How Mortgage Companies Rip You Off (Avoid These Stupid Fees!)
ฝัง
- เผยแพร่เมื่อ 20 มิ.ย. 2024
- In this video, I show you exactly how mortgage lenders can rip you off and what fees you need to be on the lookout for. The best way to know this is by looking at your Loan Estimate which I walk you through in an example.
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⏱ Timestamps:
0:00 - Intro
00:24 - The biggest mistake loan shoppers make
00:52 - Where to find what lenders are charging you for
01:10 - How many quotes you should get
02:24 - Get a loan estimate
02:45 - What fees will mortgage lenders charge you
03:53 - Look at the origination fees
09:10 - What are discount points
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↘️ GET A MORTGAGE PRE-APPROVAL 🏠
bit.ly/38JnS50
↘️ GET A REFINANCE QUOTE 💰🏠
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Marcos Zambrano
NMLS ID: #988935
CMG Financial
3500 Lenox Road Suite 1500
Atlanta, GA 30328
Equal Housing Lender
Not a Financial Advisor Disclaimer
I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am a licensed mortgage loan officer. All information found here, including any ideas, opinions, views, predictions, forecasts, commentaries, suggestions, or stock picks, expressed or implied herein, are for informational, entertainment or educational purposes only and should not be construed as personal investment advice. While the information provided is believed to be accurate, it may include errors or inaccuracies. - แนวปฏิบัติและการใช้ชีวิต
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Yea, personally experienced this. If you want the lowest rate, they will give you one way or another. PAR-rate is the word of the day!!!
Get a bunch of mortgage quotes, then go with builders lender and have them match the lowest quote. Plus builder lenders will usually throw in $6k-$10k; then you can use that to buy points.
Super helpful. Thanks for the detailed tutorial
Very useful video, thank you! Subscribed
straightforward and so informational. thanks for the vids as Im on my learning journey!
Great information. Thank you.
This was super helpful thank you much appreciated.
Thanks a lot... this is extremely helpful.
Thank you so much !! Awesome work
So helpful, thank you!
Discount points can be beneficial though. For me, especially with crazy high prices and high interest rates, I needed to buy more points to get my monthly Mortage where I wanted it to be.
Great info thanks
Just saw your video..Thank you so much; in process now of shopping around.
Good tips Marco. I see you networking with Meeting Of The Minds Podcast
The best in the business great guy very Thank you for your time!
Good info.
Glad I found your channel got a lot of great information which was helpful. On the Loan Estimate with a Cash-Out Refinance with the same mortgage company what fees are there and is there a transfer taxes fee?
Hey, great video well done. Love the information and that you explained it in such a calm and healthy way. Right now I’m getting ready to do a blended rate weighted analysis to try and transmute it into a new mortgage.
You’re welcome, glad you found it helpful! You’ll do a blended rate if you’re getting a second mortgage or something like that. Don’t think it would lead to anything if it’s just 1 mortgage that you’re getting
Thank you!
Hey Marcos thank you for the information just curious to know where are you from be safe God bless
Very informative! I appreciate your explanation. You mentioned something about NEW CONSTRUCTION LOAN, Can you make a video on how to go about this process?
You got it! Much appreciated :)
As of July 2022, discount points are not so bad DEPENDING on how long you plan to stay in the house, or if you will likely refinance sooner than later. Again, it depends.
Great video, appreciate the information could i use your services as a lender if ever needed
Thanks for this in depth video on mortgage costs as the process of buying a house can get confusing especially for new home buyers.
My pleasure! Glad you found some value in this video!
I don’t know if want your credit pulled more than 2 times. It can lower your scores significantly, saving up on one end will cost you more money on the other end.
I watch mini videos being that is my third time by the home and you explained it so well I Lala Lala well well
Great content! Going to save me thousands in origination fees! Keep up the good work
Having a par rate! What a time two years ago was
On general real estate business is huge scam ripoff
If you think so 🤷🏽♂️
Thank you for you video. In 2022 should the originator compensation fee $4988?
Lenders now issues multiple Loan Estimates document. How can you be sure they change the section A few days before closing?
Overall very good explanation from an upfront LO. I found nothing I could critique except for the hyperbole word "rip-off" and not mentioning non-QM loans have underwriting fees that are $1,495 and up. Sure, the uw fee can be wiped out but that increases the rate by .125% or the fee. Like he said "nothing in the USA is free".
thank you bro not thinking about interrest only anymore. does this apply to home equity loans?
Not really. You don’t have many options buying down the rate on a heloc
I just saw this your video and saw lots of ways to i was rip off when looking at my documents 😢😢
Damn! Sorry to hear! At least now you know for the next time you do it!
I'm in the process of buying. I asked for a loan estimate and she gave me a total for the monthly payment only. Like whaaaa??
Great
Should you pay for tax service fee?
Is 2% loan amount on FHA good for estimates?
Cool never knew
I am buying first home. I have some better clarity now. One lender is charging me 2.75% origination fee. The other lender rocket mortgage increased interest rate so that I get some lender discounts. Neither one of them has yet told me what my par is
If someone’s dti is too high and you need to bring down the rate so they can qualify they will have to pay for that lower rate
So for others who may be as confused as I was / still kinda am about getting a loan estimate I have given paperwork to 4 different lenders and only one has given me a loan estimate. Loan estimates are only given when you are really applying for the loan (Contract in hand). I don't have a good answer to why this is I have just gotten tired of every video I watch saying ya just get the loan estimate and then I ask the lender and the say nah we don't give that when you are shopping around only when you have a contract in hand. (If someone knows something I am missing feel free to let me know I still very much have no idea what I am doing just want to make sure others know I have not found it as easy to get the estimate from lenders)
This is happening to me. I ask for the loan estimate and they never give it to me. Its like if they don’t know what im talking about. Im frustrated. Idk i just feel im getting screwed by every lender im talking to.
According to the, The Real Estate Settlement Procedure Act RESPA/
The, GFE= Good Faith Estimate, For closed-end reverse mortgages, a loan originator is required to provide a consumer with the standard GFE form that is designed to allow
borrowers to shop for a mortgage loan by comparing settlement costs and loan terms.
• The loan originator must provide the standard
GFE to the borrower within three business days of
receipt of an application for a mortgage loan.
A loan originator is not required to provide a GFE if
before the end of the three-business-day period,
the application is denied or the borrower withdraws the application.
Applying does not mean you have to sign- you can negotiate or decline to sign , There are scams to watch out for these days
• The loan originator must provide the standard
GFE to the borrower within three business days of
receipt of an application for a mortgage loan.
Then tell them you will go with the other lender
everyone said to shop around. but when they run a check on you, they required a credit pull. if it happen a lot, then your credit will tank.. they know this and give you the worst terms and interest.
No, if you get your credit pulled, you have 10 days, if I'm not mistaken, to shop around
@@barefootgardens22what you said is true
Not if you only have a soft pull credit report done. That’s how I start all of my loans out.
You have 14 days to compare rates
It’s within 14 days and your okay
I have a question on the va loan estimate on a 280,000.00 mortgage loan what percentage should a lender charge ? The *origination charge $5,298
*0.5% of loan amount (points) $1,400
*closing fee$895.00
*funding fee$495.00
*Processing fee$1,353
*underwriting fee$1,155 looking at your example has me thinking this lender is trying to get over. What are your thoughts?
Same here
Sounds like they are. He said it shouldn't be more than 1% of the price of the loan. So, $2,800 not the $5,298 plus the $1,155 and the $1,400 like wth to much of fees on top of fees. Like he said ask for tge PAR see what changes. I'm going to do that myself
Shaheeda hill explains alot also
But what if they pull your credit then they turn you down for whatever reason?Your credit is screwed & for nothing
some lender use smart fees as a cushion and are not exact
Origination fees of 1% are ok if the loan is borrower paid. If it is lender paid then you are double dipping as a loan officer and that is wrong
my lender fee was charging me $10,000 thats a good business
What about cash out loans are they Supost to be more expansive on the fees
Maybe a little more but not so much
This was so helpful. We are shopping for a lender currently and we had the lender immediately offer points. Key indicator that their rate is above par. Thank you for this really easy to understand explanation.
Over the life of the loan paying for points upfront could save you tens of thousands. Right?
Over the life it may. You’ll still wanna calculate your break even point. Odds are, you’ll never pay off a mortgage in full over the term you got
One lender is charging 3.25% in origination fees..
5:20 context is needed
I just spoke to my lender and she told me that in this market there are no free point right now. She gave me and interest rate higher than my par interest rate and i still have to pay for points is this true?
I think the points are optional from what I understand.
God bless you! 🙏🏻
Amen!