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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A few videos that might be helpful:
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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.
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!
Can we negotiate on the rate for about .5 points lower without paying the point?
Where can I get 7%!?!?
Thank you again for the great info!
My pleasure Catherine!
Great video Matt you did a great job explaining the best ways!
Thanks ZOE!
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.
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”
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.
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
It's the human condition. It happens to the best of us
Great video Matt!!
Thanks Ryan! Stay tuned for more. Starting this month I’m aiming for 3 per week 🤙🏻
Great advice is always Matt
Thanks Mark. Love all the videos you’ve been putting out on new homes in and around Sacramento
Great info!
Glad you think so! Thanks for watching!
Great stuff ...very promising!
Thanks Steve J!
Thank you .. the great
Thank you too!
Common sense advice and love the poster in the background.
Thanks Larry!
Love that poster!
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.
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/
Rocket supposedly has one of the lowest rates, but they are also sketchy because their reviews are embarrassingly low
This is great information, thank you!
Thanks for watching!
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
Thanks for the kind words! My friends at UMortgage can help. Fill out quick form here: www.greatmortgagebroker.com/
@@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...
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.
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 / $150 month in savings (rounded for example) and see where the break even is. In above case roughly 27 months.
So if you know you’ll be in this loan for atleast 3 years maybe it makes sense.
Also keep in mind today’s dollars are more valuable than next years and the year after.
Cheers!
matt-the-mortgage-guy-school.teachable.com
Can we negotiate on the rate for about .5 points lower without paying the point?
Can one negotiate on rates and/or shop for best rates AFTER Loan disclosure?
you can.
What if a person got quotes that didn't include points? Then you could do an apples to apples comparison.
Do you recommend a lender to refi in Texas?
Yeah, my buddy Brandon can help. Fill out quick form here: greatmortgagebroker.com
Do you have a reference for sc refi?
I got a quote 15y fixed 2.5...yesterday..but lost my page in refreshing page
Sharon Skinner Broker/Owner sharon@schomelend.com 864-430-8683 www.schomelend.com
If you have amazing credit …you shouldn’t worry about the rates as much right ? 😳
Please explain Matt lol
I don’t follow 🧐
Can we negotiate on the rate for about .5 points lower without paying the point?
You can try 😄
@@MattTheMortgageGuy Hi Matt, do we need to deposit money to get the loan started. I called Rocket mortgage, they said I need to deposit 500$ for appraisal to get started. I understand that, but will they lock my interest rate without depositing until I finalize the lender?
@@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
@@MattTheMortgageGuy thanks Matt! I sent the loan estimate from Rocket on your email.
@@sam10818 we’re on it. Brandon or Caylee from my office will reach out soon. Cheers!
Explain how the loan with points work
See if this one answers your question: ruclips.net/video/xTHUHIaDXEI/видео.html
@@MattTheMortgageGuy thanks
2.75% with 15k in credits for a va purchase. What's the going rate with no points on a va?
Depends on credit, loan size,… but probably between 2.125% & 2.25%
@@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?
Can you review my fee sheets from two different brokerage?
Team@mtmg.com
I don't really understand what points are
Check out the video I made here: Should I pay points on a Mortgage?
ruclips.net/video/6Il8kxFku3Y/видео.html
Anyone provides outsourcing projects
johnny appleseed
My loan officer told me my rate going to be somewhere around 5% for Morgage loan 😩
That’s about right, and getting higher everyday
That’s a lot !
@@WaqasKhan-hx4hw it's not really. We've just been spoiled by low rates for 20 years
How about now?
We’re are u located Matt ???
I’m in Calilomia
Nice us to we live in Bakersfield I had a couple question
We’re in California is your office
@@Alex-ll9ds - I’m in Folsom (near Sacramento)
Shoot me an email to Matt@MattTheMortgageGuy.com and we’ll set up a call
Matt - I found you from @the uneducated economist.
Awesome! Thanks for stopping by! I'm a big fan of UE
Matt come to ny !
I’ve got a guy on my team licensed in NY. Go to greatmortgagebroker.com and we’ll connect ya!
What is paying a point? I don’t get it.
Check out this video and let me know if this makes sense: ruclips.net/video/xTHUHIaDXEI/видео.html
@@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.
@@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...
@@alwaysinsearch You tell me. I don’t know.
@@MattTheMortgageGuy how many lenders should I apply to?
5.5 rate is it too high?😢
5.5% sounds great
What type of loan?
What’s cost of that rate ?
@@MattTheMortgageGuy 35 years, I can choice 2 years fixe with rate 5.5 or just variable. 160.000£
@@milenaperez5891what country?
@@MattTheMortgageGuy Scotland, Edinburgh
Anyone who says to smash the like button is automatic dislike.
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