How To Shop For A Mortgage And WIN
Ойын-сауық
Shopping for a mortgage loan the right way can save you tens of thousands of dollars! Here's everyone you need to know to make sure you get the right mortgage.
- GET STARTED -
🏠 Connect with a helpful LENDER in your state → www.winthehouseyoulove.com/le...
🏠 Connect with a helpful AGENT in your city → www.winthehouseyoulove.com/agent
- HELPFUL TOOLS -
✅ Max Purchase Price Calculator → www.winthehouseyoulove.com/ma...
✅ Lowest Cost Loan Calculator → www.winthehouseyoulove.com/lo...
✅ Home Buying Planner →
✅ Today’s Interest Rates → www.winthehouseyoulove.com/to...
✅ Step-By-Step Home Buying Timeline → www.winthehouseyoulove.com/ti...
✅ Student Loan Savings Calculator → www.winthehouseyoulove.com/st...
0:00 What you'll learn
0:43 Timing
1:52 CalmMoment
3:01 How to shop
8:47 Most people won't show you this
9:53 Who to shop with
10:43 Sponsor
11:18 Doing a full application
12:48 Find the average rate in 60 seconds
Hey, Kyle, here winthehouseyoulove.com. Today we're talking about how to shop for a mortgage and when, so this step if you do it correctly, can save you literally tens of thousands of dollars over a period of the term of your loan when you're shopping for a mortgage. So what you're going to learn in this video is how to find the cheapest loan option, which is not always easy.
But also when to shop, you'll also learn a comparison tool that literally, I hear nobody talk about, but it's free and it's given to every single buyer, but most of them don't even know how to interpret it. And then number four, the three types of lenders that you can shop with. All right. So we're going to make this easy, breaking this down step-by-step. First let's talk about the timing. So the first thing that you need to know is you have a 45 day window to get your credit checked as many times as you'd like, and it only counts as one inquiry. Okay. So you have an entire 45 days and everything counts as one inquiry. Okay. So this means you can shop with as many lenders as you would like as long as it's the same types of same type of mortgage inquiry.
You're fine. You can't do a mortgage and a car and a credit card. Those are three different, but if it's multiple mortgage inquiries, it only counts as one. Okay. And one inquiry is only going to affect your score by anywhere from zero to five points. It's not going to have this huge impact. All right. So.
What I would suggest is you start shopping about two weeks before you're ready to go shop for a home. And the reason why is you want to have some time to digest these numbers. You want to have some time to be able to think them over. If you get approved and immediately go into home shopping, you can move just based off of emotion and maybe not based entirely off of the information that you have.
Sometimes it's good to get the information, get prepared and then take a step back. So that leads us into our CalmMoment here. See, when you're starting to shop for mortgages, you're about to start a cycle of getting into the real estate world and things move quickly, and it can be very overwhelming. And you're going to be talking to salespeople who want you to move a lot faster than you probably should.
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Kyle Seagraves
NMLS# 1701021
Motto Mortgage Alliance
8900 N. Dixie Dr.
Dayton, OH 45414
Equal Housing Opportunity
Пікірлер: 104
Kyle, thank you so much for making these videos. This particular video helped us get the best rate. Just last night, we were able to lock in a 20-yr 2.39% rate w/ no points! We did exactly what you said in your video: we picked 3 lenders, did a full application, get an official loan estimate & looked at page 3 and had them compete for our business. I've shared this video in multiple social media groups already because it's been really helpful. Thanks again!
@gloriayeomans2717
2 жыл бұрын
hello! Looking for a loan as well. We have spoken with a local mortgage broker thus far. What I'm getting confused about is the pre-approval process vs. full approval. My understanding is that you need to be ready to make an offer on a house to then use that pre-approval info to then compare on interest rates, etc. Is that correct? Matts on FIRE, is that what you did? Kyle, thanks for the great videos and info!
@biancarosas3810
2 жыл бұрын
Also interested in how you went about that^
You are awesome ! You make everything clear and very easy to understand . Thank you !
@WinTheHouseYouLove
3 жыл бұрын
Thanks so much, I’m glad the videos have been helpful!
Excellent information, Saving these videos for future reference, thank you Kyle
@WinTheHouseYouLove
3 жыл бұрын
Glad it was helpful!
Opening my eyes to all these things I didn't know! Definitely filing this video away for future reference. Thank you!
@WinTheHouseYouLove
3 жыл бұрын
I'm glad it was helpful!
Incredibly valuable content! Brand new to the industry as a LO ’I m doing my first co-marketed open house today and needed this break down!
@WinTheHouseYouLove
2 жыл бұрын
Nice! Congratulations and best of luck!
This video is right on time for me, per Usual!, I needed that calm moment,sheesssh
@WinTheHouseYouLove
3 жыл бұрын
Thank you so much for watching!! :)
Your voice Is so soothing I really enjoy your videos. I’m learning so much from them and love the guidance they provide.
@WinTheHouseYouLove
2 жыл бұрын
Thank you!
Kyle we love your content. It's making it easier for me as I am going to be mortgage hunting pretty soon. Thank you.
@WinTheHouseYouLove
3 жыл бұрын
I'm so glad to hear, thanks for watching!
Really informative video!! Just wanted to confirm te following from you: Should one shop with 3 different lenders at the time of pre-approval? And when in contract, contact all 3 lenders again to check rates and lock with the one that has the best rates/ fees? Thanks!!
Love your videos! Honestly so informative in each and every one of them. I learn so much, can't thank you enough. Looking to purchase a house in .... CALIFORNIA BAY AREA... so these videos are defiantly helpful. I feel confident going into the process because of you!
@WinTheHouseYouLove
3 жыл бұрын
Thanks so much for watching, I'm glad you've found them helpful!!
fantastic video. Thank you for sharing your experience
@WinTheHouseYouLove
3 жыл бұрын
Glad you enjoyed it!
THANK YOU. Such valuable advice and guidance.
@WinTheHouseYouLove
2 жыл бұрын
Glad it was helpful!
This is so valuable! Thank you!
@WinTheHouseYouLove
Жыл бұрын
Wow! Thank you from me and Dan. :)
Hi Kyle - Lenders are saying they can't come up with a loan estimate until you have an accepted offer since they need an address of the house you are getting loan estimate for. How should I go about this?
Thanks for this video. very informational.
@WinTheHouseYouLove
2 жыл бұрын
Thanks for watching!
Great info/Keep up the Great work..🤓💙🏡🔥
@WinTheHouseYouLove
3 жыл бұрын
Thank you! Will do!
How do i shop around for loans when i dont know which loan to go with? Can i apply for preapproval with all loan types that a lender offers and ask them to give me loan estimates of fha, usda, and conventional or i need to choose first
Your voice is so soothing :)
@WinTheHouseYouLove
2 жыл бұрын
Thank you!
Great video as usual, thank you. Question, how can I find a local lender?
@WinTheHouseYouLove
3 жыл бұрын
findamortgagebroker.com/
Very helpful 👍
@WinTheHouseYouLove
2 жыл бұрын
Glad you think so!
Any tips for those of us looking to purchase a home a couple hundred miles away and in a different state? I understand that a bank that has branches in each location would most likely be beneficial, but what about other types of lenders? Ideally, I really want to use a broker to work all possibilities for me, not just one company's options. How would I even find a mortgage broker? Definitely not interested in any online lenders. Thanks in advance.
This is such a helpful video. I always learn so much from you!!! When you do a full application for a pre approval and submit documents....the lender should give the Loan Estimate paper? Or is that something we have to ask to see?
@WinTheHouseYouLove
3 жыл бұрын
I'm so glad to hear!! Technically, a lender isn't legally required to send you a Loan Estimate until they know 6 things about you: - Name - Income - SSN - Purchase price - Loan Amount - Address At pre-approval, they'll know everything except for an address. So, they don't have to give you one, but you can always request it. As soon as they know all 6, they legally are required to send you a Loan Estimate.
@linda27189
3 жыл бұрын
@@WinTheHouseYouLove Thank you! Is it better to comparison shop lenders before going under contract?
Great video. Credible isn't available in NY. Know of any other sites like it?
@WinTheHouseYouLove
3 жыл бұрын
You can text #apply to 937-358-6542 and I can connect you with a loan officer
I am watching all your videos and empowering myself with knowledge. Thank you. & I just signed my initial contract for a new construction, 1 yr build time. Builder's preferred lender is offering me two options both 12 month rate lock. Do you have any advice which one maybe better or are they just the same in essence? Lender credit will cover deposit fee with both option. 1. 3.125% lock at 0.5% cost and 0.75% deposit fee (both on loan amount) 2. 3.25% lock at 0 cost and 0.75% deposit fee and 0.3% lender credit towards closing (on loan amount) Thank you in advance.
@WinTheHouseYouLove
3 жыл бұрын
It always depends on your capabilities. Wishing you the best!
Very good video with valuable information. Your voice is very much like Edward Snowden!
@WinTheHouseYouLove
2 жыл бұрын
Thanks for watching!
Kyle do you have information about how to get financing on a unwarrantable Condo in California. It seems some lenders are not familiar. We found on this condo but learned that it's an unwarrantable condo because one person owns 30 of the units. We are put in touch with a investor, we've been waiting for 3 weeks and still they have not given us an answer. Can we get help with this?
My real estate agent wants me to only use their lender… should I run?
Thank you so much for all the advice, I’ve been seen multiple videos and they help a lot. I just started with one lender which just gave me my total max loan amount and the interest rate, I asked about Origination fees and he told me I would have to pick a house and after that they would give me those prices, would that be accurate?
@WinTheHouseYouLove
3 жыл бұрын
You're welcome! If a lender says that... RUN. There is no reason for a lender to not be 100% transparent and up-front with the fees on a loan. Find another lender who will be honest with you and treat you like a valued client instead of someone they can swindle.
@Dominicano809
3 жыл бұрын
That's such a cheezy car-sales like line from a lender. I agree with Kyle, pick someone else!
Kyle what’s the ideal time to compare rates between different lenders? Suppose I buy a house from a builder and the estimate completion of constructing the house is by end of 2021. Does it make sense to shop around right now or should I wait probably 2 months before it’s been constructed?
@WinTheHouseYouLove
3 жыл бұрын
I would shop now
@bhavyashah4083
3 жыл бұрын
@@WinTheHouseYouLove Thank you
Great video! If you would like to go with a loan broker, how to find a loan broker working in your interest and not their? Having a hard time find one!
@WinTheHouseYouLove
3 жыл бұрын
findamortgagebroker.com/
You are a lifesaver I am starting to look for a 2nd place and your advice is awesome. I am thinking of refinancing my existing place because my existing mortgage balance is less than 40K. Is it a good idea to refinance and buy the second place as investment ? Many Thanks for your help.
@WinTheHouseYouLove
2 жыл бұрын
Yes, investment is always good. Thanks for watching. :)
Do you know of any lenders that offer mortgages for properties with deed restrictions? Looking at a city program which offers below market properties for low to moderate income buyers. Thank you.
@WinTheHouseYouLove
3 жыл бұрын
I'm not familiar with any, unfortuatnely
@justicesarertnoc6080
3 жыл бұрын
@@WinTheHouseYouLove :-(
Hello, On Oct 12th I applied for loan amd dropped five points...does this mean I have two more weeks to apply with no additional points dropped?
@WinTheHouseYouLove
3 жыл бұрын
That's correct :)
How long after filling out the loan application should I contact the lenders. My credit score has been checked by the lenders but I have not heard from them. I am currently needing to be preapproved for a mortage loan in NC.
@WinTheHouseYouLove
3 жыл бұрын
I'd reach out if you haven't heard from them in about 2-3 days
@thelifehegaveme4579
3 жыл бұрын
@@WinTheHouseYouLove Thanks so much for your reply. It's like they don't have time to communicate the process with you🤦
I'm going through this process and being told that the interest rate is subject to change? Is that the case? kinda confused on the best way to compare interest rates when they are not set in stone.
@WinTheHouseYouLove
2 жыл бұрын
Yes, interest rate change.. it can go up and down. Thanks for watching!
My sister bought a house and put 25,000 and come to find out all that went to other closing cost but only 5,000 went to her house she cried and cried cuz damn that’s a lot.
@WinTheHouseYouLove
2 жыл бұрын
I'm speechless.. I hope she's okay now. Thanks for watching.
I've applied for three loans and I haven't been given a "Comparisons" section.
@WinTheHouseYouLove
3 жыл бұрын
In the video I mention asking for a Loan Estimate
Do you know if USDA is far behind on mortgage approvals? My realtor said they are 3 months behind and she worries about the sellers giving us a hard time. They are buying a new home and selling this one, at the same time. What happens if my loan is not approved by the date on my contract? Im stressed 🤪
@WinTheHouseYouLove
3 жыл бұрын
USDA Guaranteed should not be that far behind. USDA Direct, though, I'm not as familiar with. You can Google "USDA Guaranteed turn times YOURSTATE" and it will show you the turn times in your state. For instance, it's 8 days in Ohio right now.
Mortgage brokers can’t lock in rates until you have an offer accepted. So should i still go shop around?
@WinTheHouseYouLove
3 жыл бұрын
Always good to shop :)
My lender locked my rate :( Can I switch lenders before the 20th of this month??
@WinTheHouseYouLove
5 ай бұрын
Only 10 days is going to be a bit tight. Usually 2 weeks is needed, it's possible faster can be done, but don't want things to be down to the wire. If you can get a contract extension we can take a look. Feel free to email me kyle@winthehouseyoulove.com
Great video, still trying to figure everything out before house hunting in TN. Is there a formula for how much to have in savings before thinking about applying for a home mortgage to cover down payment, closing costs and money left over to keep in savings? Looking at 500000 house, 120yr salary. Seems like I would deplete my entire savings to purchase a home with 20 percent down. Thank you.
@WinTheHouseYouLove
3 жыл бұрын
Thanks! This video has a free calculator that might be helpful: kzread.info/dash/bejne/o22VxbWzktXIds4.html
@SCIGS30
3 жыл бұрын
@@WinTheHouseYouLove Great calculator, thank you very much. Sorry to bug you, but at the end of the calculation, how much should I strive to leave in savings? This will factor how much down payment I can afford.
@WinTheHouseYouLove
3 жыл бұрын
Ideally, whatever is comfortable for you. I think it would be smart to have at least 3 months worth of expenses left in savings
@SCIGS30
3 жыл бұрын
@@WinTheHouseYouLove I really like the download calculator you posted and having fun with it. Living in California right now but hope to buy in Middle Tn when I retire. I don't think we are in a position to buy right now after looking at the numbers. Salary is 120yr, sounds like a lot but not here in Ca. Savings at 70g and looking to buy 500000 house in Tn. Think we need to save some more. Once again, thank you for the calculator.
Do you have to pay a mortgage broker?
@WinTheHouseYouLove
2 жыл бұрын
Nope, they get paid like every other loan officer, but the lender not you.
My lender won’t show me a loan estimate until we are in contract on a home and they won’t give me a rate until then. Is that normal?
@farhandahir3566
Жыл бұрын
Hi Talor, I don't think so..but how did it go?
You look like Jake what’s his face?? But great content 👍
@WinTheHouseYouLove
3 жыл бұрын
Haha thanks!
Why wouldn’t u hold onto the loan for 30 years if you’re living there? Thank you for the informative videos.
@WinTheHouseYouLove
11 ай бұрын
Hey Cheyenne! Great question! Most people will refinance a couple times over a 30 year period. If you're ready to start on a pre-qualification, feel free to visit www.winthehouseyoulove.com/lender or shoot me an email at kyle@winthehouseyoulove.com. I'm here to help! 😊
When you say "shop for a mortgage" do you mean getting pre-approved for a mortgage?
@WinTheHouseYouLove
3 жыл бұрын
Shopping is when you compare loan offers from several different lenders
Im not into those asmr videos but his voice is asmr’ish 🤣🤣😂😂😂
@WinTheHouseYouLove
3 жыл бұрын
Hahah I've heard that a few times before
@Fearsomex23
3 жыл бұрын
@@WinTheHouseYouLove change the channel name to Seduce The House You Love.
My grandma has given me money as a gift for my closing costs. She took money out of her 401k for this, will that paper trail from the 401k, to her bank, to me, be ok to use? She is 83, so this isn’t a loan from her 401k, it’s her money.
@atlraskalg
3 жыл бұрын
Yes, as long its a paper trail. But I think it might matter cause it might hit with gift tax. (Not 100% sure)
@WinTheHouseYouLove
3 жыл бұрын
That will be perfectly ok :)
@amanda9194
3 жыл бұрын
Thank you!
@joseandrade7333
3 жыл бұрын
@@amanda9194 no gift tax if it’s less than the annual exclusion (15k for Current year) but she may have to report it on her tax return for reporting purposes
@amanda9194
3 жыл бұрын
@@joseandrade7333 Thanks Jose!