How To Get A Lower Mortgage Rate With This One Simple STEP

Please watch: “The Truth About Interest Rates & The Massive Impact They’re Having on Real Estate”

Hey folks dan frio here your trusted mortgage advisor well recently i bought a car and i shopped about five or six different places to find that car and even when i signed the dotted line on the the final place that gave me i thought was the best price on my car i still walked out of there and i was like she’s that still hurt okay so that’s just a car so if you’re

Looking to buy a house how much is that gonna really get you so here’s what i mean you’re probably in this dilemma right now you really want to look to buy a property but you’re you’re having a dilemma on where do i get the best mortgage rate so i might have a solution for you wonder if i said there’s one way to do this and it’s simple and easy it’s one application

And one credit pool so let me explain this how this works so what happens with you know if you if you’re looking for a mortgage loan your lender is going to do this you’re going to apply for the loan they’re going to take your application they’re going to pull your credit within three business days at that point they have to send you what’s called a loan estimate

Okay that loan estimate is going to do this it’s going to break down the whole transaction for you as good as it could be at the start okay so what i mean it’s going to give your name it’s going to give the purchase price of the property it’s going to give the loan amount it’s going to give the interest rate if it’s locked or not and then it’s going to go through

A whole slew of numbers that basically is going to get confusing but the one piece of the puzzle is we always ask people to do is look at the lender fees what are your lender fees okay i wonder if i said there’s a there’s a way to do this and shop over say 100 or 120 different lenders with one application one credit pool and that that’s it okay so let me show you

See also  How to Calculate Loan & Interest in Microsoft Excel (PMT, IPMT, & PPMT Functions)

The system that we use and why i think we’re superior than a lot of other companies out there because if you call your bank they have one product offer you and one rate sheet okay i have over 130 different lenders that we work with so let me show you how this works so what we do is if you call in we’d love to hear from you we’re going to do this we’re going to hold

On one second we’re going to do this i’m going to open up my calculator or my searching engine and i’m going to do this you applied for a mortgage so i know that you’re looking for a to buy a house you’re looking to buy a 350 000 home your credit score is 718 and you really like to go fha because you just might have a higher debt ratio or whatever purposes that

Is but i’m finding that out from the loan estimate that you have the other place that you already got may be pre-approved with or maybe they even locked you in uh so let’s go to how this works so i’m going to plug this data in so in this case it’s an fha loan all right we’re gonna go down here it’s a purchase the next thing piece of this equation it’s a 350 000

Purchase you’re going fha because you only need to put three and a half percent down meaning you’re looking to finance and i’m going to put that down here 96.5 okay so i plug that data in then i go up through here and this is going to be your credit score what is your credit score well in this case we said it’s a 719. these clients are first time home bar so i

Click that i’m going to go down through here they’re buying a single family home the zip code is let’s go over 50773 don’t even know where that is doesn’t even exist 50772 let’s just do i know 60623 is illinois so let’s do with that that zip code all right then i go through here nothing really to do there so the next thing i’m going to do is i’m going to hit scan

See also  Markets: October is a bear market killer, strategist says

But before i do that i got to do something real quick i got to cover this up for uh proprietary and private reasons so but now i’m going to hit the scan button and watch what it does it’s scanning the country lenders all over the country to figure out where mortgage rates are okay so now it’s giving me a laundry list a laundry list of mortgage lenders out there and

What their rate would be for you specifically in this criteria 719 credit score 350 000 purchase putting three and a half percent down so here’s where all the rates are okay so let me explain this to you so let’s go all the way to the top because that’s the lender that i would place you with so this lender right here is offering a rate of five percent okay but if

You scroll over here you’re also going to get a credit back of 790 so not only is there no lender fees you’re actually going to get a credit back and that’s enough probably to cover your appraisal fee okay but that’s not it let’s go down through here and again same criteria same client if you didn’t know any better let’s say you called and just let’s go to three

One two three stop let’s say you called this lender right here okay same rate five percent but in that case it would cost you look at this number it would cost you eight thousand thousand nine hundred and ninety nine dollars to get that same rate well you don’t really want to pay any fees and you’re talking with that lender so they’re gonna say well our rate is

And here’s where their rate comparison is if you go down through here they would be off they can’t even do this loan without paying you paying them a substantial amount of money so down through here so even if if you look at this even at a rate of 6.75 they would be charging you three thousand five hundred and fifty dollars compared to all the way up here at five

See also  Amberlynn Reid gained ALL HER WEIGHT back

Percent no lender fees no broker fees and a 790 credit so you want to make sure that you’re getting placed in the right loan with the right lender at the lowest rates in the lowest fee structure in the whole country that’s we can do for you so my name is dan frio i’m in i’m hopefully your mortgage advisor how do you find out more about me and my services just check

It out below you could email me you can call us do anything you want but if you’re in the process right now and you have a loan estimate from a lender what i’m asking you to do is email that to me okay what i’m going to do is i’m going to take the criteria the only thing that’s going to be missing in this in the loan estimate you sent me is basically what is your

Credit score because your loan estimate will not have your credit score on there so if you email me and i’ll put the my email description down below if you email me your loan estimate and give me an idea what your credit score is is i can run this in two or three minutes and get right back to you saying either one of two things one you did fantastic whatever you’re

Getting god bless you i can’t beat it or two what’s happening in most cases i’m going back to the client saying i’m no longer getting you a lower rate i’m actually getting you much lower fees so it’s a win-win for everybody so my name is dan frio i do the mortgage minute every day to make sure you guys are educated to form everything in real estate especially when

It comes to the financing needs so please check out my website and all my information is down below god bless guys thanks for watching hope to hear from you soon bye-bye

Transcribed from video
How To Get A Lower Mortgage Rate With This One Simple STEP By The Rate Update with Dan Frio