The 4 Different Types of Mortgage Lenders!!
ฝัง
- เผยแพร่เมื่อ 12 พ.ค. 2024
- Before you go out and start buying a home, you need to ask yourself: Which mortgage lender would be the best fit for my situation?!
These are the 4 Different Types of Mortgage Lenders you should know about:
1. Depository Banks
2. Mortgage Banks
3. Direct Lenders
4. Brokers
At the end of the video, I will give you my top picks for certain situations such as: Who is the best lender for Jumbo loans? For FHA/VA? For 100% financing? For Refinancing?!
🏠 Ultimate Mortgage Guide
www.whatsamortgage.com
🎥 Watch Us LIVE on Facebook
Monday - Friday @ 9 P.M. PST
whatsamortgage
📱 Message Me on Facebook
I will Answer any Mortgage and Real Estate Question you have
m.me/whatsamortgage
📸 Follow Me on Instagram
I post EXTRA Mortgage and Real Estate Tips
whatsamortgage
🐣 Follow Me on Twitter
Posting updates in the market
whatsamortgage
📌 Pintrest -
pinterest.com/WhatsAMortgage
💌 Email Me
info@whatsamortgage.com
📞 Call Me
(949) 382-9898
Contact me in whatever Platform you feel comfortable communicating in. I am here to help make sure you are prepared for home ownership!
- Minh
Download the Ultimate Mortgage Guide HERE! ⬇️⬇️⬇️
[bit.ly/UltimateMortgageGuide2019](bit.ly/UltimateMortgageGuide2019)
![[TH] VCT Pacific - Playoffs Grand Final // PRX vs GEN](http://i.ytimg.com/vi/G345ud5yRGA/mqdefault.jpg)
![[Full Episode] Hell's Kitchen Thailand EP.14 | 12 พ.ค. 67](http://i.ytimg.com/vi/MNspIlqlJcc/mqdefault.jpg)
THANK YOU FOR EVERYTHING!
Thank you for explaining! Very helpful.
You're very welcome!
Fantastic video. Super detailed, thank you!
You're very welcome!
I love the detail you put into each category! Liked and subscribed!
Awesome, thank you!
such a great job on explaining thank u so so much
Yw
Thank you so much for your education. TWO THUMBS UP!!
Ty fam
Awesome info!
Very good explanation! Thanks for breaking it down.
Glad you enjoyed it!
Extremely informative and educational. Thanks for sharing.
Yw fam
Can you explain how to pull many the business credit card without interest ? and any other third part
I love the information for all the new loan officers for their buyers or refinance
Ty
You’re the best! Thank you~R
Ty
Holy crap this is exactly what I was looking for. I've been doing so much reading and video watching and you did what no one else could. Thank you so much.
Glad I could help!
Thanks brother
Excellent video. Very good presentation style and language used, clear speaking, good pausing, good phrasing.
Ty fam 👍🏼
Perfect explanation...:)
Glad it was helpful!
Thank you!
You're welcome!
Great live ! My issue is I want to buy a house in va I work in Ny which type should I use
Your videos and presentations are amazing....like almost perfect presentation with very little ahs and ums, etc. You must have a Toastmasters gold star. :)
Ty brother , I hope all is well with you , how’s life in florida
@@WhatsAMortgage Very good. How did you resize the video feed into the left box? That's not a 16X9 box.
Awesome👌
I had to retire early because of a disability. So right now I'm living on my Social security and a couple of pensions. I'm tried of Renting and trying to find a home in a rural town in northern Nevada. I applied for a loan a couple months ago mainly to see what I could qualify for at my credit union. Was approved for 160k. I'm single no children never married. Only debt I have is about 10k on one credit card. I planned to use part of my 401k to put 20% down on a 80 to 100k small home. Because I'm on a fixed income that one of my pension will decrease at 65 I'm 63 right now. Also I'm not interested in a fancy house. Just a small two bedroom hopefully with a garage or big storage shed. But at this time it's a seller's market so houses in my price range are going at 10 to 20% higher than even just a year ago. So right now I'm just trying to hold off till the market at least balances or hopefully is closer to a buyer's market. Any advice you could give me. As this is a very daunting task for me. And could use all the help I can get. Great channel and have watched a lot of your videos.
Good luck fam! Lee me posted
Thanks for the info!
Excellent! Bam you did it....educated empowered and connected us to the details we were seeking. Thank you!
You are so welcome
Awesome info. Thank you fir making and sharing this info. Save me lots of time since I have very good credit and down payment. Depository Bank indeed. Cheers!
Glad it was helpful!
Would Silverton mortgage be considered a direct lender?
Hi there, I’ve been so confused as I’ve been trying to understand the types of mortgage lenders. Unfortunately the information online is so conflicting. I’ve even called individuals asking, and everyone I’ve talked with has said that banks are direct lenders, but then I found your channel, and you have it in its own category. How is a depository bank not a direct lender? Also, if a “big bank” isn’t a direct lender, are they pretty much the only non direct lender?
Excellent non bias job with this video. You seem pretty bullish on the broker channel, come on over my dude... water is warm 😁
My wife is a contract processor for brokers so I see it all
Who fund mortgage banks loans? Warehouses line or themselves form their money? For example loan depot where they fund their loans from?
The company put up a % of their $$ as collateral for example for a $5,000,000 line you need 100k to put into an account as collateral
@@WhatsAMortgage thanks loads! so they put some % till they sell the loan to Fannie mae and Freddie mac?
So for someone with good credit (780) and non jumbo loan (400k purchase price) in California, wanting conventional loan with 5% what do you recommend? I want to do simgle premium upfront to pay off the PMI.
You can do much better than 5% for conventional loan :)
@@salonbia76 he meant 5% down 😁
So on the list jumbo 100% fha/va and refinancing which one would conventional go under if wanting to put 5% down. I was going to go to a lender then someone explained to me how I should go to a broker
Conventional would be in its own category in that list that you composed. those are all different loan programs
what is "early payment default"? Thanks Minh!
Default means you can't pay them back. He said"depository banks want to win over your business". They make sure you will stick around.
what would be the best route for a over the road trucker. trucking for the past 5yrs. credit score in the 760 area. very minimal debt (no rent no car). have 15k on deck. BUT, i get paid by the mile. working at my current position for 1yr 3mons.
any suggestions???
ready now
HELP
best things we can do is run the #s and see whats the best route, are you w-2 or 1099, call me 714-790-9697
16:04, so, I need to get a 300K mortgage with 5% down for primary residence. Credit score is 720 and have secure W-2 job with 110K/year income. Am I right to conclude that Broker Bank and Depository banks are my 1st and 2nd best choices?
Where things are right now I would look at mortgage broker and mortgage banker. Depository and small direct lenders are out of the game, right now
email me minh@whatsmortgage.com if you have any more questions, or want me to review your loan estimate, or try to find you a good deal.
@@WhatsAMortgage Alright, thanks for the info
BBVA have 100% primary home buyer ???? good or bad
What is meant by the term 'Retail Mortgage Industry'? Is it everything mentioned in this video? Different than mortgage servicing?
This for more different lender u can get mortgages from, mortgage servicer services loans it’s where u send ur mortgage payment
Can a LO write there own home mortgages/refis?
What is the best lender for people with low Ficos?Thank you!
Sunwest
Thanks for your valuable info. I have been quoting around for rates and for jumbo loans in CA ...FYI, direct lenders have better rates than brokers.
Jumbo go to the big banks or credit unions
10 months ago last comment.....this needs more views
Ty🙌🏼
Great video
Plz which one of them I choose if I am planning to buy then sell
How can you tell the difference between a direct lender and a mortgage broker if you are searching online? Sometimes it isnt very clear.
similarly how could you tell if the company would be providing you services as a Broker Bank or a broker?
Great video by the way thank you.
what a morgates a have a question I going to buy a house in cali first time buyer. which type of mortgage lender it will be best fit for me, with a 20k deposit down?
depending on the purchase price and the area you trying to buy in
When you mention Jumbo loan is that the same as conventional? So are you saying depository banks are the best for conventional loan?
Real estate agents keep pushing to work with a broker, but I plan to go conventional. I am low risk. Do I need a broker?
Jumbo loans are loans that are above the conventional loan limit, each county has different conventional loan limits when you go pass that, then its considered jumbo. And depository bank, and credit union are good for conventional mortgages, because they take less risk so they offer loaner rates
Brokers have low rates, but i am not a big fan since they use a wholesales underwriter and staff they don't have that much control of their loans.
@@WhatsAMortgage From what i'm seeing about loan limits online, can you confirm, is San Bernardinos's loan limit 510k? Is there no other way around that loan limit in SBD? like with an FHA instead of conventional, etc?
hi, I have a 700 fico and about to refinance from an FHA to conventional next month. i currently have a 3.125% rate. Do you have any recommendations on which lender i should apply with that has low interest rates and low fees? loan amount would be for 320k.
i would check with network capital and owning or a mortgage broker , lmk if that helps,
Hey my situation is similar to yours but I haven’t started the process. What type of mortgage lender did you go with at first.
What is penny mac? Do you recommend them from mortgage?
Depends on what u are trying to do, I like direct lenders and mortgage brokers right now
brokers are better then depository banks by far not even close wholesale is taking over retail is in trouble
wh0 has best loan for condo conversion or construction loans
I would try bank of the west idk if they do them anymore, they used too
R u a broker ? Independent broker? Brokerage owner? Or individual independent MLO?
Loan officer at loan depot
Which would you recommend if I have good credit, good income, and putting 20% down??
Broker or small direct lender
Thank you
What's your take on heloc
I like them right now, u just gotta be responsible, after 10 years they turn into a 20 year fix
Is this information still applicable
Which of them gives the best rates for VA home loans?
If u got good credit go to a broker right now
@@WhatsAMortgage Gotcha. I’m at 652. Heard I need 660 to reach the good level. 🤞🏿
@@WhatsAMortgage - truth! Brokers have some smoking rates on VA right now...
If my broker is getting paid via YSP from the lender, is it fair for him to charge me underwriting fees ?
the broker isn't charging you the underwriting fee's, the underwriting fee's are fee's that are always charged by the lender.
Are correspondent lenders considered mortgage banks?
its confusing
How much is considered “jumbo” ?
All depends on the county
Where does correspondent lender fit into this?
Direct lender