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Post by slowjoe on Oct 31, 2019 14:53:31 GMT
I need a favor. I've started a YouTube mortgage channel where I answer questions related to acquiring a home loan. So, I need questions! Anything you can think of, even if you think it's a very common question. The format of the video is that I say "Today's question is from ______ and she asks ____________?" Then I answer in less than two minutes. I don't have to use your name if you don't want. My channel is under compliance review at the moment, so I can't yet reveal the channel, but I'd already had three videos approved and seven more are in the can waiting to be edited. I'm really excited about this project! So yeah, if you could reply with any questions in this thread, I'll love you forever. Also, hi. Sorry I haven't been around that much. Do we still argue about shopping cart corrals, crock pots, and Trump around here?  Thanks! |
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Post by Basket1lady on Oct 31, 2019 15:00:37 GMT
What does a first time home buyer need to know?
Is it truly beneficial to go with the bank that offers the lowest rate, or are there perks with a slightly higher rate?
Do you need to use a big name broker, or is it ok to go with someone who does it on the side?
What does “in escrow “ mean?
How much can I really afford to borrow?
Should I borrow as much as I qualify for, saving the cash for improvements?
We almost bought a house over the summer (we moved to Belgium instead) and those were some of the things I researched.
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Post by tyra on Oct 31, 2019 15:26:31 GMT
So yeah, if you could reply with any questions in this thread, I'll love you forever. Also, hi. Sorry I haven't been around that much. Do we still argue about shopping cart corrals, crock pots, and Trump around here? Thanks! Last person to ask a question gets $200? And yes... Welcome back! |
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MDscrapaholic
Drama Llama
Posts: 6,377
Location: Down by the bay....
Jun 25, 2014 20:49:07 GMT
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Post by MDscrapaholic on Oct 31, 2019 16:33:02 GMT
What fees are associated with this loan?
What happens if I need to miss a payment?
What are your rates and the criteria needed to get the good ones?
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Post by workingclassdog on Oct 31, 2019 16:40:21 GMT
This thread is useless without a picture of Sasha.. Sorry.  |
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Post by mrssmith on Oct 31, 2019 16:42:50 GMT
What is PMI?
What is a HELOC?
What paperwork will I be asked for? (For my recent refinance I had to provide paycheck stubs, W2s, divorce decree showing I receive spousal support, etc, etc.) Much easier to gather all that before the application process.
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Post by newscrapper05 on Oct 31, 2019 16:53:35 GMT
We are currently looking at refinancing and these are a couple of the questions I've been asking:
Do you have a 'buy down' rate - where you pay xxx to get a lower interest rate?
Will our mortgage be sold?
Why do you sell our mortgage?
Our home is in a revocable trust - can we get a mortgage loan or refinance? (This one has actually come up with some controversy).
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Post by slowjoe on Oct 31, 2019 17:03:42 GMT
So yeah, if you could reply with any questions in this thread, I'll love you forever. Also, hi. Sorry I haven't been around that much. Do we still argue about shopping cart corrals, crock pots, and Trump around here? Thanks! Last person to ask a question gets $200? And yes... Welcome back! Hahaha Could you imagine if I started that thread here? |
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Post by slowjoe on Oct 31, 2019 17:04:58 GMT
This thread is useless without a picture of Sasha.. Sorry. Sasha at her second birthday party last week. <3  |
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Post by sunnyd on Oct 31, 2019 17:05:15 GMT
Why should I get pre-approved before I start shopping for a home?
What info and docs do you need to pre-approve me?
Who pays for the appraisal? When is it ordered? How long does it take? What happens if it comes in low?
Why shouldn't I just walk into my bank or credit union and apply for a mortgage? (benefits of using you instead of their credit union)
How much money do I need for a down payment? Closing costs?
Are there any zero down loan programs available?
What happens in underwriting? How long does it take?
What are the basic steps between loan ap and funding? How long does it take?
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Post by mtscrapper on Oct 31, 2019 17:06:36 GMT
We just sold and bought a house, so the whole process is pretty fresh in my mind.
What is the difference between types of loans? Advantages/disadvantages to each one?
What does it mean to "buy points" and why is it beneficial to me?
How long usually does it take from signing the contract of a house to the actually signing of the mortgage?
How does my credit score affect my ability to get a mortgage?
What does it mean to lock in a rate? What is a good rate?
Should I refinance? What are the advantages of refinancing?
Is it better to work with a local mortgage company or an online company (like Quicken)?
This is a great idea! Good luck!
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Post by slowjoe on Oct 31, 2019 17:14:20 GMT
We are currently looking at refinancing and these are a couple of the questions I've been asking: Do you have a 'buy down' rate - where you pay xxx to get a lower interest rate? Will our mortgage be sold? Why do you sell our mortgage? Our home is in a revocable trust - can we get a mortgage loan or refinance? (This one has actually come up with some controversy). The questions so far have been excellent. While I will still use these in a video, since you're looking to refi now I'll answer here: 1. Yes, every lender has this, but there are certain situations where you can't. For example, when the buydown costs so much that it violates usury laws. 2. Most likely. Our company sells about 65% of the loans we originate. 3. The honest answer is "so we have money to make more loans". If any lender keeps all the loans they originate, they'll run out of money quickly. So mortgages are usually packaged together as a mortgage backed security and sold on the secondary market. Sometimes this happens and you don't even know it, because we retain the servicing rights on some of the loans we've sold, so you still send your payment to the same place. 4. I've had where a seller or a buyer has been in a trust, but I've honestly never had a refinance in such a legal instrument. I can research the guidelines, but this may also be a title question, which means the answer could also depend in what state you live in. I apologize that I don't have a better answer at the moment. |
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Deleted
Posts: 0
May 20, 2024 10:13:57 GMT
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Post by Deleted on Oct 31, 2019 17:16:20 GMT
Is there a prepayment penalty?
Balloon payment at end?
Difference between rates (variable, fixed, combo) and pros and cons of each.
Explain fees associated with application process (inspection, notary, etc.).
How long does the loan process usually take?
Explain difference between mortgage, equity line and HELOC and how many different ones can you have on each property at once.
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blue tulip
Pearl Clutcher
Posts: 2,986 
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Post by blue tulip on Oct 31, 2019 17:55:28 GMT
what happens if the costs at closing are higher than the good faith estimate you were given? if you have a late payment in the first 6 months, can the mortgage company accelerate your loan? how often do they sell off mortgages to other service providers, how can i know i will be with this company for a long time?
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Post by workingclassdog on Oct 31, 2019 18:03:25 GMT
What happens when you hate your realtor? Or if your realtor is a friend and they are doing a crappy job?
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Post by newscrapper05 on Oct 31, 2019 18:52:49 GMT
Thank you! I didn't realize the questions would not necessarily apply to a first mortgage but I do appreciate your answers! Hope all goes well and your daughter is a doll!
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Post by pjynx on Oct 31, 2019 19:27:39 GMT
OMG, your daughter is adorable. How is she 2 already???
When there are multiple offers for a property, why do some sellers prefer a "cash" buyer? And what IS a "cash" buyer (even though they truly aren't paying cash for the full purchase)?
Pam
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pancakes
Pearl Clutcher
Posts: 4,993
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Post by pancakes on Oct 31, 2019 21:03:21 GMT
Compare the benefits of getting a 15 year vs 30 year fixed loan. I don’t think a lot of people think about this and would be happy to slightly downsize to get so much more equity so quickly.
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Post by quinlove on Oct 31, 2019 21:11:24 GMT
This may be more a question for a realtor. But, it’s been discussed here. If there are multiple offers, does it influence the seller if letters are written pleading to be considered ?
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Post by slowjoe on Nov 1, 2019 2:32:53 GMT
What happens when you hate your realtor? Or if your realtor is a friend and they are doing a crappy job? Hahaha I can't do a video on this, as I have to "stay in my lane" and stick to mortgages, but I will say that if you're unhappy with the competence of your Realtor, no matter what the personal relationship is, you need to find a new one. The purchase of a home is usually the biggest, most important transaction of your life. Do you really want to put that decision in the hands of someone who may not show you the right houses, may not be aware of market values, or may not be a very good (or ethical) negotiator? I hate working with incompetent Realtors. Sometimes I'm forced to because the client brought them with them, but after closing I make no effort to get any more of their business. |
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