Hello Gigachad Javier. I want to thank you for your videos because they have helped my wife & I become very knowledgeable first time home buyers and today we closed on our first house!!! Your videos prepared us for all of the curveballs that come with the process. Thanks so much please keep doing what you're doing because you're helping a ton of people!
I’m in the process of finalizing a home purchase. Out of 52 offers, I was the winning bid and it’s all because my lender and realtor. Agreement took place over memorial weekend, on a Sunday evening, and sellers said my lender and realtor were the only ones to respond to question and inquiries within the same day; everyone else replied days after but by that point it was already to late for them. That availability can make a big difference! Just FYI, I was not the highest bid, so, I lucked out.
As much as I hate to say this about better, because they’re a competitor, they do have solid customer service and I believe weekend hours. I’m a lender and realtor. I’ve had better pre-approval before and they were solid. Better is a tech company and seem to have a good system but try local brokers. They can usually hook it up and get lower pricing for you.
Great video! I got 3 quotes. One from a local lender, one from rocket mortgage and the last one from a credit union. Credit union was the most difficult to work with. Rocket mortgage gave us a 2.99% interest rate but the APR was like 4.1%. Local lender had a higher interest rate but the APR was lower (than RM). The local lender was easier to work with as well.
I had such an awesome experience with Better!! They were incredibly responsive, every step was clear and the process was simplified (assuming you have all of the documents you need). The staff are pleasant and fast, and my rate was pretty sweet.
@@knd225 for context, it was June 2021 and it was a busy time. The entire process took about a month. We were approved for a loan amount before we put an offer on our home which helped speed things up. I strongly recommend that you gather ALL of your financial documentation like the last 1-2 years of taxes, bank statements, IDs, AND find a reputable title company, and home inspector(s). Do NOT waive inspection unless you're loaded enough to handle costs to fix things.
I've purchased and refi'd with Better. I would 100% recommend for refi. Javier is right about complications of a lender that isn't local when purchasing.
This is such a great video. I am literally in the process of rate shopping and cannot thank you enough for recording this. There is noone on youtube with such useful insights.
Also really love how upfront and easy it is to get real quotes from Better. The local mortgage brokers were anoyingly cagy about giving a formal offer/quote. They threw out numbers but werent giving full cost...
Used freedom mortgage to buy my second home last year and overall had a great experience than using a local lender for my first home. My loan officer was on top of everything, emails and calls mostly everyday to make sure I didn’t have any questions or problems
I do agree with your assessment of the Online Lender, it does require a bit of work gathering your own documents. This can definitely be overwhelming for some. However, I enjoyed the process because I was able to see everything go through step by step. This definitely helped us in negotiating our final rate with our current lender. I call it the gentle arm bar. Most lenders will work you in matching a competitors rate. Whether online or locally.
I used a local lender for my initial home loan and they kinda drove me nuts. My loan processor wouldn’t answer my emails and I’d get automated messages days after the processor had asked me for the documents. And whether you go with online or local, you still have to chase down any paperwork they ask for. For my refinance I used Better and it was awesome. They beat four other lenders and ended up paying me $250 to do it. The processor was in New York but he sent me stuff at all hours and was on top of every automated message I got too. I would go with them again and not recommend my local lender at all. But each location and lender is different, for sure.
I’m a local lender now and have been an internet lender when I first got in the industry. Trust me when I tell you, internet lenders (for the most part) bait and switch A LOT.
Hi! Would you be able to elaborate on that? I’m facing similar problem as listed in the video where better is giving much lower rate to the point it makes me wary
We are buying a new construction house, and we are kind of forced to go with the builder's mortgage company because of 10k credit. Another interesting fact is that buyer pays all the closing costs in MD for new construction homes. The total closing cost is like 24k, and that is outrageous. Any thought on that Javier?
I have had both experiences and it always depends on circumstances. On my last purchase I tried online lenders and a broker. The broker was able to find me a better deal and the lenders offered credits to cover the broker costs. Sometimes brokers have access to rates and deals that everyday people don't. However when I went to refinance, the broker couldn't beat the online lender. So always always get multiple quotes and do the in depth comparisons since you never know what will come up as the better deal 👍
Refied with better twice. Betters offer was notably better than a banks. The refused to compete. Better will email you rate offers almost daily if do their partial approval process. I waited a month and locked in a rate when I saw a point amount and rate I like . They call you very little and were super easy to work with. Both times it only took about 3 weeks to close. Phone and email was plenty sufficient to resolve issues.
@@dulichcuanguoivietomy7337 I think points are essentially paying more money up front for a lower interest rate. example pay 2000 to get .25 of a percent off of a loan.
If a buyer needs DPA and to take advantage of their local 1st time home buyers programs weren’t the online lender have to be familiar with these programs or it’s pointless to just get a regular quote right?
All I have to add is that if a builder 'prefers' a lender, they're supposed to tell you if they own them. They're going to try to make money on both ends and that's shady AF
Thank u so much! I did go with builder lender since it was easier for me to get pre approval but I plan to wait and go with whoever when I get closer to closing which is end of this year for my home to be finished(with delays Lord knows). The builder’s lender will pay $5K toward closing and $1K toward origination fee. I will try to get competitive rates with builder lender to match online or other lenders plus get the closing and origination fee assistance! I am blessed to have great credit so I am hoping that rates won’t go up between now and when I can lock in to interest rate. 👍
Hi Javier I have a question for you, Which is better option? we want to get a bigger house that we have right now, We were thinking on buying a house first and then sell our current house so weare prequalify for a loan but we didn't like the houses we have seen so far and the ones we think we might like are more expensive that the amount we prequalified so it will be better to sell our house first and then buying a new one or just stick to the amount we prequalify as now and wait until we get a property that we like?
It sucks to think about moving twice, but renting a home on a month to month might be better for now. Makes selling your home easy. Dont forget even though homes are selling in 2 weeks, you still have 45 days to close and things can go wrong like the home not appraise or a long list of repair demands. Most of the homes I looked at where empty. Sellers just renting until their home sells.
Good analysis. I like that you took out the 3rd party fees. You should going to be the same no matter which lender you use. Remember though, if there could be any kid of problem with your loan.. you want a real broker.
I always say the same thing, "Too bad I'm in Jersey" but not for the same reason. 😆 I be moving next year to sunny South Carolina! 🚗💨💨💨 This place is California 2.0
I probably should have done your strategy. I got two preapproval quotes from local and better at the same time. The local lender's interest rate was actually lower than the online lender's. I didn't shop around after that. What I should have done was at least check the online lender's rate at time we signed the contract.
what abt rules/regulations on leasing an office space, that i mortgage, to a cannabis retailer? like can you lease out an office/retail space that is part of a building that is currently under mortgage?
I went local also and had a great experience at the time my score was WAY low 600s so getting 3% I didn’t think I was going to do better now I just have to get rid of this PMI
Bro you real estate agents need to stop make borrowers scared of online Lenders because y’all have connections. We do work on the weekends we are available to our borrowers. No you aren’t your own processor, we have our own processor we do exactly the same thing as your local lender at a better price. Real estate agents just want to keep everything with their circle to benefit from Local business
This is what the local lenders told me my guy, I’m only communicating what I was told. And woah I didn’t know a CEO of an online lender named Dacr07 watched my videos
Do they have online websites to shop realtors around? I mean, you should do a video on the differences “pros and cons” of using let’s say Open**** vs a local realtor.
If you go on Zillow, Trulia, and Redfin you should be able to see the estimated value of the home. If you really want a more realistic number look on the same websites for recently sold comparable properties. Ultimately you won't know the exact number someone is willing to pay till you actually put that for sale sign. Hope it helps!
I don’t need to call a lender on a Saturday at a cost of higher closing costs and/or a higher interest rate!! The local lender would have to meet or beat the online lender in my book. Sorry!!
This person must work for an Internet lender there's no free money money is a commodity it costs the same no matter where you go it's just the margin of how much the lender marks it up
I really feel like this is bias, underwriting fee is blank, no origination points (for online lender). I have had at least 10 clients get "online quotes" and there hasn't been a single one without those 2 fees associated, maybe they weren't far along enough in the process in this example, or possible bias in creator of this video.
@@eziasjordan1720 I closed June 28, 518,700 loan Credit score 822 20 years , 2.375% Apr. 2.7% $2717 a month payment $80 home insurance $300 property tax $3097 a month payment
Hello Gigachad Javier. I want to thank you for your videos because they have helped my wife & I become very knowledgeable first time home buyers and today we closed on our first house!!! Your videos prepared us for all of the curveballs that come with the process. Thanks so much please keep doing what you're doing because you're helping a ton of people!
That's epic. Congratulations!!
I hope Javier sees this comment.
I’m in the process of finalizing a home purchase. Out of 52 offers, I was the winning bid and it’s all because my lender and realtor. Agreement took place over memorial weekend, on a Sunday evening, and sellers said my lender and realtor were the only ones to respond to question and inquiries within the same day; everyone else replied days after but by that point it was already to late for them. That availability can make a big difference! Just FYI, I was not the highest bid, so, I lucked out.
sorry, did you happen to use Better or you were using a local lender?
52 offers? For the love of god.
As much as I hate to say this about better, because they’re a competitor, they do have solid customer service and I believe weekend hours. I’m a lender and realtor. I’ve had better pre-approval before and they were solid. Better is a tech company and seem to have a good system but try local brokers. They can usually hook it up and get lower pricing for you.
Great video! I got 3 quotes. One from a local lender, one from rocket mortgage and the last one from a credit union. Credit union was the most difficult to work with. Rocket mortgage gave us a 2.99% interest rate but the APR was like 4.1%. Local lender had a higher interest rate but the APR was lower (than RM). The local lender was easier to work with as well.
I had such an awesome experience with Better!! They were incredibly responsive, every step was clear and the process was simplified (assuming you have all of the documents you need). The staff are pleasant and fast, and my rate was pretty sweet.
Was it a long process?
@@knd225 for context, it was June 2021 and it was a busy time. The entire process took about a month. We were approved for a loan amount before we put an offer on our home which helped speed things up. I strongly recommend that you gather ALL of your financial documentation like the last 1-2 years of taxes, bank statements, IDs, AND find a reputable title company, and home inspector(s). Do NOT waive inspection unless you're loaded enough to handle costs to fix things.
@@goddessofthestars Thank you for replying.
@@knd225 happy to help! 😊
F better MTG
I've purchased and refi'd with Better. I would 100% recommend for refi. Javier is right about complications of a lender that isn't local when purchasing.
This is such a great video. I am literally in the process of rate shopping and cannot thank you enough for recording this. There is noone on youtube with such useful insights.
which one did choose?
Get the online preapproval and have a local lender match
Also really love how upfront and easy it is to get real quotes from Better. The local mortgage brokers were anoyingly cagy about giving a formal offer/quote. They threw out numbers but werent giving full cost...
Used freedom mortgage to buy my second home last year and overall had a great experience than using a local lender for my first home. My loan officer was on top of everything, emails and calls mostly everyday to make sure I didn’t have any questions or problems
I do agree with your assessment of the Online Lender, it does require a bit of work gathering your own documents. This can definitely be overwhelming for some. However, I enjoyed the process because I was able to see everything go through step by step. This definitely helped us in negotiating our final rate with our current lender. I call it the gentle arm bar. Most lenders will work you in matching a competitors rate. Whether online or locally.
I used a local lender for my initial home loan and they kinda drove me nuts. My loan processor wouldn’t answer my emails and I’d get automated messages days after the processor had asked me for the documents. And whether you go with online or local, you still have to chase down any paperwork they ask for. For my refinance I used Better and it was awesome. They beat four other lenders and ended up paying me $250 to do it. The processor was in New York but he sent me stuff at all hours and was on top of every automated message I got too. I would go with them again and not recommend my local lender at all. But each location and lender is different, for sure.
I’m a local lender now and have been an internet lender when I first got in the industry. Trust me when I tell you, internet lenders (for the most part) bait and switch A LOT.
Hi! Would you be able to elaborate on that? I’m facing similar problem as listed in the video where better is giving much lower rate to the point it makes me wary
@@ctran1955 you will want to get a locked LE
@@CreativeLending of course you say that cuz you are a competitor lol local lenders are difficult to deal with and have to schedule to talk to.
We are buying a new construction house, and we are kind of forced to go with the builder's mortgage company because of 10k credit. Another interesting fact is that buyer pays all the closing costs in MD for new construction homes. The total closing cost is like 24k, and that is outrageous. Any thought on that Javier?
I have had both experiences and it always depends on circumstances. On my last purchase I tried online lenders and a broker. The broker was able to find me a better deal and the lenders offered credits to cover the broker costs. Sometimes brokers have access to rates and deals that everyday people don't. However when I went to refinance, the broker couldn't beat the online lender. So always always get multiple quotes and do the in depth comparisons since you never know what will come up as the better deal 👍
Can you do a vid on using a builders preferred lender (with incentives) vs a local/online with generic or no incentives.
Refied with better twice. Betters offer was notably better than a banks. The refused to compete.
Better will email you rate offers almost daily if do their partial approval process. I waited a month and locked in a rate when I saw a point amount and rate I like .
They call you very little and were super easy to work with. Both times it only took about 3 weeks to close. Phone and email was plenty sufficient to resolve issues.
Hey Javier, at around minute 14 you mentioned something about points. I do not know what that is, could you explain?
Following too, I’m curious too
@@dulichcuanguoivietomy7337 I think points are essentially paying more money up front for a lower interest rate. example pay 2000 to get .25 of a percent off of a loan.
What @kenny said. Before you decide to buy points watch some videos to see if it makes sense to buy points.
Great video, exactly my situation. Curious where you are located? Thanks!
If a buyer needs DPA and to take advantage of their local 1st time home buyers programs weren’t the online lender have to be familiar with these programs or it’s pointless to just get a regular quote right?
All I have to add is that if a builder 'prefers' a lender, they're supposed to tell you if they own them. They're going to try to make money on both ends and that's shady AF
What’s the best mobile home online lender? Please asking for help
Is there an online lender that you recommend? I got a 3.1% from a local lender but I’m wondering if it could be better with an online lender.
Dude I love your videos they have helped me understand the housing game so much keep up the awesomeness
Thank u so much! I did go with builder lender since it was easier for me to get pre approval but I plan to wait and go with whoever when I get closer to closing which is end of this year for my home to be finished(with delays Lord knows). The builder’s lender will pay $5K toward closing and $1K toward origination fee. I will try to get competitive rates with builder lender to match online or other lenders plus get the closing and origination fee assistance! I am blessed to have great credit so I am hoping that rates won’t go up between now and when I can lock in to interest rate. 👍
Hi Javier
I have a question for you, Which is better option? we want to get a bigger house that we have right now, We were thinking on buying a house first and then sell our current house so weare prequalify for a loan but we didn't like the houses we have seen so far and the ones we think we might like are more expensive that the amount we prequalified so it will be better to sell our house first and then buying a new one or just stick to the amount we prequalify as now and wait until we get a property that we like?
It sucks to think about moving twice, but renting a home on a month to month might be better for now. Makes selling your home easy. Dont forget even though homes are selling in 2 weeks, you still have 45 days to close and things can go wrong like the home not appraise or a long list of repair demands. Most of the homes I looked at where empty. Sellers just renting until their home sells.
Talk about mortgage brokers. Should we use or do our own shopping. What do they charge?
Good analysis. I like that you took out the 3rd party fees. You should going to be the same no matter which lender you use.
Remember though, if there could be any kid of problem with your loan.. you want a real broker.
Nice first like!! Love this guy!! To bad I'm in Jersey
I always say the same thing, "Too bad I'm in Jersey" but not for the same reason. 😆 I be moving next year to sunny South Carolina! 🚗💨💨💨 This place is California 2.0
I probably should have done your strategy. I got two preapproval quotes from local and better at the same time. The local lender's interest rate was actually lower than the online lender's. I didn't shop around after that. What I should have done was at least check the online lender's rate at time we signed the contract.
what abt rules/regulations on leasing an office space, that i mortgage, to a cannabis retailer? like can you lease out an office/retail space that is part of a building that is currently under mortgage?
Great video, man. That was really insightful.
I went local also and had a great experience at the time my score was WAY low 600s so getting 3% I didn’t think I was going to do better now I just have to get rid of this PMI
I had a good experiane with my local lender. He was basically either beating or matching all the online lenders on rates and fees.
Wow, never thought I could negotiate my rate down....
Bro you real estate agents need to stop make borrowers scared of online Lenders because y’all have connections. We do work on the weekends we are available to our borrowers. No you aren’t your own processor, we have our own processor we do exactly the same thing as your local lender at a better price. Real estate agents just want to keep everything with their circle to benefit from Local business
This is what the local lenders told me my guy, I’m only communicating what I was told. And woah I didn’t know a CEO of an online lender named Dacr07 watched my videos
Do they have online websites to shop realtors around? I mean, you should do a video on the differences “pros and cons” of using let’s say Open**** vs a local realtor.
That Arnold Schwarzenegger scene took me out... 😂
Great Content Javier!
Thank you!
What online lender did you use for comparison?
He mentions a few times it was "Better Mortgage"
i would like to know how to calculate a house. like how much a house worth. and how they do the calculation.
If you go on Zillow, Trulia, and Redfin you should be able to see the estimated value of the home. If you really want a more realistic number look on the same websites for recently sold comparable properties. Ultimately you won't know the exact number someone is willing to pay till you actually put that for sale sign. Hope it helps!
Can we ask the online lender waive the points money?
Thank you very much
who is the lender @3:33 ?
I don’t need to call a lender on a Saturday at a cost of higher closing costs and/or a higher interest rate!! The local lender would have to meet or beat the online lender in my book. Sorry!!
Why are you apologizing lol..
This person must work for an Internet lender there's no free money money is a commodity it costs the same no matter where you go it's just the margin of how much the lender marks it up
I really feel like this is bias, underwriting fee is blank, no origination points (for online lender). I have had at least 10 clients get "online quotes" and there hasn't been a single one without those 2 fees associated, maybe they weren't far along enough in the process in this example, or possible bias in creator of this video.
I just close my house with quicken loan 20 years conventional 2.375% interest rate, they are easy to work with
When did you get the loan? Do you mind providing your CScore and Down payment.
Is there a referral code that they provided.
Jordan from New Mexico
@@eziasjordan1720 I closed June 28,
518,700 loan
Credit score 822
20 years , 2.375% Apr. 2.7%
$2717 a month payment
$80 home insurance
$300 property tax
$3097 a month payment
Best!👍👍👍
And I guess I'm third 🤷♂️
You lost me when you opened the spreadsheet.
Edit: so the lesson of this video the online is cheaper, but Javier is biased towards local.
Like to know i can bang on the door 😂
Guess I’m 4th
I guess I'm second😂
If I had a nickel every time an agent on youtube spreads info they aren’t licensed for.
Giving u a thumbs down just to let u know im here.
Thanks
@@JavyVidana We love ur channel, saludos from SoCal
@@JavyVidana - Dont agree. Always go with the better (cheaper) mortgage rates. It means thousands of $$ during the life of the loan.