My wife and I got a mortgage with her over a year ago, trust me , Jen and her awesome do exactly what they say they do, we were told everything up front what was expected , Thanks again Jen 👍👍👍
After I got an offer accepted, I sent the info (i.e. an official loan application) to a few lenders to compare rates/fees. I had two lenders say they wouldn't give me a loan estimate until I committed to using them. They both sent me a "transaction analysis" that even said on it "Get an official Loan Estimate before choosing a loan." I told them both, no, I am entitled to and expect a loan estimate. They did both send me the estimate soon after and within the statutory requirement, but one of them went ahead and ordered an appraisal on the home without me signing the intent to proceed. Why the real estate agent approved the appraisal request without even talking to me is another question.
Ok I am going to be blunt. Loan estimates are worthless unless locked so to even compare you would have had to have every lender lock and then send you. We have people ask for this an I generally just try to do a loan summary as well since until it is locked it is not worth having my disclosure team trigger etc. I should probably do a video that explains this. What do you think ?
@@JenniferBeeston I agree that before choosing a loan the rate should be locked. But I found LEs helpful to compare the section A fees. Also, if the rate was a percent higher than other offers I'd move on. But loan shopping was legitimately my least favorite part of the entire process partly because I was asking people to do work for me that only one of them would get paid for doing. A video like that might be helpful.
As always, thanks for another useful video for buyers Jennifer. I just got in contract for a home, and will make sure I do my due diligence with regard to my lender, the questions needed to ask, and as you say, you owe to yourself to get the best you can to honor your hard earned efforts to get that home you want!
I am fortunate to be locked in 3.75 rate but ohh how I wish I had more knowledge. Appreciate your channel so much Jen! I'm going to be better prepared for my future property purchases!
I am so glad I found your channel. I was in that situation with a lazy and dishonest lender. He kept on telling me I need to get past contract and inspection then he can give me the load estimate and go over closing cost and etc. Thankfully we didn’t go through with that contract.
We have so many ways online ti get all those estimates needed. Many need to understand to draw the line of what they want and what they can afford. Lenders from what i have seen at times will not give proper estimates and this is why you need to shop around and filter those who are BS.
Pray for someone whose buying a house from a real estate agent named Amanda. I can't tell them what to do. They are moving to quickly and I m afraid mistakes are being made 10:59 Greenwood
Thank you for your video! I keep learning more from your channel. I did not know a lender can provide you estimated closing costs from the get go. Hey, it would be very interesting if you could make a video on pros and cons of working with a lender that’s not from your area like yourself. How does the signing at closing with the title company happen? Wouldn’t loan estimates be more expensive because of distance? I feel many of your viewers are probably wondering too. Thank you for these awesome videos.
I am so glad the channel is helping. Loan estimates are not more expensive based on the lenders location. I actually did a pro and con or local lenders. Check this out ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-KIHiEX169h8.htmlsi=LWbCfjup1zJgZ6o-
What would you suggest for a new lender /mortgage broker to do on their journey to learning and becoming a “pro”. Everyone has to start from ground zero.
First time I've TOTALLY DISAGREED with Jennifer. I've worked with "inexperienced" brokers who are on top of everything and are super diligent and responsive. Just because they haven't done a 1000 loans doesn't mean they're not good. A bit of a self-serving perspective from an "experienced" broker like Jennifer but love her content, thanks!
Knowing what I know about loans, would I ever let a new loan officer do a loan for myself or a family member? Absolutely not. It’s not just about guidelines, it’s about knowing how to handle different scenarios, understanding pricing and how the market works and that is what you get with experience. Being diligent and responsive is the bare minimum.
I don’t love it. I have had clients send to me mortgage coach breakdowns and I think they are not super straightforward and can be confusing for a client.
