10. How do I get the best interest rate on a home loan?
(Please excuse grammatical mistakes - this is a direct transcription of the original video.)
And of course the question that everyone loves to ask number 10, how do I get the best interest rate?
This is gonna take a little bit of work, okay? I learned this when I used to sell cars. You go to your second favorite car dealership that you're willing to buy a car from, and you get them to give you a price on paper. You take that offer and you take it to your favorite dealership and ask them to match it or beat it because if they match it, then they're your favorite dealership, so therefore it's the better deal. Or they beat it, which of course you won. Now, if they can't beat it, that you already know you have the best deal because your favorite dealer cannot beat it. The same thing goes with mortgage rates. You choose your second favorite loan officer that you're willing to work with and you ask them to give you a locked loan estimate on the property that you have a contract on.
And then you take that locked loan estimate and you take it to your favorite lender. You ask them to beat it. If they can't be in it, ask them to match it. If they match it, then you win because your favorite lender has the same deal as the other place. And if you can't beat it, then you know that the second lender, the original loan estimate, is the best deal you've got, and that's who you with. There's actually an in-depth method to achieve this that I teach to my home buying coaching clients, but there's too much information for me to share it on this video, so I'm going to either link it or put it in the comments below. You got to remember though, the best interest rate doesn't always mean the best price or the best lender.
I know someone told you that's the way you're supposed to look for a lender, when in reality that's actually the worst way, because think about it, the best interest rate, isn't always the best situation to be in. A lot of online lenders and loan officers know that that's all you're looking for, so they're going to give it to you, but then, they're going sacrifice quality of service.
They're going to think because they have the best rate, they can treat you like crap. Remember the saying, "You get what you pay for!"
Also if you want to set up a ZOOM CALL or PHONE CALL to learn more about this particular topic, you can do so by setting an appointment with First Time Home Buyer Coach Larry Le here: www.homeloandate.com.
If you want to start the home buying process you can follow any of these options:
- Call/Text Loan Officer Larry Le right away at 214-225-6323
- Email Loan Officer Larry Le at [email protected]
- Start the preapproval process on your own - you can start at www.LarryLeTeam.com or https://larryle.floify.com/apply-now
- Set an appointment to speak to Loan Officer Larry Le on the phone or via ZOOM at www.homeloandate.com
Also you can check out Loan Officer Larry Le's blog at http://yourmortgageinsider.com for information, news, and updates on the mortgage and housing industry or check out his YouTube channel at https://www.youtube.com/channel/UCYYE06pvAn0lG7proyLIUqQ.
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