First Time Homebuyer Advice: Are Local Lenders Better?

Рет қаралды 2,420

Ай бұрын

In this video I cover the pros and cons of a local lender and what you as a buyer should look out for when selecting a mortgage lender
⭐Have mortgage questions? Pick a time that works best for you here
calendly.com/jennifer-beeston
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⭐ Call Me: My cell phone is 707-478-0637 I am happy to help. Let’s get you home!:)
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Licensing info: Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611 Branch Address: 1750 N University Drive, Coral Springs, Florida, 33071 Equal Housing Lender
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Пікірлер: 42

@marisamarino7596 Ай бұрын

Right on! It seems like all the real estate agents are friends with most of the lenders by me.

@JenniferBeeston Ай бұрын

100%

@grungifae2712 Ай бұрын

Thank you for sharing your advice Jen. Really helpful navigating first time home buyer process. Here in our city there are a ton of new construction town homes or condos. Partially bc the state awarded builders a grant to introduce affordable housing in our area. However many of the builders are offering incentives like extending warranties or buying down rates etc. usually iffff you choose to work with their “preferred” lenders. I find this soo sketch. Your insight in this video is helping me wrap my head around it all. Definitely going to do more research on the builders/developers. Thanks again

@russlea6383 Ай бұрын

If you really need a door kicked in -- assign a SEAL Team... mission accomplished.

@JenniferBeeston Ай бұрын

Yep that would do it !:)

@drewsaldas4687 Ай бұрын

Excellent, thank you for the great info.

@JenniferBeeston Ай бұрын

Happy to help!

@ramosusarmy Ай бұрын

Thank you, Ma'am. 🇵🇷

@JenniferBeeston Ай бұрын

@digimodelseth Ай бұрын

great content thanks

@JenniferBeeston Ай бұрын

Thank you!

@JonJohnsonRealEstate Ай бұрын

Get em Jen

@kfergus3662 26 күн бұрын

Yeah that’s the problem I had, there is a picture of them together, the leader told me it was my fault and I will never get a loan

@JenniferBeeston 26 күн бұрын

Yikes that is no fun. I hope you did not let them kill the dream. Let me know if you need help planning to buy 707-478-0637

@LittleCabin Ай бұрын

This isn't a first time homebuyer question, but are local lenders best/desired/required for new construction loans?

@JenniferBeeston Ай бұрын

If you are building a home from scratch and doing a construction loan where the builder needs money throughout the process then a local bank would be good. Otherwise of like a subdivision builder they don’t care who you use unless they are trying to push you to their preferred lender.

@LittleCabin Ай бұрын

@@JenniferBeeston I appreciate the reply -- yes, this would be from scratch. That was what I suspected, but figured I'd ask -- I enjoy your videos!

@familylivinginvancouverwa Ай бұрын

Also HOLY RESPA!!!! Some scary violations in my area I have witnessed.

@JenniferBeeston Ай бұрын

Yeah it’s crazy and I look forward to the CFPB cracking down. I have seen so many people get hosed because the realtor gets $$ from the lender

@familylivinginvancouverwa Ай бұрын

Mortgage lender here in retail... great videos and content! Debating on switching to the broker life. Would love your feedback on retail vs broker

@JenniferBeeston Ай бұрын

I am super happy where I am. I have total control which is key to a zero stress process. Super competitive, great tech and most importantly my clients are happy. I am always going to be where I can best serve my clients and GR is that place.

@antonioreyes2692 Ай бұрын

When the appraisal comes in low, does the lender allow to finance above the appraisal amount towards asking price???

@JenniferBeeston Ай бұрын

We use the appraised price for all our calculation so if seller does not drop price you would need to bridge the difference

@od2437 Ай бұрын

My closing was delayed for a week because my lender Citibank requested some condo questionnaire and association finances/meeting minutes last minute. I was upset that my closing got delayed. But now I think they were also sorta doing me a favor by checking everything so thoroughly. I just hope they requested all those things earlier.

@JenniferBeeston Ай бұрын

In fairness, they may have requested that stuff earlier and the HOA may not have given it to them. It’s not uncommon with HOA docs for the lender to have to chase them for a while. But you 100% want the lender looking at them.

@od2437 Ай бұрын

@@JenniferBeeston they have not unfortunately. I know because I do not have a buyer agent, everything goes through me. They requested a lot of documents, but mostly about myself. Then they requested some simple Condo docs about a week before closing. Then their team reviewed it and then asked for more which takes 5 days to get. Anyways, I learned what to expect with big banks so I’ll be prepared next time. They do give me lender credits though so that’s why I went with them.

@winniethepoohandeeyore2 Ай бұрын

When we bought, they asked for numerous info numerous times throughout the buying process. We put in a contract on a home in Feb 21, didn't close until April due to USDA being backed up, people buying so much property.

@winniethepoohandeeyore2 Ай бұрын

@@od2437 Yes, they WILL request all kinds of info over and over and over again literally down to the wire. We had to submit the exact same info constantly, I bought my house as soon as it listed on a R.E. website, I hurried up and emailed the agent telling her DONT SELL THAT HOUSE! She replied back with CALL ME! So I did, we did a contract over the phone, she submitted it to her sellers, they accepted, gave their tenants a 30 day notice to move ALL WITHIN 4 HOURS! This house literally fell right into our laps. $404 a month total mortgage, we claimed the double homestead exemption, when we turn 65 property tax freezes, 100% disabled vets are tax exempt, Current military are tax exempt.

@od2437 Ай бұрын

@@winniethepoohandeeyore2 USDA? How is that related. And two months delay is scary, I'm supposed to close next Friday, granted everything meets their requirements.

@b25contreras Ай бұрын

I used your link to check the lender information ranking we recently applied with. They are not listed . 😢and we took a big hit to out credit . High DTI. Not approved.

@JenniferBeeston Ай бұрын

If they ran your credit, another lender can run your credit within 30 days without hitting your score. Don’t give up feel free to give me a call and let’s talk about what happened 707-478-0637.

@winniethepoohandeeyore2 Ай бұрын

We bought USDA, Not all lenders do USDA Just like not all do all the other types of financing.

@JenniferBeeston Ай бұрын

This is true and also USDA has an amazing program that is direct and only through them

@eskimo3916 Ай бұрын

How long should I wait to go for a home as a 1st time buyer after paying off my debt

@JenniferBeeston Ай бұрын

If you are hoping that paying off the debt is going to increase your credit score, I would wait 30 days before you have the lender run your credit. It could clear faster than that but 30 days as a conservative approach.

@eskimo3916 Ай бұрын

What about the time of your checking account being out of the red, do that play a part in me not being approved and if so what is the time limit as far as me being in the green now, how the underwriter view it?

@eskimo3916 Ай бұрын

I keep hearing wait a year

@JenniferBeeston Ай бұрын

That is a bit more challenging. In some cases, we just need two months of clear bank statements, sometimes it’s only one month, but it’s gonna depend on the overall picture. Grab a time on the calendar and we can answer any questions you have as it is unique to your scenario. calendly.com/jennifer-beeston/va-loan

@lisaluperini66 Ай бұрын

Speaking of lenders that should be in jail. I ran across a clearly a fraudulent loan application that I passed on. Everybody knew it was fraudulent including the realtor and the employer. I know who the borrower is and I think they should be turned in but I reported it to the mortgage FBI and Loan still closed. Who else would you report that to? It makes me mad that lenders, Realtors and even borrowers would put themselves in this position but this lender clearly knew it

@JenniferBeeston Ай бұрын

If you reported it already there is nothing else you can do. Just stay away from that realtor as life is too short to work with fraudsters.