Get a bunch of mortgage quotes, then go with builders lender and have them match the lowest quote. Plus builder lenders will usually throw in $6k-$10k; then you can use that to buy points.
So for others who may be as confused as I was / still kinda am about getting a loan estimate I have given paperwork to 4 different lenders and only one has given me a loan estimate. Loan estimates are only given when you are really applying for the loan (Contract in hand). I don't have a good answer to why this is I have just gotten tired of every video I watch saying ya just get the loan estimate and then I ask the lender and the say nah we don't give that when you are shopping around only when you have a contract in hand. (If someone knows something I am missing feel free to let me know I still very much have no idea what I am doing just want to make sure others know I have not found it as easy to get the estimate from lenders)
This is happening to me. I ask for the loan estimate and they never give it to me. Its like if they don’t know what im talking about. Im frustrated. Idk i just feel im getting screwed by every lender im talking to.
According to the, The Real Estate Settlement Procedure Act RESPA/ The, GFE= Good Faith Estimate, For closed-end reverse mortgages, a loan originator is required to provide a consumer with the standard GFE form that is designed to allow borrowers to shop for a mortgage loan by comparing settlement costs and loan terms. • The loan originator must provide the standard GFE to the borrower within three business days of receipt of an application for a mortgage loan. A loan originator is not required to provide a GFE if before the end of the three-business-day period, the application is denied or the borrower withdraws the application.
Applying does not mean you have to sign- you can negotiate or decline to sign , There are scams to watch out for these days • The loan originator must provide the standard GFE to the borrower within three business days of receipt of an application for a mortgage loan.
Very informative! I appreciate your explanation. You mentioned something about NEW CONSTRUCTION LOAN, Can you make a video on how to go about this process?
As of July 2022, discount points are not so bad DEPENDING on how long you plan to stay in the house, or if you will likely refinance sooner than later. Again, it depends.
Hey, great video well done. Love the information and that you explained it in such a calm and healthy way. Right now I’m getting ready to do a blended rate weighted analysis to try and transmute it into a new mortgage.
You’re welcome, glad you found it helpful! You’ll do a blended rate if you’re getting a second mortgage or something like that. Don’t think it would lead to anything if it’s just 1 mortgage that you’re getting
Discount points can be beneficial though. For me, especially with crazy high prices and high interest rates, I needed to buy more points to get my monthly Mortage where I wanted it to be.
I am buying first home. I have some better clarity now. One lender is charging me 2.75% origination fee. The other lender rocket mortgage increased interest rate so that I get some lender discounts. Neither one of them has yet told me what my par is
everyone said to shop around. but when they run a check on you, they required a credit pull. if it happen a lot, then your credit will tank.. they know this and give you the worst terms and interest.
I have a question on the va loan estimate on a 280,000.00 mortgage loan what percentage should a lender charge ? The *origination charge $5,298 *0.5% of loan amount (points) $1,400 *closing fee$895.00 *funding fee$495.00 *Processing fee$1,353 *underwriting fee$1,155 looking at your example has me thinking this lender is trying to get over. What are your thoughts?
Sounds like they are. He said it shouldn't be more than 1% of the price of the loan. So, $2,800 not the $5,298 plus the $1,155 and the $1,400 like wth to much of fees on top of fees. Like he said ask for tge PAR see what changes. I'm going to do that myself
I don’t know if want your credit pulled more than 2 times. It can lower your scores significantly, saving up on one end will cost you more money on the other end.
Overall very good explanation from an upfront LO. I found nothing I could critique except for the hyperbole word "rip-off" and not mentioning non-QM loans have underwriting fees that are $1,495 and up. Sure, the uw fee can be wiped out but that increases the rate by .125% or the fee. Like he said "nothing in the USA is free".
I’ll tell you now as a notary signing agent , we need to get paid more , every thing has gone up and our fees have not In a long ass time , we pay gas paper E& O etc , appraisers make 600 + now , before it was about 400
Glad I found your channel got a lot of great information which was helpful. On the Loan Estimate with a Cash-Out Refinance with the same mortgage company what fees are there and is there a transfer taxes fee?
This was so helpful. We are shopping for a lender currently and we had the lender immediately offer points. Key indicator that their rate is above par. Thank you for this really easy to understand explanation.
I just spoke to my lender and she told me that in this market there are no free point right now. She gave me and interest rate higher than my par interest rate and i still have to pay for points is this true?
