Should You Get A Mortgage From A Bank Or A Mortgage Broker?

[@FlintTheDad]

If you are reading this I hope you become debt free and successful and live a long happy life 😊

[@jerseynurse6878]

Flint The Dad - thank you, you as well. Have a happy holiday

[@AK2WI]

Almost there! $7400 left!

[@chatitobbq4613]

Same to you sir.

[@jaypal3815]

Thank you sir. Merry Christmas

[@OddlySatisfyingPets]

Ameen

[@winleel]

Why doesn’t he answer the question from a consumer perspective? The securitization of these loans is interesting but doesn’t matter to me. What’s the difference between me going with a bank vs a mortgage broker? This answer feels very “safe” and not really helpful in deciding which to go with.

[@dandycandy1983]

Win Lee I agree with you. I really feel the question wasn’t really answered.

[@sammyg.4255]

Well in the beginning he did say there's almost no difference. Then continued to explain the few difference

[@og.rippa3056]

@@dandycandy1983 clearly he saying the bank the best. But not with Bank of America with Credit Union

[@dandycandy1983]

@OG I’ll have to go back and watch again.

[@vg4162]

Mortgage companies charge higher loan fees to process a mortgage loan. Banks charge lower loan costs to obtain a mortgage loan.

[@abethereal]

Easy! Both! Whoever gives you better terms and closing cost. Have them battle it out for your business.

[@malcolmdcosta]

Tuuteuu

[@jaybartgis5148]

You are a peasant joke to these people if you are a buyer. By no means do they need to "compete for your business"

[@gee1403]

@@jaybartgis5148 You’re absolutely right Jay !!!

[@evangonzales4848]

@@jaybartgis5148well they want our money so yes they will have to compete with eachother

[@Guerrero_Momma]

I'm more interested in having an efficient lender win me the house I love, FAR above cost. Too many people lose the property they want, because shopping around for the lowest rates & fees we're prioitized. Rather than considering the experience & effectiveness & knowing that they have the option to refinance ☝🏽

[@Hannahbenowitz]

Very clear and helpful : thanks! I'm woeking extra to keep my ROI flowing into my mortgage payment. it's the last piece of debt i have and i'm a bit overeager to see it gone. Any index fund or stock tips to help that get done?

[@PennyBergeron-os4ch]

It’s a good time to buy in on the market, so seize the opportunity to purchase stocks on sales.

[@FinnBraylon]

my portfolio is down over 23% j and It’s been that way fsince 2022 and I really could use professional help, I’m close to retirement. have you worked with an asset manager before and could recommend any?

[@HildaBennet]

How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?.

[@FinnBraylon]

Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science

[@HildaBennet]

Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@sameshajones5766]

2013 buyer right here. I was 23 at the time but thanks to my mom she's a realtor and stir me in the right direction.

[@---cr8nw]

Good for you. When my wife and I got married (2010), I told her that we needed to buy a house before either of us turned 30. We did, in 2012. The way I see it, following a 30 year amortization schedule (even if we move), we'll have a house paid off by the time we're 60. No mortgage payment or rent payment. That's our best shot at a good retirement. You'll be in an even better position.

[@---cr8nw]

Young people (under 35) act like home ownership and retirement are out of reach and that they're only for the wealthy. But really, a mortgage payment is cheaper than a monthly rent payment.

[@eduardoramirez1664]

My moms a Real Estate Broker in NYC. I’m going into the mortgage origination business thanks to her showing me how powerful that business is.

[@sameshajones5766]

- - I agreed, my payment is only 710

[@modipharm1]

Eduardo Ramirez depending where you live

[@jamalcole1985]

Glad I watched this video. I just got into the electricians union. No debt or any car payments & excellent credit score. Hopefully I'll be able to own a home in the future.

[@aneisel223]

Jamal Cole awesome to hear brother. I just finished the apprenticeship in the electrical union 100% debt free and with great credit. I just bought a home that will be paid off in a few years. Save that hard earned money and buy a home in cash someday 👍🏼

[@jamalcole1985]

@@aneisel223 Ayyyy wassup. IBEW 595.

[@jamalcole1985]

@@aneisel223 Congrats bro! Where are you located? Im in Oakland,Ca

[@jijeong2770]

Right on man IBEW 1547 Fairbanks Alaska here. Save save save

[@joshalberto2814]

God bless homie

[@billwessels417]

i work as an underwriter at a bank that originates and buys lots of home loans. great segment!

[@mriphone1000]

Do not use a big bank, I did, experience was terrible. They're slower than you could possibly imagine.

[@MichaelP-ke1tm]

I used a low closing costs low interest rate bank and it took 85 days to close so

[@dylanfreeman7505]

Patrick that is a lifetime haha. That’s sooo long.

[@Joshua-le1vn]

I have to disagree on this one. I closed with BOA and had a great experience!

[@Joshua-le1vn]

@@MaVoelk Yea that's true, def agree it was slow but with a great people experience

[@Raec123]

Very slow and nearly impossible to get a hold of the person working your loan

[@oldtwinsna8347]

Mortgage broker operates off commission so they will be quick, responsive, and go out of their way during the pre-sale period, including answering and making changes during non-daytime and weekends. They usually give you their direct cell number that they have tethered to them to test it out. This is extremely important in the heated battles of real estate today where closing dates will be enforced. Traditional bank loan officers typically are much harder to interact with since they only operate during business hours, within times of their choosing. Not at all unheard of for a bank loan officer to lapse on actions for a week or more just because they didn't feel like it. They won't care about negative comments either.

[@spclagent7]

u don’t know what ur talking about

[@murrkem8239]

@@spclagent7 Bank loan officer detected

[@spclagent7]

@@murrkem8239 don’t be an idiot

[@spclagent7]

@@murrkem8239 many brokers as well as bank loan officers exhibit this behavior. Only a few loan officers, broker or bank, are responsive and good. Most are terrible at their job.

[@jerseynurse6878]

I’m avoiding large banks like Bank of America, at all costs. Rather go with a small company, buy below my max amount so I can pay it off faster. Don’t forget to also check the taxes as well. Some cheap houses have high taxes.

[@Mansini77]

That’s all good, however the chances of that mortgage being sold to a large corporate lender is high in the first few years.

[@CarnivoreStork]

Jersey nurse Please do the work sheet on your loan amount and write down the interest costs added up of a 15 yr fix, Compared to a 30 yr fix. You will an amazed at the savings if you do a 15 yr instead.

[@ChrisMFlorida]

taxes are usually based on the assessed value of the house.. so "cheap houses have high taxes" doesn't make sense.

[@RobTzu]

Different tax rates in different localities, i.e. counties. A $200,000 house in different parts of metro can vary wildly on property tax rates.

[@sturmbreakers7817]

Chris Vandernaald You really should do your research. The taxes can be more than the mortgage principal and interest.

[@anhrestuarant]

If you change a billion lives, that's the formula to becoming a billionaire. Loaning, adding, giving, sharing, providing value creates wealth - of mind, heart, soul and yes, finances but it starts with the value you give. Love it

[@ronh1850]

Mortgage broker will likely get you the best deal, and is the way to go. Just today, we closed on our next property, and we're very happy with a fixed 3.45% apr. Our rental has only a small amount left on its mortgage, and then that cash flow goes entirely to our current mortgage. People, please pay off your debts ASAP and allow all your hard work to invest in yourselves. Find fulfillment in things not requiring excess consumption. Our one "vice" is international travel, but even that is largely paid by credit card travel miles. Our CCs are essentially conduits for racking up points, and paid off every month. Anyway, life gets so much better once financial stressors are out of the picture. Good luck!!!

[@ModMINI]

Good answer. If you don't go through a broker, you have to do the shopping around for the best rate. A broker will charge for their service, I think about 1% of value of loan, which can be worth it to find the best rate and the best combination of loan features and reputation of the lending agency (i.e., you can often get a good rate through an online lender but they are slower to close. A mortgage broker can help inform your decision on which to prioritize)

[@sidh1603]

APR or interest rate?

[@eduardo9163]

@@ModMINI so 1% includes all the fee and there cut or just the mortgage brokers cut. By fees I mean appraisal fees etc?

[@ModMINI]

@@eduardo9163 A mortgage broker charges 1% of the loan value. There is typically no other fee by the mortgage broker. There will still be lots of other fees by other parties involved in the transaction. Your mortgage broker can be a good information source to determine the total cost. Also remember that most of these are financeable (can be added to the borrowed value rather than being payable out of pocket).

[@eduardo9163]

@@ModMINI just talked to one okay so we owe 262,000 going to refinance and take out 38,000 he said after the loan will be 325,000. So good or bad. Apr 3.3%

[@GenExDividendInvestor]

I just noticed Dave has 3800 videos on his channel.. Amazing! So much awesome material to consume. Thanks, Dave!

[@JiisTube]

All freeeeee

[@dreesunc]

All pretty much repeating the same content 🤣

[@jroberts7387]

A video entitled "Should You Get A Mortgage From A Bank Or A Mortgage Broker?" that did not answer that question in any way, shape or form. Thanks Dave.

[@GuerdaGilles]

Wich one is better

[@evanww]

A broker has more options and lenders for you. The bank has a much more restrictive lending window they work within

[@yichispiritual]

For everyday people, I d say go for both, negotiate and see who gives you the best. It is more about talking to the right person rather than whether it is a bank or broker. Broker say they help you shop around but how do you know they gave you the best? Shop yourself! Bank you have an overall relationship with and you may be benefited from holistic perspective. For everyday people who cares about how the loan is managed at the back ?!

[@lionheart93]

isn't real estate being overvalued now like 2008? I see people outbidding by like 40k or more.Its insane.

[@tylerj6264]

Varies by location, but not the same beast as 2008 was

[@reignyell3614]

More like 80k to 100k over listed price now..Here in CA. San Bernardino-Riverside county houses are going for like 700-800k which is insane😳

[@dubol07]

@@reignyell3614 Black Rock that's why.

[@jimklemens5018]

A few months ago, a house near us was listed for sale at $2.8M. It sold for $3.4M.

[@datspicyboi947]

Not necessarily. There is just not enough inventory

[@marksanders60]

Dave didn’t actually answer the question. Brokers can shop multiple mortgage companies. Shop around with multiple brokers and mortgage companies.

[@nickfernandez7563]

For all the folks shopping for a mortgage, Dave was using some heavy jargon. Bottom line: you should look for a broker that can shop the loan for you and has very minimal closing costs. It’s inconvenient to work with a bank or broker that skyrockets closing costs. Overhead fees are something to be aware of. Wholesale mortgage brokers have the best rates and closing costs around, While correspondents and retailers have higher closing costs, along with mediocre rates.

[@jaygiant10]

Thank you

[@Koneplayzz]

Who do you recommend?

[@rifaqathussain3509]

@@Koneplayzz hey i can help u qualify for loan in us except (NY) state

[@nickfernandez7563]

@@Koneplayzz I’m licensed in CA and CO I recommend me 😉

[@ivy_caine5302]

I just wanted to say Thank You Dave for all the free knowledge you offer. I appreciate all your wise words🙏

[@SirThomasHarber]

Super misleading video title.

[@sunu44]

so what is the answer?

[@pey7777]

@@sunu44 Title is just wrong. A mortgage broker is someone who shops around various lenders and tries to get you the best deal for your mortgage. A bank could be one of those lenders the broker checks with. There are also standalone mortgage lenders who are not banks but only deal with mortgages. A more accurate title wouldve been Should You Get A Mortgage From A Bank Or A Mortgage Lender?

[@rbraxton00]

Yeah, so your loan could end up with BOA anyway! mortgage brokers, sale mortgages. That’s how they make money. Most Banks sale mortgages also. They just keep the servicing of the loan. Freddie Mac and Fannie Mae own the majority of mortgages.

[@b-rad-3849]

So which is better to use? I used a local mortgage company for my fha loan, and they turned around and sold it to Wells Fargo. Did i pay more going through a mortgage company, essentially a middle man, than i would have paid if i went straight to Wells Fargo?

[@brianbudd6101]

I've worked for a decade for both a big bank and a mortgage company over the years. A mortgage company or broker is a better bet- just like Dave advocates for Zander vs. State Farm because they can shop around to get you the best deal, a mortgage company can do the same rather than just taking whatever pricing Chase etc is offering that day. And especially if you're self-employed or have a more complex income or asset situation, it's going to be much more difficult to work with a bank.

[@bubblegumkelz]

Can u recommend a mortgage company to get a home loan?

[@WaqasKhan-hx4hw]

That’s why you shop with multiple banks to see which one gets you the best rates!

[@eezy251able]

Here in the UK interest rates are as low as 1.3%. Even lower with 40% deposits. The banks are at war.

[@CJ_18]

That may have more to do with negative interest rates created by the EUropean Central Banks policies.

[@bobbyhurley4869]

Wow

[@eezy251able]

@@CJ_18 When house prices are high, interest rates are low. When house prices are cheap, interest rates rise.

[@Davinia77]

A mortgage broker makes a percentage off your loan but they can find the best deal for you and your specific needs

[@WaqasKhan-hx4hw]

Is mortgage broker same as loan officer?

[@avocadotoast9489]

Dave just explained The Big Short. Great movie.

[@dgriffinctc3834]

Dave is incorrect about why the smaller loans don't work. You can get an appraisal waiver on a comforting conventional mortgage when there is substantial equity. The reason you take small loans to a credit union is that it is almost impossible to write a conforming loan under 40kish. Guidelines are written on percentages, for example fees deemed APR items can't exceed 3% of the loan. Not all fees are percentages though. The closer may charge a flat $1,000 as a closing fee. That's no big deal on 200k, but on 50k it's 2/3 of the fees allowed by guidelines, leaving the lender to cover all their employees and expenses plus profit in $500.

[@GardenerEarthGuy]

If you can't put 20% down on a mortgage, don't do it - default insurance will go hand and hand with the loan for the life, unless you refi and pay loan ordination fees again. You'll burn a couple years of time and money in these fees.... The thing with default insurance is if you don't pay the lender gets paid, the place is sold to someone else that will make payments and pay interest, and you're still on the hook for the balance of a property that has been sold again and interest paid. The bank actually wants to foreclosure to happen, so they get paid many times over.... Real estate is freedom, but you have to not get hit coming ashore on the beach, because they are there, loaded, and ready for you from the high ground.

[@---cr8nw]

I disagree. The amount of money you can put down has very little to do with the amount you can pay every month. You need to figure out how long it would take you to SAVE up to that 20% mark while paying rent somewhere else. If the mortgage payment is lower than the rent, it doesn't make sense to live in a rental property and gain no equity. For example, if you're looking at a 100k house and you can put 10k down, talk to a lender and find out how much your monthly payment would be. Then shop for rental properties. The mortgage payment might be $700 per month. The rental property might be $900 per month. To save up another 10k, you would have to rent for 5 years at $900 per month while ALSO banking another $170 every month to save up another $10k AND you'll be 5 years behind on building equity in a house. Instead, you could 5 years into your home loan, paying $700 a month in mortgage and banking $370 every month. If the monthly mortgage payment is less than the cost of renting an apartment or small house, default insurance doesn't matter.

[@stevee8318]

I generally agree with this. Mortgage insurance has not benefit to the borrower and can be up to 1% of the loan value per year. If you have a $300k mortgage, it's like flushing $1.5-3k down the toilet every year for 30 years.

[@---cr8nw]

@@stevee8318, you can drop the PMI as soon as you hit 20% equity. You should definitely not pay it for 30 years. I was given the option to pay a single premium PMI. the house I bought was 122,500. I put 12,500 down. The PMI was 2,600. I paid it and never dealt with it again.

[@---cr8nw]

@Allen Reynolds, nonsense. I have a 4 bedroom, 2 bath house with 1700 square feet and a two car garage in a nice suburb. My mortgage, including tax and insurance is 850 a month. Water's about 30. Electric varies from 45 to 160, depending on season. Gas varies from 35 to 110, depending on season. Sewer and trash is 35. So every month, it's around 1100, tops. Where can you find a 4 bedroom apartment for that?

[@MichaelP-ke1tm]

@Allen Reynolds Pay rent for 15 years and you get nothing. Pay a mortgage for 15 years and you get a $250,000 asset.

[@jumpingjake123]

Wow! I'm so happy Dave put out this information. Very helpful for my situation.

[@Heritagepostfarms]

My mortgage company got me a loan that had 1.5% less interest than the banks. When getting a mortgage, let THEM fight for YOU.

[@Kirstensmyname]

Am I the only one that didn't understand this video? ... Dave, could you explain it to me like I'm 5 years old?

[@danielales269]

What was tripping you up? I’ll help if I can.

[@terabytetron1]

Or explain it like you would to a golden retriever. 🐶

[@Mindova]

@@danielales269 If they were confused the same way I was.. He is trying to say do not get a conformed loan, and get a small loan through a credit union only? What if you need a full mortgage?

[@mphomolapo1562]

@@Mindova Dave's advice is good but not gospel. *_Do what works for you!_* We are avoiding big banks because we only need about 70k mortgage. But im sure a credit union can loan you more than that if you need. Just be reasonable: expect 300k NOT 2M dollars. You get where im coming from?

[@Mindova]

@@mphomolapo1562 I do and thanks!

[@MiAuthority]

You know Dave, sometimes a lesson like this is spot on. Not so much a guidance video, but an informative dive into a specific topic of interest. Some points of curiosity from myself and im sure many others What should someone with 3 years of debt free investing exerience be looking for to make informed decisions regarding index funds, Individual stocks, mutual funds? Anything you feel we should know about anything? Anything youd like to tell us about determining which type of investing is best for people who are fairly mobile? A move can be expected every 4-6 years? Maybe for people whos goals arent to own a house?

[@johnr39]

Why do u need a slow turtle? Why can't u just say! Which option is best, bank or broker.

[@sunset6010]

If all the numbers are pretty close ... GO with the one, you can go see eye to eye ( as opposed to cyberspace / foreign country answering the phone )

[@chrisginoc]

Been a loan officer in busy southern california since 2006. Here's the inside truth: Bank: Lower rates, but sometimes stricter requirements/guidelones such income and credit scores. Broker: Higher rates, but are like a swiss army knife and typically their underwriters are more forgiving. Brokers also offer bank statement mortgages for those that business owners or self employed.

[@MichaelP-ke1tm]

It's not only about a lower rate. One bank had $6,000 in closing costs and another only charged like $3,000.

[@chrisginoc]

@@MichaelP-ke1tm Here in California, closing costs are very similar across the board. If it was the same product, it should have been the same unless the loan officer quoted you a buydown which inflated the costs. There are exceptions at banks sometimes where if you bring over $50k+ for example they give you lender credits and discounts which makes a HUGE difference. You are right though. Closing costs are also a part of it. If you're talking about a broker though, forget about having the best of both worlds meaning a great rate AND low closing cost fees. Not gonna happen because, but brokers can get tricky qualification deals funded. I'll give them that.

[@MichaelP-ke1tm]

@@chrisginoc Yes, we bought discount points to refinance to 3.5% and the closing costs for one company were a lot cheaper than another and they had lower rates too but they took 80 days to close. Also, apparently the company we chose doesn't provide loan officers with a commission which made the closing costs cheaper.

[@chrisginoc]

@@MichaelP-ke1tm Think of Closing costs from an operational stand point running a mortgage business as an Underwriter and Processor fee. For example: $1,150 company flat fee and then third party fees (mandatory in California) such as title, escrow, notary, etc is what makes up total closing costs. Not related directly to loan officer commission. Could they essentially be passing on the savings to you by not paying their loan officers well in the end? Perhaps. Is it more likely that they pay everyone peanuts from Underwriters, Processors, Funders, Managers, etc? Yes. Companies that don't pay loan officers or call centers comissions are usually doing very cookie cutter deals W2 easy stuff as opossed to the stuff we get paid to do such as borrower has 3 businesses, owns 5 rental properties, wants an interest only mortgage, needs $250k in reserves to qualify, writes off $150k+ in taxes to avoid paying uncle sam which then makes it harder, etc. Most loan officers I know that are in their early 50s and have been doing this for a long time earning top money have had stress related strokes for a reason. Silent killer. And the fact that companies want to under cut each other and not pay a commission? Insane for this amount of stress... Maybe that's just the future.

[@MichaelP-ke1tm]

@@chrisginoc How much in write offs for a self employed person do you think is just enough to qualify for a mortgage of around $200,000?? Lets say a self employed person makes 60k/year but they write off 30k in expenses on their taxes, do you think they would be able to qualify for a 200k loan??

[@ChrisMFlorida]

I'm waiting for Mr. Wick to chime in.

[@agentsmith9851]

Don't forget you can negotiate with a mortgage broker. Find one that is willing to do a borrower paid points and have him do your loan for a flat fee, pay him out of pocket. You will get a much better rate, if a mortgage broker yelled you you don't have to pay anything for your loan, that is not true. Nothing free in this world, someone always has to pay for something. I have purchased numerous homes and and on average I saved .25 on my rate. I do keep all of my real estate. So if you are not planning on being there for a while maybe not worth it. I have a house and 10 rental properties. I'm my case it makes sense.

[@dfink424]

It’s really easy, you talk to a mortgage lender, then you talk to a bank lender, then you talk to a credit union lender. You look at all the fees and closing costs and you look at the lowest interest-rate that you could obtain. Then you go with that one. Honestly it’s that simple.

[@ABCDEFGHIJKLMOPQRSTUVWXYZ12345]

Those hard credit inquires though 🤣

[@bioshock5620]

@@ABCDEFGHIJKLMOPQRSTUVWXYZ12345 Dodd frank act brother

[@cliftonfrederick1120]

SIR, I HAVE GREAT RESPECT FOR YOUR INFORMATION AND EDUCATION YOU GIVE VIEWERS. MY QUESTION TO YOU IS CAN YOU EXPOUND ON MORTGAGE LENDERS WHO FAIL TO HONOR VETERANS TAX EXEMPTIONS AND END UP OVERCHARGING VETERANS FOR PROPERTY TAXES THEIR EXEMPT FROM HAVING TO PAY? Please help with this subject and let us know what to do in the event this occurs with a mortgage lender.

[@elizabethsantos6255]

oh good lord -- i listened to the first 20 seconds and can definitively say -- this guy is why problems exist in our business. he speaks like he knows what he's talking about. but.....my goodness.

[@Stxxzo]

Brokers are better. Way lower rates. Way lower costs. Way more regulated and ethical. Unable to profit additional Yield spread. A broker has no reason to up sell you on the interest rate, because their commissions are capped. Banks can make a lot more profit from up selling interest rates. Brokers are solely focused on mortgages and they are pros at it. They don’t have to worry about checking, savings, auto loans. It’s simple would you prefer wholesale or retail. Get the rate wholesale before it’s marked up for retail selling.

[@NoDebtButLove]

The mortgage industry behind the scenes is complex.

[@robertroland5333]

I always think it's funny when the examples are $200,000 homes. I live in California, I need California examples because $200,000 is a double wide trailer out here. Great info though and very educational!

[@harrisonwintergreen1147]

California is a big state, look up houses in Victorville, Indio or Lakeport. Not every part of CA is super expensive

[@anthonygiordano3991]

I agree! I live in SF Bay Area and $200K is a trailer home here. I hate when this guy assumes everyone lives in Texas or something. Paying off the mortgage isn’t as easy when your home is over $500K for a 3 bedroom/2 bath and you can’t just move away to a cheaper place because your job is HERE! I like some of his advice but he makes things sound so easy or black and white, when it’s not. I guess if I were a millionaire with top selling books and plenty of money in the bank, things would be easier. 🙄

[@kbeezy7417]

Well majority of the world…200k is good…It always, Cali, NY, folks complaining about everything…will y’all move already…you choose to live there knowing the rest of the world is cheaper…so I hope you are rich

[@MohamedKhaled-tb1fk]

Thank you very much so much for this video. It was very instructive.

[@videosandmore5277]

I paid cash at the 2013 bottom. All about timing.

[@jessicanieto6487]

Share your journey

[@Raec123]

That’s awesome! I missed that train, but at that time most sellers were looking for all cash buyers and the market was so hot it was hard to catch a property unless you did have all cash.

[@JohnDoe-gc1kt]

@@Raec123 where do you live? I wouldn't exactly define the market as "hot" in 2013

[@rhayder]

VA Loans are not insured they are guaranteed. There is a big difference. Most professionals with property licenses know the difference.

[@Hello-zf5lq]

This is partially wrong information. Payments are collected not by the company that owns the loan, but by a separate company that they contract with for a year to collect payments for you. Owner of the loan can collect payments themselves or sell the right to collect payments for a 0.5% fee for a year to a separate company called the mortgage servicer.

[@amos922]

What’s wrong with Bank of America? You said you are not smart if you bank with them. Could you clarify?

[@charleneh8084]

How did you get to be so smart and knowledgeable Dave

[@angelrodriguez6973]

Trial-and-error

[@wendywendy6270]

This's great I love it wonderful tip.

[@margritski]

Is their a video on why Churchill would be best option ? Several elp’s that you promote for buying homes don’t like using Churchill so now I’m lost

[@keltig]

That’s exactly what happened to me. 1 year after my mortgage Bof A sold it

[@ImDahDude]

How was that experience. Would you do it again with BOA?

[@keltig]

@@ImDahDude nope

[@utoobrfa88ots]

But will you pay more with mortgage broker? I assume you have to pay a good chunk for their work?

[@briannacollie2742]

I'm in the process of buying a home, and this was helpful

[@jamalcole1985]

Congrats!

[@kw-vy5jd]

Are you debt free before buying a house?

[@gretai8057]

research BANKS & rates, specially if you a single woman without an English sounding name; the bank will always up your rates, because you are female...??))(]

[@T25de]

How many have you fell in love with but lost out on? Hated that part. Found a dope place in the end though. Good luck !

[@TheFishdoctor1952]

Bought a home loan through a bank. When I went to sign the papers at the lawyers office, they told me Mr Cooper owns the loan. I thought it would be the bank. You learn stuff everyday.

[@jimklemens5018]

Mr. Cooper services a lot of loans.

[@blobbloblbolb7995]

They sold your loan

[@paulfixx1140]

I have a VA home voucher and dont know who the heck to trust. Its a snake pit in this sector of home loans.

[@dks13827]

Realtor will help you.

[@MichaelP-ke1tm]

Not really. You're just overcomplicating things. The only 2 things that matter are low closing costs and low rates. KEEP IT SIMPLE.

[@pedepablo1638]

Thank you so much, I'm literally doing what you said. I'm buying a 240,000 house and I got around 180,000 I'm just gonna ask the bank for a 60,000 loan and take it like a car payment which i don't have.

[@Danish2064]

You forgot Freddie Mac conventional, everything else is spot on

[@leonardobatista8432]

How about answering the question?

[@josephfoster30]

He’s too pompous to answer.

[@vg4162]

Mortgage brokers or Mortgage companies charge higher loans fees then banks do. Not sure why he could not answer that.

[@rachelburt5512]

So confusing. I want to purchase a house over the summer but I'm not sure if I'm ready lol

[@AnnyBAdventures]

Im in the same boat. Lol

[@MichaelP-ke1tm]

@@AnnyBAdventures Make an excel budget sheet calculating your income and expenses. The expense will include the future mortgage payment and then you will get a better picture on what you can afford so you don't end up foreclosing. I always make a budget sheet for my real estate clients so they don't do something stupid and over spend. Banks also do something similar to see what you can afford but you can never trust a bank. They handed out loans like candy in 2004-2008 and everyone ended up foreclosing.

[@AnnyBAdventures]

@@MichaelP-ke1tm thanks that helps alot!

[@3chrizzl]

@@MichaelP-ke1tm can you post/send me that budget sheet? I'd be interested to see that!

[@rodolfoa.barcenas6930]

Lenders don't lend any money. They create the funding when the borrower signs the loan documents. This is the federal reserve system.

[@nikitamoodie2177]

Can anyone tell me what lender that’s good to work with for a home loan in Colorado Springs

[@Sarah-ee1qs]

Alex_consultt on I.G gave me a grant of $5500 with he’s a blessing in this pandemic

[@symone2179]

Came across this I been banking with 5/3 since forever no luck with the mortgage I’ve sent info no one is reaching out ect🙄

[@MyGreenNest]

I just realized I’m watching this video in my free time for fun 🤦🏻‍♀️

[@BunkMasterFlex77]

Very informative. Thanks for the lesson Dave 👍

[@NathanH83]

And I was supposed to understand that? Which one do you recommend?

[@wolfrig2000]

Obligatory comment for the algorithm: I was approved for a loan, was Approved, Finalized, Sold, and Notified of my new Loan Holder in the same day on my most recent loan!

[@hmmichael438]

Mine was sold within a couple of months of getting the mortgage. At least the original bank still services it though.

[@videosofinterest9227]

You went with lowest rate. That's what they do

[@---cr8nw]

Great question. I never would have thought of it this way, but it makes sense.

[@subodhpatil8227]

Answered everything but a question FOR CONSUMER

[@missmansfield6306]

I had a mortgage with PNC and all of the sudden they doubled my monthly payment! They forced me into escrow even though I was making insurance and tax payments separately. They decided to force their insurance on me which was the highest available of course. While in the process of refinancing with them I got a foreclosure letter out of the blue! I lost my house and truly HATE them.

[@truthpoint6167]

Did you not have a fixed rate ?

[@missmansfield6306]

@@truthpoint6167 I did, yes. They decided to force their insurance on my loan even though I got the insurance through my employer and had been for some time.

[@casttheircrowns]

@@missmansfield6306 which insurance did they force on you, homeowners insurance, Private mortgage insurance?

[@missmansfield6306]

@@casttheircrowns Yes. What is not OK is that this was always fine but all the sudden they forced theirs on me.

[@missmansfield6306]

@@truthpoint6167 I did.

[@jeanqbxx]

Broker is a 1000 times better, their service is just outstanding.

[@mzmyla]

I would really like to buy a home. I pay $1200 for rent and due to a child custody agreement, I have to stay in a certain area which limits my options. Should I continue to rent or just buy a home?

[@Iamonepercent]

Depends if mortgages in your custody limited range are cheaper or on par. You will find a lot of different answers based on opinion but there is nothing like having the security of knowing you are investing in something instead of burning cash on renting. If you can realistically afford it, I would say to seriously consider buying. If you want to move instead of settle due to current custody restrictions then it might be better for your mental health to hold out and continue saving, such as pay off car debt or anything big in meantime to mitigate monthly liabilities. Good luck, I wish I could tell you a cut and dry answer but you just have to weight your realistic financial goals with a bit of peace of mind.

[@mosthuggable]

Hi Myla what did u decide to do?

[@michaelm4514]

my mortgage changed hands like 5 times until suntrust took over then i paid it off.

[@rennishj]

Very good 3xplqnation. Thank you

[@steveludwig4200]

Dave is wrong in saying appraisals were a big part of the 2006-2009 "housing crisis" meltdown and the appraisal industry went through a lot more regulations because of it. Appraisers were regulated more strictly in the early 90s partly because of the S &L crash. 95% of the problem causing the 2000s crash was lax lending policies especially in the sub-prime market like "liars loans" that Countrywide and others became famous for. Do some research on the Dodd-Frank Act as well as those two actually were a part of the problem. When Countrywide was pushed into being bought by BofA there were a lot of BofA appraisers not happy at all...

[@kakexun]

can someone explain what he means by a 50000 mortage on a 200000 house? is that 50000 gonna be a down payment? how does that work?

[@hilife893]

I talked to a broker when I first bought my house, but was able to find a better mortgage rate on my own talking to the banks than the best one she had offered me. Found out later her bank was giving her a bonus after she’d bring them so many customers.

[@HECGOM]

J H everyone gets a bonus... could be the banker, broker, agent, etc. Someone getting a bite of the loan

[@Raec123]

Hector G. Exactly. I used to work in originations and everyone gets a piece of the pie. Maybe not directly out of the customers pocket, but some of those fees go to paying the processor and underwriters. Everyone gets a “bonus” for each deal they close.

[@justinacase2623]

JH, welcome to America! The savings are always passed on to the customer. Enjoy the wheel.

[@chi1abb]

@@Raec123 P0

[@matts2488]

He missed jumbo loans which are most loans in Northern California.

[@ImBlown911]

He was focusing on and mentioned CONFORMING loans. NON conforming types of loans include jumbo loans. Jumbo loans exceed the conforming loan limits and have different underwriting guidelines.

[@IIIlIIIllIl]

Great video. Consider lowering the gain on your mic. Thank's for taking the time to make this video too!

[@hamzakhalid9428]

Bro is spitting out complex jargon. I couldnt stick for more than a minute

[@ethangarbe3970]

It makes perfect sense to me. I work as a mortgage loan originator tho.

[@Tanya7774]

Countrywide died long ago.

[@Kronk-rp3jf]

Pretty sure Bank of America bought them when they were going belly up

[@pfeiffdog0811]

Matthew M they did. I used to work for countrywide.

[@claudettelindsey7542]

Videos are helpful.thank you

[@MrJPC2123]

Church Hilo mortgage sounds awesome!

[@ychongy]

When you can, Does Dave say to escrow a mortgage payment or pay a mortgage payment yourself?

[@mon8087]

I think you might be a little confused. You can’t escrow a mortgage payment. Escrow is for taxes and hazard ins. You can escrow those INTO your mortgage payment so the bank that holds your mortgage is responsible for paying your monthly hazard ins and taxes, however you are still responsible for making your mortgage payments. I dont know what Dave’s opinion is on this, but as someone who’s been in the mort industry for 10yrs I would say it’s personal choice. I have my taxes and ins escrowed into my mort payment and I love it. Though once my house is paid off the responsibilty of making tax and ins payments is back on me. Also, only conventional loans give you the option to escrow or not. If you do a govt loan (fha, va...) then you have no choice, the taxes and ins are automatically escrowed into your mort payment.

[@ychongy]

@@mon8087 Thanks!

[@stevee8318]

If possible you should get a loan without escrow, as when you pay into escrow that money just sits there until the end of the year when the mortgage company pays your taxes and renews your insurance policy. You're basically giving them an interest free loan.

[@ychongy]

@@stevee8318 Thanks. Deciding to go this no escro route. Plus as Monica Wroblicky stated, no more escro account after a paid off house. Might as well learn the habit of paying it myself now.

[@ModMINI]

@@mon8087 The default option for most people is to escrow taxes and insurance into your loan payment. You can choose to pay these separately but due to the increased risk of a payment default, most banks charge higher rate for the privilege.

[@SabrinaFamTV]

So who should I use?

[@bonniej0]

Oh my God I was falling asleep through that I hope it went through already

[@danielday8828]

They need regulations on Capital Investment companies. A lot of startups are overvalued and invested into by Crooks

[@noelankarakwi7464]

Great information

[@thomasgronek6469]

Be careful, they are all crooks, the paperwork got switched and when I was initialing paperwork, someone else in a different building was getting the deed put in the bank’s hands.

[@jonbrion7240]

Wow actually learned a lot.

[@grabielrojas256]

Going wholesale instead of retail generally will provide a much more competitive rate. I’m work for a wholesale brokerage and can help if you have any questions.

[@pistachiosandpopcorn7146]

Anyone from GA have an opinion on United Bank? They seem decent enough to me..as long as I'm not over drafting seems to be no charges.

[@ernesttrejo1308]

The broker goes to banks and shops for you.

[@mrhollister8520]

Thank you for getting straight to it

[@Rolling_Stoned_420]

Would it be smarter for me to try the small credid union loan on a 100k house that i can buy for 27k or get as much as the place appraised for and use the extra to flip another one ? Btw this will be my first loan my cs is 680-720

[@kun_fu_taco4775]

So is it stricter guidlines to get approved by a bank?

[@omaxman1]

Finally something different

[@wendywendy6270]

I just love he's information..super this's great tip ...👌😉🙏😄🙋‍♀️

[@RayFleener]

Good video Dave.

[@mikerice5298]

What happen jan 23 2008 he said there no crash coming .

[@WaqasKhan-hx4hw]

Is chase bank good for loans?!!

[@martinofidacaro2281]

does this apply to bank of america as well?