Hey, thanks for coming back to see another education series this one's number six and what we want to talk about today is the biggest
mistakes that first-time homebuyers make
Probably the biggest mistake you can make is assuming
You can't get it pre-approved and it's very confusing
Especially when you go out on the web, you google you know some guidelines and things like that and you?
Find you know multiple information or things that just contradict each other so let's get started. I want to explain
I'll explain these in detail here right now
So you might think you know?
What is the minimum credit score you need to get pre-approved great question this person asked that they have a 654 credit score
I got this right online, so if you want to google it, you can find it. It's public record
They get a response from somebody saying 600 whoa then they get a response down here
And it says 580 hmM, then they get response here 600. What is it?
Don't know
so
It can be very confusing
The next thing is is there a specific rate? Let's say you want to qualify for a mortgage
You know what's the rate? What's the fees? It's not one standard fee a lot of people do think that that you know a
Mortgage on a 30-year term is x it varies widely so do the fees
Easy isn't always the best thing for you, so you know those online
Places that you just click click click click click very expensive let's go through this again. This is going to be very confusing
Over here, you got to take a lot of this with a grain of salt, this is marketing
They have to be able to be able to get this to you brian 99% of time. You're not going to get that
So let's see this place the rate is three point six five three
fees
$818 okay, this one is three point six five five eight?
eighty-six on
You go down here this one is three point nine four nine, two?
thousand dollars in fees
wow, huge difference
This is why I suggest people use mortgage broker
And this is what I do I've been in the business for over almost 30 years now
I elect to be a broker
Main reason is I can help a lot of people and I truly mean help. I work for you
I do not work for the bank what I want to do next is
go to show you a website that I just went into and
Let's go into here
Let me save this I
Went into I was looking at closing costs. This is another thing the video
We went through right before this we went over interest rates now. Let's look at this program. I went to Bank of America
You can do this just google it or put in bank America calm. I have a let's say we're going to get a
$200,000 purchase price thirty year term we're gonna put five percent down
It doesn't give us any lower options such as fha va or anything, so let's just go with it
fixed-rate, I'm gonna put in my zip code here at the office, and I'm gonna click calculate and let's see what the fees come -
Yikes so points in lender fees, you're Gonna pay bank of America over two thousand dollars in fees
just for their services in most cases my fees here are zero so
Just getting out of the gate. I can save you
$2,000
And then you can see their bottom line here is almost
$9,000 so again it can be very confusing I know that you want to find a an experienced loan or mortgage person
That has multiple rates and programs for you
That knows what they're doing and has experience and has done this a long time
Again, that's why I am a mortgage broker have been so for almost thirty years
I shop for you the bank pays me a fee because they don't they do not have to pay a loan officer
Inside for example Bank of America their loan officer
I'm sure is getting a salary getting benefits getting a commission on your loan so forth
They pay me a set percentage of the loan amount it is not affected on rate
so if you'd like from you know check out my services or what I can do for you or at least shop or
Compare what you have now, please reach out to me best way to get me is six three
Oh three three eight eleven sixty or you can reach me at Dan dot free. Oh, it's Da n. Dot Fr
Io @ gmail.com or check me out on the web at the mortgage update net thank you so much for watching