I wanted to take a moment to fully thank you for all of your informational videos and tips. I literally watched them religiously throughout my home buying process. You were extremely thorough, clear and concise and I am happy to say my husband and I closed on our dream house! The knowledge you provided gave me the confidence to fully understand this whole process from beginning to end! Thank you SO much!!
I binged watch your videos. I am a new licensed MLO and your videos really helped me grasp knowledge about this industry. Please please don’t stop making videos like this. Thank you so much. Your content is very informative. More power to your channel.
Excellent!!!! The crazy part was the day I closed when I opened the front door to my new home. I sat in the middle of the floor reading the loan disclosure again. Lol. My aunt was like the deal is done what are you reading it for.
I can tell I haven’t watched your videos in a while. You have a mustache now! Lol. Thank you for sharing this! I can share with my buyers if they need a repeat of what I’ve already showed them.
Thank you so much for great info. I am a Realtor representing my first time home buyer. I asked the lender today what was the charge of $4865 for discounted points? Yet, the buyer's mortgage interest is still 6.62. I didn't get a clear answer from the lender. What is the purpose of discounted pts and why is it too high on a $300k purchase price? Buyer is putting 20% down.
I want to thank you! I’ve been watching your videos throughout my loan process. I finally closed last week🙌🏽🙌🏽. My loan estimate was approximately 4K over estimated. So you never know!
- APR to compare cost of credit between lenders - If Zero tolerance or 10% aggregate changes before the initial CD is sent, then lender issues a revised LE. If they fail to do so, then they cover the difference the actual and disclosed amount
There are tons of general tidbits that could be covered. With new construction, going through a preferred lender often comes with benefits, to include bonus money. The rate lock could be a plus if the rates go up higher than 5.5% at your time of close. Shop around for multiple pre approvals, that way you have more options to compare & choose later in the actual process. Good video; however, there are many facets to reading & benefiting from the estimate sheet.
I am going to be selling then probably buying after my buyer closes to prevent chaos. I currently have a condo and will buy buying my first home. If I want to shop around for insurance so I can save with auto and home insurance plans instead of what the bank's insurance would be how long before close would I have to get this and is it possible to get a letter for an estimate so if the closing falls through I haven't paid for any insurance upfront. I guess I just don't know how this works
I asked my lender what the charges were and he assured me he doesn't "charge points" and is paid by the bank, but then once under contract I still had a loan origination fee. I felt like he was trying to imply there were no lender charges, but at the end of the day there was still charges.
Points are typically paid to lower the interest rate. Most if not all lenders will charge their own internal fee(s). This amount ends up as an origination charge or fee.
APR is only focused on the cost over 30 years. Almost no one holds a loan for 30 years. Often, one loan is cheapest in the first 5 years for example and then another might be cheaper after that
I’ve been watching your channel for a year and it just clicked that I can shop around while I’m under contract. I thought it was only for the pre-approval step 🤦🏾♀️
It varies a lot depending on where you're at and the loan type you have. You'll need to get pre-approved to get an accurate quote. You're welcome to email me and my team and I can help kyle@winthehouseyoulove.com
My real estate agent says, it's best not to change the lender who gave the pre-approval where the offer is accepted with that pre-approval. When is the good timeframe to rate shop ?
In my experience shopping when you're under contract is not a problem. It's easy to tell the seller "the buyer shopped their loan and is going with this new lender offering same terms and a lower rate/costs". The mortgage lender isn't even included in most contracts. The seller signed the contract and agreed to contract terms. They can't back out based on terms not included in the contract.
In our closing Disclosure it shows under loan calculations that the “total of payments” is almost double the amount in “finance charge” is this possible? It says the “total interest percentage” is 121%. Is that right?
My loan officer said for a conventional loan it's based off of credit score. Mine is almost around 780-ish and my PMI on my loan estimate is for $89.00 a month. An FHA loan will have a much higher PMI.
I am just waiting for the appraisal on a condo I am purchasing. Everything else was done- Should I still shop around for other lenders in the meantime?
I wanted to take a moment to fully thank you for all of your informational videos and tips. I literally watched them religiously throughout my home buying process. You were extremely thorough, clear and concise and I am happy to say my husband and I closed on our dream house! The knowledge you provided gave me the confidence to fully understand this whole process from beginning to end! Thank you SO much!!
Wow, thank you! Best of luck! 😉
I binged watch your videos. I am a new licensed MLO and your videos really helped me grasp knowledge about this industry. Please please don’t stop making videos like this. Thank you so much. Your content is very informative. More power to your channel.
I feel like my channel is one of those series on HBO and Netflix.. hahaha. Again, thank you so much for watching. More videos coming up!
@@WinTheHouseYouLove literally I have your videos as my playlist. 😉you are very welcome. I appreciate your response Sir. 😊
10/10 Recommended. Ive watched hours upon hours on mortage videos and your break downs are the most clear, concise and helpful. Thank you!!!
I just recorded a personal video reply for you: vid.us/662jt1
This was refreshing ! Always cautious of links so took a while before clicking it lol. But I appreciate the effort you put into your craft.
Excellent!!!! The crazy part was the day I closed when I opened the front door to my new home. I sat in the middle of the floor reading the loan disclosure again. Lol. My aunt was like the deal is done what are you reading it for.
Hahah, always good to make sure you know what's going on :)
Haha i looked it over 3-4 weeks after deal was done😅
@@bencortez9907 lol man I don’t why I do that
I'm just starting my journey into home ownership and your videos are fantastic. I'm not ready yet but you've won my business. Thank you.
Wow! Thanks!
Wow! Your video makes the most sense out of all the videos I watched trying to understand everything with my loan! Thank you so much!
I can tell I haven’t watched your videos in a while. You have a mustache now! Lol. Thank you for sharing this! I can share with my buyers if they need a repeat of what I’ve already showed them.
👨 LOL Thanks for watching and sharing. :)
Great Video. Thank you so much for making it.
Thank you for the info. Just had an inspection today and will close July 26. Will do more research now.
Thank you so much for watching!! :)
Digging the stache!
Thanks!
Thank you so much for great info. I am a Realtor representing my first time home buyer. I asked the lender today what was the charge of $4865 for discounted points? Yet, the buyer's mortgage interest is still 6.62. I didn't get a clear answer from the lender. What is the purpose of discounted pts and why is it too high on a $300k purchase price? Buyer is putting 20% down.
Your video is timeless ❤
Thank you so much for the kind words! I'm happy you found the video helpful!
How likely is it that closing costs would be higher on closing day than quoted in initial disclosures?
Does homeowner insurance increase if the home value appreciate in the future? Do they do re-appraisal to calculate the home value? how do they know?
Yes it can
I want to thank you! I’ve been watching your videos throughout my loan process. I finally closed last week🙌🏽🙌🏽. My loan estimate was approximately 4K over estimated. So you never know!
Thank you so much for watching!! :)
I close on March 3rd and I’d love for my estimate to be high. I have a feeling it’s low but like you said, you never know!
@@Wilburbruh Good luck! It’s a lengthy process but I’ve never been happier!
- APR to compare cost of credit between lenders
- If Zero tolerance or 10% aggregate changes before the initial CD is sent, then lender issues a revised LE. If they fail to do so, then they cover the difference the actual and disclosed amount
Thanks for watching!
There are tons of general tidbits that could be covered.
With new construction, going through a preferred lender often comes with benefits, to include bonus money.
The rate lock could be a plus if the rates go up higher than 5.5% at your time of close.
Shop around for multiple pre approvals, that way you have more options to compare & choose later in the actual process.
Good video; however, there are many facets to reading & benefiting from the estimate sheet.
Good additions
Thanks to Kyle (and others), I won the house I love!! One of my favorite channels! Hi, Kyle!
Awesome!!! Congrats, Jennifer!!
This guy is one of the 👌 best
Thank you so much for watching!! :)
I am going to be selling then probably buying after my buyer closes to prevent chaos. I currently have a condo and will buy buying my first home. If I want to shop around for insurance so I can save with auto and home insurance plans instead of what the bank's insurance would be how long before close would I have to get this and is it possible to get a letter for an estimate so if the closing falls through I haven't paid for any insurance upfront. I guess I just don't know how this works
I asked my lender what the charges were and he assured me he doesn't "charge points" and is paid by the bank, but then once under contract I still had a loan origination fee. I felt like he was trying to imply there were no lender charges, but at the end of the day there was still charges.
Points are typically paid to lower the interest rate. Most if not all lenders will charge their own internal fee(s). This amount ends up as an origination charge or fee.
If the APR is the cost of the loan, why can't I just compare the APR for all the lenders?
APR is only focused on the cost over 30 years. Almost no one holds a loan for 30 years. Often, one loan is cheapest in the first 5 years for example and then another might be cheaper after that
I’ve been watching your channel for a year and it just clicked that I can shop around while I’m under contract. I thought it was only for the pre-approval step 🤦🏾♀️
🤦🏾♀️
In the cash to close I am showing a negative balance .... what does this mean and how did it happen?
Wow another awesome video ☺️
Glad you liked it!!
So. How much do we need to save the money for closing costs exactly?
It varies a lot depending on where you're at and the loan type you have. You'll need to get pre-approved to get an accurate quote. You're welcome to email me and my team and I can help kyle@winthehouseyoulove.com
I got approved with chase and i was told 7k closing costs
Does anyone know if he has any information for Illinois?
My real estate agent says, it's best not to change the lender who gave the pre-approval where the offer is accepted with that pre-approval. When is the good timeframe to rate shop ?
In my experience shopping when you're under contract is not a problem. It's easy to tell the seller "the buyer shopped their loan and is going with this new lender offering same terms and a lower rate/costs".
The mortgage lender isn't even included in most contracts. The seller signed the contract and agreed to contract terms. They can't back out based on terms not included in the contract.
Thank you very much@@WinTheHouseYouLove
Hi Kyle, thank you very much for your content. I was wondering what camara equipement and lighting you use?
Hi! You can check out my equipment and tools here: ua-cam.com/video/oKzw5LLUj30/v-deo.html
can a hoa change at anytime? or when you pay your mortgage it's fix in it?
HOA can change based on your HOA's rules
HOA dues aren’t included in escrows.
Question is it bad or okay to try to get financed through 2 different finance companies to see which one you will get final approval through?
Love his channel 🥰
Thank you!
Thank You 🙏
My pleasure. Thanks for watching. :)
I agree that he is paying too low for taxes and homeowner insurance. On $450,000 home, annual taxes alone is $5,000, yet he is paying $3,060 for both.
For sure
So his closing costs are more than his down payment?..
What WOULD go in the "funds from borrower" section?
Debts to be paid at closing
In our closing Disclosure it shows under loan calculations that the “total of payments” is almost double the amount in “finance charge” is this possible? It says the “total interest percentage” is 121%. Is that right?
Yes, the total of all payments includes principal, interest, mortgage insurance, and closing costs. Over 30 years, mortgage interest really adds up!
Thanks for the info Kyle.
Great info Kyle! What programs are you using to record your vids?
I use Ecamm
@@WinTheHouseYouLove ok got it 👍🏽 thanks man
why was the pmi so low???
My loan officer said for a conventional loan it's based off of credit score. Mine is almost around 780-ish and my PMI on my loan estimate is for $89.00 a month. An FHA loan will have a much higher PMI.
ty
My pleasure.
Are all lenders required provide a loan estimate in this format? When shopping with lenders, none of them agreed to put their quotes in this format.
When you're under contract yes. Before you're under contract on a home you likely will just get a quote from the lender's own format
You have to have an address for the property to be able to get the LE.
I am just waiting for the appraisal on a condo I am purchasing. Everything else was done- Should I still shop around for other lenders in the meantime?
How much longer do you have in your contract? If more than 15 days, yes
@@WinTheHouseYouLove yeah, before August 10th. Are you are this won't cause hard inquires?
Another great informative video thank you.
Glad you enjoyed it!
🐐
Thank you so much for watching!! :)
Thank you. Do you work with people up.in Vermillion ohio
Yep! Feel free to email me kyle@winthehouseyoulove.com