How to find the best mortgage rates | advice from a mortgage broker

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  • Опубликовано: 8 сен 2020
  • In this video find out how to find the best mortgage rates. As a mortgage broker, I get to interact with consumers on a daily basis and know from experience they are trying to figure out how to get the best deal on their mortgage. Getting the best mortgage rate is part of the equation but consumers also need to be aware of how to get the best loan. Some loans are very expensive and some loans serve a client's needs and goals better than others. Bunch of very interesting marketing tactics out there so I hope this video helps you navigate them,
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Комментарии • 95

  • @sonderevokingbuns
    @sonderevokingbuns 3 года назад +16

    Literally every time I've done the math on paying for points, investing the money at a 7% return always yields a higher profit. Every single time.

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +3

      I agree wholeheartedly. I generally advise against paying points but plenty of circumstances where paying points is justified and worthwhile. Very dependent on scenario. Thanks for watching!

    • @sam10818
      @sam10818 2 года назад +1

      Can we negotiate on the rate for about .5 points lower without paying the point?

    • @dturtles33
      @dturtles33 2 года назад

      Where can I get 7%!?!?

  • @catherineg8820
    @catherineg8820 3 года назад +1

    Thank you again for the great info!

  • @zoewimmers9330
    @zoewimmers9330 3 года назад +2

    Great video Matt you did a great job explaining the best ways!

  • @TalkwithDennis23
    @TalkwithDennis23 Год назад +2

    What you said in the beginning is what this lender wanted to do to me. They offered me a rate with a cash out value and I accepted it only to give me a different figure a day prior to closing. According to them they miscalculated the appraisal value so they had to reduce my cash out by 4K, I told them I was no longer interested in their offer through text message. After few hours they came back with the exact amount and wanted me to close on the same day but I told them the next day. Finally I closed on my refinance. But I learned a lesson.

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  Год назад +1

      Unfortunately there are some shady MoFo’s still out there. I’ve heard horror stories from inside people at Rocket & Better about how they bait and switch consumers. They don’t rely on referrals or reputation so they’ll do anything for a “sale”

    • @FactStorm
      @FactStorm Год назад

      So in essence, you're telling us this whole industry is legally allowed to F people over, and to deceive them at their own volition.

  • @BanjoFret
    @BanjoFret Год назад +2

    I’m literally awake at 1 am tired as a rock who doesn’t even have to worry about this yet, why am I here help me

  • @ryanmartin6631
    @ryanmartin6631 3 года назад +1

    Great video Matt!!

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +1

      Thanks Ryan! Stay tuned for more. Starting this month I’m aiming for 3 per week 🤙🏻

  • @SacramentoRealEstate
    @SacramentoRealEstate 3 года назад +2

    Great advice is always Matt

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +1

      Thanks Mark. Love all the videos you’ve been putting out on new homes in and around Sacramento

  • @laurabocharov9055
    @laurabocharov9055 3 года назад +2

    Great info!

  • @stevej9134
    @stevej9134 3 года назад +1

    Great stuff ...very promising!

  • @asimmoe424
    @asimmoe424 2 года назад +2

    Thank you .. the great

  • @larryn500
    @larryn500 3 года назад +4

    Common sense advice and love the poster in the background.

  • @namastayhere8179
    @namastayhere8179 Год назад +2

    My husband wants to go with rocket mortgage. They will pay down a point and automatically refinance once the rate goes down. I think we should go with our mortgage loan officer we initially wanted to work with to get al our options on the table. We're first home buyers.

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  Год назад +3

      I 100% recommend whoever you were working with above rocket. Any broker can do a lender paid 1-0 buydown, its nothing special. And anyone can also increase costs of a refinance by $4k then offer you a FREE $4k discount REFI. It's smoke and mirrors, trust me, a local mortgage broker will be a better deal and better advice. LEt us know if you want us to review. cheers! greatmortgagebroker.com/

    • @FactStorm
      @FactStorm Год назад

      Rocket supposedly has one of the lowest rates, but they are also sketchy because their reviews are embarrassingly low

  • @jenniferbranstad2021
    @jenniferbranstad2021 3 года назад +4

    This is great information, thank you!

  • @sorabhutube
    @sorabhutube 2 года назад +1

    Love your videos and the pictures in the back.. I am not in CA .. how can I get access to legit brokers like you who are knowledgeable

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +1

      Thanks for the kind words! My friends at UMortgage can help. Fill out quick form here: www.greatmortgagebroker.com/

    • @sorabhutube
      @sorabhutube 2 года назад

      @@MattTheMortgageGuy thank you already did that this morning.. Hunter Taylor has been aligned i have submitted the details would like to see what comes through...

  • @sorabhutube
    @sorabhutube 2 года назад +3

    Points do make sense in this scenario right ?
    Scenario1
    Points 2135
    Rate 2.99
    Montly premium and interest - 2168
    Scenario 2
    Points 6433
    Rate 2.35
    Montly premium and interest - 2001
    If i pay 4296 more in points in scenario2 which is $12 per month over the life of the loan [ 4296/(30×12)]. And get to pay 167 less per month in Principal and Interest ( 2168 - 2001 ).
    Ie effectively 155 dollars per month cheaper in scenario 2 ( 167-12 = 155 ). Scenario 2 is still better choice right despite paying more points ?
    ** first time buyer learning the ropes to apply for a mortgage.

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +2

      I would never look at it over 30yrs. Chances of you staying in that loan for 30 years is very close to 0%.
      Instead I’d take extra cost / savings
      $4,000 more in points / $150 month in savings (rounded for example) and see where the break even is. In above case roughly 27 months.
      So if you know you’ll be in this loan for atleast 3 years maybe it makes sense.
      Also keep in mind today’s dollars are more valuable than next years and the year after.
      Cheers!

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +1

      matt-the-mortgage-guy-school.teachable.com

    • @sam10818
      @sam10818 2 года назад

      Can we negotiate on the rate for about .5 points lower without paying the point?

  • @tabtab132
    @tabtab132 2 года назад +2

    Can one negotiate on rates and/or shop for best rates AFTER Loan disclosure?

  • @carsonc1272
    @carsonc1272 2 года назад +1

    What if a person got quotes that didn't include points? Then you could do an apples to apples comparison.

  • @louisia9128
    @louisia9128 2 года назад

    Do you recommend a lender to refi in Texas?

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад

      Yeah, my buddy Brandon can help. Fill out quick form here: greatmortgagebroker.com

  • @victorianilsen763
    @victorianilsen763 3 года назад +1

    Do you have a reference for sc refi?
    I got a quote 15y fixed 2.5...yesterday..but lost my page in refreshing page

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +1

      Sharon Skinner Broker/Owner sharon@schomelend.com 864-430-8683 www.schomelend.com

  • @monikaleszko5343
    @monikaleszko5343 2 года назад +2

    If you have amazing credit …you shouldn’t worry about the rates as much right ? 😳
    Please explain Matt lol

  • @sam10818
    @sam10818 2 года назад +3

    Can we negotiate on the rate for about .5 points lower without paying the point?

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +2

      You can try 😄

    • @sam10818
      @sam10818 2 года назад +2

      @@MattTheMortgageGuy Hi Matt, do we need to deposit money to get the loan started. I called Rocket mortgage, they said I need to deposit 500$ for appraisal to get started. I understand that, but will they lock my interest rate without depositing until I finalize the lender?

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +2

      @@sam10818 HUGE RED FLAG! Avoid rocket. Any other lender will lock your loan without deposit. Send the loan estimate from rocket to matt@mtmg.com - we’re happy to help

    • @sam10818
      @sam10818 2 года назад +1

      @@MattTheMortgageGuy thanks Matt! I sent the loan estimate from Rocket on your email.

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +2

      @@sam10818 we’re on it. Brandon or Caylee from my office will reach out soon. Cheers!

  • @xtine8522
    @xtine8522 3 года назад +2

    Explain how the loan with points work

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +1

      See if this one answers your question: ruclips.net/video/xTHUHIaDXEI/видео.html

    • @xtine8522
      @xtine8522 3 года назад

      @@MattTheMortgageGuy thanks

  • @shawn1869
    @shawn1869 3 года назад +1

    2.75% with 15k in credits for a va purchase. What's the going rate with no points on a va?

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +2

      Depends on credit, loan size,… but probably between 2.125% & 2.25%

    • @shawn1869
      @shawn1869 2 года назад

      @@MattTheMortgageGuy would you take the credit and refi later hoping for a lower rate with irrl 6 months down the road or just take the best rate at closing with no credits?

  • @kyled5508
    @kyled5508 Год назад +1

    Can you review my fee sheets from two different brokerage?

  • @KevinBrown-fn2sn
    @KevinBrown-fn2sn 2 года назад +1

    I don't really understand what points are

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +1

      Check out the video I made here: Should I pay points on a Mortgage?
      ruclips.net/video/6Il8kxFku3Y/видео.html

  • @sanmanpatil5733
    @sanmanpatil5733 3 года назад +1

    Anyone provides outsourcing projects

  • @naysanazadilived
    @naysanazadilived 2 года назад +3

    My loan officer told me my rate going to be somewhere around 5% for Morgage loan 😩

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +1

      That’s about right, and getting higher everyday

    • @WaqasKhan-hx4hw
      @WaqasKhan-hx4hw Год назад

      That’s a lot !

    • @calebmelton5989
      @calebmelton5989 Год назад

      @@WaqasKhan-hx4hw it's not really. We've just been spoiled by low rates for 20 years

    • @4X4ish
      @4X4ish 11 месяцев назад

      How about now?

  • @Alex-ll9ds
    @Alex-ll9ds 3 года назад +1

    We’re are u located Matt ???

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +2

      I’m in Calilomia

    • @Alex-ll9ds
      @Alex-ll9ds 3 года назад +1

      Nice us to we live in Bakersfield I had a couple question

    • @Alex-ll9ds
      @Alex-ll9ds 3 года назад +1

      We’re in California is your office

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад

      @@Alex-ll9ds - I’m in Folsom (near Sacramento)
      Shoot me an email to Matt@MattTheMortgageGuy.com and we’ll set up a call

  • @KB-yi3by
    @KB-yi3by 3 года назад +1

    Matt - I found you from @the uneducated economist.

  • @psily007
    @psily007 2 года назад +1

    Matt come to ny !

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  2 года назад +1

      I’ve got a guy on my team licensed in NY. Go to greatmortgagebroker.com and we’ll connect ya!

  • @RicardoHernandez-zr1pw
    @RicardoHernandez-zr1pw 3 года назад +2

    What is paying a point? I don’t get it.

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +1

      Check out this video and let me know if this makes sense: ruclips.net/video/xTHUHIaDXEI/видео.html

    • @RicardoHernandez-zr1pw
      @RicardoHernandez-zr1pw 3 года назад +1

      @@MattTheMortgageGuy Thanks. I will watch it soon because I am in the process of buying a home and shopping around for good rates. My current lender says I have to wait 60 days because of the builder issues. They’re behind in the building process and I want a great rate asap. I hope I didn’t miss the boat.

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 года назад +2

      @@RicardoHernandez-zr1pw - take a look at 60 day and 90 day locks and have your lender present those as options. Sometimes the certainty of being locked will be more important than the "maybe" you'll be able to lock it on a 30day lock down the road for a little less...

    • @RicardoHernandez-zr1pw
      @RicardoHernandez-zr1pw 3 года назад

      @@alwaysinsearch You tell me. I don’t know.

    • @alwaysinsearch
      @alwaysinsearch 3 года назад +2

      @@MattTheMortgageGuy how many lenders should I apply to?

  • @milenaperez5891
    @milenaperez5891 3 месяца назад +1

    5.5 rate is it too high?😢

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 месяца назад +1

      5.5% sounds great
      What type of loan?
      What’s cost of that rate ?

    • @milenaperez5891
      @milenaperez5891 3 месяца назад +1

      @@MattTheMortgageGuy 35 years, I can choice 2 years fixe with rate 5.5 or just variable. 160.000£

    • @MattTheMortgageGuy
      @MattTheMortgageGuy  3 месяца назад +1

      @@milenaperez5891what country?

    • @milenaperez5891
      @milenaperez5891 3 месяца назад

      @@MattTheMortgageGuy Scotland, Edinburgh

  • @satellite2696
    @satellite2696 2 года назад +1

    Anyone who says to smash the like button is automatic dislike.