Home Buyers
“Hi, I’m Mark Martinez and I’m a recently retired mortgage professional. In my 19 years of doing residential home loans in numerous states throughout the country, I’ve spoken with thousands of people who needed a loan and I have funded hundreds of millions of dollars in home loan transactions. Now that I’m retired and no longer under NMLS licensing rules or corporate compliance, I can share all kinds of insider secrets which may save you thousands, if not tens of thousands of dollars on your home purchase loan transaction. Each money saving topic is broken out separately in its own video, so that you can choose to access the information that is relevant to you. I have free stuff in the Free Stuff section, but learning where the real money is at in a home loan transaction will require you to take a step into The Inside.”
Your credit scores are typically the top determining factor which determines your interest rate offers, and if you can even qualify for a home loan. But what if your scores are not that great? What if you don't even have a credit score because you have no credit? Here are several tips that you can use to get your scores as high as possible.
Controversial and inequitable, in my opinion, but a sign of the times. Classified minorities may be entitled to some fee relief, which can save hundreds of dollars in closing costs. Learn what to ask for to determine if this applies to you.
When getting a home loan, your lender will typically require you to have an appraisal on the property. An appraisal will cost hundreds of dollars, if not a couple thousand depending on the home value. However, did you know that you can get an appraisal waived so that you don't have to pay for it? Learn how here.
When your loan has funded and recorded with your county recorder, you will begin receiving solicitations in the mail from people that seem to be current loan servicer. However, most of them are not. What to look for when determining which mail is legit and which is not. This could save you thousands in payments to unnecessary solicitors.
Chances are, your home loan will be sold once it has funded. This means the bank or lender that funded your loan will change hands to another bank or loan servicer. Did you know that this is an area that is subject to fraud, which can result in you sending your monthly payments to a shell company? Learn how to tell if your loan has rightly been sold, and the two things which MUST take place in order to prove it's legitimate.
Did you know there are five stages of what is considered "credit approval"? Only one of these stages are an absolute guarantee. Learn how being able to obtain a conditional loan approval has saved my clients tens of thousands of dollars up front in the purchase price of the home.
First time home buyer programs are available with most lenders in most marketplaces. However, are they the best thing for you? What do they typically offer, and how to compare them with other non first time home buyer programs.
Sometimes qualifying for a home loan is not an option because of the amount of debt you are carrying. If you have money for down payment, use this strategy to possibly qualify for your desired loan amount.
There is a difference in computing your debt-to-income ratios if you have an auto loan vs. an auto lease. This can make the difference between qualifying or not qualifying for the amount of home loan that you are requesting. There is another secret here that most lenders do not know or misunderstand. Find out the facts here. It can make the difference in whether or not you get the home that you desire.
When purchasing a home, money can be tight. Moving costs can be much higher than you anticipated. However, there is a way that you may be able to live both rent free and mortgage free for anywhere from two weeks to 60 days. This can save thousands of dollars in monthly housing expense. Learn how this can be done. Rent back credit - 60 days NOTE: this strategy is ONLY applicable when you are SELLING a home, not PURCHASING a home. It also works in a seller's market, not a buyer's market.
You need a loan. You have to choose SOMEONE to work with. So how do you choose? These tips will guide you through how to choose a lender, determining if they are the best match for you, and how to do some reconnaissance on your own to find out if they are any good.
Is the home seller willing to negotiate on their asking price? If so, this one strategy can save you tens of thousands of dollars MORE than what you'd get with a simple price negotiation.
There are fees involved in every loan transaction. Nobody works for free. How to shop your settlement fees and different ways to pay those fees.
If your credit score is not optimal and you'd like to get your score as high as possible in order to get the best interest rate possible, did you know that your lender most likely can do a "What If" credit score simulation? This information tells the lender what you might need to do in order to boost your credit scores by the amount of points needed to bet the best rate. The best part? There is a secret in this process which can literally save you thousands of dollars.
Conforming loans typically have the most favorable terms available. However, the loan amount you need may be higher than the maximum conforming loan amount in your area. Here is a strategy to obtain the higher loan amount that you need, while maintaining the conforming loan amount threshold.
On every home loan, there are loan level pricing adjusters (LLPA's). Learn here what LLPA's are, why they matter, and understand how to minimize the LLPA's on your loan in order to get the lowest interest rate possible. Could save you tens of thousands of dollars over the life of the loan.
If you are making a down payment of less than 20%, financing 80% or more of the purchase price of your home, then mortgage insurance is required. Or, is it? Learn about a possible option of paying mortgage insurance, and how to compare the numbers to determine the lowest cost to you.
A notary is required to finalize your loan journey. What is a notary, why are they necessary, and how you can potentially save $200-$300 at this stage
A hard credit pull most likely will impact your credit scores by a few points, which could make the difference in dropping your scores below a loan pricing adjuster and cost you more money via a higher interest rate. A soft credit inquiry has no impact on your credit scores. Learn the difference here so that you will know if you can do anything to get your credit scores as high as possible.