Mortgage Brokers: Exposed...

Great content bro, This is perfect timing. I started working on a good deal (Land) today. I’m going to build a few units on it here in Miami in a very hot market. I’m going to raise the capital for the whole deal. However, This was good content you sharing in this video.🔥

Yep!!! I've refinanced twice in my life. Two different homes. When I refinanced I did get a lower interest rate. One was after 2008. Went from four and a half percent interest all the way down to 3%. Saved huge! But I made sure I refinanced to the year I was at. For example if I had 25 years to go on my fixed mortgage. Then I refinanced into a 25 year mortgage. Never hit the reset button! Good video!

Refinancing is OK if ONLY you keep paying the same payment even though your payment was reduced. Also, make sure the fees are very minimal. I would not refi if I don't get a 1% minimum reduction. Otherwise, don't refi.

Little misleading here. The main points was repeat business and commissions brokers charge. Brokers also provide clients options which make banks compete for there business. The main point in this video about brokers getting repeat business doesnt only apply to brokers but mortgage banks as well. Better for consumers to make sure there adviser has integrity across the board.

I hear what his guy is saying, I used to think the same thing. So I am going to say something with all due respect. If you can get a lower rate, and that rate offsets the closing costs in a reasonable amount of time usually less than 3 years. You are absolutely free to keep making the same payments, you would be able to pay off the mortgages some times in less than half the time. So that destroys the argument he is making, sorry. I know where he is coming from, I used to think the same thing.
But wait, that is only a good idea if you would take the money out and spend it otherwise. Just as compounding interest adds up so is the effects of inflation on your money. In other words the longer you take to pay off a mortgage the less that money is worth. Therefore the longer it takes to pay off a mortgage the better off you are. If you were to invest the money, intelligently you will come out way a head. If the additional cash keeps you out of high interest rate debt, you come out way a head. It is a bit complex, I have thought about this for years. If you refinance at a lower rate and do not have the ability to invest the money, simply pay down your mortgage faster , but is is worth it if it keeps you from taking on high interest debt.

Good video, I learned a lot from you, thank you

I'm a mortgage broker and just want to say this video is a little misleading. First off, the whole point of refinancing back to a 30 year mortgage is to not only have a lower payment if you want one, but you can also use that money every month that you're saving to invest it in the market where you will have a far greater return. Also, that is just the minimum monthly payment if you choose to make it. The interest rate is the interest rate and you owe what you owe on your home. You can pay however much you want off the principal whenever you want.

First off, the 1% commission is paid to the Broker by the lender and not the client. The bank pays the mortgage specialist working for them the same so there is no difference in terms of remuneration or costs to you. The refinancing point is good if you keep the amortization period 25 or 30 years every time you refinance. However if you keep the same monthly payment, let's say the same $1000 used in his example, with the lower interest rates of the new mortgage you are actually reducing the amortization period.

do you know how i can find an independent mortgage broker here in missouri, usa? i can only find mortgage lenders, or loan officers that work with certain lenders. thanks.

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A broker i considered dealing with refused to disclose his fee, "you don't have to worry about it, lender pays the fee".

I would pay more if I can get a home

This guy doesn’t know what he is talking about Refi lol stop it bro

Anyone would be wise to read and understand everything about interest before buying a home and NOT just listening to a broker. And also, speaking from experience and stories from credible people everywhere, many mortgage brokers take FOREVER to do your refi. And it can, and certainly will cost you money in every corner of your life. Personally, unless they are known to you, and trusted and references are phenomenal it’s good idea to treat them like someone you know to be lazy. If you think they are working on it and almost done, the chances are they aren’t…. When giving info to the underwriter they always ask for more. Letters, explanations of tax returns, seasoned money, income variances, other property owned, taxes. Everything imaginable. When you think they are almost done, and call to check in to see if you are signing the loan the current week, you will find out they asked you for something they never got. “Oh I asked you for the tax return from 2020, the copy
I had didn’t work.” (They lost it maybe?). This happened to me with someone and when the dust settled I had basically lost 200k dollars of potential equity and interest paid on a 30yr fixed.. Do NOT assume they are doing it and almost done, that is a rookie mistake. I’m sure someone will message saying this is garbage you just had a terrible mortgage broker, and your friends had terrible mortgage brokers etc etc etc etc. Trust when I say if you haven’t heard from them and think your deal is almost done, it’s not.. and many of them can ask your the same things over and over instead of asking for ALL of it at once. Meanwhile rates fluctuate, properties value fluctuates. It can cost you a small fortune especially if you are doing a cash out for a potential real estate investment. They 100% have the ability to screw your plans up. One of the most frustrating deals/incidents I have ever dealt with throughout my entire life. Have them lock your rate in with a signed document and put in a “clause?” that if they exceed the 30/60/90 day rate lock that they can and will over ride it so you don’t get stuck with a higher interest rate after all said and done.. They will also spring up higher costs at the table when you are about to sign, just slightly higher than what you originally agreed upon. Multiple people have told me this same story….. Just speaking from experience and trying to help anyone who reads all this crap.

Misleading. Asian Suze Orman

Lenders are notorious for doing that more than brokers. Brokers actually offer way better pricing.

I am a Mortgage Broker/Owner and this video is comical for how misleading it is. Any business works to take care of their clients so well that they come back; and thankfully many do. I have always been crystal clear with how much we make and as Brokers we HAVE to show every dollar vs retail banks. I also talk to my clients regularly to see how they are doing, if they are looking to buy an investment, second home, and yes IF a refinance makes sense for them. If a refinance increases their cash flow where they can save more, invest more who cares if it resets amortization? Also I can tailor an amortization schedule for less than 30 years, ie 26, 25, 22 if thats what they want. Every client has different goals and I work to make sure they accomplish those goals.

You are the the man bro. Super smart I understand everything now.

Thank you! I definitely learned something new about refinancing a mortgage loan. This was very informative

This video is comical 😂 he doesn’t know what he’s talking about

Honestly, buyers get stuck paying comission to realtors and lenders...nothing new

My friend told me his ex-girlfriend was doing some kind of mortgage broker scam where she was getting people to buy homes with bad mortgages and then buying the house back from them when they got in financial trouble 😳 does this really happen??? Apparently she did this 7 different times and one time she actually gave back $200k to one of the families she robbed… How do. Protect myself for, getting scammed like this?