Lender Secrets Revealed for First-Time Homebuyers - Shaheedah Hill Unedited | Mortgage Tips

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[@Dunnwealthadvisor]

Loan Officers do not get paid by giving higher interest rates nor lender fees. We get a percentage of the loan amount paid by the Bank, Brokers like myself tend to lower our commission to get better rates for buyers. Of there is a situation where a borrower is short on finds to close the interest rate can sometimes be raised to provide a credit to the buyer but this has to be done early I. The process.

[@ciarrat.2051]

Great video! I purchased in 2020 using your tips/information. And because I'm the first sibling to purchase, I'm now the "expert".😅 Nobody wants to do the research, they just keep asking me. I'll continue watching and sharing your videos.

[@ShaheedahHill]

Thank you so much, sounds like you should get your real estate license and earn some money by helping your family members😊⭐

[@angeliamattingly]

Oh boy, let me tell you. My Realtor and lender couldn't get alone. I was under contract with land. Omg it was a nightmare. In the end I had to fire 2 lenders only had 25 days to closes. Had to different companies so I said my closing date is June 15, 2023. Do you think you can close this. 1 said they wasn't sure the other one said yes they did it before and they can do it again. So after the 3rd time I finally found a good lender. It was better. Yes we closed! Being a first time home buyer let me tell you it crazy. You have no idea where you end up who you end up with. But one thing I can say I had the best realtor I could ask for. She had my hand all the way to closing. I got my land and I got my new mobile home double wide from Clanton in mabank texas. So yes you can change your lender a bunch. We finally moved in our new home on October 16, 2023 ❤

[@PeejayyJofficialTV]

OMG, I need your help, I need to do something similar as you, but these lenders are shady, what leaders did you use?, I'm in Texas as well. And planned to build on a land.

[@alannaalbritton381]

We were so ignorant during the buying process. We did not shop for rates. Our realtor works with a lender and we just went along with them because it was streamlined. Two buyer/ High Earner/ 780 and 805 Credit scores. We just didnt know we could/should shop around!

[@alannaalbritton381]

Virtually little debt. Paid off cars. We qualified for so much money.

[@ShaheedahHill]

When we know better, we do better. It might have still been a good deal with that lender, but moving forward I am sure you will get at least one additional quote. @alannaalbritton381 Thanks for watching and sharing

[@Dunnwealthadvisor]

I've spent a ton of time counseling people on their credit. The problem is this takes a ton of time and a lot of people don't come back. It's essentially financial advisory, which I once was, but there should be a fee for it. Think about if I can teach you how to change your financial picture and it takes time away from my business. I should charge a fee

[@ShaheedahHill]

I know you have, I'm going to go in on the buyers next. 😊

[@michaelleahy6848]

There are people who will do it for free just to pay it forward

[@lindawhite3990]

I likes all of the above, because I would like to skip the middle man. Do I have to have a lesson to sell my own house. I have a problem with credit , I am a two time buyer

[@ummiummita2698]

What about the very high brokerage compensation attached to the loan estimate?I had to run away from the lender because of 14k different between them and the bank.

[@alexandrianicole2592]

I’m in the process of trying to get pre-approved and my potential lender did a soft pull. When I look at my FICO8 score on the Experian website (I pay for all three bureaus) my score is 30 points higher than the mortgage credit scores. Why is that?

[@ruthnathans3806]

It was me! I asked the question in Facebook but i was tired of lenders calling me so i was anonymous. Yes thank you so much. Lender 1 gave me a quote that’s in the contract at 6.99% Lender 2 gave me 6.3% but i need to compare both packages fully to make sure it’s apples to apples. I read that i have to look out for the APR as well. The cheaper may not be cheaper after all. Thank you so much for your videos. Been following you for years and now i think its finally go time in real life. 3rd agents a charm😂

[@ruthnathans3806]

Also Lender 2 asked a lot more questions about the health of the HOA which seems to be in my favor also. Dig deep!

[@ShaheedahHill]

Dig Deep is right!

[@blesszion9082]

What does the health of the HOA mean?

[@carmeldelite]

While shopping lenders, we had one tell us you don’t need multiple tickets to the same concert meaning there was no need to check various lenders. What are red flags we should be mindful of when trying to find a lender? I'm sure you covered this in a video, but I can't remember when.

[@ShaheedahHill]

Statements like that are red flags and not true. Until you actually get another quote you will not be able to compare. You don't have to tell a lender that you are getting multiple quotes, not really their business and many have what I call "talking points" that will discourage you from doing so. However, please note that when you do your other quotes they will likely see your recent credit inquiries on your credit report,so they will know you are shopping around. I put some of my lender videos in the description of this video. @carmeldelite Thank you for watching

[@boneytiger5650]

I spoke to a lender yesterday, she definitely sold me like a sales person.

[@ShaheedahHill]

It's because they are, but some have a better job building relationships with their customers than others.

[@izb1678]

Thanks for this. The part about lenders possibly matching was gold for me, I have a lender I really want to use but of course I wanted to get other quotes just in case. This makes me feel better about possibly finding lower fees and rates 😅

[@ShaheedahHill]

Glad it was helpful!

[@linnettedickens1286]

This was so much, but very informative, I rather pay cash all cash, that’s what we are doing. I won’t have to pay fees and I won’t have a mortgage. Thank God

[@ShaheedahHill]

@linnettedickens1286 Thank you for watching

[@chocolatte8301]

You are a Godsend Shaheedah! Thanks!

[@ShaheedahHill]

Thank you for the super thanks! I really appreciate the support😊

[@msbrilliant1644]

Hi Shaheedah. I have learned a ton from binge watching ur videos. And THANK YOU for this vital info. With regards to credit. When they look at credit. Which is the focus from the 3 main bureaus??? Cause Experian is way off from the other 2.

[@ShaheedahHill]

Good question, the middle score, so of the 3 scores you have from each of the bureaus - they elimate the highest and the lowest and use the middle score.

[@msbrilliant1644]

@ShaheedahHill Thank you. Currently Trans and EQuifax are a tie and then Experian is the lowest.

[@ShaheedahHill]

@@msbrilliant1644 Mortgage lenders typically use FICO scores from the three major credit bureaus: Equifax, TransUnion, and Experian. Lenders will request a tri-merge report, which combines all three credit reports into one. If all three scores are the same, the lender will use that score. If two scores are the same, the lender will use that score. If the scores are different, the lender will use the median score. If there are multiple borrowers, the lender will use the lowest median score

[@msbrilliant1644]

@ShaheedahHill omg. May God bless you and multiply your finances. Love the way u break down information. Thank you

[@jamaicanblackqueen]

God bless you Shaheedah. Thank you for another great video. ❤

[@ShaheedahHill]

You are so welcome

[@jackiegardner8729]

Thank you Shaheeda for another educational & informative video. I recently started the process of buying a home and the agent referred me to the lender she uses. Because of the information you share, i decided to get at least one other quote. This was with Chase, but they requested the quote from the first lender. Why do they need to know what was quoted from the previous lender. Why not just go through the process with me & give me your best quote🤔

[@ShaheedahHill]

Probably, trying to make sure they offer you a similar rate. Next time, just come to them as a new customer, they don't need to know you are shopping, but they will see it when they pull your credit and see recent inquiries, but they won't know what they are offering unless you share that.

[@zionrose007]

Mrs. Hill these series are 🔥

[@ShaheedahHill]

Thank you, I appreciate you watching!

[@eugenesmith3611]

Good afternoon from Boston

[@marlenadeadrick6770]

Ok hear me out. What IF, I am trying to buy a home as a first time home buyer with no money down. I have money for closing costs but my loan officer is definitely telling me my costs are 13k, but my agent can hopefully get those costs down????! Love your channel. I’ve been watching back to back videos.

[@ShaheedahHill]

Your agent can try to get your closing costs paid by the seller, it may not always cover everything but it is definitley possible. How to get your closing costs paid - kzbin.info/www/bejne/j5vCZHiIqMtolZI

[@marlenadeadrick6770]

@@ShaheedahHill thanks so much!

[@marcusmarkus3266]

Thanks for sharing all this real estate info this is so needed.. May your business bring you overflowing wealth to you and your family.. We need more people like you who keep it 💯..

[@ShaheedahHill]

Glad it was helpful!

[@Dunnwealthadvisor]

Credit simulators and restores cost us money up front and we can not recoup that money from the borrower. Brokers tend to stick with the same lenders because thise with the lowest rate of tend don't actually get the loan closed. There is far more at play than saving a half a percent on an interest rate. I've lowered commission just so I didn't have to go to a trash lender so my buyer could have a better experience.

[@ShaheedahHill]

That make sense. I need to have you on again, if you are available. You always give transparent information.

[@Simplyrikasworld]

Great video as usual. Waiting patiently on the buyers video 😊

[@ShaheedahHill]

Thank you, I'm trying to do one each week.

[@nahndibush1942]

You answered my questions, thank you!😊

[@ShaheedahHill]

@nahndibush1942 Great, Thank you for watching

[@highvibrational2007]

oh thank you, Shaheeda!

[@ShaheedahHill]

@highvibrational2007 Thank you for watching

[@noahanders3499]

Thanks for sharing your knowledge

[@ShaheedahHill]

My pleasure

[@Vybb79]

I was so naive and trusted this one lender… he took great advantage of my innocence… I got my condo I just have to love on… how’re that extra loan charge of 2.5% is haunting me and I had to pay it cash on closing…never again trusting one lender like that

[@ShaheedahHill]

Im sorry you experienced this, @Vybb79 Thanks for watching and sharing

[@shacoraparamole4309]

I wish. I lived where you are. I definitely would of hired you.

[@ShaheedahHill]

@shacoraparamole4309 Thank you for watching

[@TammyMacMac]

Thanks for another great video! Do you have a space where you do lender recommendations? I know you specialize in first time homebuyers and didn't know if there are lenders you've found that work great with first time homebuyers in Georgia. I have great credit 😎..lol

[@ShaheedahHill]

I have a list of lenders I recommend for my clients, but even then, I still recommend 3 quotes. I don't share that list on my channel. Thanks so much for watching

[@TammyMacMac]

@@ShaheedahHill Thank you for responding.

[@varunkprasad]

Can we get quotes from three mortgage brokers, would that be better than going to lenders who are attached to one bank?

[@Knider85]

Such good info! ❤❤

[@ShaheedahHill]

@Knider85 Thank you for watching

[@UltraMaga892]

Please take notes about shopping around for rates when you're not in contact, rates are quoted are not guaranteed and not locked. Meaning the day you shop doesn't guarantee that rate at all. I see many first time home buyers make this mistake. They think the day they asked for the rates that's the rate is guaranteed to them. Not even close. Rates can change for the lender each day or multiple times a day. I recommend to shop around for their lender fees. Lender do not change that quickly. Also be sure to ask these loan officers does that include the appraisal fee and does it change because I want to get an Arm product. But looking for rates when you don't have a contract isn't time efficient. You can ask what's the going rate like an estimate so you can figure it out your monthly payments.

[@ShaheedahHill]

@UltraMaga892 Thank you for watching and sharing

[@CuocSongMyHoaNguyen]

Thanks for sharing

[@ShaheedahHill]

Thanks for watching!

[@carmeldelite]

Thank you

[@ShaheedahHill]

@carmeldelite Thank you for watching

[@joyceabe1]

Thank you. Good information 👍

[@ShaheedahHill]

You are welcome

[@ltetobago]

1:29 is this something we can disclose or keep to yourself? Similar to buying a car, let them know you're Shopping around TY

[@ShaheedahHill]

You don't have to disclose that you are shopping around, but they may see recent credit inquiries on your credit report. There is nothing wrong with being upfront about it. @ltetobago Thank you for watching

[@Cuchifrita]

My mom is currently going through the NACA program and the BOA Community loan. What third lender should she consider. In your opinion? We are in Florida

[@ShaheedahHill]

If your mom goes through the NACA program then she will be getting a Bank of America Conventional Loan. I usually advise people going through NACA to get approved with one additional lender outside of BOA just in case you dont get NACA approval. You should get a recommendation from your agent.

[@Nevaht]

Thank you so much for all the loads of valued information you kindly educate us with. I feel confident that this will help me tremendously in purchasing.

[@ShaheedahHill]

You are so welcome!

[@drea24c]

Any insights on getting an ARM, while waiting for rates to drop so I can refinance later at a lower rate w/o giving more money to the lender for discount points?

[@ShaheedahHill]

Right now ARMS are really not a huge difference between the 30 year fixed rate, but of course do your own research. My first mortgage was an ARM, so I will put that video below. kzbin.info/www/bejne/iafQn4aBZ6qboNU

[@mortgageworks6808]

Great video!

[@ShaheedahHill]

@mortgageworks6808 Thank you for watching

[@bosslady874]

Thanks!!!

[@ShaheedahHill]

Welcome!

[@Dunnwealthadvisor]

I tell them I do not withhold information, but that's the broker difference.

[@ShaheedahHill]

You know you are an exceptional lender

[@balbinaduarte9594]

Hi Mrs Hill. So I'm a bit confused bc in the beginning of the video on minutes 3:11 you said kenders can match other lenders rate as long as you pay for point but in minute 8:34 you also talk about lenders matching other menders rate . Is it still the same thing you will need to pay for points? Looking into getting a loan estimate in a few days😢

[@balbinaduarte9594]

Why would they charge you for points to match a lower rate from another lender if isn't that better for them to match the rate and get a new client and not charge them fir points or they rather loose a client 🤔

[@ShaheedahHill]

Here is my video on points: kzbin.info/www/bejne/l2O3YZRjZcytqdk Here is my clarification 1. If you pay points lenders can get you pretty much any rate that you want. 2. If a lender is quoting you a rate without points (par rate) another lender can match that rate if they are quoting you a higher rate without or without points. 3. You have to get loan estimates from lenders before you even discuss matching another lenders rate. After you watch the points video and understand how that works it may become clearer, if now let me know. @balbinaduarte9594 Thank you for watching

[@tiffanysartin9928]

Hello, love your channel. We are scheduled to close on our new build home in 2 week, should we hire home a home inspector for our walk through on new construction? My agent says yes but my lender reminded us we have a warranty and can inspect around 10 months after closing. What are your thoughts?

[@ShaheedahHill]

Your agent is correct to get the inspection. You want to make sure going into the house, there are no issues, and the builder addresses anything that comes up prior to closing. After closing, you are at the mercy of the warranty company, and if there is a disagreement about something that should be covered it will be more difficult for you to remedy it. Also, they have no obligation to compensate you for missing work for warranty calls. Here is a good example that was recently on the news: www.wsbtv.com/news/local/dekalb-county/what-happens-when-your-new-home-has-flaws-this-is-what-you-need-know/IASVEJ7ARVCH5K5WWPMOYMHATQ/ Congratulations on your new home!

[@niloebrahimi3527]

Can ask a question about home equity?

[@ShaheedahHill]

Sure, here is video that I did on home equity - kzbin.info/www/bejne/b3vWiWaOa6urla8

[@niloebrahimi3527]

Hello , thank you so much .I saw your Equity video , great information . But My Equity loan took out by deceased husband 12 years ago and I didn’t know till recently I tried to refinance then figure out . The house is under my name and my husband but I didn’t sign for loan .even my husband that time filed bankruptcy chapter 7 .I don’t know what to do ? Whee to go ?

[@ShaheedahHill]

@@niloebrahimi3527 I am sorry for you loss. 1. In order to refinance to a new loan you will have to pay the home equity loan that was taken out on the home. If you were on the deed of the home when the loan was taken out you would have had to sign for it typically. If you think you never signed for the loan you would have to contact an attorney. You can go to the equity loan company and ask for the paperwork were you signed for the loan and see if they have your signature on anything. If you were not on the deed at the time, your husband may have been able to do this without your approval. Work with a lender that you trust and they can help you navigate this situation, this could be at your local bank or an agent referral - maybe from a real estate agent that you have used in the past. Best of luck to you.

[@niloebrahimi3527]

Thank you so much for your time , there is not my sign on second loan . I went to Real estate attorney , unfortunately they could not help .even I’m not getting bills for any payment . I don’t like to take your time more than this . Do have any referrals name in person can help me ?if not I understand Thank you so much 🌷

[@yolandacook4420]

Im new to channel. Im happy I found you because im thinking of taking the leap into homeownership as a first time homebuyer in 2024.Do you have any videos on Househacking? 203k loans? I feel this is the only way I can get my own home as well as get my foot into the door of investing for longer wealth building.

[@ShaheedahHill]

Welcome to the channel! Almost all topics are organized in playlists. Here are my videos on 203K loans - kzbin.info/aero/PL6YdU_zvybVn2p8ahTAirZ5DdAZLQo4gQ House Hacking - kzbin.info/www/bejne/Y6TCk4CDqtB8hc0 Buying Multi-family - kzbin.info/www/bejne/nqmwo5enrq-kptE

[@jenniferfortney446]

Hey can you recommend an agent

[@jenniferfortney446]

In Altoona, Pa

[@ShaheedahHill]

I don't have anyone I can recommend in PA at this time. Thank you for watching.

[@ChocolateThaiii]

Hi. I heard when you get that first credit check there is a grace period for you to get other lenders to check within that grace period, so it won’t affect your credit score is that true?

[@ShaheedahHill]

Thanks for watching

[@ShaheedahHill]

Yes, that's true. Some credit scoring models are 14 days others are 30 days. So, my recommendation is to do other quotes within 14 days.

[@ChocolateThaiii]

@@ShaheedahHill Thanks, also one more question…at what stage in the process should I apply for the down payment assistance program?

[@bertharosborough8368]

so when a person is in the market to buying a home, they can buy the interest rate down from 5.25% to 5%. What if that person has a low credit score example 610? can that person still buy down the interest rate?

[@ShaheedahHill]

If you are qualified for a mortgage with that credit score, you can buy down your rate. @bertharosborough8368 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7

[@cathykwardeng7428]

What does a broker do r they the same as realtor

[@ShaheedahHill]

A mortgage broker does not work with one company they work with multiple lenders. Lenders who are not brokers just work for one company. It's totally different from a real estate broker. Thanks for watching

[@stillwaters4097]

What is the minimum credit score you need for a mortgage

[@ShaheedahHill]

680 with some lenders, watch this video kzbin.info/www/bejne/g5Kmq6Omg7N6Z7c

[@Jfresh55]

Isn't there a 45 day window where you can get pre approved without affecting credit score? Outside of the 45 days, then it will, right?

[@ShaheedahHill]

It will impact it but not multiple times, only once. The number of days depends on credit scoring model. So I advise getting your pre-approvals in a 2 week period. Thanks for watching

[@wilmervalles1509]

I got hit 8 times shopping for lenders and it was all under a 30-day period. I don't know what went wrong but it brought my score down due to too many inquiries in a 2-year period. I am pissed!

[@ShaheedahHill]

It would have to be more than just the mortgage inquiries that are impacting your score. If they are only mortgage inquiries and your score went down significantly, I would contact the credit reporting agencies. The impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check.

[@nahndibush1942]

Do we pay a fee to lenders?

[@ShaheedahHill]

No fees upfront but their will be lender fees included in your closing costs.

[@BelovedbyHim]

Can student loans hinder you from buying a home?

[@ShaheedahHill]

Maybe, but it really depends on the amount of debt, your loan type and your payment plan. Typcially it does not have a major impact if you are on a low payment plan. kzbin.info/www/bejne/r6bRooqsZt18i7c

[@soniarodriguez5275]

❤❤❤

[@marlenegreen5319]

👍🏽👍🏽👍🏽👍🏽👍🏽

[@ShaheedahHill]

@marlenegreen5319 Thank you for watching

[@jayrod.2252]

Realtors are dime a dozen. Get one who knows what they are doing. Have them lower their commission from 3% to 2% so you can use it towards closing costs.

[@ShaheedahHill]

Commissions are not fixed, they are negotiable of course so there is not a 3% starting point. Also, commissions for buyer agents will be changing with all the lawsuits. Thanks for watching and sharing.

[@cathyzhang2769]

Lenders and agents are all whole bunch of liars.

[@ShaheedahHill]

@cathyzhang2769 Thank you for watching

[@lb6aiga]

Thank you for the informations. Appreciate it

[@ShaheedahHill]

My pleasure!