Hey I'm Emmett Dempsey! I'm a Mortgage Broker and Owner of Treasure Coast Mortgage in Florida, and I have been helping families with their home loan needs since 2007, and I would love to help your family next. Call/Text me at (772) 618-5058.
I am a US Army Veteran having served in South Korea and Fort Bragg (AIRBORNE!). I personally have a VA loan and love helping fellow Veterans with theirs as well.
I also discuss Reverse Mortgages, and I believe they are one of the most misunderstood loans that have the greatest benefit for Seniors. I did one for my own Mom before she died, and it helped her tremendously.
On this channel, I talk about general mortgage knowledge, loan types, housing market news, and of course interest rate news.
If you want to book a call to go over your scenario or get pre-approved ASAP the links are at the top right corner of my channel header. Talk soon!
My husband and I no longer trust the real estate market. We are experienced buyers and sellers, but the manipulation, discimination, and corruption we have been running into against sellers and buyers over the last 6 months, has turned us away from using any agent to sell or buy. Sellers' properties are being blackballed from showings if they refuse to cover the full 3% compensation toward the buyer's broker (discrimination and manipulation), and buyers are not given any negotiation by most buyer's agents as those agents are expecting a full 3% compensation. As well, most of the buyer's agreements are sneaky and thievery, worded in a language that makes the buyer pay them 3% commission even if the house fails to close for any reason, or simply to show a property. Buyers do not need an agent to buy. They can go unrepresented and contact the listing agent themselves to view the house, and then do all the legwork themselves to put in an offer and close the deal. Super easy, and you will save a lot of $$$$$$$.
I feel like using a real estate agent today isn’t as necessary as it was before the days of the internet. It’s easy to get on Zillow, find a desirable home and schedule a time to look at the house without any help from an agent. The idea that someone is going to get paid 3% of the sales price of a house is insane. My wife and I found a rental property on our own and for a few hundred bucks in lawyer fees were able to close the sale very easily.
The NAR Settlement is a major change to how homes are bought and sold. Knowing the rules is key. Are you looking to buy a home and still have questions? Let's talk! Thanks for watching!
Well the short sale wait times goes off the Certificate of Title (CT) date, ie when the home went to a new owner and not the lender. So if the short sale takes a long time, that CT date starts the clock.
One very important thing I didn't hear mentioned is that money from RMs is non-taxable which means if you're property tax exempt due to age and lower income as I am here in Alabama, the $ from a RM won't affect your property tax exemption status.
I am currently licensed in FL and GA. I get inquiries from all over the US, and I refer them to trusted colleagues I know around the country. I will get licensed in more states as demand dictates.
6:00 - This is the point I quit watching. If "Loan Costs (A)" is "clean" that usually means that "Lender Charges" are hidden somewhere because no mortgage broker works for free. Please explain what I am missing here because this LE does not appear transparent at all to me.
This LE is the example one from the CFPB, so its a bit basic. And you are 100% right about lender compensation disclosure. The Closing Disclosure or CD has that info. And depending on what kind of mortgage company you work with will determine what is disclosed. If you use a bank or Independent Mortgage Bank (IMB) like a retail lender the lender paid compensation (LPC) is not displayed. I am a Mortgage Broker, and ALL comp is displayed on Box A. Seems the "banks" wrote the rules after 2008 to prevent that disclosure. Brokers can also use Borrower Paid Comp (BPC) if the buyer wants a lower interest rate in exchange for upfront origination vs a higher a rate. And that is in box A. Mortgage Brokers are far more transparent as to what their compensation is.
Stuck renting until you get your credit up...for normal financing. You may be able to find a private investor to give you a hard money loan. But that requires other strengths to make up for the credit score; namely a good job, a lot of assets down etc.
The one making the credit decision. As a Broker, that would be my wholesale lenders. I would administer it, but the name on the top of the CD is the funding source/credit decision maker.
I still don’t understand the numbers I bought a home in CA for $605k in 2021, now homes in same area are $720 plus How would second entitlement help me
My capital one quicksilver card says no annual fees . When I seen this video I almost cried 😂 but I doubled checked my app . Maybe they changed it to no annual fee because mine doesn’t have one
So FHA loans will have 2 extra fees than a Conventional loans ? Loan fees and mortgage insurance fees ? are u by adding these will be almost the same Interest rates as the Conventional ? I m not interested on low down payment as much as a low interest rate !! What is your intake on buying interest rate , like paying in advance to lender to have a lower interest rate? someone told me that this is better than adding to the down payment ? is that correct or is that just simply pre paying the interest in front ? like do they simply wil calculate how much I was going to pay that % and make me pay it in front ?
Thanks for the comment. Id say really that it only has one extra fee and thats the financed Funding fee. It does have monthly mortgage insurance, but a Conventional loan could have the same if you put down less than 20%. Buying down the rate is based on your goals really. I have been doing a lot of temporary 3/2/1, and 2/1 buydowns to really get the first few years lower using seller paid concessions.
Well this comment is a few months old, my apologies. But rates have come down a bit since that time..but still elevated and trending down. To answer your points: Yes FHA loans have a 1.75% funding fee and permanent monthly mortgage insurance if you put 3.5% down. If you put more down it can fall off in 11 years. The FHA loan rate is much lower than Conventional due to this insurance. So its a trade off. Buying points is a personal decision. I always present strategy options side by side, ie without points, with some, and with a lot. Then if the payment difference if meaningful enough to justify the cost then you can do it. My role is to present options and execute based on those wishes.
Good Day, A year ago I bought an Older Townhome in Homestead, FL for $260,000. I want to rent out and buy a Newer Townhome in the same area going for the Low $400,000. Is it possible and how can I do it. Thank you.
Yes it is possible if you plan on occupying the new townhome as your primary residence. Lets book a call to talk about it: calendly.com/emmett-5/mortgage-discovery-youtube
My wife and I own our own business and of course raising 4 children running our farm and running a business we write off everything we can every year so it hurts us we can’t get a mortgage to save our lives. We are doing ok in our camper but we definitely need to get a loan for a home. I wonder if we can get a non-QM loan for a new construction build on our land? Anyone can answer this I’d appreciate it! If not we are gonna be looking at a Modular home
I had one a few months ago touch the 5s, but rates haven't changed that much to make it worth it. We are expecting a Sep rate cut then the election, so we will see how rates go. Id wait until year end or beginning of 2025. Just shoot me an email and I can let you know.
Rates are based on your FICO score and current market. This was 3 months ago. Did you refi? We just had a special that ended and we were closing in high 4s/low 5s
Not exactly. The first CD is sent out to expire the 3 day wait, and we usually get them at the initial Underwrite. If there is a condition we cannot clear like a mortgage late, new debt to push the DTI too high etc then we can't close even if a CD was issued.
Reverse mortgages are a great financial tool for a ton of scenarios. It may not be for everyone, but for most seniors with a largw amount of equity, it should be considered and you should talk with an expert.
@@emmettmortgagethanks. I'm looking at 2 scenarios which in hopes can get me into home sooner. 1. I registered a LLC last month for my business in music entertainment. Can I qualify for a LLC and get an FHA loan? Or can I do taxes this year 2024 and do another form of tax payments? 2. Or can I work on the side for Uber eats or doordash, do a 1099 to file tax returns? Thank you
@@emmettmortgage I just explained my situation with a tax professional and he said I can do taxes for 2022 and 2023. 2 years. Can that work for doing a FHA loan?
I need help fast, closing May 7th and cannot decide what to do!! I have been approved for the Reverse Mortgage for Purchase, but I am concerned should I need to move/sell due to health reasons. I understand I or my POA's can potentially sell the house. My question is, is there a guaranteed amount/percentage they could receive by selling to pay this mortgage? I'm told the loan will NEVER exceed the property value, but will they simply break even? I'd just like an idea how much they might get by selling, and I know that's determined by the market but, how would I or my beneficiaries know? I'm sorry this sounds confusing, even to me and hope I'm missing something 😂. Could you give me an example situation? Thank you
The way to know how much your beneficiaries would receive is to keep track of your mortgage balance (it increase each month) and subtract it from the current market value of your home. Your beneficiaries can purchase your home for 95% of the appraised value. This assumes of course, that you home appreciates more than the loan value inceases every year. We purchased a new home 7 years ago using the HECM purchase program in SC for $250,000. Our mortgage balance has increased to about $220,000 but the house has appreciated to about $425,000! In the unlikely event that your mortgage balance exceeds the appraised value when you pass away, your beneficiaries can simple walk away becuase an HECM loan is a non-recourse loan! We sleep very well knowing that we'll never have a mortgage payment and that our kids will someday recevie our homes equity or purchase it for rental income.😀
Can you elaborate on the interest rate differences (fixed vs variable) and possibly qualifying requirements? I am actually IN this process and could REALLY use some outside advice! I'm just not sure what is being offered to me is the BEST option? I tried to find where to setup a call with you and couldn't find the "link"? Thank you!! PS I am closing on my current house May 8th 2024 😬😳
Hi sir any opening in initial disclose and cd process or reissue i will worked under movement mortgage 4.5 year experience..i have own laptop so will give work from home opportunity
@@emmettmortgage that's great. But I’ve seen your videos, shorts, and thumbnails. They’re good, but they have some issues. These issues are the main reason your videos aren’t reaching your target audience. Would you like to improve your videos, shorts, and thumbnails?
