Why Smart Buyers Go Through a Mortgage Broker

team equity mortgage broker equity and questions loans mortgage um what the steps are and the differences and the requirements. So first of all um basically a mortgage broker by Everest equity and residential loans, commercial mortgages, construction mortgages, no duck loans, residential mortgages, no duck, but any type of mortgage, any type of property. Okay. So, mortgage bank agency private lenders. So, bank usually. Mhm. Okay. The bank. Mhm. Banks menu. Yeah. investor. So, you end up coming back to in a private bank. Mhm. Daily simple ABC qualifies to closed and finished construction investment certain loans financials of the property financial usually eligible for mortgage. Let's say this is usually Usually seven. Okay. But 74 income questions. So, okay. points of usually real estate agent mortgage brokers. Um qualify and Okay. This is the standard insurance, right? Mortgage insurance%. Mhm. insurance is 700% 740 $250% [clears throat] but so just to summarize income and >> income file to tax income >> the file tax returns business tax returns whatever whoever schedule E schedule Core history. Okay. So, but this is Oh, wow. This is for primary investment. Bank statement loan self-employed. the bank most recent 12 months bank statements deposits $50,000 deposits 50,000 * 12 x,000 expenses regular business expenses income special private lenders or usually banks private lenders program. do a bank statement program9 But um alternatives mortgages do investment investment investment residential mortgages expenses investment property. Mhm. >> Income income from the property income for the property experience and investment. Okay. Income is tight. Income The experience experience income and expenses investment first home buy. Mhm. mortgage or something. But first, The responsible man of the property $5,000 the rental is $2500 in qualifying usually at least 20%. % investment property usually 20% usually the rate on mortgages content. So cover usually something Mhm. Usually 80% 85% in the game. Correct. What's the typical process for applying for a mortgage pay? Um so once investment is okay income documents on a bank statement for the down payment for the closing post and once I set up the bankrimif Right. Yes. But no a certain amount or whichever amount. Um usually at least% numbers closing cost closing cost. Closing cost appraisal feeal title fees. Title is basically the bank is free and clear is clean. This is title and so has title insurance fee appraisal fee usually under taxes insurance collect usually close of a mortgage. The bank Tax insurance. including insurance. So the closing cost title fees, um credit report fee, lawyer fees and property taxes, insurance and property tax. [clears throat] So this um prepaid interest in the 15 days in the month the bank collect interest 151 December 15 payment January payment is February mortgage payment So the bank collect interest 151 from January collect payment. This is a collect interest payment but this basically closing cost and closing costes overimate closing costing Okay. And this is painful% from the from the loan amount. Yeah. Title fees usually is% usually from the closing cost. New York is mortgage tax. Mhm. >> Versus New Jersey. Mansion basically York% tax basically. So this is% of on top of the closing cost >> and the percent of the purchase price or the loan amount >> of the purchase price. >> Yeah. >> Okay. investment property deal. Usually the bank is appraisal reported rent. So yes, the appraisal is a kick of the hazard in the warm usually mile. So comes of compatibles of days with evil $2500 competit the as rental or the the comps. >> The comps. >> So agent comes for the bank. The bank. Most of the time, this is basically the bank numbers and then you're good to go. evaluate the income expenses wise. Let's say maintenance management amount investment residential investment. 75% 25. Okay. taxation 100% residential >> no loans basically the bank one to four unit taxes and insurance that's it monthly expenses the mortgage $500 insurance so that's a total $2,700,000 qualifies a 4 unit plus commercial. First time home buyers can usually four plus unit size four plus 5 unit 6 unit up to 8 12 whatever taxes insurance gas le unless usually management. Okay. Taxes insurance. All right. So we have to wrap up for now and questions. Um best service always response WhatsApp. It's always the right time to buy when it makes sense. >> Mhm. investment. You marry the house, you date the rate. But they get available. Next% but again is financially responsible. It's always the right time to buy. They say it's not about it's not about timing the market. It's about time in the market. That's it. Fine. [music]