1:15 Not shopping around to compare lender fees/rates. Have quotes on the same day. Rates change daily. 4:02 Not understanding what the fees are listed on the loan estimate. Be aware of "junk fees" and points to buy down the interest rate. 5:41 Not understanding APR and using as a comparison for interest rate. Interest rate and APR are not the same. 7:11 Going with the lender that has the lowest interest that has the lowest payment (by default). Having an expert is important. 9:18 Getting pre--qualified VS pre--approved. Lender should review all income ans credit documents to complete underwriting.
I have to re-iterate working with an expert when it come to getting the deal done. I had a horrible experience with an online lender recently and after multiple extensions we almost lost a great deal and my earnest deposit. We just sneaked through but it took a lot of pushing and calling from my part to get the loan officer to move forward. I found myself submitting the same documents (which he should have collected in the beginning) multiple times, at an adhoc way. I was fortunate the seller was cool and stuck with me through almost 60 days before closing. The at the end, the agent stated, it was a good learning experience for him.. I was like for me also, to not use your bank again. Jeb, when you say find an expert, how do we know its an expert? especially if you're going to purchase in another state?
I am a first-time home buyer. I have an existing home that I inherited that I am selling. For the new home I'm buying, the builder has their own finance company that is covering the closing cost. Should I still shop around or are those closing costs so significant that I should just stick still that lending company? With that, the process takes 30 days. I've been ready to move like yesterday. Lol!
I just went thru the entire home buying process and it was a complete and total nightmare both with my realtor and going thru a few lenders I just gave up, gonna try again next year.
Another question. After getting a pre approval from one lender, are you suggesting that I should shop for lenders as soon as I get in contract? So the 45-day period applies to the moment I sign a purchase agreement to closing?
Jeb, quick question. What if we're trying to puchase a house in another state. So if I live in bay area and trying to purchase in Seattle... Can I still go to my local bank and get a loan or do I need to go to seattle bank? I asked my credit union, they said no. Which is understandable, what if its one of those big banks?
Jeb. My lender just tells me how much I need to bring in to the table at closing. She says cost of buying down a few points to the most desirable is already included. And I gathered that closing costs are included in my mortgage (in the loan). I used this same lender three times in the past, so I trust them, but it is difficult to compare with other lenders. Plus I probably want to pay cash for closing cost, instead, so I minimize the loan amount. Is she truthful or just not good with numbers? I feel that she just plugs in numbers and read the final to me.
I have a question. My credit score apparently isn’t “good” enough, shows 690-700 but it’s a thin file, I’ve paid everything with checks and in full including my current house is paid off and currently pending sale. So, my question is THIS, I know prices are going to drop in winter like in 2008, well, it’s been a word anyways…. We have to find a house ASAP…. I apparently can’t get a mortgage, unless they do portfolio of 12 months payment with a local bank or something….. We will be getting a cash amount for sale, but it’s not quite enough right now to buy a house off. So my question is do I keep pressing to get a mortgage through the portfolio , or quite possibly believe that we will find something to pay off with cash 😬😬😬
Hard to say, I don't think you're going to see a big change in prices but that's just my opinion..........It sounds like the portfolio may be your best way to get into a home.
Buying a home is a very stressful process. Glad I had a great lender to help me out step by step.
That's awesome. Congrats
1:15 Not shopping around to compare lender fees/rates. Have quotes on the same day. Rates change daily.
4:02 Not understanding what the fees are listed on the loan estimate. Be aware of "junk fees" and points to buy down the interest rate.
5:41 Not understanding APR and using as a comparison for interest rate. Interest rate and APR are not the same.
7:11 Going with the lender that has the lowest interest that has the lowest payment (by default). Having an expert is important.
9:18 Getting pre--qualified VS pre--approved. Lender should review all income ans credit documents to complete underwriting.
Thanks Jennifer 🙏
I have to re-iterate working with an expert when it come to getting the deal done. I had a horrible experience with an online lender recently and after multiple extensions we almost lost a great deal and my earnest deposit. We just sneaked through but it took a lot of pushing and calling from my part to get the loan officer to move forward. I found myself submitting the same documents (which he should have collected in the beginning) multiple times, at an adhoc way. I was fortunate the seller was cool and stuck with me through almost 60 days before closing.
The at the end, the agent stated, it was a good learning experience for him.. I was like for me also, to not use your bank again.
Jeb, when you say find an expert, how do we know its an expert? especially if you're going to purchase in another state?
Fantastic information all around. Even for those who have a fairly good knowledge base it’s great to hear it broken down into simplistic language.
Glad it was helpful!
Great video.. famous Jeb quote “Good stuff”
😂. Love it
I’m a first time home buyer my god I made so many mistakes 🤨 now I know the horrors n I have enough material to write a book
Unfortunately, you don't know what you don't know
Great information and I made sure to work with an expert and I got pre-approved!
Great job!
I am a first-time home buyer. I have an existing home that I inherited that I am selling. For the new home I'm buying, the builder has their own finance company that is covering the closing cost. Should I still shop around or are those closing costs so significant that I should just stick still that lending company? With that, the process takes 30 days. I've been ready to move like yesterday. Lol!
Where can I look mortgage interest rate/marketplace without giving any information?
I was wondering if these month interest might go up or down?
www2.optimalblue.com/obmmi/
Thank you for this info! 💜
🙏
Good Info. It gives us good Insight. 💛
Great video sir!
Thank you.👍
Jeb: *Posts new content.*
Me: *Opens link. Hit like*
❤️
LOL! Same! 😄
Yes, same. Very helpful.
Exactly, same here. before the video even starts just like. I know what to expect.
Great tips! Thanks!
🙏🙏🙏
I just went thru the entire home buying process and it was a complete and total nightmare both with my realtor and going thru a few lenders I just gave up, gonna try again next year.
That stinks..........sorry to hear that.
Good tips. Thank you
Another question. After getting a pre approval from one lender, are you suggesting that I should shop for lenders as soon as I get in contract? So the 45-day period applies to the moment I sign a purchase agreement to closing?
No, shop when you get the pre-approval from the other lender. You have 45 days from when your credit was first pulled. Time is of the essence.
Jeb, quick question. What if we're trying to puchase a house in another state. So if I live in bay area and trying to purchase in Seattle... Can I still go to my local bank and get a loan or do I need to go to seattle bank? I asked my credit union, they said no. Which is understandable, what if its one of those big banks?
Jeb. My lender just tells me how much I need to bring in to the table at closing. She says cost of buying down a few points to the most desirable is already included. And I gathered that closing costs are included in my mortgage (in the loan). I used this same lender three times in the past, so I trust them, but it is difficult to compare with other lenders. Plus I probably want to pay cash for closing cost, instead, so I minimize the loan amount. Is she truthful or just not good with numbers? I feel that she just plugs in numbers and read the final to me.
What about if the expert don’t keep the loan on their profolio and I can sold my loan ? If I have a conforming loan is going to be sold
That shouldn't matter. Many lenders sell their loans. Has no bearing on the terms.
What is good fees???
Each situation is different but if you're you get a few quotes you have something to compare
I have a question. My credit score apparently isn’t “good” enough, shows 690-700 but it’s a thin file, I’ve paid everything with checks and in full including my current house is paid off and currently pending sale. So, my question is THIS, I know prices are going to drop in winter like in 2008, well, it’s been a word anyways…. We have to find a house ASAP…. I apparently can’t get a mortgage, unless they do portfolio of 12 months payment with a local bank or something….. We will be getting a cash amount for sale, but it’s not quite enough right now to buy a house off. So my question is do I keep pressing to get a mortgage through the portfolio , or quite possibly believe that we will find something to pay off with cash 😬😬😬
Hard to say, I don't think you're going to see a big change in prices but that's just my opinion..........It sounds like the portfolio may be your best way to get into a home.
@@JebSmith whenever I talk to these people about a portfolio loan it seems they don’t know what I’m talking about haha
is there a better situation to have when making offers than just a pre approval ? say already having underwriting already set up for a loan?
Having the loan underwritten would be the next step so yes that could help your offer stand out a bit more
Hello Jeb can u recommend a lender that can do business in wv
if you put in a contingency in, if u cant get mortgage, then get the deposit back
Correct.
great
Hi Jeb- I need a loan officer, could you recommend for me? Thanks in advance!
Yes, reach out at jebsmith.net/referral
@@JebSmith completed!