Pre-Qualifying Mistakes To Avoid (First Time Home Buyers)
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- เผยแพร่เมื่อ 30 มิ.ย. 2021
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Home Buyer Mistakes To Avoid When buying a home: th-cam.com/video/7GQF2q4zIA4/w-d-xo.html
dude u r a gem
Javier, it is always a pleasure to watch your videos. You have such integrity, and talk to us like a loving big brother who cares. Thank you for that.
Made the mistake of talking to a real estate agent first who had a lender(as you mentioned). Obviously they communicated and my real estate agent tried to pressure me to buy a 800k house(qualified for) when in reality I only felt comfortable buying a 600k house.
Getting close to 100K! Great job, Bud!!
I tried two credit unions. One was extremely professional, gave us the best rate possible (2.8%) and would even talk to us at 10PM at night about questions. The other one we tried going through didn't even follow up with us after we submitted all the documents to get pre approved.. experience definitely matters, we just got lucky to have a great rate and connection. I never did try to go through an online lender as i like a physical branch i can go to if i have serious concerns. Good luck guys. 👍 and congrats javier on 100K 🎉
I agree! Talk to the lender first. Even when I purchased cars I would get the loan qual and monthly payment quotes first. I think its nicer to know where your budget lays before truly diving in.
Been crackin’ out on bingeing your vids, love the content a super appreciate you taking the effort to share your wealth of knowledge. Thank you
I love your attitude and how you express yourself I look forward ever video that pops up with your name in it!!!
This was awesome Javier, thank you so much for the detailed information and honesty! Starting this process in October of this year, I’m soooo eager to get started!
You are a guru. THANK YOU. Watching your videos has given me so much power and confidence in the home buying process
Javier, can you do a video about how the point system works with loans, explaining it like I’m a six year old?
Wish i had seen/known this earlier. Would have saved us a lot of heartache. Well, at least we're under contract, one my realtor knew that we qualified for more, she began only sending us homes costing almost a half mill, although we told her we really wanted to stay around 300-350k. Ended up finding a house on our own and just using the realtor to handle the deal...
Thank you for the laughs and tips/information in this video.
Starting this process this week after listening to your videos for the past year. This is exactly what we needed to hear!
Best of luck!
Your video made me feel so much better it seems I’ve been doing this the right way even my lender day one ran through every option I have from FHA to conventional etc.
And here’s a tip for anyone who is a new home buyer like me make sure you find an agent and lender who are available 24 seven for you
Thank you so much. You make all this feel less scary.
Very much educational and fabulous video ℹ️😊!!!!
Thank you so much !! For all ur help
thank you javier for this information. more FTHB videos please. wish you more success!
Thanks, Javier, just found your channel and subscribed tonight. Looking to buy my first house in the next few months and I’m SCARED! So, trying to educate myself on the process as much as possible.
“Not in physical looks cause I got you beat every single time on that 😎” 😂🤣🤪 cant knock a man with confidence ✊🏾
You're a joy to watch, and I've learned so much from your channel. Thanks for sharing your knowledge :) Do you have any tips for places to shop around for different lenders, or have online lenders you recommend often?
Great info !!
You are the best! God bless and prosper you!
Great video!
That editing! Chef's kisses. I did all of these mistakes. Oops. Luckily I'm subscribed.
As a realtor and having worked with some really terrible lenders that don't close on time and screw up the deal with my buyers, I disagree. Don't look at houses first, but consult with a realtor. 9 times out of 10 , they have a great lender that can get you qualified and make you as the home buyer have a much easier transaction.
I love the lender I have been working with in IN. We just signed the pricing contract for our new build on 07/02/21 but during the conversation when I asked the builder when did they want their 3000 in ernest they stated that as of July 1 the ernest amt for outside lender was raised to $7000. one day, only one day and it could have been 4000 less..hahahhaa. Our home build should be done aprx April/May 2022. Oh power that be, Just be kind too Me...lol
Great video and a big help for first time buyers. I need your guidance on when to shop around for mortgage at time of pre approval or before closing and do the lenders give closing cost estimate at time or pre approval letter.
Also if we are under contract and before closing the mortgage rate drops, do we still have time to get it reduced or negotiations are possible or we have to go with the same numbers we got from lender when we signed contract. Thanks
Great info. I'd recommend for buyer to know MAX payment they are comfortable with while accounting for future mortgage increases. Am I the only one who noticed glitches in the video ? Like when Javi said "have a good d-d-d-day?"
Does it matter whether one goes to a mortgage lender vs. a mortgage broker? Are they the same?
Hey Javier, have used all of your advice in your videos and am now under contract for a new build in the Phoenix area and want to know if big banks or online lenders tend to work with state DPA, trying to get the best interest rate before closing.
Question what do you think about home builders who also home lend.
Hey, Javier i'm a new sub, love your videos! We have been in the process of buying a new built home since Sep 2020, we signed contract to close for Jan 2021 but because of the pandemic, things slowed down A LOT! Long story short, sales agent still has not given us a closing date.. she keeps pushing back saying maybe in 30-45 days or less.. we feel like we don't matter to her as our messages and texts get ignored most of the time. It has been a FRUSTRATING situation for us. pray for us man :/
How did it turn out for y’all?
Ty :)
Effectively
I like your shirt Javier. And I think it’s mustard!
Awesome
New sub !
You are da bessssssssss😎!!!!!
Hi Javier, I have a question, I'm buying a house that's being built and I already have a lender, but I want to have more options, 3 at least, can I shop around without affecting my credit score? I'm in Tx.
Thanks.
The only pushback I give here is that your relationship with agent or lender is finite. I dont need to become buddy buds. Because effective communication isnt going to pay the mortgage, ya know?
I like your vidz
Hey Javier I was wondering I’m in process of getting a house and I haven’t worked for 1 month and a half due to COVID would that affect me for getting a loan ?
Hey Javier
I just got under contract but my lender is terrible at getting at me. He got me approval for a VA loan but I went through a chapter 7 bankruptcy 1 year and 6 months ago
For some reason he was able to take all my stuff and get pre approval
Now he can’t even get me the numbers or anything until the disclosure letter are released
At this point I am
So skeptical that I may just want to let this contract go and loose my earnest money
Idk man can you get back to me with your thoughts
My lenders gave me a pre approval for USDA and FHA at the same time.
Question? I'm deciding between 2 homes. One home is $500.000, the other home is $300,000. Can I apply for the $500,000 loan, but if I decide to get the $300,000 home, can I "modify" the $500,000 loan to purchase the $300,000 home? Or do I have to apply for 2 different loans (even though I would only be using one of the loans.?)
Thank you for the video. This may be a dumb question but how far in advance of getting all of your ducks in a row should you get pre-approved? For instance, if I have all of my emergency fund, half of my down payment, and none of my closing costs, does it make sense to talk to a lender or should I wait until I'm closer to purchase?
Are pre approvals good for 90 days and do they require a hard credit pull? Questions I'd ask a lender. Spread out hard credit pulls are bad. But.
Some lenders will give you an estimate without a hard pull. That may be a better option if you're not ready to shop. But ask if it's a pull that could affect your credit rating. They will tell you. And understand.
Also I think he points out is it is not a guaranty. So don't shop at the top edge of a 60 day old letter when rates are going up.
Thoughts on quicken loans / rocket mortgage?
Was great for me and my wife. Closed May 27th 30 days after the offer was accepted. Closing costs are a bit high but they waive application fees
Question, are the home for heroes a good program to get into?
I see from Pt 1 and 2 that you are into Zelda... I love BOTW, which one do you love the most. Also I was more of a Pokemon girl, so it wasn't till BOTW is when I got on the band wagon.
When shopping for mortgage preaproval, does every company do the credit check that leaves you with hard inquiries on your credit report?
If the inquiries are all done within 14-30 (I've also heard up to 45 days) days then it's counted as one inquiry. I think the inquiries are also temporary and have a small impact on your score.
I think pre approval might. But ask - I always did and lenders were happy to tell me. Granted I was dealing with real people. I seem to recall it did cost me 10 points for a while. But that was years ago - I could be wrong.
US Bank says this:
When to get pre-approved
You may want to get pre-approved if you’ve already defined your price range, have a real estate agent and are currently shopping for homes. A pre-approval is only good for 90 days and it will show as an inquiry on your credit report, so don’t apply for pre-approval until you’re ready to start making offers.
They also offer soft-pull pre-qualification I think. You can't take it to a seller, but it gives you a good idea of what you probably can get pre approved for.
How can I get pre approved without a hit on my credit?
With a pre qualification does each lender do a soft pull or hard pull on your credit when you shop around?
^ What does your own credit report say you have??
Print out your credit report and make a photocopy of your driver's license. Write on it "no credit checks authorized." And use that to shop around for a loan.
Is your tip about not showing your max approval to the realtor just a precaution against realtors who want to sell you a bigger house than you wanted?
Hey Javier, trying to buy a home and was wondering from the pre-approval rate to the actual under contract rate, how much can it vary? Great video, thanks!
It is hard to say as everyday the interest rate fluctuates along with the specific factors for you property's final offer being accepted and your financial situation. It may be up to .25% more on my experience!
Was that the Cleric Beast theme from Bloodborne @7:00
Edit: I paused and wrote this before the 10 points were offered. Can I still get those points?
If no one guesses the song you used can you still say 🥺 or give a hint
We just closed on a house in CA with a VA loan. It’s possible, not easy, but keep grinding people. ❤️
We also had a great lender that got the job done, was responsive, and we closed in 30 days.
👏 congratulations!
@@scottapache5041 Kind Lending.
@@venictos Thank you. 😃
We had the worst experience with a local credit union last year. Slow, inefficient, incompetent, unprofessional.
I recently got pre-qualified for 450k loan. The interest i got was 4.5%. Is this a average rate for someone with 788 fico and 0 debt in 2022? Seems high to me.
T shirt color => Cream of Hemp
One? I made all the mistakes.
I seem to find all of the lenders who only return my calls on Friday at 4:59pm.
You literally said realtor first over lender in a previous video. "Hire a Real Estate Agent or Mortgage Lender first?"
so is the grant from bank of america the best to apply to for a lender? because theyd pay 3% down up to 10k max and theyd also pay closing cost up to 7.5k?
@Sandor Clegane, Have you contacted B of A regarding the grant program? I’ve been trying but can’t find anyone there who can help me? Do you have contact info? I’m in So. Cal
@@rebeccabannister5304 i do. im honestly just trying to find the best grant/freemoney for my first home. i live in illinois. theres also this 1sthomeillinois program that if you qualify theyll give you up to 7.5 and if you live in the house for 5 years that grant is forgiven.
Seriously Siri need to understand what the magic of fractional banking can do.
I’m wondering if there are 105k others trying to figure out to navigate these waters
Ayeee first comment
Does having a low credit score affect my chances in getting Pre-Approved?
This realtors don't wanna feel like they're wasting their time not knowing they won't get a commsions so of course go to the lender 1st.
Wells Fargo 🙅🏻♂️
I don't know how people talk to a realtor before the lender... How the heck do they know how much they can afford????????
That’s not that hard to do. You take your take-home pay, subtract all the debts, expenses, savings, and investments, and whatever is left over is what you can pay for housing a month. A less precise way is calculating 30% of your take-home pay and using that as your upper bound for what you can afford.
My lender jus told me conventional 5% and my agent wanted max pre approval lol
Agent wants max preapproval because if you say you want a home for 300k and find one for 305k, your agent is now on the phone calling your mortgage company for a new pre qualification letter to send with your offer on a Sunday night before they pick an offer Monday morning. Also 5% sounds way high.
Pre approval doesn't mean squat when you see who you're competing with. Who will look more attractive: someone with 5% down,10%,,20% down or even all cash?
@@MrTmenzo I didnt realize he was saying 5% cash down, thought that was the apr. Yeah in this market 5% is going to be tough to find a home, but it still can be done. Just will need to be one that has an issue keeping other bids away. Could be location, fixer upper, the town, taxes, ect.
Doesn't your credit drop every time you pull, asking all 4 to pull for a rate? Would that tank my credit. Anyone?
No. Multiple credit checks within 15 days count as one. That’s why it’s even recommended to look for more lenders since you’re gonna get one hit anyways, might as well check with others.
If im a real estate agent, i would make sure to screen the buyer, if they got fha, drive a shit car, have a low credit score, and shit job, im not returning their calls.
Do you speak Spanish Javier? If so it would be cool to see some videos in Spanish.
We have enough Spanish speaking enablers here in California. We even have school counselors who can't even speak english in Salinas Ca community college!! Spanish is a beautiful language but I appreciate Javier for not caving in and respecting us. Plus, spanish speakers know english :) and if they don't they are not ready to buy a house in the U.S.
@@chasingsunsets87 since when does Hartnell have Spanish only speaking counselors? Genuine question.
@@chasingsunsets87 Spanish speaking enablers?
@@chasingsunsets87 Spanish is a beautiful language?
69th comment. Niceee 👌
Baby poop color? Lol 😂 You must have a new born, maybe yes?
The rigid windscreen evidently talk because wren extracellularly squeal in a spotty home. magnificent, defeated atom
R U losing weight? U look taller too.
Hope so! I’ve been working out for the past two weeks.
The whole "I misspeak and drag it out in every video" bit is a bit much.
You’re right! I’m going to stop.
@@JavyVidana Don't stop I'll feel bad. Lol
u talk way too much and dont get to the point