In the process of buying my first home now. Your videos have been a huge help in understanding everything. I actually had the seller accept paying closing costs which is awesome. I did have to offer a little more to beat other offers, but still, less closing cash for me. I learned a lot of how this works from your videos. Thank you!
Decided to look up videos on first time buying and found one of your videos. After looking a little closer, I realized you were my neighbor growing up in Vandalia! We lived right across the street from each other. It's good to see you are doing good and being successful at what you are doing
@@patvargas7488 No, your agent will just write it in the contract as "buyer is requesting 10k from seller for their closing costs" or something like that. You could using it to buy down the rate if you choose to go that route or pay your closing fees.
Kyle thank you for sharing your knowledge! I appreciate these videos. Have you done a video on possible “repairs”? Scenarios where you talk about how much you think people should save for possible emergencies. I know I have heard you talk about it like you did today, but not sure if you have done a full video on that topic.
Hey Kyle, you think you could do a video on DSCR loans? I am definitely interested in it however I don’t know if their are any downsides or other requirements I might need to meet to qualify, I’m a realtor btw thanks.
Thank you for sharing your knowledge! You always put out such useful info! Could you touch base on taking out a loan that has construction costs for repairs included?
Hi there! Do I have a bit more leverage considering I am a cash buyer? The home is listed at 225k but I'd like to offer 210-215k because Im afraid of how much the closing costs will be. It's only been on the market 2 day but has a ton of views
Hi. Question. When getting down payment assistance on your mortgage does it increase your interest rate? And if it does can we lower by purchasing mortgage points? Thank you !!!
when asking a realtor his/her opinion on asking for a seller's credit, does the realtor have any positive or negative incentives to tell me anything other than their honest opinion? Do these seller credits affect the realtor's commission in any way?
If the purchase price is raised, the agent gets paid slightly more. For example a $10,000 increase in price would be about $300 more an agent may earn. So technically yes, but it’s not much.
Yes because when it’s one year later your lender pays for the full year that just started. Hope that made since. It’s like paying 2 months rent when you get an apartment.
Can I use seller credit and repair credit to replace roof before closing? Or ask the lender move a portion of credit to escrow account for roof replacement?
If the roof issue is related to the appraisal, it will need to be fixed before closing. The easiest solution is to have the seller fix the roof in place of whatever credit they were going to give.
By "negotiating the house" do you mean the price? To the seller, a $5,000 concession is not different than a $5,000 price reduction. In both situations, the seller is making $5,000 less. To the buyer, a $5,000 concession can be used to pay down closing costs. A $5,000 price reduction will only be seen as a minuscule different in lowering the monthly payment.
@@WinTheHouseYouLovebut with a 5000 price reduction on the house now you have $1,000 more available to you to pay for the closing costs? I’m assuming 20% down so a 5K reduction means you can put 1,000 less down
How do i know what the closing will be? House is 335k they accepted our offer of 320k in last vegas NV. Is the closing % depend on the lender? Think my bf said its 16k. Seems like alot.
So, the loan provider wants to see all the money in your account first right? Are you saying to have all the money saved, the DP and closing cost but you may get to keep it in the end?
Does this even happen anymore? Considering you would be seen as less appealing with asking the seller to cover closing costs. And in this crazy market (August 3, 2023) is this even doable?
Also can a lender tell us NO we can not ask for closing concessions also can a lender say no about me buying down the interest rate or asking the seller too ?
Please research before buying points. It is generally a bad idea. By buying points you are saying interest rates will go up and you are not going to move ir refinance in the next 5 to 7 year because that is about the break even point of buying points
Yes, but if they are struggling to sell their home they either need to reduce the price or offer concessions. Which is effectively the same thing to a seller
We qualified for a down payment assistance but still need ti come up with 8500 which we don’t have. We need sellers credits or home ownership is not in the cards for us. #studentloanssuck #interestrates
Hey Jaz, it sounds like you've been able to secure some down payment assistance, which is great news! I can totally understand your frustration about needing an additional $8500, though. Exploring seller credits is definitely an option. This is something that home buyers can negotiate with the seller, where the seller provides a certain amount of money towards closing costs or even towards the down payment itself. It may be worth having a conversation with your real estate agent about this possibility.
Hey Jaz, it sounds like you've been able to secure some down payment assistance, which is great news! I can totally understand your frustration about needing an additional $8500, though. Exploring seller credits is definitely an option. This is something that home buyers can negotiate with the seller, where the seller provides a certain amount of money towards closing costs or even towards the down payment itself. It may be worth having a conversation with your real estate agent about this possibility.
2024 - $40k on hands trying to get a home in NY state around $460k, let me tell you…IMPOSSIBLE, I already passed the frustration part, now it’s just an acceptance.😢
The first strategy is the best pay for closing cost out-of-pocket. You do not want to finance your closing cost. The scenario two is a little misleading. All that was done is scenario to was refinancing $6000 of closing cost. Maybe it was 5850.so since you did not have the money at closing, you were now financing almost $6000 for 30 years which is dumb. You wanna pay for that out-of-pocket so strategy to release is not a strategy at all.
I get it. Some people cannot buy a house without that closing cost help. Factoring in that cost into a buy v rent scenario will still produce a net benefit for someone.
In the process of buying my first home now. Your videos have been a huge help in understanding everything. I actually had the seller accept paying closing costs which is awesome. I did have to offer a little more to beat other offers, but still, less closing cash for me. I learned a lot of how this works from your videos. Thank you!
I had no idea about some of the tips and tricks discussed here. Thanks for breaking it down and making it easy to understand!
Great! Thanks for watching. :)
Currently working on getting my first home and your videos have been extremely helpful!
Best of luck! Thank you!
Me too! Best wishes!
Decided to look up videos on first time buying and found one of your videos. After looking a little closer, I realized you were my neighbor growing up in Vandalia! We lived right across the street from each other. It's good to see you are doing good and being successful at what you are doing
Haha that's awesome! Good to hear from you again! Feel free to email if I can help kyle@winthehouseyoulove.com
Always find your videos helpful, especially when there’s new loan programs available or updated rules regarding home purchases!
Always learning from you Kyle. Thank you 🏡🙏🏽
Thank you for watching my videos. :)
Offered asking with 10k concessions and got accepted. Using that to pay points for lower interest rate.
Awesome!!
Do you have to specify what is for on the contract and where do I write it.
@@patvargas7488 No, your agent will just write it in the contract as "buyer is requesting 10k from seller for their closing costs" or something like that. You could using it to buy down the rate if you choose to go that route or pay your closing fees.
Kyle thank you for sharing your knowledge! I appreciate these videos. Have you done a video on possible “repairs”? Scenarios where you talk about how much you think people should save for possible emergencies. I know I have heard you talk about it like you did today, but not sure if you have done a full video on that topic.
Your videos have educated me a lot on buying my first home….just got pre approved and currently looking..cross ur fingers everything goes well
Best of luck! Thanks for watching. :)
This is so helpful! Thank you! 🙌🏽
LOVE your videos.
I just recorded a personal video reply for you: vid.us/txzntk
Can you use the state down payment assistance for any part of your closing cost? Whether its the prepaid items attorney fee etc.
Awesome video. Thank you
Glad you liked it!
Excellent content! Where can I access this spreadsheet?
Thanks brother!
Hey Kyle, you think you could do a video on DSCR loans? I am definitely interested in it however I don’t know if their are any downsides or other requirements I might need to meet to qualify, I’m a realtor btw thanks.
Thank you for sharing your knowledge! You always put out such useful info! Could you touch base on taking out a loan that has construction costs for repairs included?
Hi there! Do I have a bit more leverage considering I am a cash buyer? The home is listed at 225k but I'd like to offer 210-215k because Im afraid of how much the closing costs will be. It's only been on the market 2 day but has a ton of views
Hi. Question. When getting down payment assistance on your mortgage does it increase your interest rate? And if it does can we lower by purchasing mortgage points? Thank you !!!
Yes please answer this question, Kyle! I would like to know also.
Perfect
Thanks for watching!
Texas property tax is obnoxious, along with homeowners insurance.
Taxes especially can be brutal
TX is insane, but you you have kids it’s worth it. The HOI can be shopped around for.
I do loans , I do this all the time , sometimes I have extra seller concession left and I use it towards buying down the rate
That’s great!
@@WinTheHouseYouLove i use to do loans for Ohio , I tell everyone to go to you and watch your videos , your the best , such a great teacher
when asking a realtor his/her opinion on asking for a seller's credit, does the realtor have any positive or negative incentives to tell me anything other than their honest opinion? Do these seller credits affect the realtor's commission in any way?
If the purchase price is raised, the agent gets paid slightly more. For example a $10,000 increase in price would be about $300 more an agent may earn.
So technically yes, but it’s not much.
Are these tips applicable to new builds as well?
Yes if the builder is willing to negotiate
1st comment!!!!!!! Always great info!!
Thank you so much for watching!! :)
So you pay insurance twice in the first year? When closing in full AND per month in escrow?
Yes because when it’s one year later your lender pays for the full year that just started.
Hope that made since. It’s like paying 2 months rent when you get an apartment.
Can I use seller credit and repair credit to replace roof before closing? Or ask the lender move a portion of credit to escrow account for roof replacement?
If the roof issue is related to the appraisal, it will need to be fixed before closing. The easiest solution is to have the seller fix the roof in place of whatever credit they were going to give.
could you post the excel file?
Hey Kyle, is a Non-QM loan still a Conventional loan? Or is it just another loan type such as FHA, USDA, and VA?
Thanks!
What’s the difference between a concession and just negotiating the house? From the sellers view point is there any delude fence?
By "negotiating the house" do you mean the price?
To the seller, a $5,000 concession is not different than a $5,000 price reduction. In both situations, the seller is making $5,000 less.
To the buyer, a $5,000 concession can be used to pay down closing costs. A $5,000 price reduction will only be seen as a minuscule different in lowering the monthly payment.
@@WinTheHouseYouLovebut with a 5000 price reduction on the house now you have $1,000 more available to you to pay for the closing costs? I’m assuming 20% down so a 5K reduction means you can put 1,000 less down
On a $400k purchase price and 20% down, yes a $5k reduction in price would lower your down payment by $1,000.
If you do a sellers credit from the home purchase price. Can you still get seller subsidy instead of repairs as well to help pay for closing cost?
How do i know what the closing will be? House is 335k they accepted our offer of 320k in last vegas NV. Is the closing % depend on the lender?
Think my bf said its 16k. Seems like alot.
good video
Noted
Thanks for watching!
So, the loan provider wants to see all the money in your account first right? Are you saying to have all the money saved, the DP and closing cost but you may get to keep it in the end?
You usually only need to show what is needed due at closing in your account
Does this even happen anymore? Considering you would be seen as less appealing with asking the seller to cover closing costs. And in this crazy market (August 3, 2023) is this even doable?
Also can a lender tell us NO we can not ask for closing concessions also can a lender say no about me buying down the interest rate or asking the seller too ?
Please research before buying points. It is generally a bad idea. By buying points you are saying interest rates will go up and you are not going to move ir refinance in the next 5 to 7 year because that is about the break even point of buying points
Why would the seller want to do this because in the end it means that they are coming away with less money...right?
Yes, but if they are struggling to sell their home they either need to reduce the price or offer concessions. Which is effectively the same thing to a seller
We qualified for a down payment assistance but still need ti come up with 8500 which we don’t have. We need sellers credits or home ownership is not in the cards for us. #studentloanssuck #interestrates
Hey Jaz, it sounds like you've been able to secure some down payment assistance, which is great news! I can totally understand your frustration about needing an additional $8500, though.
Exploring seller credits is definitely an option. This is something that home buyers can negotiate with the seller, where the seller provides a certain amount of money towards closing costs or even towards the down payment itself. It may be worth having a conversation with your real estate agent about this possibility.
Hey Jaz, it sounds like you've been able to secure some down payment assistance, which is great news! I can totally understand your frustration about needing an additional $8500, though.
Exploring seller credits is definitely an option. This is something that home buyers can negotiate with the seller, where the seller provides a certain amount of money towards closing costs or even towards the down payment itself. It may be worth having a conversation with your real estate agent about this possibility.
2024 - $40k on hands trying to get a home in NY state around $460k, let me tell you…IMPOSSIBLE, I already passed the frustration part, now it’s just an acceptance.😢
It is a tough market currently!
So you are financing the closing cost
Effectively, yes
Is this video for sellers? Because this doesn’t help a FTHB.
This is for buyers. It helps buyers reduce their cost to buy a home. About 1/3 of buyers use this strategy.
The first strategy is the best pay for closing cost out-of-pocket. You do not want to finance your closing cost. The scenario two is a little misleading. All that was done is scenario to was refinancing $6000 of closing cost. Maybe it was 5850.so since you did not have the money at closing, you were now financing almost $6000 for 30 years which is dumb. You wanna pay for that out-of-pocket so strategy to release is not a strategy at all.
I get it. Some people cannot buy a house without that closing cost help. Factoring in that cost into a buy v rent scenario will still produce a net benefit for someone.
more money down the less your payment is because your loan is smaller.
LOL you might have 3 pitbulls
It's definitely been a problem before haha