Timestamps! 0:15 Underwriting fees and points 1:43 How to watch for point stuffing 3:26 Should you waive escrows? 4:31 Credit score brackets to get the best rate 5:58 How your down payment affects your rate 7:28 How banks charge more money 8:58 How marketing ruined mortgage shopping 10:37 An easy way to save money through the date you close 11:31 The #1 thing you need from a lender 13:30 Do you need an escrow account?
Just refinanced and all fo this is true! One bank was trying to charge me points (even though my credit score is over 750) and extra fees, a total of 3K over the other bank, AND the rate was 3.35%. The other bank had 3K less in fees, got rid of my PMI because I met the 80% after appraisal, and my rate is 3.125% (no points)! Shop around, because as this guy said banks will try and rip you off, the first loan was through my credit union too!
I'd say you're being ripped off paying well over 150k all because you decided to borrow 200k. The whole system is rigged. I'd rather pay cash for a house. Perfect credit just to rip you off. More like Perfect candidate to reliably make money off of
I watch almost all of your videos. You sound very well and have a easy listen voice! you articulate very well and you make things very easy to understand. I really like these videos!
Your videos are SO useful! I wish every homebuyer watched just 3 of your videos and they would come out way ahead. I will definitely ask future lenders to show me the different rates for different down payments. Great advice!
I had no clue smaller loans were actually riskier for lenders... And I've definitely had tunnel vision re: interest rates, so this was, as usual, very informative!
This video and your whole page is probably the most clear and helpful videos on YT about Loans & mortgages. I appreciate all the work you put in and honesty!
This is amazing! I just learned so much. We are buying a house and were going to go with a Bank because we thought that would be the best. Instead, our real estate agent recommended to talk to a Broker. Nice to know that a Broker doesn't cost us money. Didn't know about the down payment and % correlation. Really appreciate all this info. and the way you do it is extremely helpful!
Exactly! Please consider getting licensed in Georgia.. we need u.. if u ever have an in person seminar I would definitely come! I feel so informed since I’ve started watching your videos.. thank u!
I’m working with Quicken Loans and he ‘s right. I asked them to bring down the origination cost or points which are 4,000. They brought it down by $700.00. Total closing $6500
Thank you so much for your videos. I did not know that I can waive escrow. My closing cost was estimated 19000 but when I had to lock my rate closing cost showed 25000 with escrow. Thank you again
Keep up the great work brother! Love the content. The Mrs and I are closing in 3 weeks and you have helped us first timers learn so much. Would you mind doing a video on Jumbo Loans Products?
Main issue I see with taking a higher rate to get a lower cash at close is in the future either interest rates may go up or you may be in a different financial situation and can’t refi to the lower rate. For example a spouse who had income included now isn’t working (kids, whatever) and won’t bring income to the table.
1st time buyer here: Great video by the way! Ive been approved by a lender and currently looking for a house. When do you actually shop mortgage deals with a Lender/Broker? When you have a contract in place or in the beginning when you're just starting to look at houses/now that I've been approved? Just learned that I need to shop a Broker too, great content, very helpful. Thank you!!
does anybody know why discounts points show a negative amount? e.i -$2,225 and they are not shown in the loan estimate? it shows on the uniform loan app.. thanks in advance!
Great question! Negative amounts for discount points usually reflect a lender credit given to you to help cover closing costs, and they might not always appear directly on the loan estimate but could be detailed separately in the application documents
Yes! Back when I made this video I hadn't yet made that tool and was using software that was $100/mo (which is an insane price). The LCA is only $25 one time
Can you explain what you mean when you say bigger banks can make more money on government loans? are you talking about keeping the credit on the YSP? On the broker side, thats a credit given to the buyer, is that kept as profit on the retail side?
Great question! Bigger banks might profit more on government loans because they retain the Yield Spread Premium (YSP) as profit, while brokers often pass this as a credit to the buyer.
Thank you for the informative video . that part you are saying we get llie $2000 free money if we ask for higher interest rate of %4.5 or %5 although my lender is giving %4 interest rate. Where does free money come from please?
but when you refinance to that lower rate, there are closing costs again no? so that strategy doesnt make sense to me. The getting a higher rate now for credits
Kyle, doesn’t the APR act as a total cost analysis as it combines the effective cost of all fees and the rate over the lifetime of the loan? So we should compare APR’s over rate and that’s the same as total cost analysis?
Excellent question! The APR would indeed function in a similar way to a total cost analysis with one big flaw: it won't show you the trend through the years. The APR will only really tell you the total cost at the end of the loan. Loans have different "momentums" of their cost through the years. e.g. Loan A might be cheaper in years 1-8 and Loan B might be cheaper in years 8 - 30. So, something like a total cost analysis can help you analyse the timeframes that result in the best choice since most people don't hold on to one specific loan until maturity.
You put less down to get a lower rate but you end up having monthly mortgage premium. How does that makes sense? Also, if you are financing a higher loan amount when you do less down, so you're paying more interest in the life of the loan
@@WinTheHouseYouLove you have to be at 78% for mi to fall off, if you were going to do 20 down, you have to bring 2% more. Better option would be put that 15% into improving the property, like adding a ADU, it creates value, you can rent it out and call your lender to do a appraisal and remove mi
Hi, I'm trying to refinance my house. One company wants me to refinance back to an FHA cash out and took out an higher interest rate of 4.725 with a $2500 closing costs & the appraisal is included in the mortgage. While the other company offer me a conventional cash out with a 4.125 with a $10 closing costs. However, I'm planning on doing another refi in 6 months to get a better interest rate. Which company should I go with? Help!
Hi Kyle, you have heard probably over millions of times, you are THE BEST!! Do you do Florida loans? Need to make decision now. Can you let me know ASAP.? Thanks!
I don't think you explained that when you refinance, you will pay closing fees that may be the equivalent of what you saved by going up to a higher interest rate to save some money.
Can I contact you for a refi on investment home and loan on a new primary residence in Florida. My investment home has a VA loan at 3.625% with 111,713 loan remaining
I just wrote on one of your other pages, The question I have now is the rates are like 2% plus and maybe a little higher, Do you still recommend going up a little higher on the rate to save money when refinancing. I love your content.
Loved this. Low cost ?? If currently approved for 2.85% with 3% down, its about $10k to close it up... should it utilize your strategy to ask for a higher rate then refinance in a month or two? Is that even possible?
Hi! You will be taking the state-approved real estate sales course then pass the licensure, then take the real estate broker course... then pass the licensure. :)
Despite having a credit score over 800 I was told by my lender that I HAD to escrow taxes otherwise i would have to pay a higher rate. I also had to pay half a point to get the rate i thought I was going to get to begin with. I know rates went up slightly (2.88%) but when I locked my rate it was 2.75% and then when it was time to process the docs I learned I had to pay a half a point to actually get that. I felt a bit robbed. And I am putting 20% down. This person said they had various lenders to shop from.
Could you please recommend a honest, experienced and competent mortgage broker who knows the Center City Philadelphia market? I am learning so much from this video. Thank you, Kyle!
Sorry, but they help me have time to put out all this info for free. It's either ads, or I don't make more videos because I need to put food on the table 💁♀️
Timestamps!
0:15 Underwriting fees and points
1:43 How to watch for point stuffing
3:26 Should you waive escrows?
4:31 Credit score brackets to get the best rate
5:58 How your down payment affects your rate
7:28 How banks charge more money
8:58 How marketing ruined mortgage shopping
10:37 An easy way to save money through the date you close
11:31 The #1 thing you need from a lender
13:30 Do you need an escrow account?
🎧 Listen To The Podcast
plinkhq.com/i/1493715474
💰 7 Proven Ways To Save Thousands On Your Home
www.winthehouseyoulove.com/free
Just refinanced and all fo this is true! One bank was trying to charge me points (even though my credit score is over 750) and extra fees, a total of 3K over the other bank, AND the rate was 3.35%. The other bank had 3K less in fees, got rid of my PMI because I met the 80% after appraisal, and my rate is 3.125% (no points)! Shop around, because as this guy said banks will try and rip you off, the first loan was through my credit union too!
Great insight!
My credit union offended me
I'd say you're being ripped off paying well over 150k all because you decided to borrow 200k. The whole system is rigged. I'd rather pay cash for a house. Perfect credit just to rip you off. More like Perfect candidate to reliably make money off of
@@MrDerekRobinson best comment 👌 facts
I watch almost all of your videos. You sound very well and have a easy listen voice! you articulate very well and you make things very easy to understand. I really like these videos!
Thanks so much!!
I thought the same thing. His voice is calming.
I understand bro I love his voice lol
Absolute star in your field! Heart of gold. That you sir!
Wow, thank you!
Your videos are SO useful! I wish every homebuyer watched just 3 of your videos and they would come out way ahead. I will definitely ask future lenders to show me the different rates for different down payments. Great advice!
Thank you SO much!
Hands down this is the best video I've seen in this subject. You just win a subscriber.
Thank you so much for the kind comment!! Glad it was helpful :)
I had no clue smaller loans were actually riskier for lenders... And I've definitely had tunnel vision re: interest rates, so this was, as usual, very informative!
Glad I was able to sneak something new in there!
I just learned this too! I've been saving to do 50% down!
I love your content on mortgage loans and you have such a soothing voice! Sometimes, I fall asleep listening to it (not in a bad way).
This video and your whole page is probably the most clear and helpful videos on YT about Loans & mortgages. I appreciate all the work you put in and honesty!
That’s so kind of you!!! Thank you so much for watching :)
This is amazing! I just learned so much. We are buying a house and were going to go with a Bank because we thought that would be the best. Instead, our real estate agent recommended to talk to a Broker. Nice to know that a Broker doesn't cost us money. Didn't know about the down payment and % correlation. Really appreciate all this info. and the way you do it is extremely helpful!
I'm so glad to hear!! Thanks for watching :)
Absolutely loving how clearly you communicate the info and the included timestamps are amazing!!!!
Thanks so much! I'm glad you like the videos!
Wow, thanks a million Kyle! Just stumbled onto your channel- considering a first time home purchase and this was very helpful!
Thank you so much! I'm glad it was helpful!!
I love your tone of voice and how you explain everything so simple! I wish you served in the Atlanta area 😩
Thank you so much!!
Exactly! Please consider getting licensed in Georgia.. we need u.. if u ever have an in person seminar I would definitely come! I feel so informed since I’ve started watching your videos.. thank u!
Thank you, thank you!!!! I just bought mine at 2.75 fixed interest rate!
Congrats!!!
And typing notes is definitely easier to follow!
Great!!
Kyle, I wish I found you before. But definitely will contact you for my next deal. I love how you explain everything in detail and so transparent.
Awesome! Thank you!
I’m working with Quicken Loans and he ‘s right. I asked them to bring down the origination cost or points which are 4,000. They brought it down by $700.00. Total closing $6500
Thanks for sharing :)
Thank you so much for your videos. I did not know that I can waive escrow. My closing cost was estimated 19000 but when I had to lock my rate closing cost showed 25000 with escrow. Thank you again
Wow! Thanks for watching!
New to your channel, just subscribed! Wow super detailed. Taking notes! Thank you!!!
Awesome! Thank you!
Keep up the great work brother! Love the content. The Mrs and I are closing in 3 weeks and you have helped us first timers learn so much.
Would you mind doing a video on Jumbo Loans Products?
Thanks! Great suggestion!! I've been hearing more and more about them recently, so I will add it to my video ideas list :)
Thanks! Great suggestion!! I've been hearing more and more about them recently, so I will add it to my video ideas list :)
Glad i came upon your channel. Thanks for your service.
Thank you so much for watching!! :)
Thank you for this information! You are a Godsend!
Happy to help!
Hi! New follower here! I’m a realtor and love your videos!
Awesome! Thank you!
Kyle, I really don't understand why interest rate is not a cost? Could you maybe do another video with a detailed explanation with calculations etc?
Main issue I see with taking a higher rate to get a lower cash at close is in the future either interest rates may go up or you may be in a different financial situation and can’t refi to the lower rate. For example a spouse who had income included now isn’t working (kids, whatever) and won’t bring income to the table.
Thank you for sharing your perspective.
Thank you very much for taking the time to go through all steps very insightful.
Glad you enjoyed it!
Brilliantly explained!!
Glad you think so! Thanks for watching. :)
This was such great info!! One of your best! Thank you for all you do.
Glad you enjoyed it!
So much value, thank you!
Thanks!
The down payment section about smaller loans being more expensive blew my mind.
It's wild! So many little rules in the mortgage world that can make big differences!
1st time buyer here: Great video by the way! Ive been approved by a lender and currently looking for a house. When do you actually shop mortgage deals with a Lender/Broker? When you have a contract in place or in the beginning when you're just starting to look at houses/now that I've been approved? Just learned that I need to shop a Broker too, great content, very helpful. Thank you!!
Ideally before you go under contract
I enjoy your videos a lot, very informative👍🏽 Do these apply to refinancing as well?
Yes it does!
does anybody know why discounts points show a negative amount? e.i -$2,225 and they are not shown in the loan estimate? it shows on the uniform loan app.. thanks in advance!
Great question! Negative amounts for discount points usually reflect a lender credit given to you to help cover closing costs, and they might not always appear directly on the loan estimate but could be detailed separately in the application documents
What does it mean if a lender says Par rates arent available?
Amazing video. Would your real cost analysis be your "Loan Clarity Advisor" tool that you just created?
Yes! Back when I made this video I hadn't yet made that tool and was using software that was $100/mo (which is an insane price). The LCA is only $25 one time
Fantastic, thank you for this advice
My pleasure!
Can you explain what you mean when you say bigger banks can make more money on government loans? are you talking about keeping the credit on the YSP? On the broker side, thats a credit given to the buyer, is that kept as profit on the retail side?
Great question! Bigger banks might profit more on government loans because they retain the Yield Spread Premium (YSP) as profit, while brokers often pass this as a credit to the buyer.
Thank you for the informative video . that part you are saying we get llie $2000 free money if we ask for higher interest rate of %4.5 or %5 although my lender is giving %4 interest rate. Where does free money come from please?
Thank you so much, love your content
What is the good company to go for refinance our home ?
Great video. I just didn't understand the "focus on low costs" part. If anybody could explain it a bit, I would greatly appreciate it.
Low closing costs from the lender
@@WinTheHouseYouLove Thank you, Kyle. I wish you lots of success in all your endeavors, and thank you for such great content.
but when you refinance to that lower rate, there are closing costs again no? so that strategy doesnt make sense to me. The getting a higher rate now for credits
Yes, but minimal. The benefits almost always outweigh the costs.
Can you wave prepaid and escrows with the VA loan?
Hi Kyle , I just love ❤️ how explain things , could you explain in detail , what is point stuffing?
Thanks for watching! Point stuffing is when a lender adds up front costs to lower the rate.
Thank you for quick reply , can I have your phone number that you shared on the other video the other day?
Beautiful guitar there, is that a Taylor? I have an Alvarez Dreadnought and noodle around with bluegrass flatpicking
Thanks! Yep, a Taylor 210. I don't have an Alvarez, but they're such good guitars!!
Kyle, doesn’t the APR act as a total cost analysis as it combines the effective cost of all fees and the rate over the lifetime of the loan? So we should compare APR’s over rate and that’s the same as total cost analysis?
Excellent question! The APR would indeed function in a similar way to a total cost analysis with one big flaw: it won't show you the trend through the years.
The APR will only really tell you the total cost at the end of the loan. Loans have different "momentums" of their cost through the years. e.g. Loan A might be cheaper in years 1-8 and Loan B might be cheaper in years 8 - 30.
So, something like a total cost analysis can help you analyse the timeframes that result in the best choice since most people don't hold on to one specific loan until maturity.
You put less down to get a lower rate but you end up having monthly mortgage premium. How does that makes sense? Also, if you are financing a higher loan amount when you do less down, so you're paying more interest in the life of the loan
You put the remainder on the 1st payment and then MI falls off.
@@WinTheHouseYouLove you have to be at 78% for mi to fall off, if you were going to do 20 down, you have to bring 2% more. Better option would be put that 15% into improving the property, like adding a ADU, it creates value, you can rent it out and call your lender to do a appraisal and remove mi
Really helpful.
Glad to hear! Thanks for watching. :)
Hi,
I'm trying to refinance my house. One company wants me to refinance back to an FHA cash out and took out an higher interest rate of 4.725 with a $2500 closing costs & the appraisal is included in the mortgage. While the other company offer me a conventional cash out with a 4.125 with a $10 closing costs. However, I'm planning on doing another refi in 6 months to get a better interest rate. Which company should I go with? Help!
It depends to you but for me I'd get the lower interest. :) best of luck!
Hi everyone
Morgage loan
State, Utah
Year, 30 years fixed
Rate, 2.779
Is it a good deal
Looks good to me
Can you pay the Closing Cost and Point upfront all cash?.
Yep!
What are the interest rate brackets?
It's will always depend on the program you choose. Thanks for watching!
Hi Kyle, you have heard probably over millions of times, you are THE BEST!! Do you do Florida loans? Need to make decision now. Can you let me know ASAP.? Thanks!
Thanks!! I can connect you with a loan officer our team who can help in Florida: www.winthehouseyoulove.com/
@@WinTheHouseYouLove Thank you much. How do I reach out to you privately for me email info?
I don't think you explained that when you refinance, you will pay closing fees that may be the equivalent of what you saved by going up to a higher interest rate to save some money.
You certainly need to find the breakeven of a refinance
To all the audophilles, that is a high quality audio, did you hear the echo when he accidentally hit the mike at @1:13 . Good Work 👌👌
It's because there is a spring on the mic stand that is vibrating haha
Can I contact you for a refi on investment home and loan on a new primary residence in Florida. My investment home has a VA loan at 3.625% with 111,713 loan remaining
I just wrote on one of your other pages, The question I have now is the rates are like 2% plus and maybe a little higher, Do you still recommend going up a little higher on the rate to save money when refinancing. I love your content.
If it works for your situation then yes :)
Tom Hiddleson of Realtor!!!
Haha
how to do real cost analysis?
Hi! You can check out this video. ruclips.net/video/DUlysTfrVMY/видео.html
great video!
Thanks!
what software do use use for your videos? - (I'm a realtor. Love your channel)
Thanks!
I use Final Cut Pro :)
Is it true that brokers can’t re-cast loans like big banks can?
You'd just recast your loan with the lender the broker placed you in. There is no difference. You don't need a loan officer to re-cast.
@@WinTheHouseYouLove do all your lenders recast?
Loved this. Low cost ?? If currently approved for 2.85% with 3% down, its about $10k to close it up... should it utilize your strategy to ask for a higher rate then refinance in a month or two? Is that even possible?
Thanks!
I doubt a refinance that quickly would provide you with enough savings to offset the cost.
Hi, what software or website are you using to show your ipad on the screen along side you while you are speaking?
Johnnie Owens I just screenrecord the iPad and overlay it on the video in Final Cut Pro X
What do you mean in broker ?
A broker is a type of loan officer
I wanted to waive escrow but my servicer told me there is a 0.25% fee to do so.
Some lenders charge to waive it
Is it cheaper to refinance with your lender
It's possible they will offer discounts to keep you. Always worth shopping to see multiple offers
what software do you use to record your videos?
Final Cut Pro
@@WinTheHouseYouLove I have it to, and Adobe premiere Pro just haven’t taken the time to learn it.
What education do you need to become a broker?
Hi! You will be taking the state-approved real estate sales course then pass the licensure, then take the real estate broker course... then pass the licensure. :)
Can you help not get scam
Are you licensed in Tennessee?
Our team is, text #apply to 937-358-6542 and I can connect you
Good stuff
Glad you enjoyed!
What state you are?
I'm in Ohio
It has been my experience that the borrower saves .25% on the interest rate when they opt For impounds.....
With some lenders it's possible! All the lenders I work with do not charge a fee for waiving escrows.
Costco mortgage?
I'm not too familiar with them
I wish you worked in Maryland :(
Me too!
always A.World I wished he did too..wise lender that positions the buyer correctly!!!This does not always happen, cmon take the test !! Lol
Haha my company only allows me to be licensed in 3 states currently :(
I wish I could take you with me when I go through the process. Lol.
😂 I can't fit your pocket. Thanks for watching!
Despite having a credit score over 800 I was told by my lender that I HAD to escrow taxes otherwise i would have to pay a higher rate. I also had to pay half a point to get the rate i thought I was going to get to begin with. I know rates went up slightly (2.88%) but when I locked my rate it was 2.75% and then when it was time to process the docs I learned I had to pay a half a point to actually get that. I felt a bit robbed. And I am putting 20% down. This person said they had various lenders to shop from.
That's frustrating! Some lenders do charge a waiver fee. Most that I've worked with don't
Waiving escrow is not a good idea for Texas residents property tax that is why we don't have a state tax they make it up with property tax
wow. didnt know u could waive escrow services , interesting...
For sure!
I’d be extremely happy if you helped me refinance my current FHA Loan into a Conventional Loan.
You can text me at 937-358-6542 and I can connect you with a loan officer
downpayment stuff was good
Glad you found it helpful!
Can i work with you. I would love 2 plz
Sure thing, head over to www.winthehouseyoulove.com/ to start an application or schedule a call
Could you please recommend a honest, experienced and competent mortgage broker who knows the Center City Philadelphia market? I am learning so much from this video. Thank you, Kyle!
Thanks for watching! I have a link on my homepage www.winthehouseyoulove.com/
too many damn ads
Sorry, but they help me have time to put out all this info for free.
It's either ads, or I don't make more videos because I need to put food on the table 💁♀️
Don’t worry Kayle , it is worth to watch the ads to hear your soothing voice with very good information