BEST Mortgage Loan Program – For Home Buyers

Hi everyone. This is your Tampa Bay
Realtor Lance Mohr and over the last 20 years I’ve got this question
from so many buyers both new home buyers and veteran homebuyers and that is what
is the best loan program so that’s what I’m gonna address in this video all right so what is the best loan
program I get that quite a bit and I still do as a real estate agent used to
get it a lot more when I was a mortgage banker but everybody wants to know that
and I know this may be a little disappointing for some people watching
this video but there isn’t a loan program that’s one size fits all now
when I first started off in lending I thought it was actually very very easy
to get loans and help people and the reason is because a lot of loan officers
were very complacent what happens is the buyer calls the loan officer and ask
them what’s your interest rate and the loan officer automatically defaults into
a 30-year fixed loan they don’t talk about any other loan programs or ask
questions the buyer says thank you to hang up in the story well what I started
doing was when people would call me up and they would say what’s your interest
rate I would ask them some questions the two main questions that I want to know
is how long are you gonna plan on living in the home and how long are you gonna
plan on owning in the home owning the home so in other words are you gonna
live in it for so many years and then just sell it or are you gonna live in
the home for so many years and then rent it out make it a rental property and
then buy another one because everything depends on how long you’re gonna live in
the home so I had a lot of people that would call up they would ask the
question I would say how long are you gonna live in your home and I was in
California when I very first started and a lot of military bases around and they
said well a lot of them were well we’re gonna probably live in there three maybe
four years because then we’re gonna probably get stationed somewhere else or
maybe they were relocating and I wouldn’t put him on a 30-year fixed
mortgage what I would do is I would explain the advantages of different
programs with them and a lot of times what I would end up doing was putting
them on a five or a seven year reset program and no one really even knew what
these were but what they are is where the interest
rate is based off of a 30-year it’s amortized over 30 years it’s fixed for
five years or seven years depending on which one you take and it’s a lower
interest rate than what you’re going to see on a regular thirty-year mortgage
but after the five years or seven years are up it converts into an adjustable
rate mortgage which they didn’t want but if they’re not going to be in the home
why pay the interest rate of a 30-year or maybe a situation they would come up
and that they would say well I mean what we’re gonna do is we’re probably going
to live in the home two years and then we’re just gonna rent the property out
we’re gonna buy another property and I’ll ask them well how long you planning
on keeping it and a lot of times they would just say well forever or which
could mean 15 years 30 years who knows so I would go over it and they I would
go over different programs with them and a lot of times they people wanted to
leverage their money so they wanted to go with say an FHA loan program that’s a
less downpayment and I would explain to him if you go with the FHA program
though that’s a great program you’re never going to get rid of the mortgage
insurance the only way to get rid of the mortgage insurance is refinance your
home and you know no on refinancing I’ll put a video above you need to watch this
video before you even think of refinancing so they would usually say
well I don’t think that’s such a good option and then I would explain to him
the advantages of a conventional loan and once they hit that 20% threshold
they could go ahead and get the mortgage insurance off so my job as a lender even
my job as a Realtor right now it’s not to tell people what to do but it’s to
explain all the options for them to them and to let them make a wise choice for
them and their family so that there’s really no one-size fixed fits all you
have to get what the lender or if you’re looking at real estate a realtor but if
you’re looking for a loan get with the lender who knows what they’re doing
someone who’s going to ask a lot of questions because we’re in a really busy
market right now and I find a lot of lenders are very complacent they’re just
like blown and going picking up the telephone and they’re not really too
concerned with individual situations so I would do that if you’re in Florida
I’ll put my lender Jeff Hoffman I’ll put his information up above if you’re in
Florida reach out to Jeff he’s a phenomenal lender he’s been
in the business for years he knows what he’s doing and he really cares about
people I wish you the best of luck I hope this video is helpful to you if it
is leave a comment below give me a thumbs up I hope you have a wonderful
day goodbye you

6 comments on “BEST Mortgage Loan Program – For Home Buyers

  1. I'm a about to buy a house myself but what I'm thinking is if I go conventional with 20% down do I still have to pay mortgage insurance to start off the loan process or can it be removed at the closing

  2. What are your thoughts on getting your mortgage insurance added on to your mortgage loan when doing conventional, good idea?

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