Will Your Rate INCREASE?? NEW Mortgage Rate Change (and how to beat it)
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- Опубліковано 1 чер 2024
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0:00 RateHacking 101 How You Can Take Advantage of NEW Mortgage
0:07 Big Picture
0:22 Bottomline
1:34 How mortgage rates are determined
3:33 Rate Examples
5:22 See your adjustment in my website
7:20 Notable changes
7:46 How to get a waiver
8:51 RateHacking
11:22 Let us help you!
- DISCLAIMER -
Kyle Andrew Seagraves is Federal Mortgage Loan Originator (NMLS 1701021) licensed in all 50 states with the Dan Frio Team at Allied First Bank (NMLS 203463), an Equal Housing Lender. Separately, Kyle owns Win The House You Love LLC, an education company. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This video is only for educational usage. All calculations should be verified independently. This video is not an offer to lend and should not be used directly to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, or real estate advice. Seek counsel from a licensed real estate agent, loan originator, financial planner, accountant, and/or attorney for real estate, legal, and/or financial advice. Allied First Bank is not affiliated with the VA, FHA, or any other government agency. This video has not been approved by any government agency.
I'm here for evening out the playing field. I have a credit score in the mid 600s but working on getting it back up to the 700s. I dont why certain people think folks with a lower credit score than say a 700 are irresponsible. Things happen and building your credit profile is strategic. Many people are just figuring it out. Either way, I'm glad this helps everyone in some way.❤
I'm all for helping out those with lower credit scores, just not a fan of negatively impacting those who've worked hard for higher credit scores.
Thank you for the clarification on this topic.
Thank you so much for watching!! :)
Thank you! Would this benefit a 780+ borrower who originally intended to put 10% down? Since the PMI would not drop off as it would in the 20% down payment example, what would be the estimated increase in PMI until the LTV dropped below 80%? Assuming PMI quoted with 10% down was $59
Does the credit score and down payments table change between a 15 and 30 year loan?
That sucks, I worked my butt off for a higher credit score only to be charged a higher rate... they suck
Saaaame
@@alexanderviera2117 I’m simply explaining what is within your control.
Me too! I’ve been saving hard for 5 years and I have close to 800 credit score..but it seems it was all for nothing.
@@Jimwin2I guess you didn't look at the chart or listen to the video that there is a clear solution for this...
Great videos!!! Does it need to be applied to the FIRST payment or just as a lump sum at some point early in the life of the loan?
I just recorded a personal video reply for you: vid.us/0q8bdi
I love it. I understood it clearly. My follow up would be mortgage insurance compared to the rate hack example. Does not putting 20% really benefit?
I just recorded a personal video reply for you: vid.us/s007yx
I’m gonna share this with my daughter
Can you do a video on the recast option?
Thank you very much for your detailed explanation!
Thanks!
Best video on UA-cam about this topic! Even Dan got it wrong lol
Thank you so much for watching!! :)
I just paid off my car, can I go to my lender and ask for a better rate?
How do you account for PMI? If I put 3% down to get the 6.375% rate and put the additional 17% down on my first payment, does the PMI go away?
Yes
Thanks for the information! As a real estate agent, this is a good resource to send clients to.
Thank you so much for watching!! :)
With the rate hacking example is the ~27000 savings compared to putting 20% down or to putting 3% down and not paying the difference to the first payment?
Compared to 20% down. 3% down + 17% on the first payment creates a lot of savings because the interest rate is lower and the 17% principal payment accelerates the amortization of the loan so the loan is paid off earlier
@@WinTheHouseYouLove Thank you.
Thank You. Now I am clear.
Thanks for watching. :)
What a great video. The new way of 19% + 1% first payment for reduced costs on 20% down.
Thank you so much for watching!! :)
Is it still advantageous for me to have high credit, high down payment and low DTI?
High credit & low DTI → YES
Just do a lower down payment and put the rest on payment 1 like I mentioned for the most benefit.
Its not better to have a lower score, but the people that worked hard for their score and are responsible shouldn't have to suffer for the people that don't try to improve their score, or irresponsible people. System seems broke the past 3yrs.
Thank you for sharing
Credit for sell house
Sellers credit
The clickbait titles i saw online is crazy.
Yes! The were insane
We still are paying a higher rate with scores we worked hard for, whereas as lower credit buyers are having it lowered on the overall loan. I appreciate the video, but it does not change that fact.
I’m not trying to change things. I’m simply explaining what is happening
Kyle I know that you don’t make the rules and you are trying to show people opinions but please show the entire picture, With this changes we will have to pay more for higher credit and down payment, Let use your example $400K loan if I put 3% down I will have to pay PMI which will be much more than $78 per month on $400K loan, Bottom line doesn’t matter what short cut I use I will have to pay more.
If you use the strategy I mentioned PMI will be gone because you hit 20% equity when putting the money on payment 1.
@@WinTheHouseYouLove Will they make that adjustment immediately during the reboot process.
Thank you for what you do Kyle. I always enjoy your clear video presentations.
Mortgage credits
This only applies to conventional. People with below 680 wont even get conventional. People are just mad that others that they consider below them have opportunities. Lol they can cry til they die
Below 680 usually FHA is better
When does the OnlyFans channel start?! 😆😍
I understand that it is not the end of the world but the fact that someone who worked hard and payed their bills on time has to pay extra for somebody else’s mistakes is totally unfair policy. THE RISK BELONGS TO THE LENDER!!
Low credit score people pay more than high credit score people
Kyle, if my student loan is waiting on a discharge decision from the borrower's defense act will they still count that towards my DTI? Payments are now on hold for 10 years per aidvantage until a decision is made. Thanks!
I just recorded a personal video reply for you: vid.us/50l76l
@@WinTheHouseYouLove ok thanks! I'm going to schedule a call because I need your guidance on what I should do😊