Refreshing to see high production value and simple breakdowns in a real estate video. Also appreciate that you aren't selling us any particular lender (besides you lol)
Thank you for this video! I am in the process of purchasing my first home. I’m in the underwriter process and I’m a bit overwhelmed. Truly appreciate your video!
Home buying for dummies explained lender qualifications perfectly. It said when a lender approves a certain amount they are saying" Based on what little I know about your situation and the fact that I can't control your future behavior this us the maximum amount that I think is a prudent risk for my organization to lend you"
So glad to have discovered your channel. The advice has been so helpful in our home purchase process. My question is, we have been pre approved, we have received our loan estimate. My concern is my husband decided to take his motorcycle to get fixed and charged it on a credit card. 1,500. Should we be concerned and should I bring this up to the lender? Thank you in advance. 💕🙏🏻
Thank you for acknowledging how stressful this is. I'm in the initial process of getting a house and I'm about to give up after speaking to my loan officer for the first time.;(
Hey Kyle, your videos are great. Could you do a video on the requirements for job history? For example in MA, I believe you need to be in the same industry for 2 years, but not necessarily at the same company. Thanks!
Lovely suggestion! I'll add it to my list. And that's correct, usually you want to stay in the same line of work, but it doesn't have to be at the same company.
I began viewing your videos and i am excited to have cone across them. I am interested in setting up a plan towards my home buying goals and would like to know how i can contact you or your team. I have go on the site but im not interested in applying for a mortgage just yet. Can you help point me in the right direction, please. Thank you the plethora of information you have supplied us with, it is greatly appreciated and needed!! Keep us the awesome work!!👍🏾👍🏾
I am looking to start the USDA loan process I've done a lot of research and now I've came across these videos, which is adding and aid to my knowledge.From what I've learned for a new 1st time home buyer on a new development they offer 10-25% off the home.
So when doing a down payment ... does the seller take your down payment or do the lender that you are doing the mortgage takes it and rolls it out to the seller in one big check?
@@prncessbaby16 No we didn't in fact we still haven't due to the fact that there is only one appraiser in our area. But it is finally done and we close now o the 31st.
Great info! I know that it’s a bad idea to make huge purchases on a credit card but what if I need to pull out lets say 2k out of my checkings after being prequalified, would that affect me?
The job change thing was surprising, I did a transfer, for the same company and my job title and income changed, but this was before the pre approval , their will still be questions on this.
Thank you so much , I actually did inform them how it worked and what she wanted to do was rerun my credit for the higher income in August, however, I’m actually good at the offer I got from another lender, I’d rather stay in my budget , like you said , just because they give you that much , it doesn’t mean you should use it.
Question that is a little embarrassing. We sold our home a year ago. We are looking to buy in September, with our old mortgage we were often late (had the home 2 years were late past 30 days probably 50% of the time 🤦🏻♀️). It was our first home and we realized our mistakes. So when we go to a lender would we likely be denied because of our past mortgage history? Even though that was over a year ago and we have turned our credit around.
It probably won't be a huge deal since the home is sold. You'll probably only qualify for an FHA loan right now, which is still a good loan. And then you can refinance into a Conventional once those mortgage lates are a bit older.
Win The House You Love Thank you for your reply. I ended up applying but the mortgage did affect the application :( the denied me because it was within 2 years. I’ll need to wait til December. But do all lenders go back 2 years or only certain ones?
Also, make sure to know what is the HPI (home price index). Thats the average price for a specific home & bedroom would cost in that specific or city. A lot of HOMES are WAY OVERPRICED for that specific area (city). If we going to education don't leave out info.
@@WinTheHouseYouLove Go online and look up negotiations sample for a house. And if you buy a new home, in a new development they want tell you but they have 10-25% off new developed homes
These tips were really helpful! I'm thinking about relocating downstate within the next 1-2 years but I know I'd need to change jobs due to distance, so it's good to know that switching jobs in the lending process may not be wise. Thank you!
The details of your job is important. If you’re moving from one position or higher income (in your case, a promotion), and you are able to provide documentation of your income history, then you may be able to avoid disrupting your loan approval process.
Hey Kyle, why is it so hard for me to find local lenders in Brooklyn NY? Am I doing something wrong? Is there a central website that allow me to filter through local lenders depending where I live? Also, checked your company and saw that you guy's aren't in NY
Hi Kyle, Thanks for your help and sharing your knowledge and wisdom. Are you licensed in Georgia and the Carolinas? Or can you recommend someone from those areas? I need guidance for my first time purchase and I will be relocating to one of those states from NJ. Thanks in advance. Janita
Thank you so much for watching!! :) I am not. You can go to my website and click on the apply button to be connected with a lender I trust → www.winthehouseyoulove.com/
Regarding #7 - Are you able to utilize a large deposit for a down payment granted it is documented in the mortgage closing process up front? E.G. - Let's say I receive an STI that is 20% of my yearly income in February and am looking to buy in March. If I know that STI is coming, can I write it in when I begin the process in January/December and utilize it? Thanks for all of the greatly informative videos!
HI, so my question is we live in IL and we own a house here in IL but the house is not paid off yet and we are not planning to sell the house rather have someone move in and pay the morgage . Now we would like to buy a house in evansvile inidana and offcorse we will have job change manufactory work to different manufactory company, we already know we qualify for an FHA loan but how long do I have to wait after I have a new job to qulify for a house loan in Idiana ? My credit score is 640 as of right now. We woul love to move sometime next year in february . I wold love to hear your oponion or ideas you might have for me and my husband . Thank you
Before COVID, you could get a loan based on a job offer letter. But, the current guidelines will require you have minimum of a 2 weeks worth of paystub. Some lenders may require a 4 weeks worth of paystubs.
Thanks for commenting! To know your options and to know if you can qualify for a loan, you'll want to reach out to a loan officer who can help. You can click Apply on my website (www.winthehouseyoulove.com/) to be connected with a loan officer I trust.
In regards to large deposits....if you already have money in the bank that you have been saving for months say $9000, does the lender question where that came from since there is only a look at 2 months bank statements??
Monthly payment, yes. Full balance, the underwriter will usually need to source the cash if the monthly payment will be removed from your debt-to-income ratio.
@@WinTheHouseYouLove ok great, cause I'm in the process of purchasing a home my application will be submitted to underwriting next week, but my bills are due, after watching your videos I decided to cash my checks and pay my bills with cash so It doesn't mess up anything, but aren’t they going to want to know why I don’t put my check in the account??
Hey Kyle! I have a question. I know not to make big purchases worth thousands of dollars when looking to purchase a house but I just did my yearly taxes and I owe about $2300. The IRS will be taking that out from my bank account. Will the underwriter use that against me? Thank you!!
I want to make a large deposit from stocks that I own, I would have trade confirmations from the stock broker. Since I have documentation that shows where the money comes from, would I be good to have it deposited to put towards down payment?
Hey Kyle, what you think about house hack? If I have a mortgage of $3k but I have $1500/mo of available funds for mortgage and my roommate pays $3.3k in rent, is this a worthwhile loan to take on right now? The location is in a big city.
When you talk about changing jobs, my husband and I want to relocate but he will still work for the same company, just a different branch. Will that be considered changing jobs still?
Question, I’m about a year out from buying a home and I really want to refinance my car loan, will that be looked at negatively when I start the home loan process?
If I generate a large amount of wealth suddenly in the Stock market like 200,000 and want to apply that to a new first time home will that be an issue. It's not cash but from my trading brokerage.
But think about it.... A 250k thousand dollar house is NOT worth 250k. With the label cost, interior/exterior material these HOMES are CHEAP! They are ONLY spending about no more than 30k. And they want a 4x profit. Listen, I live in Texas I've been sitting at sites and watching how they bill these homes and have been talking to these labor workers and they spill the beans... Most this workers are from day labor sites so they not paying them contractors crap! Bottom line is this, if they don't want to negotiate 3-6% off the purchase price. I don't wanna it.
I'm NOT buying no 250-300k (liability) house that is someone else's vision (dream home). And we just have to pick one you mostly willing to settle with. This not how you buy your "American Dream Home" Most builders do NOT have a lot of options for you to pick out your own stuff. They want you to buy their specs homes. They are going to have to be reason in the negotiations due to these problems. Otherwise, I'll be staying in my apt. I've been at this for a yr. And I aint buying into this Scandal. Everyone profit off the buyer (seller, realtor, broker, bank with interest, HOA, insurance company...) and the buyer you is stuck with an expensive liability. NO DEAL. Lol
Refreshing to see high production value and simple breakdowns in a real estate video. Also appreciate that you aren't selling us any particular lender (besides you lol)
Thanks so much!! Haha and I try to keep the sell on myself to a minimum ;)
This is one the first UA-cam explain type channels that I can listen to without feeling exhausted after viewing. thank you! First time homebuyer here.
Thank you so much for watching!! :)
You can say that again! It’s stressful buying/ viewing properties.
You have the perfect voice for asmr videos.
Oh thank you!
I started watching your videos and I’m learning a lot. Thank you.
Glad to hear it!
you have a good ASMR voice my friend 😅👍🏼
I have an ASMR Video! Here: ua-cam.com/video/gB3W9cEfgrU/v-deo.html Enjoy!😅
Thank you for this video! I am in the process of purchasing my first home. I’m in the underwriter process and I’m a bit overwhelmed. Truly appreciate your video!
Glad it was helpful!
Home buying for dummies explained lender qualifications perfectly. It said when a lender approves a certain amount they are saying" Based on what little I know about your situation and the fact that I can't control your future behavior this us the maximum amount that I think is a prudent risk for my organization to lend you"
That's an excellent definition!
So glad to have discovered your channel. The advice has been so helpful in our home purchase process. My question is, we have been pre approved, we have received our loan estimate. My concern is my husband decided to take his motorcycle to get fixed and charged it on a credit card. 1,500. Should we be concerned and should I bring this up to the lender? Thank you in advance. 💕🙏🏻
Your videos are very clear and very helpful. I look forward to learning a lot more from you!
Glad you like them!
We are building a house in another state and it is very stressful. Your videos are so helpful and this one calmed me down. Many thanks. - Steev
Glad it was helpful!
I love your videos you make it sound so easy yet less stressful you are on point I just subscribed to your channel thank you
Thank you for acknowledging how stressful this is. I'm in the initial process of getting a house and I'm about to give up after speaking to my loan officer for the first time.;(
Hang in there!
I found one of your videos yesterday and found it soooo refreshing to watch! So detailed & well explained! Very educational. New fan!!!
Yay! I'm glad you're here :)
love the wisdom at the end great stuff
Thank you so much for watching!! :)
Great job on your presentation good learning experience for me,thank you.I like your philosophy.
Thanks! Thanks for watching :)
Just wanted to point out you misspelled stressing but very good videos great content useful info
Thanks for catching that typo, Luis! I'm really glad you find the content helpful. 😊
Thank you so much for all this information. I’m so glad you are licensed in TN. I will need your assistance pretty soon.
You are very welcome! Looking forward to hearing from you :)
Thank you so much for your calm and educative video. I really loved it, helps me understand a lot of things.
You're very welcome!
Hey Kyle, your videos are great. Could you do a video on the requirements for job history? For example in MA, I believe you need to be in the same industry for 2 years, but not necessarily at the same company. Thanks!
Lovely suggestion! I'll add it to my list. And that's correct, usually you want to stay in the same line of work, but it doesn't have to be at the same company.
11:45 What is a large amount of money?
For most lenders it's any amount greater than 50% of your monthly income.
Very informative! Thank u! 👍😁
My pleasure!
Very Well Explanation! I am relaxed Thankyou
Wonderful informative video. Thank you.
Thank you! I hope you can also get to watch my recent uploads especially the live streams.
Wonderful voice💗and great video.
Thanks for watching!
Hi Kyle! Just started this process and am kind of freaking out, but was pleasantly your face popped up. Thanks for making these! Hope all is well.
Hey Geniece!!! Feel free to shoot me a message on Facebook if you need any help :)
Your voice is so calming
Thanks!
You have educated me to the fullest 👍🥰
I'm glad to hear it's been helpful!
New subscriber here. Please voice audio books. I would totally listen lol love your voice!
Thanks!
I began viewing your videos and i am excited to have cone across them. I am interested in setting up a plan towards my home buying goals and would like to know how i can contact you or your team. I have go on the site but im not interested in applying for a mortgage just yet. Can you help point me in the right direction, please. Thank you the plethora of information you have supplied us with, it is greatly appreciated and needed!! Keep us the awesome work!!👍🏾👍🏾
Hey Keyla! You can schedule a call on my website :)
I am looking to start the USDA loan process I've done a lot of research and now I've came across these videos, which is adding and aid to my knowledge.From what I've learned for a new 1st time home buyer on a new development they offer 10-25% off the home.
I'm glad to hear!!
Thanks for what you do it really helps.
Glad to help
So when doing a down payment ... does the seller take your down payment or do the lender that you are doing the mortgage takes it and rolls it out to the seller in one big check?
I'm strangely calm right now. We just had mutual acceptance with inspection and appraisal coming up with a closing date of July 13th!
Great!! Best of luck!
Awwww that's my birthday! Did you end up closing on time?
@@prncessbaby16 No we didn't in fact we still haven't due to the fact that there is only one appraiser in our area. But it is finally done and we close now o the 31st.
Great info! I know that it’s a bad idea to make huge purchases on a credit card but what if I need to pull out lets say 2k out of my checkings after being prequalified, would that affect me?
If you need that $2k for closing costs/down payment, then make sure your loan officer knows. If you don't need it, then it won't affect you.
The job change thing was surprising, I did a transfer, for the same company and my job title and income changed, but this was before the pre approval , their will still be questions on this.
I just recorded a personal video reply for you: vid.us/k68ooa
Thank you so much , I actually did inform them how it worked and what she wanted to do was rerun my credit for the higher income in August, however, I’m actually good at the offer I got from another lender, I’d rather stay in my budget , like you said , just because they give you that much , it doesn’t mean you should use it.
Another great video! Right now I am debating going with a FHA loan, a conventional loan, or a state of NY mortgage.
Both are good options! I'm not too familiar with NY mortgage
@@WinTheHouseYouLove hcr.ny.gov/sonyma-programs
It seems like a NY specific FHA loan
Easy to follow thanks
You're welcome!
Question that is a little embarrassing. We sold our home a year ago. We are looking to buy in September, with our old mortgage we were often late (had the home 2 years were late past 30 days probably 50% of the time 🤦🏻♀️). It was our first home and we realized our mistakes. So when we go to a lender would we likely be denied because of our past mortgage history? Even though that was over a year ago and we have turned our credit around.
It probably won't be a huge deal since the home is sold. You'll probably only qualify for an FHA loan right now, which is still a good loan. And then you can refinance into a Conventional once those mortgage lates are a bit older.
Win The House You Love
Thank you for your reply. I ended up applying but the mortgage did affect the application :( the denied me because it was within 2 years. I’ll need to wait til December. But do all lenders go back 2 years or only certain ones?
@@jessc5362 It does depend lender to lender. You might be able to qualify for a portfolio program through Caliber Home Loans.
I love your voice! So Calm and soothing lol..your videos are extremely helpful. Thank you!
Great video!! Thank you so much!!
I'm so glad you enjoyed it, Martina!
Can I find you on Audible or a podcast? Wow!
Hey Derek! I make all these videos into a podcast on all platforms if you search for “Win The House You Love”
@@WinTheHouseYouLove definitely giving ASMR vibes. 🤙
If an applicant has a joined bank account with a child or parent, will that bank account be reviewed by the loan officer?
Great videos !
Glad you like them!
Also, make sure to know what is the HPI (home price index). Thats the average price for a specific home & bedroom would cost in that specific or city. A lot of HOMES are WAY OVERPRICED for that specific area (city). If we going to education don't leave out info.
Thanks!
You can do your own negotiation bc realtors in the business to get the highest commission possible so they don't go in with the best offer.
Great tip
@@WinTheHouseYouLove Go online and look up negotiations sample for a house. And if you buy a new home, in a new development they want tell you but they have 10-25% off new developed homes
These tips were really helpful! I'm thinking about relocating downstate within the next 1-2 years but I know I'd need to change jobs due to distance, so it's good to know that switching jobs in the lending process may not be wise. Thank you!
Glad it was helpful!
Kyle Seagraves → winthehouseyoulove.com
Does promotion at same company fall under same guidelines of changing jobs
The details of your job is important. If you’re moving from one position or higher income (in your case, a promotion), and you are able to provide documentation of your income history, then you may be able to avoid disrupting your loan approval process.
@@WinTheHouseYouLove thanks for responding. Your channel is very helpful
Hey Kyle, why is it so hard for me to find local lenders in Brooklyn NY? Am I doing something wrong? Is there a central website that allow me to filter through local lenders depending where I live?
Also, checked your company and saw that you guy's aren't in NY
From my understanding, NY is a difficult state to get licensed in. Here’s who I recommend for NY:
m.facebook.com/BenLavenderMortgagePro/
@@WinTheHouseYouLove Got it! Thanks so much!
What about Tax refunds direct deposit? For the large amount discussion?
Thanks for the question! Tax refunds are perfectly fine to use for your home purchase since they are easily documented as a source of funds.
Hi Kyle,
Thanks for your help and sharing your knowledge and wisdom. Are you licensed in Georgia and the Carolinas? Or can you recommend someone from those areas? I need guidance for my first time purchase and I will be relocating to one of those states from NJ.
Thanks in advance.
Janita
Thank you so much for watching!! :)
I am not. You can go to my website and click on the apply button to be connected with a lender I trust → www.winthehouseyoulove.com/
how far back do lenders look at large deposits? 2 months?
I just recorded a personal video reply for you: share.descript.com/view/0Plu89E2aau
Feel free to email me at kyle@winthehouseyoulove.com
Solid advice.
Thanks!
Regarding #7 - Are you able to utilize a large deposit for a down payment granted it is documented in the mortgage closing process up front? E.G. - Let's say I receive an STI that is 20% of my yearly income in February and am looking to buy in March. If I know that STI is coming, can I write it in when I begin the process in January/December and utilize it?
Thanks for all of the greatly informative videos!
You sure can!
@@WinTheHouseYouLove Beautiful, thank you for confirming!
I'm looking to buy a house in Texas this year and it can be a bit stessful
Don't forget the fact the having a home is also exciting. Best of luck! :)
HI, so my question is we live in IL and we own a house here in IL but the house is not paid off yet and we are not planning to sell the house rather have someone move in and pay the morgage . Now we would like to buy a house in evansvile inidana and offcorse we will have job change manufactory work to different manufactory company, we already know we qualify for an FHA loan but how long do I have to wait after I have a new job to qulify for a house loan in Idiana ? My credit score is 640 as of right now. We woul love to move sometime next year in february . I wold love to hear your oponion or ideas you might have for me and my husband . Thank you
Before COVID, you could get a loan based on a job offer letter. But, the current guidelines will require you have minimum of a 2 weeks worth of paystub. Some lenders may require a 4 weeks worth of paystubs.
@@WinTheHouseYouLove Thank you see we been told its like one year we have to wait until we could get a loan
Any advise for nurses? I work 3 jobs and my hours vary depending on how much I want to work that month. I have one main P/T job for 17 years
Thanks for commenting! To know your options and to know if you can qualify for a loan, you'll want to reach out to a loan officer who can help. You can click Apply on my website (www.winthehouseyoulove.com/) to be connected with a loan officer I trust.
This stuff is solid!
Thanks so much for watching!
In regards to large deposits....if you already have money in the bank that you have been saving for months say $9000, does the lender question where that came from since there is only a look at 2 months bank statements??
They'll only question large deposits within the past 2 months of bank statements submitted. They don't care about the starting balance prior to that.
Hi Kyle questions can I pay my credit card with cash while I’m in the process of purchasing a home ?
Monthly payment, yes. Full balance, the underwriter will usually need to source the cash if the monthly payment will be removed from your debt-to-income ratio.
@@WinTheHouseYouLove ok great, cause I'm in the process of purchasing a home my application will be submitted to underwriting next week, but my bills are due, after watching your videos I decided to cash my checks and pay my bills with cash so It doesn't mess up anything, but aren’t they going to want to know why I don’t put my check in the account??
Thanks👍
Welcome 👍
Hey Kyle! I have a question. I know not to make big purchases worth thousands of dollars when looking to purchase a house but I just did my yearly taxes and I owe about $2300. The IRS will be taking that out from my bank account. Will the underwriter use that against me? Thank you!!
Nope!
@@WinTheHouseYouLove thanks for the reply 👍🏻
I want to make a large deposit from stocks that I own, I would have trade confirmations from the stock broker. Since I have documentation that shows where the money comes from, would I be good to have it deposited to put towards down payment?
You can do that no problem at all! :)
Win The House You Love thanks!
What if you opened a credit card ($7,000. literally only debt we have) not long before getting pre qualified?
You should be ok! Might bring your score down a touch, but nothing I’d be concerned about
Hey Kyle, what you think about house hack? If I have a mortgage of $3k but I have $1500/mo of available funds for mortgage and my roommate pays $3.3k in rent, is this a worthwhile loan to take on right now? The location is in a big city.
As long as it'd be comfortable for you, then that'd be ok. Make sure you can foot the bill if it's ever vacant, though.
When you talk about changing jobs, my husband and I want to relocate but he will still work for the same company, just a different branch. Will that be considered changing jobs still?
That transition will be perfectly fine :)
@@WinTheHouseYouLove thank you so much for answering and for your videos!
Got pre approve . Now under contract. Lender mention We should get a credit card . Will this hurt us in under writing?
Interesting that they want you to get a credit card after you're under contract... I'd double check with why they want you to do that.
Win The House You Love to keep our credit from falling . Need positive credit .
Question, I’m about a year out from buying a home and I really want to refinance my car loan, will that be looked at negatively when I start the home loan process?
Nope! You're good to go :)
What are your thoughts on NACA?
I'm not too familiar with it unfortunately!
Thank you!
You're welcome!
I changed careers in April how long before I can get a mortgage?
If it's in the same line of work, usually the lender will want to see 2 new paystubs at a similar or higher income range.
How low can you go bellow the price?
There's no minimum
Did you get Lasek?? where are your glasses???
Contacts ;)
If I generate a large amount of wealth suddenly in the Stock market like 200,000 and want to apply that to a new first time home will that be an issue. It's not cash but from my trading brokerage.
Not an issue at all. You'll just need to show proof that those funds came from stock market gains.
But think about it....
A 250k thousand dollar house is NOT worth 250k.
With the label cost, interior/exterior material these HOMES are CHEAP! They are ONLY spending about no more than 30k. And they want a 4x profit.
Listen, I live in Texas I've been sitting at sites and watching how they bill these homes and have been talking to these labor workers and they spill the beans... Most this workers are from day labor sites so they not paying them contractors crap!
Bottom line is this, if they don't want to negotiate 3-6% off the purchase price. I don't wanna it.
All your choice :)
That is true too. Lol
I'm NOT buying no 250-300k (liability) house that is someone else's vision (dream home). And we just have to pick one you mostly willing to settle with. This not how you buy your "American Dream Home" Most builders do NOT have a lot of options for you to pick out your own stuff. They want you to buy their specs homes. They are going to have to be reason in the negotiations due to these problems. Otherwise, I'll be staying in my apt. I've been at this for a yr. And I aint buying into this Scandal. Everyone profit off the buyer (seller, realtor, broker, bank with interest, HOA, insurance company...) and the buyer you is stuck with an expensive liability. NO DEAL. Lol
All your choice :
💛
Thanks for watching! :)
♾✨🙏🏼🤍Thank You🤍🙏🏼✨♾
How dare you hold an adult responsible for their own financial decisions. You're an animal!
Hahah crazy right