Biggest First Time Home Buyer MISTAKES

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 @ or check me out on the web at the mortgage update net thank you so much for watching

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