Should You Get A Mortgage From A Bank Or A Mortgage Broker? 

try to diversify your portfolio to other market sectors, that way your investment is balanced and you don’t get to make so much losses.

Yeah, financial advisors could make a lot of difference, particularly in a market such as this. Stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are a lot of wealth transfer in this downtime if you know where to look. I have been using an FA since 2020, and I return at least $30k ROI, and this does not include capital gain.

Would you mind telling me how to contact this specific coach using their service? You seem to have the solution, as opposed to the rest of us.

“SONYA LEE MITCHELL” is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

Flint The Dad - thank you, you as well. Have a happy holiday

Almost there! $7400 left!

Same to you sir.

Thank you sir. Merry Christmas

Ameen

It’s a good time to buy in on the market, so seize the opportunity to purchase stocks on sales.

my portfolio is down over 23% j and It’s been that way fsince 2022 and I really could use professional help, I’m close to retirement. have you worked with an asset manager before and could recommend any?

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.

Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

Win Lee I agree with you. I really feel the question wasn’t really answered.

Well in the beginning he did say there's almost no difference. Then continued to explain the few difference

@@dandycandy1983 clearly he saying the bank the best. But not with Bank of America with Credit Union

@OG I’ll have to go back and watch again.

Mortgage companies charge higher loan fees to process a mortgage loan. Banks charge lower loan costs to obtain a mortgage loan.

Tuuteuu

You are a peasant joke to these people if you are a buyer. By no means do they need to "compete for your business"

@@jaybartgis5148 You’re absolutely right Jay !!!

@@jaybartgis5148well they want our money so yes they will have to compete with eachother

I'm more interested in having an efficient lender win me the house I love, FAR above cost. Too many people lose the property they want, because shopping around for the lowest rates & fees we're prioitized. Rather than considering the experience & effectiveness & knowing that they have the option to refinance ☝🏽

Jamal Cole awesome to hear brother. I just finished the apprenticeship in the electrical union 100% debt free and with great credit. I just bought a home that will be paid off in a few years. Save that hard earned money and buy a home in cash someday 👍🏼

@@aneisel223 Ayyyy wassup. IBEW 595.

@@aneisel223 Congrats bro! Where are you located? Im in Oakland,Ca

Right on man IBEW 1547 Fairbanks Alaska here. Save save save

God bless homie

I used a low closing costs low interest rate bank and it took 85 days to close so

Patrick that is a lifetime haha. That’s sooo long.

I have to disagree on this one. I closed with BOA and had a great experience!

@@MaVoelk Yea that's true, def agree it was slow but with a great people experience

Very slow and nearly impossible to get a hold of the person working your loan

Good for you. When my wife and I got married (2010), I told her that we needed to buy a house before either of us turned 30. We did, in 2012. The way I see it, following a 30 year amortization schedule (even if we move), we'll have a house paid off by the time we're 60. No mortgage payment or rent payment. That's our best shot at a good retirement. You'll be in an even better position.

Young people (under 35) act like home ownership and retirement are out of reach and that they're only for the wealthy. But really, a mortgage payment is cheaper than a monthly rent payment.

My moms a Real Estate Broker in NYC. I’m going into the mortgage origination business thanks to her showing me how powerful that business is.

- - I agreed, my payment is only 710

Eduardo Ramirez depending where you live

That’s all good, however the chances of that mortgage being sold to a large corporate lender is high in the first few years.

Jersey nurse Please do the work sheet on your loan amount and write down the interest costs added up of a 15 yr fix, Compared to a 30 yr fix. You will an amazed at the savings if you do a 15 yr instead.

taxes are usually based on the assessed value of the house.. so "cheap houses have high taxes" doesn't make sense.

Different tax rates in different localities, i.e. counties. A $200,000 house in different parts of metro can vary wildly on property tax rates.

Chris Vandernaald You really should do your research. The taxes can be more than the mortgage principal and interest.

Good answer. If you don't go through a broker, you have to do the shopping around for the best rate. A broker will charge for their service, I think about 1% of value of loan, which can be worth it to find the best rate and the best combination of loan features and reputation of the lending agency (i.e., you can often get a good rate through an online lender but they are slower to close. A mortgage broker can help inform your decision on which to prioritize)

APR or interest rate?

@@ModMINI so 1% includes all the fee and there cut or just the mortgage brokers cut. By fees I mean appraisal fees etc?

@@eduardo9163 A mortgage broker charges 1% of the loan value. There is typically no other fee by the mortgage broker. There will still be lots of other fees by other parties involved in the transaction. Your mortgage broker can be a good information source to determine the total cost. Also remember that most of these are financeable (can be added to the borrowed value rather than being payable out of pocket).

@@ModMINI just talked to one okay so we owe 262,000 going to refinance and take out 38,000 he said after the loan will be 325,000. So good or bad. Apr 3.3%

Varies by location, but not the same beast as 2008 was

More like 80k to 100k over listed price now..Here in CA. San Bernardino-Riverside county houses are going for like 700-800k which is insane😳

@@reignyell3614 Black Rock that's why.

A few months ago, a house near us was listed for sale at $2.8M. It sold for $3.4M.

Not necessarily. There is just not enough inventory

What was tripping you up? I’ll help if I can.

Or explain it like you would to a golden retriever. 🐶

@@danielales269 If they were confused the same way I was.. He is trying to say do not get a conformed loan, and get a small loan through a credit union only? What if you need a full mortgage?

@@Mindova Dave's advice is good but not gospel. *_Do what works for you!_* We are avoiding big banks because we only need about 70k mortgage. But im sure a credit union can loan you more than that if you need. Just be reasonable: expect 300k NOT 2M dollars. You get where im coming from?

@@mphomolapo1562 I do and thanks!

so what is the answer?

@@sunu44 Title is just wrong. A mortgage broker is someone who shops around various lenders and tries to get you the best deal for your mortgage. A bank could be one of those lenders the broker checks with. There are also standalone mortgage lenders who are not banks but only deal with mortgages. A more accurate title wouldve been Should You Get A Mortgage From A Bank Or A Mortgage Lender?

u don’t know what ur talking about

@@spclagent7 Bank loan officer detected

@@murrkem8239 don’t be an idiot

@@murrkem8239 many brokers as well as bank loan officers exhibit this behavior. Only a few loan officers, broker or bank, are responsive and good. Most are terrible at their job.

Thank you

Who do you recommend?

@@itnoyeah hey i can help u qualify for loan in us except (NY) state

@@itnoyeah I’m licensed in CA and CO I recommend me 😉

Wich one is better

A broker has more options and lenders for you. The bank has a much more restrictive lending window they work within

That may have more to do with negative interest rates created by the EUropean Central Banks policies.

Wow

@@CJ_18 When house prices are high, interest rates are low. When house prices are cheap, interest rates rise.

All freeeeee

All pretty much repeating the same content 🤣

Is mortgage broker same as loan officer?

How was that experience. Would you do it again with BOA?

@@ImDahDude nope

Can u recommend a mortgage company to get a home loan?

That’s why you shop with multiple banks to see which one gets you the best rates!

What happen jan 23 2008 he said there no crash coming .

Trial-and-error

Alex_consultt on I.G gave me a grant of $5500 with he’s a blessing in this pandemic

A conforming loan is easier to securitize (easier for the issuing bank to resell), so all other things being equal, they should be more hungry for your businesss and be able to offer a lower interest rate., free points or something like that.

I disagree. The amount of money you can put down has very little to do with the amount you can pay every month. You need to figure out how long it would take you to SAVE up to that 20% mark while paying rent somewhere else. If the mortgage payment is lower than the rent, it doesn't make sense to live in a rental property and gain no equity. For example, if you're looking at a 100k house and you can put 10k down, talk to a lender and find out how much your monthly payment would be. Then shop for rental properties. The mortgage payment might be $700 per month. The rental property might be $900 per month. To save up another 10k, you would have to rent for 5 years at $900 per month while ALSO banking another $170 every month to save up another $10k AND you'll be 5 years behind on building equity in a house. Instead, you could 5 years into your home loan, paying $700 a month in mortgage and banking $370 every month. If the monthly mortgage payment is less than the cost of renting an apartment or small house, default insurance doesn't matter.

I generally agree with this. Mortgage insurance has not benefit to the borrower and can be up to 1% of the loan value per year. If you have a $300k mortgage, it's like flushing $1.5-3k down the toilet every year for 30 years.

@@stevee8318, you can drop the PMI as soon as you hit 20% equity. You should definitely not pay it for 30 years. I was given the option to pay a single premium PMI. the house I bought was 122,500. I put 12,500 down. The PMI was 2,600. I paid it and never dealt with it again.

@Allen Reynolds, nonsense. I have a 4 bedroom, 2 bath house with 1700 square feet and a two car garage in a nice suburb. My mortgage, including tax and insurance is 850 a month. Water's about 30. Electric varies from 45 to 160, depending on season. Gas varies from 35 to 110, depending on season. Sewer and trash is 35. So every month, it's around 1100, tops. Where can you find a 4 bedroom apartment for that?

@Allen Reynolds Pay rent for 15 years and you get nothing. Pay a mortgage for 15 years and you get a $250,000 asset.

California is a big state, look up houses in Victorville, Indio or Lakeport. Not every part of CA is super expensive

I agree! I live in SF Bay Area and $200K is a trailer home here. I hate when this guy assumes everyone lives in Texas or something. Paying off the mortgage isn’t as easy when your home is over $500K for a 3 bedroom/2 bath and you can’t just move away to a cheaper place because your job is HERE! I like some of his advice but he makes things sound so easy or black and white, when it’s not. I guess if I were a millionaire with top selling books and plenty of money in the bank, things would be easier. 🙄

Well majority of the world…200k is good…It always, Cali, NY, folks complaining about everything…will y’all move already…you choose to live there knowing the rest of the world is cheaper…so I hope you are rich

Share your journey

That’s awesome! I missed that train, but at that time most sellers were looking for all cash buyers and the market was so hot it was hard to catch a property unless you did have all cash.

@@Raec123 where do you live? I wouldn't exactly define the market as "hot" in 2013

Depends if mortgages in your custody limited range are cheaper or on par. You will find a lot of different answers based on opinion but there is nothing like having the security of knowing you are investing in something instead of burning cash on renting. If you can realistically afford it, I would say to seriously consider buying. If you want to move instead of settle due to current custody restrictions then it might be better for your mental health to hold out and continue saving, such as pay off car debt or anything big in meantime to mitigate monthly liabilities. Good luck, I wish I could tell you a cut and dry answer but you just have to weight your realistic financial goals with a bit of peace of mind.

Hi Myla what did u decide to do?

Mr. Cooper services a lot of loans.

They sold your loan

Im in the same boat. Lol

@@AnnyBAdventures Make an excel budget sheet calculating your income and expenses. The expense will include the future mortgage payment and then you will get a better picture on what you can afford so you don't end up foreclosing. I always make a budget sheet for my real estate clients so they don't do something stupid and over spend. Banks also do something similar to see what you can afford but you can never trust a bank. They handed out loans like candy in 2004-2008 and everyone ended up foreclosing.

@@MichaelP-ke1tm thanks that helps alot!

@@MichaelP-ke1tm can you post/send me that budget sheet? I'd be interested to see that!

Alex_consultt on I.G gave me a grant of $5500 with he’s a blessing in this pandemic

It's not only about a lower rate. One bank had $6,000 in closing costs and another only charged like $3,000.

@@MichaelP-ke1tm Here in California, closing costs are very similar across the board. If it was the same product, it should have been the same unless the loan officer quoted you a buydown which inflated the costs. There are exceptions at banks sometimes where if you bring over $50k+ for example they give you lender credits and discounts which makes a HUGE difference. You are right though. Closing costs are also a part of it. If you're talking about a broker though, forget about having the best of both worlds meaning a great rate AND low closing cost fees. Not gonna happen because, but brokers can get tricky qualification deals funded. I'll give them that.

@@chrisginoc Yes, we bought discount points to refinance to 3.5% and the closing costs for one company were a lot cheaper than another and they had lower rates too but they took 80 days to close. Also, apparently the company we chose doesn't provide loan officers with a commission which made the closing costs cheaper.

@@MichaelP-ke1tm Think of Closing costs from an operational stand point running a mortgage business as an Underwriter and Processor fee. For example: $1,150 company flat fee and then third party fees (mandatory in California) such as title, escrow, notary, etc is what makes up total closing costs. Not related directly to loan officer commission. Could they essentially be passing on the savings to you by not paying their loan officers well in the end? Perhaps. Is it more likely that they pay everyone peanuts from Underwriters, Processors, Funders, Managers, etc? Yes. Companies that don't pay loan officers or call centers comissions are usually doing very cookie cutter deals W2 easy stuff as opossed to the stuff we get paid to do such as borrower has 3 businesses, owns 5 rental properties, wants an interest only mortgage, needs $250k in reserves to qualify, writes off $150k+ in taxes to avoid paying uncle sam which then makes it harder, etc. Most loan officers I know that are in their early 50s and have been doing this for a long time earning top money have had stress related strokes for a reason. Silent killer. And the fact that companies want to under cut each other and not pay a commission? Insane for this amount of stress... Maybe that's just the future.

@@chrisginoc How much in write offs for a self employed person do you think is just enough to qualify for a mortgage of around $200,000?? Lets say a self employed person makes 60k/year but they write off 30k in expenses on their taxes, do you think they would be able to qualify for a 200k loan??

I think you might be a little confused. You can’t escrow a mortgage payment. Escrow is for taxes and hazard ins. You can escrow those INTO your mortgage payment so the bank that holds your mortgage is responsible for paying your monthly hazard ins and taxes, however you are still responsible for making your mortgage payments. I dont know what Dave’s opinion is on this, but as someone who’s been in the mort industry for 10yrs I would say it’s personal choice. I have my taxes and ins escrowed into my mort payment and I love it. Though once my house is paid off the responsibilty of making tax and ins payments is back on me. Also, only conventional loans give you the option to escrow or not. If you do a govt loan (fha, va...) then you have no choice, the taxes and ins are automatically escrowed into your mort payment.

@@mon8087 Thanks!

If possible you should get a loan without escrow, as when you pay into escrow that money just sits there until the end of the year when the mortgage company pays your taxes and renews your insurance policy. You're basically giving them an interest free loan.

@@stevee8318 Thanks. Deciding to go this no escro route. Plus as Monica Wroblicky stated, no more escro account after a paid off house. Might as well learn the habit of paying it myself now.

@@mon8087 The default option for most people is to escrow taxes and insurance into your loan payment. You can choose to pay these separately but due to the increased risk of a payment default, most banks charge higher rate for the privilege.

Did you get pre-approved before submitting the offer to the seller??

This is great advice, thank you. Shopping around for the lowest interest rate is worth the effort!

Patrick yes we were preapproved but I’m a turn of events we actually were preapproved with a bank we didn’t end up choosing. We got preapproved then after the offer was accepted started really searching for the best rate.

Puckett's Full of Sunshine definitely worth the effort!!

How long was your process say from the moment of your pre approval to searching for a home to the closing date ,beginning to end??

He was focusing on and mentioned CONFORMING loans. NON conforming types of loans include jumbo loans. Jumbo loans exceed the conforming loan limits and have different underwriting guidelines.

Did you not have a fixed rate ?

@@truthpoint6167 I did, yes. They decided to force their insurance on my loan even though I got the insurance through my employer and had been for some time.

@@missmansfield6306 which insurance did they force on you, homeowners insurance, Private mortgage insurance?

@@casttheircrowns Yes. What is not OK is that this was always fine but all the sudden they forced theirs on me.

@@truthpoint6167 I did.

Blue Swadeshoes get ready for closing costs. Closing costs in New York are brutal. Be prepared for the mortgage tax as well as mansion tax if applicable

Get out

It makes perfect sense to me. I work as a mortgage loan originator tho.

Congrats!

Are you debt free before buying a house?

research BANKS & rates, specially if you a single woman without an English sounding name; the bank will always up your rates, because you are female...??))(]

How many have you fell in love with but lost out on? Hated that part. Found a dope place in the end though. Good luck !