Be Careful! There's So Many Types of Mortgage Lenders That Can Affect The Loan You Receive!
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- เผยแพร่เมื่อ 25 มี.ค. 2020
- Banks, Brokers, Credit Unions, and Mortgage Lenders Oh My! | Different Types of Lenders
In this video, I break down the differences between banks, credit unions, mortgage lenders, and brokers. There are HUGE differences that are worth noting that affect the type of loan you get and whether the deal gets done.
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Jennifer Beeston, SVP Mortgage Lending, Guaranteed Rate Mortgage
*Proudly Offering Purchase Loans + Refinances in, Alabama, Alaska, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Montana, New Mexico, New York, North Dakota, Oklahoma, Oregon, South Dakota, Tennessee, Texas, Virginia, Washington, Wisconsin and Wyoming
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Jennifer Beeston NMLS ID:247743; State License Numbers: AL - Licensed, AR - Licensed, CA - CA-DOC247743 - 413 0699, IA - 33839 , IL - 031.0054184, IN - 41478 , KS - LO.0039219, LA - Licensed, ME - Licensed, MN - MN-MLO-247743, ND - NDMLO247743, NY - Licensed, SD - MLO.08498, TX - Licensed, VA - MLO-40552VA, WA - MLO-247743 - CL-2611, WI - 247743, WY - 8203 FL
GR NMLS ID #2611 www.nmlsconsumeraccess.org
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
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Thank you for the great detail and explanation of different lending institutions and their guidelines.
Glad it was helpful!
This is a FABULOUS video you made! 🤩. Extremely easy to understand. Thank you so much for making it. 🙏🏾
Glad it was helpful!
Fantastic information all around. Even for those who have a fairly good knowledge base it’s great to hear it broken down into simplistic language.
Fantastic information that I did not see in books or online before I purchased the house!!! These are things people need to know in advance so that they can make a more informed decision. Would I have gone with a different lender? Good question. You are a wealth of home buying knowledge. I hope people out there realize that you really need good realtors & good lenders to really make it turn out in your favor because there are a lot of pitfalls. If you're not in the business you need the best to guide you. Thank you for all of your informative videos. You are making the home buying process more understandable, especially the fine details.
Your videos are amazing especially for us newbies. You cover all the basis!!!
Thank you Jason!
this was so helpful! I wish I knew this years ago because i am just now learning some lenders have vastly different guidelines. Thanks for this video.
Glad it was helpful!🙏❤️🏡
Very informative! Thank you!
Very welcome!
Great information.
Thanks for watching!
Thanks Jen. I’ve never been really clear on this so I appreciate the time you took to educate us. Best wishes!
Happy to help!
Thank you!!
Agree so much with this video. Our first mortgage was a broker because we bought our house in the middle of the recession. Our refi was to get out of PMI. Now we are lowering our term with a bank. We didn’t go with a credit union because they would not call us back or we had to sign up to be a member to get a new one. Thanks for explaining the difference.
Sarah Wilson happy to help:)!
May a 1000 blessings be upon you for the information you put out on TH-cam. I'm watching your videos everyday and learning so much.
You give me greater confidence to pull the trigger and buy my family our first home, with my VA.
Are you licenced in NY or NJ?
Thank you.
❤️❤️❤️ Ny yes.
easy on the eyes, and COLD HARD FACTS, great combo
your stuff is enjoyable and informative
kudos
Hi Jennifer! I am a Realtor in Los Angeles California and it always seemed that loan officers, brokers etc never give me the best rate for my buyers at the beginning, it’s always when my client decides to go with a different lender that they decide to come offering a lower rate for my clients. This has always frustrated me and I could never really understand if is because they are making more points/money in that loan charging a higher rate from the beginning but not telling me?and then once they see the buyer going to another lender they decide to make the average money on the loan? I love how you explain everything so throughly and I would love for you to make a video that’s 100 💯 honest on what amount do loan brokers, lenders, etc make on very loan when giving you the best rate possible. Much love from LA!
They would make zero money if they gave them the best rates available. Most brokers can make up to 2.75% in fees but they get access to the best rates. I own a Brokerage and I have my own processor and the lenders I work with we have great relationships and direct lines to Underwriting/funding, etc. Retail lenders like GR, Quicken, etc...they build fees in their margins and generally have higher rates/costs, etc. We also do not send loans to several lenders at once. We also are educated enough to know our guidelines.
So many realtors, articles I've read and helfpul videos state you should always use a local lender. They say a online or out of town lender may not be able to complete your loan fast enough or you cannot reach them with questions you may have. OR they are just very slow to reply.
Sure do appreciate the helpful and informative videos Ms Beeston offers here.
Happy to help! The local lender pitch is because call centers are not generally the best and that is where the bulk of out of state lenders are from. The market is shifting and there are more lenders like me every day who are going in to other states to disrupt rates and provide another level of service. Overall a lender should be defined by their ability and not their zip code.
@@JenniferBeeston True. And yet I just read where a person in market found that realtors/sellers are still being selective of a buyers loan by wanting a local mortgage co., no govt loans. And wanting larger down pmts, only conventional loans. Or all cash, of course.
Even though this doesn't benefit the seller over other loan options. This seems to be perpetuated by some (most?) realtors to have a smoother, faster closing sale.
It's misinformation sure but happening. So not even all about the buyers' own concern of which loan co. to choose.
Again, love your useful videos.
Hi! Jennifer
With your experience, which lender is the best to use for refinance and a bit honest?
What states are you licensed in? Please let Iowa be one of them 🙏🏽
Do you have any videos where you explain the process of what happens when you get a pre approval ? Also, once you buy what bills are expected to pay each month ?! Thank you
Yes check this out!:) th-cam.com/video/eevVm2BHKNA/w-d-xo.html
Need to do bill video. Great call!
You are great!!!!
A long time ago, I went to a real estate seminar for people who are considering real estate investors. In this seminars they talked about Mortgage Brokers and Mortgage Bankers. Can you explain what is a Mortgage Banker and what is the difference between a Mortgage Broker and a Mortgage Banker?
Great content as always, are you able to do deals in South Carolina?
denalikid72 not yet. It’s on my list for next month:)
Update: I am now licensed in South Carolina:)
Jennifer Beeston That is outstanding! You will be hearing from my wife and I ( Corey Burton) soon!! Thank you for keeping us posted.
denalikid72 I look forward to hearing from you
Thank you for your video. How would you go about gettng lenders guidlines. To me, they seem to want to hide and just get you into a preapproval and then leave you feeling obligated. I would just like to know what I am gettng into before I sign anything. Go with my credit score and DTI and all, and just have someone give it to me straight... Is there some magic you can tell me or refer me to .
Scraching my head.
There is no one set of lenders guidelines. You should be able to have a conversation with a lender about if you have a chance but even I require a preapproval to really look at a file. It is not to make people feel obligated but rather so I give them real information. Guestimating on a lenders part is bad behavior thus the preapproval push.
Great video! Would you happen to be licensed in FLORIDA??
Yes I am :) pick a time to chat with me here
calendly.com/jennifer-beeston/preapproval-q-a
Construction loans , No “big boy” banks showing they do them on their websites. Where would you go?
Local small banks or I believe US bank is doing
Are you licensed in Massachusetts?
Jennifer- I just had a lender’s assistant tell me they were basing my buying power off of the income after deductions! I’ve always heard that lenders use the income before deductions so I am confused now.
Self employed then it is income after deductions. We can add back in depreciation. Gross income does not apply to self employed
@@JenniferBeeston wow!!! This is the first time I’ve heard this. I watch TH-cam videos often because I’m trying to purchase my first house and never knew that self employed was after deductions! This is a game changer in a BAD way!!!
Jen, I heard of wholesale lenders have the lowest rates and fees because they shop over 50 lenders for their clients! Is that true?
No because the person shopping is also adding their fee on top. Sometimes they are lower, sometimes they are not. It depends on what they are trying to make off the deal
Jennifer what is your take on Quicken loans or rocket mortgage?? Are they the same company?? Are they good for refinancing??
Same company. Make sure you write down what they promised you on the phone and compare it to the loan estimate they give you. Check box A as that is where points and fees for lender live.
Current Lenders List: 1. Jen B, 2. NFCU, 3....
I’m trying to do a VA jumbo loan refi and this lender (I think she’s a broker) said it’s harder to get the lowest rate compared to a non jumbo VA loan... is this true?
It’s a touch higher but not much. You definitely need a 2nd opinion. I am happy to run rates for you. Just pick a time:)
calendly.com/jennifer-beeston/va-loan
This would be better if you had a chart up
I have zero editing and add on to video skills. I agree with you 100% though. One day I will hire someone to help but for now it is me in a chair;)
Should I use a broker who is referred by my mortage lender to get auto and homeowner's imsurance or use the one I have in mind?
Compare both
Can you switch to a different lender after a while of paying your mortgage to the original lender?
Only if you refinance
Mortgage solutions idk if they scam but would you recommend it ?
not familiar with them
Are you licensed in Virginia? I live in Northern Virginia and I'm working with a broker and he's awesome but I think you're fabulous and would surely recommend you to others and... I hope to be moving to SC/GA in a few years and will want to buy a home there too.
Nice to meet you! Yes, I am licensed in Virginia and GA and SC so if you ever need anything let me know.
Loan information: You should use a community bank or credit union. You're welcome.
We are working with a home loan lender it’s always another delay that makes no sense and it’s taking forever! Do you direct number to contact ??
Sure you can get me at 707-478-0637 on Monday. Also if you can have a list ready of what the lender delays are and who the lender is that helps.
I'm purchasing in Kentucky. I see that you're licensed there. Do you offer/work with USDA RD & 203K loans?
I am licensed there however I do not do 203K loans. I do basic USDA
@@JenniferBeeston ok thanks. A home I'm looking at needs renovations. I'm 30 years permanently disabled on fixed income so may need to go USDA route. My income makes the housing inventory very limited & also makes financing options more difficult even with excellent credit. Any suggestions?
Are u license in New Jersey ?? Looking to refinance
I am not but shoot and email to Fred.burt@rate.com he is awesome
Hi a realtor is telling me to contact a direct lender for a loan this the safe to do or am I better off with Wells Fargo
Check the lenders nmls number. That is how you can verify they legit. Go to this website nmlsconsumeraccess.org
And type in lender nmls#. They have on all emails etc... we have to. You can also search by name
What type of lender is American Pacific mortgage
Don't come up against them so haven't researched
How many pre-approvals can one get before it really starts hurting their credit score?
I would not get a bunch. Pick two lenders you like and trust and get approved with them 50 preapprovals just makes it so no-one will take you seriously.
@@JenniferBeeston thanks for your response.
Are you licensed inTennessee ?
Yes I am:)
What is loan depot?
another lender
How does one find a broker 🤔
Yelp
Is it smart for me as a First time buyer to apply to multiple lenders?
Call and rate shop first then apply with your top two. When someone applies with 13 lenders as a lender we don't tale them super seriously as it is a tip off that they are going to rate shop wrong and fall victim to a smooth talker.
Thank you!
Do you deal with vlb programs in Texas
?
It’s called the veteran land board it’s like a va loan that help Texas veteran with getting a house and it can be also be used to purchase land to build a house. Love your videos me and wife will definitely reach out to you when we move closer to buying our house 🏡
Are you licensed in Georgia?
yes I am:)
Are you license in CA
Yes I am licensed in CA and live in CA:)
Stay away from Loan Depot,please. Nothing but frustration !!
I want to like this as it is my competition but sometimes they do some cool things so I will remain neutral. Did you get their call center? Offered you a crazy low rate and loan not closing?
@@JenniferBeeston I paid my loan off early thru their website, in full. That department did not notify another and they reported me in default for nonpayment the next month. They lowered my credit score 111 points!!! I called to no avail.
@@jrn8774 YIKES! There are consumer protections in place. I would lodge a complaint with CFPB. They will look into the matter and help you resolve it or understand what the deal is. www.consumerfinance.gov/complaint/
@@JenniferBeeston YOU are so helpful !! I will follow instructions and contact Loan Depot again, then go on.....
Thank You !! Will keep you posted !
I was so proud of myself for paying off a 30 year mortgage in a few months--then I got slammed with a behind my back, negative credit report !! The frustrating part is that their people who answer their phone (managers?) are not helpful.