Thank you. I have a question about 7/1 arm and 30 year fixed loan products. Do we pay the principal at the same rate for both loan products. I just want to make sure I am not falling into interest trap by choosing 7/1.
So informative video! Thanks Should You Shop Around for a Lender? #realestate #lenders #realestatelenders #realestateagent #shoparound #homelenders #bestlenders #realestatecalifornia
I've refied several times over my lifetime. Some of the Mortgage companies I ended up with were not pleasant to deal with in many ways. Many have also sold my mortgage in a short period of time. I know brokers deal with many different lenders but Is there any good way to avoid a mortgage lender with a low rated service ?
The best way I know is to shop referred mortgage loan officers that friends and trusted professionals use or to go onto places like Yelp and find the best rated people in your area. Hope this helps!
Almost all sellers won’t show a home if your not pre approved without pre approval they believe it’s a waste of time you could fall in love with a home that your not qualified for, believe me I get the frustration. My first agent let me see anything but then stopped I didn’t understand it but essentially if your a serious buyer you’ll be pre qualified especially with covid things are very dicey and homes are selling much quicker as the supply is much lower then the demand. Once your pre approved it’s good for usually 90 days if you don’t have a preference approval unless you are an All cash buyer you can’t put in any offers an therefore most likely in this crazy changing market you won’t get the home you want when you see it because someone else will already have a pre approval and they can put in an offer and have it accepted before you have to pre approval for example, and realtors only make money if you buy if your not pre qualified your a risk of not being a serious buyer and wasting their time which costs them money, this is all what I was told when I was confused in November finally found a home an close next week
Most sellers will want to see a pre-approval letter from a bank to make sure that you are solid buyer. Getting pre-approved does not prevent you from shopping. You can keep doing so even after you have spoken to a lender. Ideally you want to have chosen your loan officer by the time you have an accepted offer though, becuase it can impact the timing of your closing. Hope this helps!
@@LizyHoeffer my financial adviser background... most borrowers see their mortgage (the loan) as debt when it’s actually an investment... a product of which they are going to buy! they are buying it for those 3 to 5 yrs. noticed, most do not define their break-even or think about that... cuz, they are generally laser focused on rate. 1975 rates were at 9.75 ... a number that sounds totally crazy today! When I would ask ‘how long do you plan on being in your loan?’ I would get a blank stare then most would say ‘we will be in our home for 15 year! ‘ (...til kid(s) graduate from HS or whatever the reason might be).... They most always view - their home & loan - the same in years! (..of which they are not!) I would then explain the difference and that’s when the lightbulb would come on. Their love / hate relationship (laser focus) on rate would disappear! Rate... is like number 7 on my ‘importance’ list when determining/comparing a mortgage package. $300,000 say comparing 4% it’s $180 p/m difference from 4 to 3 ... or ... 4 to 5% ... call it $2400 per year (saving at 3 or extra at 5) It’s not the rate... it’s the $2400 that needs to be in a calculation when comparing loan packages. (...I certainly hope my writing is translating? LOL! ...background in finance not English 101...) The loan office is the one greatly concerned about that $180 p/m increase (mess up ratios) cuz it could disqualify the borrower! A financial advisor would say... ‘If $180 per month is the amount difference qualifying for a $300,000 mortgage.... You probably should not be in that amount of loan!’ (A measure of risk!)
Love the videos. Can you lower the background music. It's a bit challenging listening to both at the same time. Thanks
Monchiz33 Sanchez absolutely! Thank you for the heads up
Let me know what you think of the sound on the latest videos! I have been really working on this
@@LizyHoeffer thank you so much. It made a big difference.
Thank you so much this video helped tremendously with questions I didn't even know to as and things I would have never looked at.
When to shop? Before finding a house or once you’ve found a house?
before
realtalk! you are great...I will be looking to purchase very soon and you are my first call!!
Finally a helpful video on this topic!
Thanks for the video. great information. where is a good place to look at reviews for loan officers ?
Google is usually the best place.
Thank you. I have a question about 7/1 arm and 30 year fixed loan products. Do we pay the principal at the same rate for both loan products. I just want to make sure I am not falling into interest trap by choosing 7/1.
So informative video! Thanks
Should You Shop Around for a Lender?
#realestate #lenders #realestatelenders #realestateagent
#shoparound #homelenders #bestlenders #realestatecalifornia
Awesome video! Lizy, do you have any recommendations for lenders in the CA Bay Area?
Jennifer Beeston 1-800-573-1534 or 707-478-0637
Email: beeston@rate.com
Awesome. This was very thorough and informative
I've refied several times over my lifetime. Some of the Mortgage companies I ended up with were not pleasant to deal with in many ways. Many have also sold my mortgage in a short period of time. I know brokers deal with many different lenders but Is there any good way to avoid a mortgage lender with a low rated service ?
The best way I know is to shop referred mortgage loan officers that friends and trusted professionals use or to go onto places like Yelp and find the best rated people in your area. Hope this helps!
Hi Lizy , so who / what phase actually connects various to specific loan programs/grants to a personal profile itself ?
Typically this is done in the prequalification process
@@LizyHoeffer is it the loan originator or is there a broker involved who shops around for the clients?
What states to underwrite?
Our company is countrywide, but I’m licensed here in Arizona
I got prequalified for a home loan but my realator hasn't gave me any paperwork and it's been 30 days since my approval
Great info. Glad I found your videos. 😃
New Subscriber 👍🏼
Awesome! Thank you! I appreciate you tuning in!
I’m confused on “when you do your shopping” my agent insists that I give her a pre-approval letter to keep showing me houses.
Almost all sellers won’t show a home if your not pre approved without pre approval they believe it’s a waste of time you could fall in love with a home that your not qualified for, believe me I get the frustration. My first agent let me see anything but then stopped I didn’t understand it but essentially if your a serious buyer you’ll be pre qualified especially with covid things are very dicey and homes are selling much quicker as the supply is much lower then the demand. Once your pre approved it’s good for usually 90 days if you don’t have a preference approval unless you are an All cash buyer you can’t put in any offers an therefore most likely in this crazy changing market you won’t get the home you want when you see it because someone else will already have a pre approval and they can put in an offer and have it accepted before you have to pre approval for example, and realtors only make money if you buy if your not pre qualified your a risk of not being a serious buyer and wasting their time which costs them money, this is all what I was told when I was confused in November finally found a home an close next week
Most sellers will want to see a pre-approval letter from a bank to make sure that you are solid buyer. Getting pre-approved does not prevent you from shopping. You can keep doing so even after you have spoken to a lender. Ideally you want to have chosen your loan officer by the time you have an accepted offer though, becuase it can impact the timing of your closing. Hope this helps!
Great advice!
Sharing this to “First time home buyer” group in FB
good info, keep it up!
Thank you so much 🙏🏻
👍 informative clip!
Are you licensed to work in Ohio? I’m. First time buyer and would love to work with you...
i need a step by step...
Or "zoom" in 2019. omg lol
Average life of a mortgage loan? Guess... guess how many years the average might be? Now... google search ‘average life of a mortgage loan’...
3-5 years... why do you ask?
@@LizyHoeffer my financial adviser background... most borrowers see their mortgage (the loan) as debt when it’s actually an investment... a product of which they are going to buy!
they are buying it for those 3 to 5 yrs. noticed, most do not define their break-even or think about that... cuz, they are generally laser focused on rate.
1975 rates were at 9.75 ... a number that sounds totally crazy today!
When I would ask ‘how long do you plan on being in your loan?’ I would get a blank stare then most would say ‘we will be in our home for 15 year! ‘ (...til kid(s) graduate from HS or whatever the reason might be).... They most always view - their home & loan - the same in years! (..of which they are not!)
I would then explain the difference and that’s when the lightbulb would come on. Their love / hate relationship (laser focus) on rate would disappear!
Rate... is like number 7 on my ‘importance’ list when determining/comparing a mortgage package.
$300,000 say comparing 4% it’s $180 p/m difference from 4 to 3 ... or ... 4 to 5% ... call it $2400 per year (saving at 3 or extra at 5)
It’s not the rate... it’s the $2400 that needs to be in a calculation when comparing loan packages.
(...I certainly hope my writing is translating? LOL! ...background in finance not English 101...)
The loan office is the one greatly concerned about that $180 p/m increase (mess up ratios) cuz it could disqualify the borrower!
A financial advisor would say... ‘If $180 per month is the amount difference qualifying for a $300,000 mortgage.... You probably should not be in that amount of loan!’ (A measure of risk!)
Wow. This made less and less sense as I watched.