member, you’ll need a letter that confirms your relationship and that the money is a gift and not expected to be repaid. Usually this is in the form of a gift letter, which both parties sign.  Your lender will provide the required format.

Sample Gift Letter

The lender will also require further evidence of the gift — for instance, they will ask to see the donor's bank statements to show they have the funds to give the buyer as much money as is promised. They may also ask for a bank slip from the buyer’s account to show when the money was transferred, and a bank statement from the borrower after the money is deposited.

Often, gifts change hands during the application process — this gives time for the money to show up on both the donor and the buyer’s bank statements as well as gives the mortgage lender time to verify that the money is from a legitimate source and the pair has an appropriate relationship.

If the gift funds are added to the buyer’s bank account after settlement, then documentation will still be required before it can be applied to the purchase. Typically, this will require a receipt of the cashier’s check as given to the closing agent.

Can you pay back a mortgage gift?

The answer is NO. This is considered mortgage loan fraud, which is a crime. It can also put your loan qualification at risk as all loans need to be factored into your debt-to-income ratio.

The moral of this story: Be honest with your lender about where you’re receiving all funds for your down payment — as they’ll likely find out anyway.

What Else Should You Know About Down Payment Gifts?

As previously mentioned, there’s a difference between receiving a down payment gift and a loan. Buyers need to be clear with their mortgage lenders and confirm that the money received was gifted. A sudden infusion of cash without a traceable source will leave lenders suspicious and, perhaps, wary of completing the loan deal on their end.

Buying a Home is More Than a Down Payment

Ultimately, the cost of the down payment is only one expense to consider in the home-buying process. Homebuyers need to pay for closing costs, which include expenses like an appraisal, credit report, and underwriting fees.

The Do’s and Don’ts of a Down Payment Gift

Do…	Don’t…
Get a signed statement from the gift giver	Tell the lender the funds are a gift when it’s a loan
Remind gift giver to keep a paper trail	Change or add money without explanation
Get the money in advance and know how seasoned money works	Assume all loan types allow down payment gifts
Understand the monetary limit of gift funds for tax purposes	Neglect the mortgage because you have no money in the game

Down payment gifts can make it easier for homebuyers to afford a home.

If you’re in the market for a new home and want a little help, don’t hesitate — just make sure you follow the above steps to ensure you accept such a gift in the proper manner. When you speak with your lender about what loan is best for you, make sure you let them know upfront that you plan on using gift funds for the down payment. Some loans have strict guidelines on how much gift money you can use for a down payment and who can gift you the money.

Reach out of you have questions or need help! 

CMG Financial | NMLS 1820

8337 W. Sunset Road, Suite 300

Las Vegas, NV  89113

Office (702) 777-1306

Aundrea Beach-Greco

Mortgage Advisor, CMPS

NMLS 333739

(702) 326-7866

info@aundreabeach.com

www.AundreaBeach.com

How To Shop for a Mortgage without Hurting Your FICO® score

Shopping around to make sure you find the best deal on a loan is smart. Getting the best interest rate and terms possible, could save you thousands or even tens of thousands of dollars over the life of a mortgage loan. A home loan is unique like you and I ... so its best find a lender where you can explore what kinds of options might be out there.

Each time you apply for a home loan, a mortgage lender will make a credit inquiry to review your credit history. These inquiries are reported to the three major credit-reporting agencies: Equifax, Experian and TransUnion.  Because inquiries signal that you are thinking of taking on new debt, your credit score can dip. But the good news is that the damage from multiple credit checks by mortgage lenders is typically small.

That being said, it’s best to keep your interest rate shopping limited to a short window of time if your credit reports are being pulled as part of the process. There is a chance that rate shopping could have a negative impact on your credit scores.

What is a credit inquiry?

An inquiry is a record of access into your credit profile. So, when you apply for credit, the credit bureaus are going to make a record of who accessed your credit report and when, and place that record on your report.

Some inquiries, such as checking your own personal credit, do not affect your score. These are referred to as “soft” inquiries. Other inquiries, such as applying for new credit, such as a car, credit card or home loan have the potential to impact your scores negatively. These are referred to as “hard” inquiries.


The sole reason the credit scores exists is to help lenders predict risk. And research shows that applying for multiple new accounts in a short period of time is predictive of elevated risk.

Due to this fact, credit scoring models like FICO and VantageScore are designed to pay attention to the number of hard inquiries on your credit reports when calculating your scores. And a larger number of hard inquiries could translate into lower credit scores in some cases.

The exception to this rule is when you’re rate shopping. Your credit reports could easily get polluted with multiple hard inquiries in a short period of time when you’re trying to find the best financing offer available. But credit inquiries that occur as a result of rate shopping are not indicative of the same elevated risk mentioned above.

As a result, credit scoring models often treat them differently — provided that those inquiries all occur within a certain window of time and are from certain types of lenders. Both FICO and VantageScore scoring models include logic that protects your scores from the impact of rate shopping inquiries.

Shopping window within 45 days

In the FICO model, multiple credit inquiries within a 45-day window are treated as one shopping event, provided those inquiries are from mortgage, auto loan or student loan lenders.

For example, FICO can see you are rate shopping for a home loan, so they will count as one inquiry, as long as the applications all take place within their 45-day window.

Inquiries outside of the three categories mentioned above, such as credit card inquiries, are not protected, because consumers don’t typically shop around for the best rate on a credit card. 

Be mindful of your credit applications and only make a credit inquiry when necessary.

Even if you have a few credit inquiries that are counted against your scores, we’re talking about a minimal number of points deducted, and even that impact will disappear within a year. Credit is cyclical and within a few months, your score will bounce back a little, as long as there aren’t other negative factors on your credit report. So, keep the hard inquiries down to a minimum to minimize the small effect they do have on your credit report.

Have a specific question? 

Reach out. 😊

Aundrea Beach-Greco
Mortgage Advisor, CMPS
NMLS 333739

(702) 326-7866
info@aundreabeach.com

CMG Financial - NMLS 1820 

8337 W. Sunset Road, Suite 300

Las Vegas, NV  89113

Office (702) 777-1306

www.AundreaBeach.com

HEROES - Home Buyer and Refinance Loan Program

Emergency Personnel Save Through the NEVADA First Responder Appreciation Program

Emergency service teams help to keep our local communities safe with immediate response measures and direct care. CMG Financial thanks you for playing a critical role in making where we live both secure and comfortable. Feel free to maximize value and save more on your next home purchase or refinance with the Beach-Greco Team, all part of the CMG Financial First Responder Appreciation Program.

What Does the First Responder Appreciation Program Offer?

Qualifying members of the First Responders Association get to take part in this savings-oriented program, utilizing up to 4% towards your down payment and/or closing costs on your new home purchase in NEVADA. Experience the difference with CMG Financial. 

Pair additional incentives and eligible offers to maximize value and save even more.

Who Qualifies to Participate in this Program?

The following parties are eligible to save more through this program:

• 911 and Fire dispatchers
• Police Force (includes police officers, sheriffs, sheriff's deputy, correctional officer, state trooper)
• Federal Law Enforcement (includes those working for Central Intelligence Agency, Department of Public Safety and more - check with team for other organizations that qualify)
• Firefighters (includes both career and volunteer)
• EMT (includes EMT and paramedics team)

CMG Financial - Where First Response Team Members Save More

Save more through the CMG Financial First Responder Appreciation program here in NEVADA when you choose to buy or refinance your home. Contact our team for additional specifics, as we can process program eligibility and secure your bonus money today.

See if you're eligible

Aundrea Beach-Greco

Mortgage Advisor, CMPS

NMLS 333739

702-326-7866

info@aundreabeach.com

www.AundreaBeach.com

Housing Assistance Available for Nevadans

This is from Senator Catherine Cortez-Masto's office 7/23/2020 Fellow Nevadan, I know that this is an extremely difficult time for homeowners and renters across our state. The coronavirus pandemic has impacted the health and economic security of so many of our families. Many of you have had your lives upended by the coronavirus pandemic and are looking for information and resources to stay in your homes.   On June 25, the state of Nevada began gradually lifting the pause on evictions that Governor Sisolak ordered on March 29. This gradual lift only permits certain types of evictions before September 1, 2020, when the suspension lifts completely. To support Nevadans in need of housing assistance during this challenging time, Governor Sisolak has dedicated $30 million in CARES Act funding to rental housing assistance and $20 million in commercial rental assistance across the state of Nevada. If you find yourself without income to pay your rent or mortgage, be sure to reach out to your landlord or lender immediately. There are government and nonprofit resources that can help Nevadans catch up on payments: The Nevada Housing Division and State Treasurer Zach Conine have launched the CARES Housing Assistance Program to assist individuals and families impacted by COVID-19.  The Legal Aid of Southern Nevada published a FAQ for information on how the expiring moratorium may affect you and what housing assistance is available for both homeowners and renters. The City of Las Vegas Housing Assistance Program provides up to three months of rental assistance paid directly to the landlord or mortgage company on behalf of eligible city residents. The city of North Las Vegas offers short-term and long-term rental assistance to lower-income households. Find out if you qualify for the assistance here. In Northern Nevada, organizations like Catholic Charities, Nevada Rural Housing Authority and the Reno Housing Authority are providing housing assistance to those in need. If you believe you were wrongly issued an eviction notice during the moratorium, you can file a complaint with the Nevada Attorney General’s office.

You can also take a look at additional housing resources throughout Nevada below: Nevada Partners – Rental and Utility Assistance Program Phone: (725) 735-2924  Website - nevadapartners.org Nevada’s Hardest Hit Fund - Unemployment Mortgage Assistance Program Website - nahac.org Civil Law Self-Help Center Phone: (702) 671-3976 Website - civillawselfhelpcenter.org/self-help/evictions-housing Money Management International   Phone: (866) 232–9080 Website - moneymanagement.org Opportunity Alliance Nevada Phone: (775) 333-8274 Website - opportunityalliancenv.org/contact-us/ Neighborhood Housing Services of Southern Nevada Phone: (702) 649–0998 Website - nhssn.org Always remember that my office is here to help you. If you have any questions, you can reach out to my office through my website or by calling one of my offices in Nevada or Washington, D.C. I want to ensure that renters and homeowners have a safe place to live and that property owners can stay afloat to provide that housing. In Washington, I’m fighting to provide more federal dollars for housing assistance to avoid an increase in homelessness. During this pandemic, we know that housing is health care. For information on housing or other topics, visit my website at cortezmasto.senate.gov for more resources like my COVID-19 Disaster Resource Guide.

Can I get a mortgage post COVID being self-employed?

Lending guidelines can change.  During COVID we have seen some significant changes in tightening and availability of credit like we saw in 2008.  Housing is strong, the stock market is holding its own, interest rates are at historic lows yet the pressures of unemployment in America, the coronavirus pandemic haunting us and homeowners filing for forbearnace all weigh in on mortgage lending guidelines.

Recently as of June 2020, we have new "Temporary" guidelines for self-employed mortgage applicants.  Due to the continued impact of the COVID pandemic on economic conditions and businesses throughout the country, lenders have additional temporary requirements when assessing income derived from self employment in order to determine if the Borrower’s income is stable and there is a reasonable expectation of continuance.

The new word in lending for self-employed individuals is STABLE.  Is the income stable?

Mortgages are still available however its harder for self employed applicants to get approved and show "stable" income depending upon the nature of their business and where they are in the country.

Due to the pandemic’s continuing impact on businesses throughout the country, lenders are now required to obtain the following additional documentation to support the decision:

• an audited year to date profit and loss statement reporting business revenue, expenses, and net income up to and including the most recent month preceding the loan application date; or

• an unaudited year to date profit and loss statement signed by the borrower reporting business revenue, expenses, and net income up to and including the most recent month preceding the loan application date, and two business depository account(s) statements no older than the latest two months represented on the year to date profit and loss statement.

• For example, the business depository account statements can be no older than Apr. and May for a year to date profit and loss statement dated through May 31, 2020.

• The underwriter must review the two most recent depository account statements to support and/or not conflict with the information presented in the current year to date profit and loss statement.

Otherwise, the underwriter must obtain additional statements or other documentation to support the information from the current year to date profit and loss statement.

NOTE:  The year to date profit and loss statement must be no older than 60 days old as of the note date consistent with current Age of Documentation requirements.

Underwriters must review the profit and loss statement, and business depository accounts if required, and other relevant factors to determine the extent to which a business has been impacted by COVID 19.

Calculating income for self employed is complicated at best for lenders and now these added requirements cause some uncertainty to ensure the applicant has stable income.

We are still underwrtitng and approving these loans daily, however I thought it was important for you to know whats going on if you're self employed applying for a home loan and the lender asks you for all sorts of extra items. Now you know why...

If we can help or you have income questions, please reach out.

Aundrea Beach-Greco
Mortgage Advisor, CMPS
NMLS 333739
702-326-7866
info@aundreabeach.com
www.AundreaBeach.com

Jumbo Loans During COVID-19 - They're Back!

First of all what the heck is the definition of a jumbo home loan?  That means if you plan to borrow more than $510,400 (as of today) to purchase your new home, then you are considered in the "jumbo" loan category. With home values increasing, you may find yourself in need of greater financing to make your homeownership dream come true. That’s where a jumbo loan comes in. Jumbo loans are loans that exceed the conforming loan limit. If your required loan amount is even $1 over your area’s conforming loan limit, it falls into jumbo loan (or a non-conforming loan) status.   Just keep in mind jumbo loans are issued by private lenders and are not backed by government-sponsored entities (GSE’s) like Fannie Mae or Freddie Mac— so, requirements may vary.   Jumbo loans are considered risky and require higher credit scores. Expect to have at least a 700 FICO score and a DTI (debt to income) ratio under 43% (but preferably closer to 38%).  If you are self-employed, you will have a few extra steps. 

During COVID-19, Mortgage credit was tightening. Lenders fear they’ll take in less money, whether it’s because of defaults on existing and future loans or mortgage forbearance programs that allow borrowers to delay payments for up to a year.  Some lenders are still increasing FICO score and down payment requirements. Some of the lenders offering low-documentation loans has all but dried up. Jumbo mortgages have also grown rarer.  Lenders are concerned ... with the severity and the duration of what is going on from the COVID-19 pandemic.  Credit still isn’t as tight as it was in the wake of the 2008 financial crisis. Back then, home prices had plunged, but many families were prevented from buying, losing out to investors who gobbled up the homes. 

What happens next depends on how quickly the economy rebounds. More than 30 million Americans have filed for unemployment benefits and over 8% of households have filed for forbearance relief.  

The road to recovery is still uncertain as we start emerging from COVID-19.  Jumbo financing remains available for qualified clients, but interst rates are higher and turn-times for underwriting approval are much slower.  Rates are higher because of extra risk, excess demand, too little capacity, and too few competitors (now that many of the "BIG" mortgage banks have pulled out of the Jumbo market).

Jumbo financing is much more difficult for refinancing. Many lenders are simply refusing to do jumbo refinances now and others are limiting refinances to only exceptionally strong borrowers.

We like to remind borrowers that the jumbo market will very likely spring back to life once the COVID-19 crisis ends.  And when it does, rates will likely plummet, enabling current jumbo borrowers to refinance into lower rates.  This is something jumbo buyers should keep in mind if they are concerned about current jumbo interest rates.

CONTACT YOUR LENDER BEFORE MAKING OFFERS!
We have a surprisingly large number of buyers still in the market.  Because lending guidelines and asset positions are changing every day, we encourage all agents and borrowers to contact their lender prior to making every offer to ensure the pre-approvals still stand.Reach out if we can help!Aundrea Beach-Greco
NMLS 333739
(702) 326-7866
info@aundreabeach.com
www.AundreaBeach.com 

Financial Resources To Help People Affected By COVID-19

Right now, the U.S. is experiencing unprecedented times and people and businesses are facing financial hardship as the COVID-19 pandemic has essentially driven our economy to a standstill.  Millions of businesses have closed, 22 million of consumers filed for unemployment and even more are facing income reductions. While these are hard times for some, the good news is that help is available. From government programs to big banks, private grants, and a whole lot of companies who are trying to show their appreciation and keep their doors open, here is a long list of resources, programs, deals, and information for you.

Download

Of course, these aren’t perfect ...  you still may need to do some calling or your own research, go through an application process, or something, and programs or deals may have caps or time restrictions. But something is better than nothing, as they say, and when we are talking about financial help, any help is welcome for the average American family these days! We hope you find this useful, and feel free to share with friends, coworkers, and your community.

Remember that if you have any questions or need help we're here for you!  Aundrea Beach-Greco Mortgage Advisor, CMPS NMLS 333739 (702) 326-7866 info@aundreabeach.com www.AundreaBeach.com

Aundrea Beach-Greco

Mortgage Advisor, CMPS

NMLS 333739

(702) 326-7866

info@aundreabeach.com

www.AundreaBeach.com

Using ZOOM - Video Conferencing, Web Conferencing, Webinars

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With the recent coronavirus outbreak, many people have been asked to work remotely, schools have been taken offline to online and social distancing has forced many individuals to communicate differently - which brings in video conferencing. 

Zoom is the leader in modern enterprise video communications, with an easy, 

reliable cloud platform for video and audio conferencing, chat, and webinars.  A Zoom meeting is a virtual meeting where one person hosts and all other participants have equal footing. The host can share hosting responsibilities with other participants. Any participant can share their screen. 

Zoom users can choose to record sessions, collaborate on projects, and share or annotate on one another's screens, all with one easy-to-use platform. Zoom offers quality video, audio, and a wireless screen-sharing performance across Windows, Mac, Linux, iOS, Android, Blackberry, Zoom Rooms, and H.

To use Zoom you will need: a video camera, either built in to your device (cell phone) or a separate webcam - most modern computers, smartphones and tablets have this built in.

A Zoom account is not required to join a meeting as a participant. The basic tier is FREE.  Having your own account will allow you to host your own meetings or schedule a meeting.   There are four plans available; the most popular now likely being the free tier, in which virtual meetings can be held with up to 100 participants, 1-on-1 meetings without a time limit are possible, and meetings with multiple participants can be held for up to 40 minutes. (When your time is up, you can simply restart a meeting). The free option also allows users to conduct meetings in HD video and with audio, participants can join via their PC or a telephone line, and both desktops and apps can be shared. It is possible to join a meeting just from your browser, but in the interests of longevity and avoiding browser limitations, you should download the application.

To start using Zoom, make your choice (browser or download) and then choose to sign up. You will be prompted to type in your email or sign in through either Google or Facebook. At the next prompt, Zoom will ask for permission to send resources including product videos and how-to guides your way. Either click "confirm" or "Set Preferences;" the latter option being to receive emails once a week, once a month, or never. Make your selection. 

By now, a confirmation email should have landed in your inbox. Open the message, click "Activate Account" or paste the included confirmation link into your browser, and then at the next prompt, you will need to complete account creation with your name and a strong password. If you wish, on the next screen, you can invite your colleagues to also create an account. If not, click "Skip this step."

Remove the requirement to "ask for a meeting password".

Sign in to the Zoom web portal and navigate to Meetings. Click Personal Meeting Room. Click Edit this Meeting. Under Meeting Options, edit the password.

Now you can choose to create a test meeting if you like, as well as add Zoom as an extension. There are various plugins available including a Google Chrome extension, Mozilla Firefox extension, Microsoft Outlook plugin, and IBM Notes plugin. If you will be using Zoom for the foreseeable future for work purposes, you may want to select and install appropriate add-ons now.

Once you've launched your test meeting, you will be met with a screen containing the meeting's URL and the option to invite others. For now, head over to the web portal, zoom.us, to

make sure that the correct settings are enabled -- and that you

know how to create and launch a meeting.

The Zoom support page has all the info you'll need.  

https://support.zoom.us/hc/en-us/categories/200101697