How To Avoid Paying Excessive Points On Your Mortgage Closing Costs
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- Опубліковано 8 лис 2022
- Dan and I will compare 2 real life Loan Estimates and show you how we shop for a better rate.
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Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di... - Розваги
Thank you so much. I was extremely confused about the points and how lenders provide them to give you a lower interest rate. But now I understand. Thanks so much. 🙏🏾
Thank you so much for your advices
You get better pricing when there is mi. Also LLPAs, worth mentioning that this market has increased those. Harder to find par with low credit, buying an investment, low ltv… and these show up under discount points. Get those seller paids while they are back!
I am in the beginning stages of searching for a loan officer. I have received pre-qualifications and a sort of cost analysis but not an actual loan estimate. Is it possible to get a loan estimate before signing on with a lender?
I prefer in house underwriting and processing as that translates to a better experience to the customer vs brokering loans out and relying on a third party. Being able to control the deal from A to z is much better in my experience . being a direct lender results in faster transactions. Also, sometimes there is additional fees when brokering them out so would be nice to see the actual close to call for a true quote from guys. Also, rates change daily/hourly so would be nice to document the actual date filming vs the date of the quote of 10/12/22
Thanks for sharing your perspective. This was a livestream… the date of filming is the date it was published.
I bought USDA for a great low price, great low rate. Seller paid closing costs, we paid zero points.
Good info. You should have moved the position of each of you on screen when going through the "screen share" to the other side of the screen. You both blocked out some important information.
Question about HOA and property tax- what is the maximum amount that can go on a closing disclosure? Is there a percentage limit ?
No, there's no percentage limit for HOA fees and property taxes that can go on a closing disclosure. The amounts will vary based on the specific HOA agreement and the local property tax rates, and both will be clearly detailed on your closing disclosure.
- Kyle
Get pre-qualified at www.winthehouseyoulove.com/
Where do I order one of those pillows?
Hahah a loan officer on my team custom ordered it for me
Personally: if buying pts for 11k will save you 270 a month, that 11k you recover in 41 months, in 360 months 270 is $97k, so you save something, of course, keep the house at least 10 yrs
I Have a question sorry if this sounds dumb but when the wife and I are ready to buy our first home should we use both our incomes or just one we both make $75k a year?
Both our your incomes if your are both applying together
Hell yeah lol!!!! Especially nowadays you want as much income as you can get
Qualify under 1 ONLY.
Lol, no worries. We hear "Or-gone" all the time.
I enjoy when anyone focuses on just the rate but they have 80k in revolving debt with a blended ratio of 18%
Haha yes
Good stuff as always but lenders definitely control Section B
Thank you, oversight on my part. I will correct on the next video
what happens when the appraisal is 100k lower than the asking price?
lender would use LTV based off the appraisal, buyer would pay the difference
Kyle are you a mortgage adviser as well or are you a realtor?
Mortgage advisor, I’ve never been a realtor :)
@@WinTheHouseYouLove ok lol this makes so much more sense now. Watched so many of your videos thinking you were a realtor somehow. 🤦🏻♀️ do you work for a bank?
Haha all good. Yes, I now work with Allied First Bank, we broker all of our loans so we shop over 80 wholesale lenders
@@WinTheHouseYouLove ok last question. So when I’m ready to shop I can go to my bank and ask for a mortgage advisor who’ll help me find a loan from someone else? What’s in it for the bank? I am confused. Clearly lol
If you'd like you can get a quote from us! Most banks don't broker loans.
All lenders make money from closing loans.
Think of it like a grocery store. Your local grocery store doesn't make milk. They buy it from somewhere else and then they offer it to you to buy. Otherwise you'd have to find a way to get wholesale milk
when a client asks for 4%, we need to remind them that we must live in reality and work within the parameters of the current market.
For sure
What are the parameters? If you plan on a 30 year mortage (long term home) can't rely on refi. Isn't buying down as much as possible the way to go??
I commented too soon before sorry. BEWARE this is very misleading. Nobody has all options and so you might have 84 lenders out of 100 but those 16 might all be cheaper or have special programs that you can't offer. This is a factual example of how you could mislead someone into thinking they are getting the best option and instead it's the 17th best option. Shop around the normal way.
Definitely agree with a lot of points here and wish it's wasn't misleading.
Definitely mentioned in this video to shop other lenders too