How To Shop For A Mortgage And WIN
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- Опубліковано 28 тра 2024
- Shopping for a mortgage loan the right way can save you tens of thousands of dollars! Here's everyone you need to know to make sure you get the right mortgage.
- GET STARTED -
🏠 Connect with a helpful LENDER in your state → www.winthehouseyoulove.com/le...
🏠 Connect with a helpful AGENT in your city → www.winthehouseyoulove.com/agent
- HELPFUL TOOLS -
✅ Max Purchase Price Calculator → www.winthehouseyoulove.com/ma...
✅ Lowest Cost Loan Calculator → www.winthehouseyoulove.com/lo...
✅ Home Buying Planner →
✅ Today’s Interest Rates → www.winthehouseyoulove.com/to...
✅ Step-By-Step Home Buying Timeline → www.winthehouseyoulove.com/ti...
✅ Student Loan Savings Calculator → www.winthehouseyoulove.com/st...
0:00 What you'll learn
0:43 Timing
1:52 CalmMoment
3:01 How to shop
8:47 Most people won't show you this
9:53 Who to shop with
10:43 Sponsor
11:18 Doing a full application
12:48 Find the average rate in 60 seconds
Hey, Kyle, here winthehouseyoulove.com. Today we're talking about how to shop for a mortgage and when, so this step if you do it correctly, can save you literally tens of thousands of dollars over a period of the term of your loan when you're shopping for a mortgage. So what you're going to learn in this video is how to find the cheapest loan option, which is not always easy.
But also when to shop, you'll also learn a comparison tool that literally, I hear nobody talk about, but it's free and it's given to every single buyer, but most of them don't even know how to interpret it. And then number four, the three types of lenders that you can shop with. All right. So we're going to make this easy, breaking this down step-by-step. First let's talk about the timing. So the first thing that you need to know is you have a 45 day window to get your credit checked as many times as you'd like, and it only counts as one inquiry. Okay. So you have an entire 45 days and everything counts as one inquiry. Okay. So this means you can shop with as many lenders as you would like as long as it's the same types of same type of mortgage inquiry.
You're fine. You can't do a mortgage and a car and a credit card. Those are three different, but if it's multiple mortgage inquiries, it only counts as one. Okay. And one inquiry is only going to affect your score by anywhere from zero to five points. It's not going to have this huge impact. All right. So.
What I would suggest is you start shopping about two weeks before you're ready to go shop for a home. And the reason why is you want to have some time to digest these numbers. You want to have some time to be able to think them over. If you get approved and immediately go into home shopping, you can move just based off of emotion and maybe not based entirely off of the information that you have.
Sometimes it's good to get the information, get prepared and then take a step back. So that leads us into our CalmMoment here. See, when you're starting to shop for mortgages, you're about to start a cycle of getting into the real estate world and things move quickly, and it can be very overwhelming. And you're going to be talking to salespeople who want you to move a lot faster than you probably should.
LEGAL:
As an Amazon Associate, I earn a commission from qualifying purchases.
*Advertisement from Credible Operations, Inc. NMLS 1681276, not available in all states. Visit www.credible.com/a/state-lice... for important information about Credible’s licenses.
Credible pays Win The House You Love an advertising fee when you submit a pre-qualification request.
Kyle Seagraves
NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity - Розваги
Kyle, thank you so much for making these videos. This particular video helped us get the best rate. Just last night, we were able to lock in a 20-yr 2.39% rate w/ no points! We did exactly what you said in your video: we picked 3 lenders, did a full application, get an official loan estimate & looked at page 3 and had them compete for our business. I've shared this video in multiple social media groups already because it's been really helpful. Thanks again!
hello! Looking for a loan as well. We have spoken with a local mortgage broker thus far. What I'm getting confused about is the pre-approval process vs. full approval. My understanding is that you need to be ready to make an offer on a house to then use that pre-approval info to then compare on interest rates, etc. Is that correct? Matts on FIRE, is that what you did? Kyle, thanks for the great videos and info!
Also interested in how you went about that^
Opening my eyes to all these things I didn't know! Definitely filing this video away for future reference. Thank you!
I'm glad it was helpful!
You are awesome ! You make everything clear and very easy to understand . Thank you !
Thanks so much, I’m glad the videos have been helpful!
Excellent information, Saving these videos for future reference, thank you Kyle
Glad it was helpful!
This video is right on time for me, per Usual!, I needed that calm moment,sheesssh
Thank you so much for watching!! :)
THANK YOU. Such valuable advice and guidance.
Glad it was helpful!
Kyle we love your content. It's making it easier for me as I am going to be mortgage hunting pretty soon. Thank you.
I'm so glad to hear, thanks for watching!
Incredibly valuable content! Brand new to the industry as a LO ’I m doing my first co-marketed open house today and needed this break down!
Nice! Congratulations and best of luck!
Love your videos! Honestly so informative in each and every one of them. I learn so much, can't thank you enough.
Looking to purchase a house in .... CALIFORNIA BAY AREA... so these videos are defiantly helpful. I feel confident going into the process because of you!
Thanks so much for watching, I'm glad you've found them helpful!!
This is so valuable! Thank you!
Wow! Thank you from me and Dan. :)
fantastic video. Thank you for sharing your experience
Glad you enjoyed it!
Thanks for this video. very informational.
Thanks for watching!
Hi Kyle - Lenders are saying they can't come up with a loan estimate until you have an accepted offer since they need an address of the house you are getting loan estimate for. How should I go about this?
Really informative video!! Just wanted to confirm te following from you: Should one shop with 3 different lenders at the time of pre-approval? And when in contract, contact all 3 lenders again to check rates and lock with the one that has the best rates/ fees?
Thanks!!
Your voice Is so soothing I really enjoy your videos. I’m learning so much from them and love the guidance they provide.
Thank you!
Very helpful 👍
Glad you think so!
Great info/Keep up the Great work..🤓💙🏡🔥
Thank you! Will do!
Your voice is so soothing :)
Thank you!
Great video as usual, thank you. Question, how can I find a local lender?
findamortgagebroker.com/
My sister bought a house and put 25,000 and come to find out all that went to other closing cost but only 5,000 went to her house she cried and cried cuz damn that’s a lot.
I'm speechless.. I hope she's okay now. Thanks for watching.
This is such a helpful video. I always learn so much from you!!! When you do a full application for a pre approval and submit documents....the lender should give the Loan Estimate paper? Or is that something we have to ask to see?
I'm so glad to hear!!
Technically, a lender isn't legally required to send you a Loan Estimate until they know 6 things about you:
- Name
- Income
- SSN
- Purchase price
- Loan Amount
- Address
At pre-approval, they'll know everything except for an address. So, they don't have to give you one, but you can always request it. As soon as they know all 6, they legally are required to send you a Loan Estimate.
@@WinTheHouseYouLove Thank you! Is it better to comparison shop lenders before going under contract?
Great video. Credible isn't available in NY. Know of any other sites like it?
You can text #apply to 937-358-6542 and I can connect you with a loan officer
How do i shop around for loans when i dont know which loan to go with? Can i apply for preapproval with all loan types that a lender offers and ask them to give me loan estimates of fha, usda, and conventional or i need to choose first
My real estate agent wants me to only use their lender… should I run?
Any tips for those of us looking to purchase a home a couple hundred miles away and in a different state? I understand that a bank that has branches in each location would most likely be beneficial, but what about other types of lenders? Ideally, I really want to use a broker to work all possibilities for me, not just one company's options. How would I even find a mortgage broker? Definitely not interested in any online lenders.
Thanks in advance.
Thank you so much for all the advice, I’ve been seen multiple videos and they help a lot. I just started with one lender which just gave me my total max loan amount and the interest rate, I asked about Origination fees and he told me I would have to pick a house and after that they would give me those prices, would that be accurate?
You're welcome!
If a lender says that... RUN.
There is no reason for a lender to not be 100% transparent and up-front with the fees on a loan. Find another lender who will be honest with you and treat you like a valued client instead of someone they can swindle.
That's such a cheezy car-sales like line from a lender. I agree with Kyle, pick someone else!
Very good video with valuable information. Your voice is very much like Edward Snowden!
Thanks for watching!
I am watching all your videos and empowering myself with knowledge. Thank you.
& I just signed my initial contract for a new construction, 1 yr build time. Builder's preferred lender is offering me two options both 12 month rate lock. Do you have any advice which one maybe better or are they just the same in essence? Lender credit will cover deposit fee with both option.
1. 3.125% lock at 0.5% cost and 0.75% deposit fee (both on loan amount)
2. 3.25% lock at 0 cost and 0.75% deposit fee and 0.3% lender credit towards closing (on loan amount)
Thank you in advance.
It always depends on your capabilities. Wishing you the best!
Kyle do you have information about how to get financing on a unwarrantable Condo in California. It seems some lenders are not familiar. We found on this condo but learned that it's an unwarrantable condo because one person owns 30 of the units. We are put in touch with a investor, we've been waiting for 3 weeks and still they have not given us an answer. Can we get help with this?
Do you know of any lenders that offer mortgages for properties with deed restrictions? Looking at a city program which offers below market properties for low to moderate income buyers. Thank you.
I'm not familiar with any, unfortuatnely
@@WinTheHouseYouLove :-(
Great video! If you would like to go with a loan broker, how to find a loan broker working in your interest and not their? Having a hard time find one!
findamortgagebroker.com/
Kyle what’s the ideal time to compare rates between different lenders? Suppose I buy a house from a builder and the estimate completion of constructing the house is by end of 2021. Does it make sense to shop around right now or should I wait probably 2 months before it’s been constructed?
I would shop now
@@WinTheHouseYouLove Thank you
How long after filling out the loan application should I contact the lenders. My credit score has been checked by the lenders but I have not heard from them. I am currently needing to be preapproved for a mortage loan in NC.
I'd reach out if you haven't heard from them in about 2-3 days
@@WinTheHouseYouLove Thanks so much for your reply. It's like they don't have time to communicate the process with you🤦
You are a lifesaver I am starting to look for a 2nd place and your advice is awesome. I am thinking of refinancing my existing place because my existing mortgage balance is less than 40K. Is it a good idea to refinance and buy the second place as investment ? Many Thanks for your help.
Yes, investment is always good. Thanks for watching. :)
I've applied for three loans and I haven't been given a "Comparisons" section.
In the video I mention asking for a Loan Estimate
Hello, On Oct 12th I applied for loan amd dropped five points...does this mean I have two more weeks to apply with no additional points dropped?
That's correct :)
Great video, still trying to figure everything out before house hunting in TN. Is there a formula for how much to have in savings before thinking about applying for a home mortgage to cover down payment, closing costs and money left over to keep in savings? Looking at 500000 house, 120yr salary. Seems like I would deplete my entire savings to purchase a home with 20 percent down. Thank you.
Thanks!
This video has a free calculator that might be helpful: ua-cam.com/video/q9acSzbrbFk/v-deo.html
@@WinTheHouseYouLove Great calculator, thank you very much. Sorry to bug you, but at the end of the calculation, how much should I strive to leave in savings? This will factor how much down payment I can afford.
Ideally, whatever is comfortable for you. I think it would be smart to have at least 3 months worth of expenses left in savings
@@WinTheHouseYouLove I really like the download calculator you posted and having fun with it. Living in California right now but hope to buy in Middle Tn when I retire. I don't think we are in a position to buy right now after looking at the numbers. Salary is 120yr, sounds like a lot but not here in Ca. Savings at 70g and looking to buy 500000 house in Tn. Think we need to save some more. Once again, thank you for the calculator.
My lender locked my rate :( Can I switch lenders before the 20th of this month??
Only 10 days is going to be a bit tight. Usually 2 weeks is needed, it's possible faster can be done, but don't want things to be down to the wire. If you can get a contract extension we can take a look. Feel free to email me kyle@winthehouseyoulove.com
I'm going through this process and being told that the interest rate is subject to change? Is that the case? kinda confused on the best way to compare interest rates when they are not set in stone.
Yes, interest rate change.. it can go up and down. Thanks for watching!
Mortgage brokers can’t lock in rates until you have an offer accepted. So should i still go shop around?
Always good to shop :)
Why wouldn’t u hold onto the loan for 30 years if you’re living there? Thank you for the informative videos.
Hey Cheyenne! Great question! Most people will refinance a couple times over a 30 year period. If you're ready to start on a pre-qualification, feel free to visit www.winthehouseyoulove.com/lender or shoot me an email at kyle@winthehouseyoulove.com. I'm here to help! 😊
Do you have to pay a mortgage broker?
Nope, they get paid like every other loan officer, but the lender not you.
Im not into those asmr videos but his voice is asmr’ish 🤣🤣😂😂😂
Hahah I've heard that a few times before
@@WinTheHouseYouLove change the channel name to Seduce The House You Love.
Do you know if USDA is far behind on mortgage approvals? My realtor said they are 3 months behind and she worries about the sellers giving us a hard time. They are buying a new home and selling this one, at the same time. What happens if my loan is not approved by the date on my contract?
Im stressed 🤪
USDA Guaranteed should not be that far behind. USDA Direct, though, I'm not as familiar with.
You can Google "USDA Guaranteed turn times YOURSTATE" and it will show you the turn times in your state. For instance, it's 8 days in Ohio right now.
You look like Jake what’s his face?? But great content 👍
Haha thanks!
My lender won’t show me a loan estimate until we are in contract on a home and they won’t give me a rate until then. Is that normal?
Hi Talor, I don't think so..but how did it go?
When you say "shop for a mortgage" do you mean getting pre-approved for a mortgage?
Shopping is when you compare loan offers from several different lenders
My grandma has given me money as a gift for my closing costs. She took money out of her 401k for this, will that paper trail from the 401k, to her bank, to me, be ok to use? She is 83, so this isn’t a loan from her 401k, it’s her money.
Yes, as long its a paper trail. But I think it might matter cause it might hit with gift tax. (Not 100% sure)
That will be perfectly ok :)
Thank you!
@@amanda9194 no gift tax if it’s less than the annual exclusion (15k for Current year) but she may have to report it on her tax return for reporting purposes
@@joseandrade7333 Thanks Jose!