Every Home Buyer Will Get This Document (Your Loan Estimate Explained Line-By-Line)

Рет қаралды 104,391

Күн бұрын

A clear walkthrough of your Loan Estimate, the document every lender is required to give you 3 business days after you complete a RESPA application (detailed in the video).
- GET STARTED -
🏠 Connect with a helpful LENDER in your state → www.winthehouseyoulove.com/le...
🏠 Connect with a helpful AGENT in your city → www.winthehouseyoulove.com/agent
- HELPFUL TOOLS -
✅ Max Purchase Price Calculator → www.winthehouseyoulove.com/ma...
✅ Lowest Cost Loan Calculator → www.winthehouseyoulove.com/lo...
✅ Home Buying Planner →
✅ Today’s Interest Rates → www.winthehouseyoulove.com/to...
✅ Step-By-Step Home Buying Timeline → www.winthehouseyoulove.com/ti...
✅ Student Loan Savings Calculator → www.winthehouseyoulove.com/st...
0:00 How a Loan Estimate works
1:02 What is a Loan Estimate?
1:21 Think of this as a map
2:03 Required in receiving loan estimate
2:32 Time Frame
3:09 Closing Disclosure
4:57 Information that you need to check
5:22 Sales Price
5:33 Loan Amount
6:07 Loan Term and Purpose
6:20 Fixed Rate
7:01 Loan Type and Loan ID#
7:17 Rate Lock
8:16 Rate lock expires
8:46 Interest Rate
9:14 Monthly Principal & interest
9:24 Prepayment Penalty
10:10 Projected Payments
10:44 Estimated Escrow
11:10 Estimated Total Monthly Payment
11:35 Estimated Taxes, Insurance & Assessments
12:21 Closing Cost Summary & Details
13:07 A. Origination Charges
14:24 B. Services You Cannot Shop For
15:13 C. Services You Can Shop For
16:57 D. Total Loan Cost (A+B+C)
17:03 Other costs: E. Taxes & Other Government Fees
18:04 F. Prepaids
19:25 G. Initial Escrow Payment at closing
20:38 H. Other Title -Owner's Title Policy
21:07 I. Total of Other Costs
21:12 J. Total Closing Costs
21:36 Calculating Cash to Close
24:55 Comparisons
25:38 APR
26:33 Total Interest Percentage (TIP)
26:50 Appraisal
27:14 Assumption
27:30 Homeowner's Insurance
27:51 Late Payment
28:01 Refinance
28:18 Servicing
28:55 Confirm Receipt
30:38 Feel free to ask your loan officer
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: 293

@blahblah3485 9 ай бұрын

seeing that 3.8% interest rate on this makes my heart cry.

@Godistheonlyway9319 Ай бұрын

@christophermeyer3544 21 күн бұрын

😢

@Eayoub99 2 жыл бұрын

As a loan officer, I have to say, this outlined fantastically! Good work!

@WinTheHouseYouLove 2 жыл бұрын

Wow, thank you!

@thegreatone7834 2 жыл бұрын

@@WinTheHouseYouLove what advice do you have for someone who owns 3.5 acres of land already can it be used to get funding to build

@MrLoudog7 10 ай бұрын

I was going to ask the same . I

@Ashenkaniku 2 жыл бұрын

Are you a mind reader? I started applying to lenders over the weekend. Haha, now I can sound like a pro when I talk to them about stuffs 😌 Thank you! Edit: one of the lenders had my Loan Estimate doc online and I've been following along like a good student. Definitely recommend doing the same for anyone who has a Loan Estimate doc while watching this video 👍👍

@lsanchez187 Жыл бұрын

Speaking of synchronicity!! I received my home estimate a few hours earlier and this video just popped up on me out of nowhere. What a godsend! This is my third home purchase and I had never understood before what I learned in 30 min from watching it. Not only you know your stuff, Kyle. On top, you also have a talent to explain it in the clearest and less anxiety-generating way possible. Kudos to you and thank you.

@UltamiteSHunter 2 жыл бұрын

I just received my loan estimate on my first home purchase today, what a coincident. This helped me quite a bit, I semi-understood what I was looking at, but I always love more insight. Especially from someone that doesn't have their own best interest in mind. I've been watching quite a few of your videos. You provide great insight for first time home buyers like myself, thank you for all of your help!

@riversoflivingwater3831 Жыл бұрын

If my university professors had half the presentation and communication skills you have I would have been a 4.0 student 🤣🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼🙌🏼

@WinTheHouseYouLove Жыл бұрын

🤣 Thank you!

@black_n5492 Жыл бұрын

Just used this document to walk through an initial disclosure. Thanks so much for this! Made the confusion clearer and allowed me to compare what I had been promised verbally with what was written.

@WinTheHouseYouLove Жыл бұрын

Incredible! So glad it was helpful!! We'd love a chance to see if we can beat your quote! www.winthehouseyoulove.com/compare

@black_n5492 Жыл бұрын

@@WinTheHouseYouLove I did reach out but had a few details specific to my situation that your team couldn't work around. We just closed right before Christmas. Thanks for your videos and we'll keep you in mind next time, I'll have a full W-2 two years working experience by then.

@stacyreimer5107 2 жыл бұрын

Thanks Kyle you're channel has made me so knowledgeable about loans!!! You're awesome! You do not find lenders like you that are so genuine!!! Cannot thank you enough!!!! Like I said your wicked smart!! 👍😉😊

@thenicki003 2 жыл бұрын

This video was very informative. I listened to this 5 times before signing my Initial Loan Estimate

@tierralewis8899 2 жыл бұрын

Another awesome breakdown video! Keep them coming!

@Xtremeproducts 2 жыл бұрын

I’m almost on the home stretch…this info is GOLDEN

@3bdmhsen461 Жыл бұрын

It is my first time buying a home and there was some questions that kept me up at night. I came here when i needed answers or clarification on things while going through the process!! Thank you for your time and effort

@user-tk7sc4gz2v 2 жыл бұрын

This is exactly what I was trying to understand and then this video popped up, thanks!

@nicolelacy9492 11 ай бұрын

Thank you for this video. I’m a first time buyer and my loan officer is a bad communicator. Your video helped me understand the confusion I had with my Loan Estimate. These videos are VERY helpful! ❤

@juansanchez766 2 жыл бұрын

New Loan Officer. I had to go over the Loan Estimate with my borrower and got stuck on Tittle Fees when asked about the "Loan tie-in fee". This was an excellent video.

@jordanwilliams9300 2 жыл бұрын

This was a GREAT walkthrough. Wish I'd had it when I went through my home purchase 3 years ago. I figured everything out, but it took me a lotttttt of my time. And in between there was great confusion lol.

@dennymui2 2 жыл бұрын

Great video! Followed this line by line with my loan estimates and now I can really compare with confidence.

@luisafernandez8576 Жыл бұрын

watching this now, seeing that interest rate comparted to the current ones makes me want to cry as a first time buyer hahah

@jenniferschissel2353 2 жыл бұрын

Such timely content for lots of folks, Kyle, thank you! The walkthrough for single income was especially helpful. Never thought I’d be takin notes on that but the Lord had better plans eh! Lol. Keep it comin! 🤚🏻

@sebastianliu2009 2 жыл бұрын

This is so funny!!! I just signed this about 2 hours ago. If you're 'cash to close' is less than you expected then the lender hooked you up because my 'cash to close' is $675 =) (i.e. final closing cost included my earnest deposit of $3.8K)

@dananguyen1415 5 ай бұрын

Thank you so much for this thorough and not over complicated explanation video!!

@iPDot8 2 жыл бұрын

Watching this video after getting my first loan estimate! Thank you!

@michealsizemore1 2 жыл бұрын

This is the best video I have seen on the loan estimate.

@LaWanaMayfield 2 жыл бұрын

Thank you for clarifying this. We are in the process on a new build & going on a 4th iteration of the loan document. The $$$ were all over the place, 3 vs 2 appraisal fees & charging a Transfer Tax that is Not allowed in my County in NC. I told the loan officer to send me a corrected form that removed the extra appraisal fee, increase the lender credit to offset the transfer tax & that we are identifying our own closing attorney so waiting for updated paperwork. This is so frustrating....

@whoabrian 2 жыл бұрын

This was awesome! Thanks for the clear explanation! Helps so much. Cheers!

@WinTheHouseYouLove 2 жыл бұрын

Thanks for watching! Cheers!

@Overly_nourished_entity 2 жыл бұрын

Great info as always!! Wish home buying wasn’t such a hassle 🥲

@seagravesvibe6507 2 жыл бұрын

You can do it! Take Kyle’s advice and interview multiple agents In your area when your ready. I tell clients this isn’t like walking on a car sales lot where you all of a sudden walk out with a car. Get approved, interview agents who best fit you and your needs and start a home search. If you can’t find one that fits don’t feel pressured into a sale at all. If an agent is pushy or their ego is so far up their behind and they don’t make time for you drop them. Everyone is here to help and will explain every step of the way in small bites and pieces. Stay away from anyone who just views you as transaction and go for that family/ friend feel. I wish you well on your journey!

@EricV485 Жыл бұрын

It’s the most expensive thing you will ever purchase, of course it will be a hassle! 😅

@MichaelJ843 2 жыл бұрын

Kyle, I used your site and found a wonderful loan officer at Alcova in South Carolina, he is such a teacher and so positive. Thanks!

@chelisecaceres924 2 жыл бұрын

Thank goodness I found you!!! I had so many questions and I wanted to truly under y the paperwork that will be used. Thank you so much. You made a worried couple feel so much better with your videos.

@WinTheHouseYouLove 2 жыл бұрын

Thank you so much for watching!

@dj.1094 2 жыл бұрын

This was so helpful! Thank you!

@kristinal4226 2 жыл бұрын

Awesome video Kyle. Keep them coming! Do you have any advise on submitting our loan to underwriting for a TBD approval? One of the lenders I spoke to told me that this type of approval gives me a leg up on any other offers that have just been pre-approved. I just want to make sure that I can still shop around with lenders even if I get the TBD approval from them? Thank you!

@gwenjackson8050 3 ай бұрын

Thank you! Thank you! Thank you because I was going to pull my lenders hair out. I received one in Feb and 2 in March.

@chauncypeters3394 2 жыл бұрын

Great video Kyle! When would you suggest is the best time to place your title order when you shop for a title company on your own?

@ryansaunders8099 2 жыл бұрын

This video is amazingly helpful! This is a must for literally anyone going through the home buying process for the first time or the fifth time!

@WinTheHouseYouLove 2 жыл бұрын

Thanks for watching!

@harinat 2 жыл бұрын

Nice explanation on loan estimates.Thank you. This should enjoy more views

@lucemagee4534 Жыл бұрын

This was unbelievably helpful. Thanks a million!

@WinTheHouseYouLove Жыл бұрын

Glad it was helpful! Thanks for watching. :)

@mtweeks 2 жыл бұрын

Loving this channel. Currently doing some financial restructuring and putting away money for a down payment. Looking to purchase in a year. Your videos are incredibly insightful and encouraging.

@WinTheHouseYouLove 2 жыл бұрын

Thank you very much!

@antytrend 7 ай бұрын

Your mic is tuned to perfection!

@blueviolets2106 2 жыл бұрын

I just received this today. Thank you!

@darlinnikki9514 2 жыл бұрын

Thank you so much for reviewing the Loan Estimate. I just received an updated version of my Closing Disclosure and will compare it to (1) the Loan Estimate and (2) the First Closing Disclosure. Cash at Closing increased by nearly $1K.

@WinTheHouseYouLove 2 жыл бұрын

Woof, that's not good!

@remy9536 Жыл бұрын

Liked! Wow, that was very informative. Great work!!

@WinTheHouseYouLove Жыл бұрын

Much appreciated! Thank you for watching. :)

@MrSLonoed Жыл бұрын

Thank you for the video. It's very very helpful and easy to follow.

@WinTheHouseYouLove Жыл бұрын

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

@ThaGr8YT 2 жыл бұрын

Thank you Kyle! Your videos have really helped my wife and I over the past year of saving and paying off debt. We’re looking to buy our first home sometime next year and your videos have given us so much knowledge to pull from as we begin that journey! Wish you nothing but success, as you’ve helped us and so many others!! Love the channel and content!! You rock! 🤘🏻🤘🏻

@evaarbo5456 Жыл бұрын

I just got my license as an MLO I can’t appreciate enough this type of full demo and referenced content Thank you 😇🙏

@WinTheHouseYouLove Жыл бұрын

Glad to help!

@elanahammer1076 7 ай бұрын

This is informative and helpful. I appreciate you breaking this down line by line. Thank you. 🤔❤🇺🇸

@VinayThomas Жыл бұрын

This is an awesome video. I really appreciate all your content and how you just get to the point with the details

@WinTheHouseYouLove Жыл бұрын

I appreciate that! Thanks!

@mimimtf 2 жыл бұрын

Hello there! I was wondering, if when looking over the loan estimate, should I bring to the loan officer’s attention discrepancies I noticed with the amount of outstanding debt that’s listed in the loan estimate?

@jtreyshorts4262 2 ай бұрын

I just used this as a guideline for my loan estimate thank you !!!!

@gabycan1914 Жыл бұрын

Amazing explanation and oh so helpful! I'm closing on my second home and just not realizing that I wasn't fully aware and informed of all the fees in the loan estimate. Thank you for sharing your knowlege!

@WinTheHouseYouLove Жыл бұрын

Thank you so much for watching!! :)

@christinea7030 2 ай бұрын

I received my loan estimate today and this made everything SO clear! Thank you!!! 😊

@WinTheHouseYouLove Ай бұрын

Glad it helped!

@sapphire6107 2 жыл бұрын

This really educate me for my future home purchase. I was naive the first time. Thanks so much!

@WinTheHouseYouLove 2 жыл бұрын

You are so welcome! Best of luck!

@Marketplacere 2 жыл бұрын

Amazing video!!! really and truly insightful. I really learned a lot, thank you.

@WinTheHouseYouLove 2 жыл бұрын

Glad it was helpful!

@r.martinez6257 2 жыл бұрын

Awesome explanation.. thanks much for the breakdown!.😎

@WinTheHouseYouLove 2 жыл бұрын

No problem 👍

@PhotoColin 2 жыл бұрын

THANK YOU for doing this video was extremely helpful digesting one of these, as I’m currently under contract as we speak. I was working with a lender who locked down my rate buying down points but didn’t tell me….until I saw the note under Origination Charges. Sad how lenders try to mask these sorts of things with confusing verbiage/terminology.

@WinTheHouseYouLove 2 жыл бұрын

Glad it was helpful!

@margeauxjenkins12 2 жыл бұрын

Is it good to accept Interest rates that INCLUDE points or better off with par Interest rate quoted and listed on loan pre-approval

@jannycal Жыл бұрын

Just signed a contract with a builder. You are so detailed and knowledgeable Thank you for the explanation line by line. I feel more confident now going through this loan process.

@WinTheHouseYouLove Жыл бұрын

Fantastic! Best of luck!

@teddybear8571 2 жыл бұрын

Thank you for that break down of the loan estimate. Good information.👌🏽😁

@WinTheHouseYouLove 2 жыл бұрын

Glad it was helpful!

@jd1671 2 жыл бұрын

Locked in at 2.875 today. No point buy down. Was offered 2.750 or .125 reduction for $2000

@Rose-bw5cg 11 ай бұрын

Very Informative video. I had so much question and confusion as a first time home buyer before watching this video. I am at ease after watching this video. This video answere all the question that i had. Good job!!!

@WinTheHouseYouLove 11 ай бұрын

Great to hear! Thanks for watching. :)

@rubikclub Жыл бұрын

Keep coming back to this video while we are closing! For the “service that we can’t shop for”, you mentioned that it can’t be increased significantly, but for service like appraisal fee that getting charged upfront, if any of the services turns out to be less than the estimate, would we get the money back as well?

@calebpeters3857 Жыл бұрын

thank you for reviewing this information

@WinTheHouseYouLove Жыл бұрын

Thanks for watching. :)

@lauriekepaa8464 Жыл бұрын

Thank you sue very helpful I really enjoy all your videos very informational keep making them videos

@WinTheHouseYouLove Жыл бұрын

Glad you like them! Thanks for watching. :)

@macylobeauty 11 ай бұрын

Great overview, thank you so much for this video!!

@WinTheHouseYouLove 11 ай бұрын

Hey Macy! Thank you so much for your kind words and support! I'm really glad you found the video helpful. If you're ready to take the next step and start on a pre-qualification, you can visit www.winthehouseyoulove.com/lender or shoot me an email at kyle@winthehouseyoulove.com. I'm here to help!

@getupandgotransport6344 2 жыл бұрын

Thanks for this video much appreciated!

@WinTheHouseYouLove 2 жыл бұрын

Glad it was helpful!

@marksmith9237 2 жыл бұрын

Lots of good info, Ty!! As mortgage loan closer or loan processor most of my adult life over the past 24 years including now - great and important information!! My only criticism, as an inactive real estate agent as well is that your description is slightly inaccurate below in the summary - the LE is required 3 bus days after 'contract' but in your video start you do point out after 'application' or info given by borrowers constituting ' an application' .. may throw some 1st time homebuyers etc that got 'prequalified' and made house offer and went under contract, but still need to give lender info or make 'app' but overall great stuff on the best investment anyone can make for personal wealth building imho - no matter the market buyers/seller's etc Best Long term/retirement investment.

@WinTheHouseYouLove 2 жыл бұрын

Thanks, I'll clarify that :)

@lmcknight21078 2 жыл бұрын

This was extremely informative and helpful

@WinTheHouseYouLove 2 жыл бұрын

Glad you think so!

@Thejonicashow Жыл бұрын

thank you so much for this video!! but quick question will (section A) not be filled out or left blank if i have an FHA loan? i just noticed origination charges are left blank on my loan estimate... should this worry me about my lender?

@leituraseoutrasaventuras 2 жыл бұрын

Thank you so much for this!

@Croix98101 2 жыл бұрын

Mr. Kyle, do you have a mortgage calculator and financial tool kit. Im downloading the pdf and need to see how the numbers will work for me. Thanks

@williamyates5863 Жыл бұрын

Amazingly helpful. Thank you!

@WinTheHouseYouLove Жыл бұрын

Info for amazing viewers! Thanks for watching. :)

@kimschneider6833 7 ай бұрын

I may be selling my home in one state and buying a condo in a new state and it's been over 20 years since we applied for a mortgage... this info was very clear and easy to understand!

@WinTheHouseYouLove 7 ай бұрын

Hey Kim! Thanks for watching and I'm glad the info was helpful to you. Selling a home and buying a new one can be exciting but also a bit overwhelming, especially after a long time since your last mortgage application. If you're ready to start on a pre-qualification for your condo purchase, you can go to www.winthehouseyoulove.com. Let me know if you have any other questions!

@helenmelaku4693 2 күн бұрын

Thank you, very detailed and easy to understand. 😊

@WinTheHouseYouLove 2 күн бұрын

You’re welcome 😊

@davepark5374 2 жыл бұрын

Good information . Thanks!

@WinTheHouseYouLove 2 жыл бұрын

Glad it was helpful!

@Metalhead27 3 ай бұрын

Thanks! Great information 👍🏾

@WinTheHouseYouLove 3 ай бұрын

Thanks so much!

@isaiahvasquez3031 7 ай бұрын

Thank you so much it helped me a lot

@jr.9779 Жыл бұрын

Hi Kyle, What if you have competed all items except the address of home since you are still shopping for a home but want a Pre-Approval and a DU. Instead they use TBD for a home address. Is the lender require to issue an LE and disclosures.

@ssk4965 Жыл бұрын

Thanks much for this video and explanation, appreciate it!!!

@WinTheHouseYouLove Жыл бұрын

Glad it was helpful! Thanks for watching. :)

@huynguyentoantin 2 жыл бұрын

A very useful video. Thank you!

@WinTheHouseYouLove 2 жыл бұрын

Glad it was helpful!

@Leondon73 2 жыл бұрын

Can loan officers lock in your rate before any offers get accepted or they always need to wait until an offer is accepted? Thanks for the break down! It's really appreciated! :)

@ktdin319 2 жыл бұрын

Thanks a bunch for sharing. It feels like we're all gonna need our own personal attorney in order to purchase a home.

@WinTheHouseYouLove 2 жыл бұрын

Best of luck and thanks for watching!

@msrawynn 6 ай бұрын

Great video, very informative 👍🏾

@WinTheHouseYouLove 6 ай бұрын

Thanks a lot! Glad you found it informative! - Kyle Get pre-qualified at www.winthehouseyoulove.com/

@citrinehills7131 2 жыл бұрын

can you get this loan estimate prior to being on contract? I don't want to commit to anything until i can shop around and compare lenders offers

@yannkassi 2 жыл бұрын

Hey kyle first time home buyer here. Do you get a loan estimate if you get a conditional pre-approval for va

@lawrencebriggs 2 жыл бұрын

This video has helped me out a great deal!

@WinTheHouseYouLove 2 жыл бұрын

Glad I could help!

@haoyeh8477 9 ай бұрын

I learned a lot Thank you !!

@WinTheHouseYouLove 9 ай бұрын

Glad it was helpful! Thanks for watching.

@NewYorkYankees1 2 жыл бұрын

@winnthehouse Do I have to pay an application fee when I apply for home loan? So when I'm shopping I only apply for pre-qualification not home loan? And if I apply to three different people am I going to have to pay it fee to each one of these companies for applying?

@Chinwe1114 2 жыл бұрын

Hi, please how many mortgage loan applications are too many before it affects my score? I’ve heard different views about it, I want to shop around but I’m concerned it will affect my credit score if It’s too many within a short time

@anushkanicholas2812 4 ай бұрын

So helpful, thank you

@pops1pops178 2 жыл бұрын

I got the loan estimate before my closing date and before my credit was actually pulled the intrest rate is inaccurate so basically it's a rough estimate

@joethemlo 2 жыл бұрын

Great video bro!

@WinTheHouseYouLove 2 жыл бұрын

Appreciate it!

@MyTumbleWeedHome101 Жыл бұрын

Thnak you that was very helpful....I got mine jsut now, we are days from Closing, BUT you should explain that if the DOWN PAYMENT is already paid for it will be deducted from the total on the Bottom, also the Earnest Deposit is already paid for ...

@josephsharlow5510 2 жыл бұрын

Very interesting keep up the good work

@WinTheHouseYouLove 2 жыл бұрын

Thanks, will do!

@fokker4uify Жыл бұрын

On my loan summary, it has Title Fee and Lender's Title Insurance. I don't see it on the form you're showing. Is "Title - Insurance Binder" = "Lender's Title Insurance" and "Title-Lender's Title Policy" = "Title Fee " ? Thanks.

@Johannapg420 Жыл бұрын

Great video! Just a quick question, does the figures in lines: down payment + deposit get added together and subtracted from purchase amount for loan amount? Thank you

@WinTheHouseYouLove Жыл бұрын

Hey Johanna! Thanks for watching and great question! Yes, you're absolutely right. You would add your down payment and deposit together, and then subtract that sum from the purchase price of the home. The result would be the loan amount you'd need to finance. If you're ready to start on a pre-approval, feel free to head over to www.winthehouseyoulove.com/lender or email me at kyle@winthehouseyoulove.com. Let me know if you have any more questions! 😊🏠 - Kyle

@ktdin319 2 жыл бұрын

Thanks for sharing this.

@WinTheHouseYouLove 2 жыл бұрын

My pleasure!

@saifkiani4200 2 жыл бұрын

subscribed amazing content!!

@WinTheHouseYouLove 2 жыл бұрын

Thanks and welcome to my channel!

@alexisdamielle2243 Жыл бұрын

I have a question. If you are using land as down payment for fha loan getting manufactured home how does that work. Will the worth of the land knock off from the total price of the home if I’m using land as a down payment?? I’m new to this.

@esmeraldamanning2299 Жыл бұрын

Such a great video! I'm currently looking over all my paperwork. Man that interest rate is looking so good right now. We're in the process of closing and currently at 6.85. Hoping the rates drop again

@WinTheHouseYouLove Жыл бұрын

Best of luck!