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Accurate Mortgage Refinance Rates- What you need to know! Here is the mortgage refinancing secrets to getting an accurate mortgage refinancing rate quote.
When is a good time to refinance your mortgage? If you’re asking yourself this question it might be time to shop around for rates to determine your options! There are so many things that affect mortgage rates. As a top 1% loan officer in the nation, I’m going to tell you what you need to know to get an accurate rate quote when shopping around to refinance your home loan AND what makes me want to pull my hair out!
If you’re wondering if you should refinance your home or mortgage, download my Refinance Cost vs. Savings Checklist here: https://bit.ly/SWCheck
Hello everyone and welcome back to my channel.
Thank you so much for tuning in.
I value your time more than you can imagine.
I am Stephanie Weeks, top 1% in the nation loan officer for several years running and you have come to your one-stop place for everything you need, mortgage education.
Today we're going to be discussing refinancing.
It's a hot topic right now and there's a lot of information that I'd really love to share.
So if you are here to find out more about refinancing, thank you, you've come to the right place.
Be sure to leave me a comment in the links below, or actually just in the comment section below, to let me know what you think about this video.
Share the video with your friends, take a screenshot if you like.
Tell them they gotta check out the video, and hit the bell to be notified every time I upload new videos.
So, here's your information for today.
You are getting refinance quotes.
How do you know what the heck you're getting?
And how do you know that it is accurate?
Oh my gosh, accuracy, right?
Have you ever gone to refinance and the numbers were nothing like you expected?
Nothing like you were quoted?
Did you go to refinance and not have any idea why the numbers changed?
Have you gone to refinance and had no idea why in the heck you were given one number on the phone call, and then different numbers on the documents, and then different numbers when it came to closing?
Well, again, you're in the right place.
Let's talk about it, okay.
So, when you are calling around for refinance quotes, rate is very important, okay?
Absolutely 100% rate is very important.
But, if you're not asked the right questions and you don't know to give the right details, the rate you're being quoted is wrong, W-R-O-N-G wrong.
If you wanna get an accurate refinance quote, here's what you need to know.
And here's what you need to provide even if you are not asked the questions, okay?Even if you're not asked.
You need to provide what do you think your home is worth?
That's gonna be your best educated guess.
You're not an appraiser.
We're not appraisers, but we have to have a reference point.
We cannot lock in an interest rate if we don't know an anticipated value, okay?
So you have to know the estimated value of your home, that's your best educated guess.
Keep in mind, if you guess high, and it comes in lower, your rate might change.
So be realistic, okay?
Be realistic, be safe, be cautious.
The next thing that you need to know is most people have escrow accounts.
Probably 95% of people have escrow accounts and that's gonna affect the monthly payment.
So you need to make sure to provide, what is your home insurance premium?
When does that renew?
Those are very important, okay?
The escrow setup is affected by,not only your exact close date, but your exact first payment date in relation to when that home insurance is due.
That data is needed to set up the correct escrow account.
Or at least the right estimates in the beginning.
So, home insurance premium and when does it renew?
Same thing for flood insurance if that applies for you, okay?
You also need to provide your property taxes and when are they due as well.
Goes the same thing with the escrow setup and estimating the monthly payments, we need to know the property taxes and when they're due.
The next thing, you need to know about what you owe.
Keep in mind, if you take the balance that you see on your credit and/or your monthly mortgage payment statement, or if you log online, you take that balance and add a monthly payment, in my 15 years experience,
I'm pretty darn close to that estimated payoff when I do that, okay?
So, be detailed in that because if you owe $150, supposedly right, you tell them you owe $150K, you really owe $154K, that just changed all your numbers.
And I don't know about you, but I don't want my numbers to change.
I want them to be accurate so I can make an educated decision.
The next thing, you wanna know your current interest rate.
How long you've paid into that loan?
And the term on that current loan. Other things that are very helpful is your loan type.
Some examples of those are rural development, a VA, conventional, FHA, okay?
Those are some of the options.
Even better, if you could let us know if you pay mortgage insurance and how much that is per month.
Guys, all of this information is on your mortgage statement.
It can be provided from your tax assessor.
It can be provided from your home insurance agent as well.
If you're trying to get quotes and you're not ready to do a full application, you're also going to need to provide your credit score.
Now, I'm not gonna mention any names, but there are some apps and websites that make me want to cringe because they give you scores that mortgage lenders don't use.
Yeah, I'm gonna stop there 'cause I have nothing else nice to say.
Anyway, make sure you're getting accurate credit scores.
Find an accurate source to get those credit scores, to let them know the range of what your credit scores are.
That's gonna be the credit scores for any and all borrowers because the way that mortgage lending works is we take and pull a tri-merge credit report.
So let's say if each borrower has three scores, we take the middle score for each borrower, and then the lower of the two scores.
Yes, don't shoot the messenger, I didn't make the rule. That's how it goes, though.
So make sure that you're doin' that because rates, oh my gosh.
So much goes into a rate and getting an accurate rate.
So those things are gonna be really helpful.
I've got a checklist I've created, of course, so I'll put that in the link below, that will hopefully help you to know what to get and provide, so you can get some accurate quotes, to get the best deal you can for yourself and your family.
If you're liking this video, please leave me a comment.I'd love to hear your feedback.
Don't forget, I'm gonna ask you again, please like, subscribe, and share.
We need to get this education out there, okay?
I'm gonna leave you with this.
Very important final piece of information for this video, although I'll have many more to come on Tuesdays and Saturdays, so make sure you hit that bell to be notified.
I'm gonna go to a side note for a second.
Let me tell you why I do so many things the way that I do in this business, okay?
Before I got into mortgage lending, I actually bought my first house at 18 years old.
At 18 years old, I already had three jobs, I owned a business, and I bought a house.
I bought and sold several properties before I ever got into mortgage lending.
And I have some horror stories, and freaking aggravating horror stories, right?
But here's the benefit.
And as always, everything happens for a reason, and always turns out for the best.
Every one of those shit horror stories, for lack of a better way to say it, has made me a better loan officer to help people avoid those same situations.
And through this site, through this channel, and everything I'm trying to do with my "Mortgage Peace" mission, even if you're not my client because I'm not in all the states, I still want you, your family, and your friends to have all the information.
So, small tangent, I'll fill in you with more stories in future videos, but interest rates.
If you call around and you say, "What is your 30-year interest rate?” and somebody answers your question without asking a bunch of questions, I'm gonna wanna pull my hair out and you should too because whatever answer comes outta their mouth is wrong, wrong, wrong, okay?
To get a mortgage interest rate quote that is actually accurate and worth the information coming out of the person that's providing it is you need your credit score, your loan-to-value, you're not gonna have your debt-to-income, but that actually, some cases can actually affect your interest rate as well. But, so credit score, loan-to-value, loan term, loan type, okay?
Give you some examples.
If you have a 740 credit score, you're going conventional, you have 20% equity, you're doin' a 30-year loan, your neighbor has a 730 credit score and the exact same rest of the situation, you're getting different rates.
Absolutely, you're getting different rates because when you go online and you type in, "What's a current mortgage rate?" let me tell you most of the assumptions, and guess what?
I think about 5% of people fit in those assumptions.
And I know what I'm looking for and when people tell me, "I got this crazy little quote online,"
I'm like, "Show me the website."
Sometimes it takes me five minutes myself to find the disclaimer that says,
“Oh, this rate is based on a 740 or better credit score, 30% down, a purchase not a refinance, definitely not a cashout refinance, a 30-year loan, paying points, oh, and a loan amount between $250K an $510K.”
And the second that you aren't doing every single one of those things, that is not the rate that you qualify for.
Because what goes into interest rates are debt-to-income, the least but most importantly, credit score, loan term, loan type, loan-to-value, probably forgetting something, but I hope I've given you enough for today.
I'm sorry that I ran along, but I get excited about this stuff.
And please let me know your feedback.
Let me know if this has been helpful.
Happy hunting, happy and most importantly, happy knowledge, 'cause that is huge, cheers to "Mortgage Peace," guys.
Every year an average of 21 million people apply for mortgages in the US, and only around 7 million close. I'm on a mission is to change that by spreading mortgage education. Sign up for my newsletter to be a part of my Mortgage Peace Movement!