Closing Costs: What to Expect When You Get Your First Loan Estimate

Рет қаралды 24,628

Күн бұрын

Is this Loan Estimate good? Reddit link → / thoughts_on_loan_estim...
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0:00 Reviewing A Real Buyer’s Loan Estimate (Is It Good?)
0:19 What is a Loan Estimate
0:38 Walkthrough
1:59 Two before closing & two after closing
2:20 Locked or floating
4:50 Find my way home
5:03 CFPB Rate Checker
9:34 Section A: Origination Charges
12:25 Section B: Services you cannot shop for
12:49 Section C: Services you can shop to
13:11 Section E: Taxes and other government fee
13:44 Section F: Prepaids
13:57 Section G: Initial payment at closing
14:06 H: Other
15:01 What is not allowed to increase
15:12 Section with no rule
17:43 Calculating Cash to Close
18:35 How tax proration works
Kyle Seagraves - NMLS 1701021
Only for educational usage. All calculations should be verified independently. Win The House You Love LLC is not a lender, does not issue loan qualifications, and does not extend credit of any kind. This is not an offer to lend and should not be used to make decisions on home offers, purchasing decisions, or loan selections. Not guaranteed to provide accurate results, imply lending terms, qualification amounts, nor real estate advice. Read the full disclaimer here: www.winthehouseyoulove.com/di...

Пікірлер: 90

@cindynell583 2 жыл бұрын

I wanted to take a moment to fully thank you for all of your informational videos and tips. I literally watched them religiously throughout my home buying process. You were extremely thorough, clear and concise and I am happy to say my husband and I closed on our dream house! The knowledge you provided gave me the confidence to fully understand this whole process from beginning to end! Thank you SO much!!

@WinTheHouseYouLove 2 жыл бұрын

Wow, thank you! Best of luck! 😉

@momoftwo8415 Жыл бұрын

I binged watch your videos. I am a new licensed MLO and your videos really helped me grasp knowledge about this industry. Please please don’t stop making videos like this. Thank you so much. Your content is very informative. More power to your channel.

@WinTheHouseYouLove Жыл бұрын

I feel like my channel is one of those series on HBO and Netflix.. hahaha. Again, thank you so much for watching. More videos coming up!

@momoftwo8415 Жыл бұрын

@@WinTheHouseYouLove literally I have your videos as my playlist. 😉you are very welcome. I appreciate your response Sir. 😊

@Ced1993 2 жыл бұрын

Excellent!!!! The crazy part was the day I closed when I opened the front door to my new home. I sat in the middle of the floor reading the loan disclosure again. Lol. My aunt was like the deal is done what are you reading it for.

@WinTheHouseYouLove 2 жыл бұрын

Hahah, always good to make sure you know what's going on :)

@bencortez9907 2 жыл бұрын

Haha i looked it over 3-4 weeks after deal was done😅

@Ced1993 2 жыл бұрын

@@bencortez9907 lol man I don’t why I do that

@kyleramkissoon9007 Жыл бұрын

10/10 Recommended. Ive watched hours upon hours on mortage videos and your break downs are the most clear, concise and helpful. Thank you!!!

@WinTheHouseYouLove Жыл бұрын

I just recorded a personal video reply for you: vid.us/662jt1

@kyleramkissoon9007 Жыл бұрын

This was refreshing ! Always cautious of links so took a while before clicking it lol. But I appreciate the effort you put into your craft.

@Iamme24870 3 ай бұрын

Wow! Your video makes the most sense out of all the videos I watched trying to understand everything with my loan! Thank you so much!

@nikkiau1 2 жыл бұрын

I can tell I haven’t watched your videos in a while. You have a mustache now! Lol. Thank you for sharing this! I can share with my buyers if they need a repeat of what I’ve already showed them.

@WinTheHouseYouLove 2 жыл бұрын

👨 LOL Thanks for watching and sharing. :)

@rcmrealtor 8 ай бұрын

Great Video. Thank you so much for making it.

@klg0481 2 жыл бұрын

Thank you for the info. Just had an inspection today and will close July 26. Will do more research now.

@WinTheHouseYouLove 2 жыл бұрын

Thank you so much for watching!! :)

@immorion Жыл бұрын

I'm just starting my journey into home ownership and your videos are fantastic. I'm not ready yet but you've won my business. Thank you.

@WinTheHouseYouLove Жыл бұрын

Wow! Thanks!

@nicolebutler8271 2 жыл бұрын

Wow another awesome video ☺️

@WinTheHouseYouLove 2 жыл бұрын

Glad you liked it!!

@CoffeeonKorriban 2 жыл бұрын

Digging the stache!

@WinTheHouseYouLove 2 жыл бұрын

Thanks!

@applechili2848 2 жыл бұрын

There are tons of general tidbits that could be covered. With new construction, going through a preferred lender often comes with benefits, to include bonus money. The rate lock could be a plus if the rates go up higher than 5.5% at your time of close. Shop around for multiple pre approvals, that way you have more options to compare & choose later in the actual process. Good video; however, there are many facets to reading & benefiting from the estimate sheet.

@WinTheHouseYouLove 2 жыл бұрын

Good additions

@robertwilliams6218 2 жыл бұрын

I am going to be selling then probably buying after my buyer closes to prevent chaos. I currently have a condo and will buy buying my first home. If I want to shop around for insurance so I can save with auto and home insurance plans instead of what the bank's insurance would be how long before close would I have to get this and is it possible to get a letter for an estimate so if the closing falls through I haven't paid for any insurance upfront. I guess I just don't know how this works

@jhaslopez 2 жыл бұрын

Hi Kyle, thank you very much for your content. I was wondering what camara equipement and lighting you use?

@WinTheHouseYouLove 2 жыл бұрын

Hi! You can check out my equipment and tools here: kzfaq.info/get/bejne/pbGqqph9sbvOY2Q.html

@carmelitaevans558 2 жыл бұрын

Love his channel 🥰

@WinTheHouseYouLove 2 жыл бұрын

Thank you!

@VSS32542 2 жыл бұрын

Another great informative video thank you.

@WinTheHouseYouLove 2 жыл бұрын

Glad you enjoyed it!

@besthomesdfw5391 Жыл бұрын

Thank you so much for great info. I am a Realtor representing my first time home buyer. I asked the lender today what was the charge of $4865 for discounted points? Yet, the buyer's mortgage interest is still 6.62. I didn't get a clear answer from the lender. What is the purpose of discounted pts and why is it too high on a $300k purchase price? Buyer is putting 20% down.

@madpennfoodchannel7501 Жыл бұрын

Thank You 🙏

@WinTheHouseYouLove Жыл бұрын

My pleasure. Thanks for watching. :)

@jenniferlego4221 2 жыл бұрын

Thanks to Kyle (and others), I won the house I love!! One of my favorite channels! Hi, Kyle!

@WinTheHouseYouLove 2 жыл бұрын

Awesome!!! Congrats, Jennifer!!

@mammaliby5933 Жыл бұрын

In the cash to close I am showing a negative balance .... what does this mean and how did it happen?

@CHR... 2 жыл бұрын

This guy is one of the 👌 best

@WinTheHouseYouLove 2 жыл бұрын

Thank you so much for watching!! :)

@sherih8879 Жыл бұрын

Question is it bad or okay to try to get financed through 2 different finance companies to see which one you will get final approval through?

@CassandraCee_ 2 жыл бұрын

I’ve been watching your channel for a year and it just clicked that I can shop around while I’m under contract. I thought it was only for the pre-approval step 🤦🏾‍♀️

@WinTheHouseYouLove 2 жыл бұрын

🤦🏾‍♀️

@RM-pz8zh 2 жыл бұрын

I want to thank you! I’ve been watching your videos throughout my loan process. I finally closed last week🙌🏽🙌🏽. My loan estimate was approximately 4K over estimated. So you never know!

@WinTheHouseYouLove 2 жыл бұрын

Thank you so much for watching!! :)

@Wilburbruh Жыл бұрын

I close on March 3rd and I’d love for my estimate to be high. I have a feeling it’s low but like you said, you never know!

@RM-pz8zh Жыл бұрын

@@Wilburbruh Good luck! It’s a lengthy process but I’ve never been happier!

@danimoosakhan 2 жыл бұрын

Does homeowner insurance increase if the home value appreciate in the future? Do they do re-appraisal to calculate the home value? how do they know?

@WinTheHouseYouLove 2 жыл бұрын

Yes it can

@timothyleebouvierstewart851 2 жыл бұрын

Great info Kyle! What programs are you using to record your vids?

@WinTheHouseYouLove 2 жыл бұрын

I use Ecamm

@timothyleebouvierstewart851 2 жыл бұрын

@@WinTheHouseYouLove ok got it 👍🏽 thanks man

@captainviper3888 2 жыл бұрын

I asked my lender what the charges were and he assured me he doesn't "charge points" and is paid by the bank, but then once under contract I still had a loan origination fee. I felt like he was trying to imply there were no lender charges, but at the end of the day there was still charges.

@yourmortgageadvisor7684 2 жыл бұрын

Points are typically paid to lower the interest rate. Most if not all lenders will charge their own internal fee(s). This amount ends up as an origination charge or fee.

@VIBINWITHCOOP Жыл бұрын

Does anyone know if he has any information for Illinois?

@Iamme24870 3 ай бұрын

How likely is it that closing costs would be higher on closing day than quoted in initial disclosures?

@danimoosakhan 2 жыл бұрын

I agree that he is paying too low for taxes and homeowner insurance. On $450,000 home, annual taxes alone is $5,000, yet he is paying $3,060 for both.

@WinTheHouseYouLove 2 жыл бұрын

For sure

@reconchris3855 Жыл бұрын

@WinTheHouseYouLove Жыл бұрын

My pleasure.

@aikolt1217 3 ай бұрын

My real estate agent says, it's best not to change the lender who gave the pre-approval where the offer is accepted with that pre-approval. When is the good timeframe to rate shop ?

@WinTheHouseYouLove 3 ай бұрын

In my experience shopping when you're under contract is not a problem. It's easy to tell the seller "the buyer shopped their loan and is going with this new lender offering same terms and a lower rate/costs". The mortgage lender isn't even included in most contracts. The seller signed the contract and agreed to contract terms. They can't back out based on terms not included in the contract.

@aikolt1217 3 ай бұрын

Thank you very much@@WinTheHouseYouLove

@RayBoomBoomRoom 2 жыл бұрын

can a hoa change at anytime? or when you pay your mortgage it's fix in it?

@WinTheHouseYouLove 2 жыл бұрын

HOA can change based on your HOA's rules

@drewcoleman738 2 жыл бұрын

HOA dues aren’t included in escrows.

@ktdin319 2 жыл бұрын

What WOULD go in the "funds from borrower" section?

@WinTheHouseYouLove 2 жыл бұрын

Debts to be paid at closing

@ndayembidi6781 Жыл бұрын

So. How much do we need to save the money for closing costs exactly?

@WinTheHouseYouLove Жыл бұрын

It varies a lot depending on where you're at and the loan type you have. You'll need to get pre-approved to get an accurate quote. You're welcome to email me and my team and I can help kyle@winthehouseyoulove.com

@victorcordero1458 Жыл бұрын

I got approved with chase and i was told 7k closing costs

@jasonp9284 Жыл бұрын

In our closing Disclosure it shows under loan calculations that the “total of payments” is almost double the amount in “finance charge” is this possible? It says the “total interest percentage” is 121%. Is that right?

@WinTheHouseYouLove Жыл бұрын

Yes, the total of all payments includes principal, interest, mortgage insurance, and closing costs. Over 30 years, mortgage interest really adds up!

@jasonp9284 Жыл бұрын

Thanks for the info Kyle.

@Vnm-sh1jv Жыл бұрын

I am just waiting for the appraisal on a condo I am purchasing. Everything else was done- Should I still shop around for other lenders in the meantime?

@WinTheHouseYouLove Жыл бұрын

How much longer do you have in your contract? If more than 15 days, yes

@Vnm-sh1jv Жыл бұрын

@@WinTheHouseYouLove yeah, before August 10th. Are you are this won't cause hard inquires?

@ChristianAviles 2 жыл бұрын

🐐

@WinTheHouseYouLove 2 жыл бұрын

Thank you so much for watching!! :)

@user-pf7oq9bk9o 2 жыл бұрын

Are all lenders required provide a loan estimate in this format? When shopping with lenders, none of them agreed to put their quotes in this format.

@WinTheHouseYouLove 2 жыл бұрын

When you're under contract yes. Before you're under contract on a home you likely will just get a quote from the lender's own format

@drewcoleman738 2 жыл бұрын

You have to have an address for the property to be able to get the LE.

@thadentist Жыл бұрын

So his closing costs are more than his down payment?..

@alexmlo1 Ай бұрын

If the APR is the cost of the loan, why can't I just compare the APR for all the lenders?

@WinTheHouseYouLove Ай бұрын

APR is only focused on the cost over 30 years. Almost no one holds a loan for 30 years. Often, one loan is cheapest in the first 5 years for example and then another might be cheaper after that

@leri3365 Жыл бұрын

why was the pmi so low???

@Yeetsforthestreets Жыл бұрын

My loan officer said for a conventional loan it's based off of credit score. Mine is almost around 780-ish and my PMI on my loan estimate is for $89.00 a month. An FHA loan will have a much higher PMI.