Shopped my mortgage back in 2021. Got my mortgage from 3.25% to 2.75%. My realtor said to me, “We have to notify the sellers that we’re switching lenders. This new lender I don’t know well. Are you willing to take the risk over $50/month?” I said yes. We closed. Still hold the property 3 years later. 2k in my pocket!
Mortgage shopping is so underrated. It’s like a cheatcode to saving hundreds and thousands of dollars. Appreciate this video so much, Javier. I will be sending this to my uncle who has weird obsession with rocket mortgage hahahaha cool content and editing, always so on point.
Rocket Mortgage gave me a far worse deal than their competitors did, and when I told them so, the agent launched into a spiel about "We're the biggest mortgage lender in the country, do you think we'd be doing so much business if we weren't doing something right?" Well, yeah, maybe.
I heard about them, I tried them, but wasn’t able to refinance by late dads home, so I lost it. When I went to get me a new home, I didnt go with them.
I tried to talk with a rocket mortgage rep and he literally sounded disgusted that I was even considering and actively tried to make me not go with them.. I listened
Dude this video fucking saved me so much money. I paused it and immediately started searching around because I was recommended someone who they’ve used before, they have a TH-cam channel and specialize in VA loan, I’ve talked to the guy. He’s nice. So far I’m getting a far better deal if I choose someone else. Buying my rate down for more with less cash needed
I just want to confirm 1) shop around and get a pre-qualified letter from 4ish lenders 2) when you’re under contract for a house, contact those lenders again for a pre-approval? 3) compare and find the one that’s best for you 4) pick a lender and lock in the rates?
Great video ! checking mortgage services allows us to find the best possible terms, ensure a smooth process, and ultimately save money over the long term. Thank you for the reminder .
They sell the loans to others and eventually they securitized the loans (basically package loans up and sell as bonds in different rates) on secondary markets. And during the time, the owner of mortgage changes and the servicer of the loan also changes. It’s rarely the case the the lender holds the loan to end.
That’s what I would like to know too. I’m afraid of all the hard pulls when shopping around. My wife and I take pride in our credit scores and don’t want to muck it all up shopping aimlessly.
@@Will-hs2umyou can tell them you are only gathering information! I’ve been shopping around telling folks my credit score and letting them know I’m not ready for a hard pull. I request an estimate with full breakdown of costs.
Uploading this video while I’m getting my pre qualification is a Godsend . I had already been told to “shop around” but not much more. Really excited to see and learn from this video 🫡
I find this really surprising. I have been through this process 4 times (2 buys and 2 refinances). Every single time I've compared Rocket Mortgage with at least 2 other lenders and every single time Rocket has won the bid. Their numbers are just cheaper, their app/process is exceptional, and their professionalism is top notch. I can't even begin to tell how many other lenders/brokers are just rude MFs.
Extremely helpful @Javier! Feel like this is a topic that is not well covered compared to everything else on real estate. Question on pre-approval, should I find the 3-4 lenders and go through the pre-approval process now even though there is nothing on the market I am currently interested in, or wait until a house I like, comes up? I would rather not have the 3-4 credit checks occur if I can wait, as this can impact my credit score, and obviously your credit score impacts the rate you will be able to get. When is the right time to do this?
Take this with a grain of salt because I'm not an expert by any stretch, but it sounds like you might just want to try getting pre-qualified by the lenders right now just to compare the options but without a hard credit pull etc, but wait until you're actually trying to buy a house before getting pre-approved. Again, you should research this more on your own before acting on it :)
*not a professional* but from my experience its beneficial to get preapproved because 1. Shows you have your shit together 2. Locks in the interest rate your approved for at the time. Im not sure if it varies by state but my preapproval was good for 180 days before I had to redo it. My lender also said credit checks for house loans are looked at differently and the 4 or so credit runs at the same time wont really impact you? Lol i didnt go to more than one lender so cant verify that but doesnt hurt to ask
My current situation with lender shopping is the current lender im working with wants 12% of the purchase price for closing costs on a rental property.
Damn, they were better in the middle of 2020. Rocket’s quote didn’t have any of these extra fees back then. I actually used them for leverage to negotiate against the local mortgage broker.
Javier can you do a video on the process to refinance? We closed on our house at the height of the market at 8.125% (we didn’t buy down w points because it wasn’t worth it).
@@vazquezhomeloans yes I understand that. I’m just curious if there’s a mathematical turning point to when we should actually start considering. The rates are hovering around 6.6% wo points right now and they have been holding steady for the past couple months. I think we are not there yet but who knows? I’m in NV
@@luanamendes4767Look up the CME fed watch tool. It's a tool that predicts the future fed funds rates. It's pretty accurate when it comes to a short distance out. Right now it is predicting the fed will reduce interest rates over the coming year.
This is not meant to be attacking anyone and specifically not you Javier. I like your videos and they’re really informative and down to earth. I live in Phoenix and would be honored to actually talk with you about your videos you do on mortgages. As an MLO myself, if you actually look at the real life application of each loan estimate and compare the two. The Rocket Mortgage one is actually the better deal and puts the client in the better situation. Just because you’re getting a lower rate doesn’t mean it’s the better option. I have way too many clients shopping for rates only and then end up hurting themselves and paying more than they need. There’s also way too many real estate agents that of course are trying to look out for their client, but don’t know rules and guidelines about lending and do their clients a disservice
Same here, you didn’t explain what made Rocket Mortgage a better deal; can you enlighten us? Before I get an answer, I’ll still go with the assumption that less monthly cost and more equity = better deal
"Rocket Mortgage one is actually the better deal and puts the client in the better situation" if you don't explain your reasoning, you're wasting time and possible clients yourself :)
Javier, I have a relative, that changed jobs right before closing on the home with his girl, will or could that hurt their chances to close or it won’t matter. To close in a month or so.
Yes that can affect closing on their home. Hopefully they stayed in the same industry and their pay stayed the same or went up. Never change jobs or get new credit before closing on your home
They will need to reapply for the loan based off the new job wages. Hopefully make the same wages or more...And then have atleast 2 pay stubs. from the new job
The only way you're truly going to be able to determine which broker/lender to go with is getting an estimate from both based on the same date and cost to achieve the same rate. Loan officers get a kick back from offering a higher rate and if they dont get it that way, they'll charge you up front for it in return for offering you a lower rate....you'll still pay one way or the other
This client needs to talk to a knowledgeable mortgage broker ASAP. Both of these scenarios (paying almost 4 points) in the current rate environment is extremely stupid. Let me clarify, rates are almost certainly going down in next 12-36 months. Paying massive amounts of points to brag about a 4.875% or 5.625% right now is NOT the play. Video coming soon on why. Stay tuned…
They are probably not going to recoup the points they are paying for those rates before they refinance. It would probably be better to pay the higher payment.
Rocket Mortgage offers many benefits, but it’s important for us to carefully evaluate their options and consider their individual needs and preferences before choosing a mortgage provider. No longer trusting big companies these days
I prefer deal with a local lender. Communication is still on line but a have a human face and a office locally. I'd changing lender, shopping around let realtor who hopefully communicate to seller. Realtors are so lazy now a days, do not want to use the proper real state forms, only when is convenient to them. Texts now a days is their moto.
![ปฏิเสธไม่ไหว (Crush on you) - LIPTA feat. No One Else [Official MV]](http://i.ytimg.com/vi/NBw1jF342vw/mqdefault.jpg)
The way you explain things and edit your videos makes the content your discussing easier to understand. Very comprehensive and understandable.
Shopped my mortgage back in 2021. Got my mortgage from 3.25% to 2.75%. My realtor said to me, “We have to notify the sellers that we’re switching lenders. This new lender I don’t know well. Are you willing to take the risk over $50/month?”
I said yes. We closed. Still hold the property 3 years later. 2k in my pocket!
Mortgage shopping is so underrated. It’s like a cheatcode to saving hundreds and thousands of dollars. Appreciate this video so much, Javier. I will be sending this to my uncle who has weird obsession with rocket mortgage hahahaha cool content and editing, always so on point.
Rocket Mortgage gave me a far worse deal than their competitors did, and when I told them so, the agent launched into a spiel about "We're the biggest mortgage lender in the country, do you think we'd be doing so much business if we weren't doing something right?" Well, yeah, maybe.
I heard about them, I tried them, but wasn’t able to refinance by late dads home, so I lost it. When I went to get me a new home, I didnt go with them.
Lol wells fargo is still around, and they're awful.
I tried to talk with a rocket mortgage rep and he literally sounded disgusted that I was even considering and actively tried to make me not go with them.. I listened
What is the other alternative you would recommend
"Numbers are my only language, I don't hear sales pitches"
Dude this video fucking saved me so much money. I paused it and immediately started searching around because I was recommended someone who they’ve used before, they have a TH-cam channel and specialize in VA loan, I’ve talked to the guy. He’s nice. So far I’m getting a far better deal if I choose someone else. Buying my rate down for more with less cash needed
I just want to confirm 1) shop around and get a pre-qualified letter from 4ish lenders 2) when you’re under contract for a house, contact those lenders again for a pre-approval? 3) compare and find the one that’s best for you 4) pick a lender and lock in the rates?
Just had superbowl and saw this. You are genius and so helpful in all ways, Javy! You could be a great financial advisor too.
They got a 4.875 interest rate is that right?
Really great video! 👏 we have owned two homes and I wish we would have been this thorough when shopping around for mortgage rates. Next time 🙂
Great video ! checking mortgage services allows us to find the best possible terms, ensure a smooth process, and ultimately save money over the long term. Thank you for the reminder .
Great timing ont he vide :D Right after super bowl - just like our case :D Love your videos
Both big mortgage companies right in my backyard here in Michigan. 🤓 this was extremely eye-opening and helpful, thank you!
Now that I have been in my home for over a year my mortgage company has changed 3 times. What is that about???
Idk but they sell your loan, I guess they move money around by doing that
I have 4 different mlrtage lenders since I bought in 2020 as well. No big deal since everything has stayed the same other than my insurance went up.
Lenders sell the loans to other lenders. Only way for them to free up $$$ and continue to provide mortgages.
They sell the loans to others and eventually they securitized the loans (basically package loans up and sell as bonds in different rates) on secondary markets. And during the time, the owner of mortgage changes and the servicer of the loan also changes. It’s rarely the case the the lender holds the loan to end.
What were their credit scores that were pulled at time of pre qualification if you don’t mind me asking?
That’s what I would like to know too. I’m afraid of all the hard pulls when shopping around. My wife and I take pride in our credit scores and don’t want to muck it all up shopping aimlessly.
@@Will-hs2umyou can tell them you are only gathering information! I’ve been shopping around telling folks my credit score and letting them know I’m not ready for a hard pull. I request an estimate with full breakdown of costs.
Plus you could make the same monthly payments and pay extra on principal
Uploading this video while I’m getting my pre qualification is a Godsend . I had already been told to “shop around” but not much more. Really excited to see and learn from this video 🫡
Can I request closing cost details during pre-Qual stage?
I find this really surprising. I have been through this process 4 times (2 buys and 2 refinances). Every single time I've compared Rocket Mortgage with at least 2 other lenders and every single time Rocket has won the bid. Their numbers are just cheaper, their app/process is exceptional, and their professionalism is top notch. I can't even begin to tell how many other lenders/brokers are just rude MFs.
Javier can you do a video on refinancing, I’m at 6% and want to reduce my rate
Extremely helpful @Javier! Feel like this is a topic that is not well covered compared to everything else on real estate. Question on pre-approval, should I find the 3-4 lenders and go through the pre-approval process now even though there is nothing on the market I am currently interested in, or wait until a house I like, comes up? I would rather not have the 3-4 credit checks occur if I can wait, as this can impact my credit score, and obviously your credit score impacts the rate you will be able to get. When is the right time to do this?
Take this with a grain of salt because I'm not an expert by any stretch, but it sounds like you might just want to try getting pre-qualified by the lenders right now just to compare the options but without a hard credit pull etc, but wait until you're actually trying to buy a house before getting pre-approved. Again, you should research this more on your own before acting on it :)
*not a professional* but from my experience its beneficial to get preapproved because 1. Shows you have your shit together 2. Locks in the interest rate your approved for at the time. Im not sure if it varies by state but my preapproval was good for 180 days before I had to redo it. My lender also said credit checks for house loans are looked at differently and the 4 or so credit runs at the same time wont really impact you? Lol i didnt go to more than one lender so cant verify that but doesnt hurt to ask
My current situation with lender shopping is the current lender im working with wants 12% of the purchase price for closing costs on a rental property.
Pre-approval or pre-qual?
he meant pre-approval
Damn, they were better in the middle of 2020. Rocket’s quote didn’t have any of these extra fees back then. I actually used them for leverage to negotiate against the local mortgage broker.
Javier can you do a video on the process to refinance? We closed on our house at the height of the market at 8.125% (we didn’t buy down w points because it wasn’t worth it).
What state are you in? The qualification process is similar to buying without the Rush and deadlines of the buying part.
@@vazquezhomeloans yes I understand that. I’m just curious if there’s a mathematical turning point to when we should actually start considering. The rates are hovering around 6.6% wo points right now and they have been holding steady for the past couple months. I think we are not there yet but who knows? I’m in NV
@@luanamendes4767Look up the CME fed watch tool. It's a tool that predicts the future fed funds rates. It's pretty accurate when it comes to a short distance out. Right now it is predicting the fed will reduce interest rates over the coming year.
This is not meant to be attacking anyone and specifically not you Javier. I like your videos and they’re really informative and down to earth. I live in Phoenix and would be honored to actually talk with you about your videos you do on mortgages. As an MLO myself, if you actually look at the real life application of each loan estimate and compare the two. The Rocket Mortgage one is actually the better deal and puts the client in the better situation. Just because you’re getting a lower rate doesn’t mean it’s the better option. I have way too many clients shopping for rates only and then end up hurting themselves and paying more than they need. There’s also way too many real estate agents that of course are trying to look out for their client, but don’t know rules and guidelines about lending and do their clients a disservice
Hey, I'm curious but can you explain why the rocket mortgage one is a better deal despite the higher rates
Same here, you didn’t explain what made Rocket Mortgage a better deal; can you enlighten us? Before I get an answer, I’ll still go with the assumption that less monthly cost and more equity = better deal
"Rocket Mortgage one is actually the better deal and puts the client in the better situation" if you don't explain your reasoning, you're wasting time and possible clients yourself :)
Javier, I have a relative, that changed jobs right before closing on the home with his girl, will or could that hurt their chances to close or it won’t matter. To close in a month or so.
Yes that can affect closing on their home. Hopefully they stayed in the same industry and their pay stayed the same or went up.
Never change jobs or get new credit before closing on your home
@@johnnyb33good21 thx you.
They will need to reapply for the loan based off the new job wages. Hopefully make the same wages or more...And then have atleast 2 pay stubs. from the new job
Videos are always amazing man . Good job 👍🏻
The only way you're truly going to be able to determine which broker/lender to go with is getting an estimate from both based on the same date and cost to achieve the same rate. Loan officers get a kick back from offering a higher rate and if they dont get it that way, they'll charge you up front for it in return for offering you a lower rate....you'll still pay one way or the other
This client needs to talk to a knowledgeable mortgage broker ASAP. Both of these scenarios (paying almost 4 points) in the current rate environment is extremely stupid. Let me clarify, rates are almost certainly going down in next 12-36 months. Paying massive amounts of points to brag about a 4.875% or 5.625% right now is NOT the play. Video coming soon on why. Stay tuned…
Very helpful video. Thanks!
They are probably not going to recoup the points they are paying for those rates before they refinance. It would probably be better to pay the higher payment.
What are the lenders can we consider? The local bank?
Learned something new today. Thanks, Javy!
Rocket mortgage has high fees. I saved thousands by going with someone else.
Who else plz mention the name.
Rocket Mortgage offers many benefits, but it’s important for us to carefully evaluate their options and consider their individual needs and preferences before choosing a mortgage provider. No longer trusting big companies these days
I prefer deal with a local lender. Communication is still on line but a have a human face and a office locally. I'd changing lender, shopping around let realtor who hopefully communicate to seller. Realtors are so lazy now a days, do not want to use the proper real state forms, only when is convenient to them. Texts now a days is their moto.
The math be mathing
Informative, why u never talk about programs like home for heroes etc
Good job first 👍
They got 5% interest wow
They paid for it.
@@0529mpb100%
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