✅ - Connect Directly With Our Mortgage & Real Estate Team - www.theeducatedhomebuyer.com/expert ⏩ Do NOT Buy A House - th-cam.com/video/5x_Dmmir5ac/w-d-xo.html ⏩ How To Choose A Mortgage Lender When Buying A House - th-cam.com/video/wPbDWP3BhAQ/w-d-xo.html
This video was amazing!!! I cannot say enough good things about what you guys are doing online by helping educate homeowners and home buyers:) It is so rare to find a lender like you Josh who gives you options instead of just picking for you and answers questions instead of blowing you off ( which like you said Jeb is a non answer!) I have even had people ask me if I was lender before and I respond, "No. Everything I learned is from the 'Educated Home Buyer' on TH-cam. Thank you!!! I hope you guys keep this channel going because it takes all the mystery out of the lending process and you can start to tell when something does not make sense ( like rocket with the increased cost to get a certain rate which is par elsewhere in my experience). I will try making it to your lives as much as possible but I had a schedule change. However, I will watch the recording when I can't make it and be there in spirit:) You guys are awesome!!!
18:47 from my recent (first) home buying experience I'd say save at least 10% of the purchase price and go with the lowest down payment possible, because that 10% will get spent one way or another; down payment, closing cost, repairs, customization... 10% isn't even enough for us buying a 60 year old house that needs some work...
Solid input. Most buyers are surprised at how little the additional down payment reduces the monthly payment. It's always good to do a side by side comparison of a lower down payment to see if it can make sense by freeing up cash for other purposes, including just having funds in reserve.
Great information. I can attest that Veterans United default quotes are with points, and they dont explain your options. Wish there was more transparency in the industry. But thanks to you guys i know what to look out for on a loan estimate.
There are pros and cons to just about any time of the year. During the holidays through January, there are less homes on the market to choose from but also less competition from other buyers. We like to point out that the majority of appreciation occurs during the spring/summer buying season meaning homes will be more expensive by July/Aug and then relatively flatter through to the next spring buying season. If you are ready to buy today, there's not much benefit in waiting until some ideal time of year. Hope this helps!
Fha can still be good if you have 20% down. Personally did one few years back at 30% because it allowed for items Fannie/Freddie didn't. It was the only way to get the loan done, so I don't agree with statements like never do large deposits for FHA. Also, I learned this but why don't brokers ever talk about their 3rd party fees or broker fees in section N? Last few quotes I got they said focus on the same section you mention, but in section N high broker fees. I also had an honest broker show me that when he says no fees for him, its because he is putting it all in the rate and making 2.75 in cost. Mortgage companies/brokers/banks all seem to be like used car lots now.
It's important to never say never. FHA allows much lower credit scores, higher debt to income ratios and has shorter BK and Foreclosure waiting periods. For folks dealing with those issues, FHA is often the only option. If they choose to, or must do so to qualify, a larger down payment will reduce the monthly payment but have little to no additional benefit. Glad you found an honest broker that made 2.75% on your loan but was happy to show you where it's listed on your disclosures. 2.75% is the max a broker is allowed to make on a loan. It's not a relevant point of comparison as we have discussed many times on the show. Compare the rate and the Box A fees you are paying. A rational person understands that a lower rate, with lower fees is better regardless of how much the lender pays the broker for doing the loan. No one would seek out a broker who is paid less but charges them more....
✅ - Connect Directly With Our Mortgage & Real Estate Team - www.theeducatedhomebuyer.com/expert
⏩ Do NOT Buy A House - th-cam.com/video/5x_Dmmir5ac/w-d-xo.html
⏩ How To Choose A Mortgage Lender When Buying A House - th-cam.com/video/wPbDWP3BhAQ/w-d-xo.html
What are my options
What is my total cash to close, comparisons
Loan estimate sheet
This video was amazing!!!
I cannot say enough good things about what you guys are doing online by helping educate homeowners and home buyers:)
It is so rare to find a lender like you Josh who gives you options instead of just picking for you and answers questions instead of blowing you off ( which like you said Jeb is a non answer!)
I have even had people ask me if I was lender before and I respond, "No. Everything I learned is from the 'Educated Home Buyer' on TH-cam.
Thank you!!!
I hope you guys keep this channel going because it takes all the mystery out of the lending process and you can start to tell when something does not make sense ( like rocket with the increased cost to get a certain rate which is par elsewhere in my experience).
I will try making it to your lives as much as possible but I had a schedule change. However, I will watch the recording when I can't make it and be there in spirit:)
You guys are awesome!!!
18:47 from my recent (first) home buying experience I'd say save at least 10% of the purchase price and go with the lowest down payment possible, because that 10% will get spent one way or another; down payment, closing cost, repairs, customization... 10% isn't even enough for us buying a 60 year old house that needs some work...
Solid input. Most buyers are surprised at how little the additional down payment reduces the monthly payment. It's always good to do a side by side comparison of a lower down payment to see if it can make sense by freeing up cash for other purposes, including just having funds in reserve.
Great information. I can attest that Veterans United default quotes are with points, and they dont explain your options. Wish there was more transparency in the industry. But thanks to you guys i know what to look out for on a loan estimate.
Well said!
Is there a time of year that is better to purchase a home?
There are pros and cons to just about any time of the year. During the holidays through January, there are less homes on the market to choose from but also less competition from other buyers.
We like to point out that the majority of appreciation occurs during the spring/summer buying season meaning homes will be more expensive by July/Aug and then relatively flatter through to the next spring buying season.
If you are ready to buy today, there's not much benefit in waiting until some ideal time of year. Hope this helps!
Fha can still be good if you have 20% down. Personally did one few years back at 30% because it allowed for items Fannie/Freddie didn't. It was the only way to get the loan done, so I don't agree with statements like never do large deposits for FHA. Also, I learned this but why don't brokers ever talk about their 3rd party fees or broker fees in section N? Last few quotes I got they said focus on the same section you mention, but in section N high broker fees. I also had an honest broker show me that when he says no fees for him, its because he is putting it all in the rate and making 2.75 in cost. Mortgage companies/brokers/banks all seem to be like used car lots now.
It's important to never say never. FHA allows much lower credit scores, higher debt to income ratios and has shorter BK and Foreclosure waiting periods. For folks dealing with those issues, FHA is often the only option. If they choose to, or must do so to qualify, a larger down payment will reduce the monthly payment but have little to no additional benefit.
Glad you found an honest broker that made 2.75% on your loan but was happy to show you where it's listed on your disclosures. 2.75% is the max a broker is allowed to make on a loan. It's not a relevant point of comparison as we have discussed many times on the show. Compare the rate and the Box A fees you are paying.
A rational person understands that a lower rate, with lower fees is better regardless of how much the lender pays the broker for doing the loan. No one would seek out a broker who is paid less but charges them more....