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Low Interest Rates Are On SALE with These "Secret" Mortgages
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- Опубликовано: 17 авг 2024
- Want a lower interest rate? What about no closing costs? Or maybe you WISH you could have a couple months of no mortgage payments? What if we told you that with the right mortgage (and lender), you could pick and choose which of these benefits you want added to your next loan?
It’s Monday, and that means it’s time to talk about mortgages. Wait, scratch that-burgers. It’s time to talk about burgers and fries. David and Christian would like two Flying Dutchman orders with Animal Style fries on the side-but go heavy on the sauce.
Don’t know what we’re talking about? Like your favorite burger chain's secret menu, mortgage brokers also have access to a secret mortgage menu that can score you a massive amount of savings.
Some of these perks are too good to believe-but they’re true. Whether you want a low mortgage rate, some cash back at closing, no escrow payments, or two mortgage-free months, these are the hacks you can use to snag a mortgage most Americans wish they could get their hands on.
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00:00 The Secret Mortgage Menu
01:14 1. The Rate Schedule
03:10 The "Break-Even" Point
04:49 2. On Sale Rates
07:22 High Rate? Not a Problem!
08:01 3. No Mortgage For 2 Months!
10:17 4. Waived Escrow Payments
I paid 17k to buy my rate from 6.75 to 4.99. It lowered my mortgage by 500 dollars a month and my break even rate was 2 years 9 months. Then the a/c and furnace were a little older, so I negotiated 7k in concessions. When I finally closed, it was 20k close (3k closing costs+17k to buy down rate) minus 7k in concessions. I ended up paying 13k.
Most loan officers I've dealt with want to sell you the loan that puts more money in "their" pocket. They get frustrated when you're educated. Not all but a lot of them.
@BigPimpin101 That’s really with mortgage brokers, when you get your loan directly from the lender, you can get the lowest rate.
@andreadavistucker Yep, I got my best rates going direct but with my eyes wide open.
I got the 2:1 buydown with 3.5% the seller gave me as concessions, year one 4.99%, year two 5.99% from year three on 6.99%; I needed only the 3% down for a conventional mortgage , but got a grant from the mortgage lender of the 2% for down payment leaving me only for me to pay 1% as down payment.
So combining concessions between the seller and lender my cash to bring at the closing was less than $5k
Can you share how you get 2% down payment? What requirement to eligible for?
Closing on a property 2nd - 5th is great advice, thank you
Imagine getting two months without paying your mortgage by adjusting when you close the deal. That could help you fix up your new place or cover other expenses!
Intro is BRILLIANT. Exited to see the rest
That zooming "in & out" is very annoying.
First off, as a person who loves flying dutchmans, I wholeheartedly appreciate the intro😂😂😂
In n out squad!
Awesome information. Thank you for sharing!
Can you add some more zooming? My eyes are still working
Interesting theory on the closing date. That is the first time Inhave heard to cloae at the beginning of the month. Digging it
The intro was neat man I liked that a lot
The no mortgage for two months is not true! If you close at the beginnging of the month, that month is prorated into the 2nd month. The 2nd month's payment is due according to whatever you loan documents state. This information is found on your HUD/Closing statement. If this were true, everyone woud be closing at the beginning of the month.
You are correct, but the principle, taxes and insurance during those months are nice to not see auto debited out of your account every month and there is some net savings there! But very true point that the interest is prorated for the first month! We also discussed this right after the comment in the video but appreciate you keeping us honest!
@@christianbachelder8608Hey Christian, I’m working with one of your guys but not very helpful. Could you help me out!
THANK YOU so much for this you don't know how grateful I am - right on time information!
What's your opinion on the Plainfield, New Jersey apartment buildings being condemned and the tenants being evicted with a 24 hour notice?
Zooming used judicially can be impactful, but using like hype, is not.
Yes, too much zooming lol. I missed what was being said from laughing at how many times it was zooming in.
Esp love not having lender keep the taxes and insurance cause then you can keep that money into a high yeild savings or checkin account and at least make some money until due!
How can you calculate when to close if you're looking at properties it might not be middle of month that you find something and then you tell the realtor to close on the second of the month? Isn't that based on other factors
Wow. This was so good! 12:43
Can you also transfer or sell your low rate mortgage (3%)? Aside from the price of the house can you ask for 50 or 100K to transfer that mortgage to someone else that way they don’t have to go with a 8% and save a lot of money
Yessir its called subject to sale.
Great episode... Very informative!
Is there other escrow waiver for lower than 20% down? I want to buy investment property with the minimum upfront but don’t know what loan program allows it?
Do you deal with out of country investors?
This there any good renovations loans at the moment?
ROFL great intro!!!
great video
You guys should develop a training game that takes a player through the whole rental investment process, the who deal with the possibility of losing and learning from that.
Hahaha love the intro
Why dose the Video keep on zooming in and out 🤬👹
This is solidddddd
Great information ❤😂😂
Any way to get a loan for half of a single family property without causing your partner to refinance?
Apply for zoning permit (depends on county), pay lawyers to create master deed that defines common areas and units, partner sells you basement as condo, partner later created condo association documents so you can't park in your own driveway.
WHATABURGER'S BETTER!!!
Lies😂
Not even close
Genius
Mmmm tasty
Thanks guys for losing me a prime four Plex of a lifetime for not discussing all my options or doing adequate problem solving for me!