@@MattTheMortgageGuy I thought the same but even with some deliberate confusion on the lenders part, I got all the loan offers at the similar rate. The fee was the only significant difference.
Did I talk smack about new loan officers? Made this a few years ago so I honestly don’t remember. If so I apologize. It’s a tough time to get started so if you are out there working hard to get the ball rolling I wish you the best. Reach out if you want to chat about generating business. Cheers!
Hi Matt, Debt to Income issue has been an obstacle when dealing with banks for investment property deals. Would going through a mortgage broker be easier? Does a broker have same rules for debt to income?
I have heard that mortgage brokers tend to sell your mortgage to other vendors relatively fast.My friend had his mortgage provider switched over 4 times in a year causing minor increases but it made tax season an absolute nightmare. Can you elaborate on why this might be done and what the problem created during tax season becomes?
4 times in a year sounds like a crazy unusual case. Most brokers sell to servicers or sub servicers that hold onto the loan for years. Just about EVERY type of lender will sell servicing since they cant service them all. (Especially in times of so many loans.)
Going thru same situation. Bank or loan officer/broker. Broker fee is 2k which he will include in the loan I believe that's how he put it. This is for a refinance. Unsure about the bank fee.
@@MattTheMortgageGuy You are so bias. I just saw a prior comment of yours and you were saying credit unions and mortgage brokers are similarly priced but mortgage brokers are just faster. Now you are contradicting yourself but I'm not surprised
Hey man love your content. My wife and I are 1099 and do descently well…come tax season though we are experts at looking small. Great on the tax side of things not so much for getting a mortgage. We live in Iowa…any suggestions on a good mortgage broker? TIA
Thanks Josh! With a great accountant and small bottom line you are going to have a hard time. Fill out form here and someone will contact you with advice: www.greatmortgagebroker.com/
When a mortgage broker is running your credit, will all the inquiries pop up of the banks you're shopping to or will it just show as one inquiry through the mortgage broker?
Hey Janine, I’m only in CA for now. Do you have specific questions about servicing? Most lenders transfer servicing. It’s basically just collecting payments and bookkeeping so shouldn’t matter who is doing it.
@@MattTheMortgageGuy Thank you Matt....I read where doing bi-weekly mortgage payments may not have the intended affect if the servicer of your loan is simply holding the payments to make one monthly payment to the mortgage holder. So I just wondered whether its beneficial to go with a mortgage company that doesn't service their own loans. I also wondered what happens servicing-wise when your loan is sold on the secondary market. Who decides how it will get serviced? Does the servicer change each time the loan gets sold? Hope my questions make sense and thank you very much for responding.
The pricing is usually pretty close but the process is going to be longer and they have more antiquated systems like banks from what I have seen/heard. A broker or direct lender who ONLY does mortgage is generally the best place to get a mortgage
The mortgage broker fee is so outrageous when we applied for refinancing . Broker fee is $5k+ and the highest APR and still interest rate with direct lender and credit union is the same. Is this normal to have charge a broker fee aside from lender & origination fees?
musiclover78able - that’s definitely not normal. Send me a copy of the estimate to matt@mattthemortgageguy.com - I’ll see what the issue is. Most Brokers don’t charge broker fees
@@MattTheMortgageGuy I currently have a 6 figure job but by next January I won't have my job. I want to quite. If I quite before I buy a house, would that affect my chances of getting a mortgage next year. I have significant investment that could possibly buy a house cash but I don't want that.
Hello, GREAT GREAT CHANNEL!! I own my home and want to get some funding for it. I also gutted one floor so I know when an appraiser comes through, the will suggest an FHA loan. What can you suggest and should I get a mortgage broker for this deal?
Thanks for the kind words! Much appreciated! I would certainly contact a local mortgage broker and get some advice that is based on your specific scenario and location. You can fill out a lead form on my website (MattTheMortgageGuy.com) and I will connect you to a great broker in your state. Cheers!
@@tcewmg3430 - happy to book a call but much better to connect you with a broker in NY who is able to write a loan for you. I know some GREAT brokers in NY and I am only personally licensed in CA
If a loan is denied by 5 wholesale lenders there is a 0.00% chance a bank would touch it with a 10 foot pole. Not sure I understand what point you are making but honestly curious to hear.
job history, 2 years of w2s, 30 days of paystubs, last 30-60 days of bank statements, copy of ID. Connect with my team here: www.greatmortgagebroker.com/
Hey Armando We usually see between $2500-$3000 in true costs on most refinances (loan costs consist of lender fees + title fees) Almost always the client decides to roll those costs into the new loan along with costs to set up new escrow account
Hey Matt! Do you personally know any mortgage brokers who specialize in VA loans in NE Florida? I'm decently qualified, but I'm doing down payment assistance through a state sponsored program which lenders have to qualify to be a part of.
@@sassygrace9762 by the way, I ended up maxing out concessions through my transaction. I closed with 2k in cash in my pocket, and about a 90% LTV. I functionally got paid to buy my house.
@@MattTheMortgageGuy I’m curious I have $90000 for down payment and I make about $37000 a year with a credit score 825 how much mortgage do you think I can Pre-approved for a $400k pre construction condos ? I save like $1670 a month and I am 24 years old I really wanna get into the market
@@jordancheung8961you are amazing! You only make $3k a month and you can save $1600 a month! Plus you have $90k in savings! How is that even possible???
Hi Matt I want to buy a house I have 40k in the bank but I paid off a chp 13 in 2020 all payments were on time I make 53k a year and have a low DTI but with prices so high I dont feel like I'll qualify for enough my wife and I just had a kid and need a 3 bed house what sucks is we live in utah
Hey guy, one year out of BK you’d be able to do FHA. Congrats on the kiddo! Even if you feel it’s out of reach I’d still recommend getting pre-approved. Our team in Utah is top notch. Fill out quick form and I’ll connect you Http://greatmortgagebroker.com
United Wholesale Mortgage is the #1 wholesale lender for good reason. Great company, great processes, great terms for the consumer. You’re in good hands 😁
Thank you Matt for the quick response, I was wondering whether to go with them or my my bank BOA. Also this might be a really dumb question sorry I’m a first time buyer, my mortgage payments if I do decide with UWM, will be written to UWM or they sell my loan to some other bank? Thanks
@@GreaseMonkChronicles - 8 days a week (twice on Sunday’s) you’ll want to use UWM over BofA! In regards to servicing it’s likely your loan servicing will land with a sub-servicer of UWM. They all do a great job (it’s just collecting payments) so I wouldn’t worry about that aspect of the loan
Hey Matt so my broker got a better deal with loan depot, is this company any good? They don’t seem to have good reviews. Please help, at this point I’m thinking maybe switch to a different broker
Looking for a mortgage broker in your city! We're NATIONWIDE NOW! www.greatmortgagebroker.com/ Connect with a real estate agent in your area here: homeandmoney.com/matt/
Hey Matt, I am seeing your RU-vid videos and I like them, maybe you can help me, I went through 2 main mortgage companies one said my income was too low so I add a co-bower and the other one said I had a NOD filed on my property I'd like to talk to you on the phone I am in Calif. West Covina can I call you
