المدة الزمنية 7:38
Everything you need to know about mortgage APR & interest rates
تم نشره في 2019/05/29
Love our videos? Then you'll love working with us even more! Call us at 844-326-3305 to put our low rate guarantee to the test. ==================================== Annual percentage rate (APR) is a term that many homebuyers can find confusing. Since home loans include both interest rate and APR, which are similar, it can be difficult to understand how each should be weighed in your mortgage search. Unfortunately, when comparing VA loan offers from lenders, many veterans might unknowingly consider only interest rates instead of looking at APR as well. This could end up causing a veteran to choose a lender that seems like they have the best offer, but actually has a higher overall cost than another lender. In this video, Eric Kandell, Low VA Rates president with almost 20 years of experience in the mortgage industry, will go over APR and interest rates. He’ll also discuss how veterans can make sure they’re comparing the right things when looking for a VA loan, giving them tools to help find an offer that works best for their situation. For more information on mortgage APR vs. interest, please check out our post: https://lowvarates.com/va-loan-blog/what-is-apr-information-for-veterans/ Or, for more on the $250 Low APR Guarantee discussed in the video, visit the page below: https://lowvarates.com/get-paid-250/ ===================== About Low VA Rates: Low VA Rates is a VA-approved mortgage lender that was built out of a desire to help veterans access their VA home loan benefits. With over 10 years of experience specializing in the VA loan, you can trust the Low VA Rates team to help you find a mortgage with great rates and terms. ===================== The $250 Low Rate Guarantee: Here at Low VA Rates, our name is our promise, and we back it up with cold, hard cash. Right now, get $250 if we can’t beat another lender’s rate. Give us a call today! 844-326-3305 Not ready to call? Text us! 385-257-3266 ===================== Want more from Low VA Rates? Like, subscribe, and follow us to stay connected with the latest VA home loan info. YouTube - /lowvarates Facebook - https://www.facebook.com/lowvarates Twitter - https://twitter.com/lowvarates Pinterest - https://pinterest.com/lowvarates/ Instagram - https://www.instagram.com/lowvarates/ This video is not intended for residents or homeowners in the states of WA, NY, or MA. Low VA Rates NMLS#: 1109426 #VAhomeloan Archived video notice: This video is not current and may contain content that, while accurate when recorded, may not reflect current market conditions. As is customary on the YouTube platform, older videos remain in our account for transparency and statistical purposes, and we do not necessarily have control over which older archived videos YouTube’s algorithm may suggest for you. For that reason, please always check the date of a video to ensure that it is dated recently before relying on its contents. The mortgage market is very dynamic and laws, regulations, rates, and programs are always changing. If we have a more up-to-date video on the same subject, you should be able to sort our videos by date uploaded on our main channel landing page: /c/lowvarates/videos .
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Many of those fees are regulatory fees required by the State and Federal forms. Most of these forms are cookie cutter. In the old days BC ( before computer) a clerk had to be hired to fill out and file the forms. Today a clerk typed in the account number usually once when the loan is initiated then the software takes over and files these forms automatically. Charges in the old way was say $50-$60 per form. That computer and software do carry a cost to purchase, set up, and update (although most updates are automated) and lastly maintained. However, spread over the number of loans and the years used the cost per transaction is minuscule. But the banks and other lending institutions kept the old way fees and as law allows will be increased over time.
Several factors come into play to reduce APR. ALL things are negotiable. Make the loan officer delineate each form and corresponding fee. Claim the truth in lending law. With those fee in hand negotiate this cost down to a faction of the normal fees.
Pay the home appraisal out of pocket use cash with receipt to reduce the appraisal fee-say $530 normally to $400. The price of appraisals keep climbing yet the software, Manafort cameras are pretty cheap and a lot that wasn’t automated is now.
Negotiate the points ( basically a bribe to favor one over another).
Make sure you credit score is high 730 or above.
Brush up on your negotiating skills be nice but firm. Good luck. ...
My original mortgage is 200,000 for 30 years I paid 20,000 advanced payment .. can you advise pls ? ...
An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. ...
Many of those fees are regulatory fees required by the State and Federal forms. Most of these forms are cookie cutter. In the old days BC ( before computer) a clerk had to be hired to fill out and file the forms. Today a clerk typed in the account number usually once when the loan is initiated then the software takes over and files these forms automatically. Charges in the old way was say $50-$60 per form. That computer and software do carry a cost to purchase, set up, and update (although most updates are automated) and lastly maintained. However, spread over the number of loans and the years used the cost per transaction is minuscule. But the banks and other lending institutions kept the old way fees and as law allows will be increased over time.
Several factors come into play to reduce APR. ALL things are negotiable. Make the loan officer delineate each form and corresponding fee. Claim the truth in lending law. With those fee in hand negotiate this cost down to a faction of the normal fees.
Pay the home appraisal out of pocket use cash with receipt to reduce the appraisal fee-say $530 normally to $400. The price of appraisals keep climbing yet the software, Manafort cameras are pretty cheap and a lot that wasn’t automated is now.
Negotiate the points ( basically a bribe to favor one over another).
Make sure you credit score is high 730 or above.
Brush up on your negotiating skills be nice but firm. Good luck. ...
My original mortgage is 200,000 for 30 years I paid 20,000 advanced payment .. can you advise pls ? ...
An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. ...