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hey everybody real estate ninja here I hope you're doing well we're going to talk about seven different ways ing to Chase Bank on how to lower your mortgage rate or get a lower mortgage rate when you go and buy your home or you refinance your home now the reason why I say it's ing to Chase is because there's a lot that's left unsaid that people don't understand how Banks uh make money selling mortgages how they make money acquiring mortgages convincing you to take out a mortgage with them and a lot of this can be deceiving so I'm going to show you seven ways to make money right now also I'm going to throw it out right here here's a QR code I'm going to put out July sale $199 80% off mortgage master and if you decide you want to go to the next level mortgage Master 2.0 investor series there'll be a bump offer and it'll be an amazing deal all right those are out there all right check this out you know what let's start with a little bit of my background I have been investing in real estate since the year 2001 I sold most of my portfolio at the top of the market mid2 2005 2006 because I saw a correction a big correction coming and ironically we are in the exact same position today as we were back then but it's actually a lot worse because people have what a very serious Insurance crisis uh home prices that have skyrocketed mortgage rates are actually ironically at the same percentage rate as they were at the peak of the other bubble right before the Great Recession but we have so much more going on with food inflation and things like like that so there's a lot of opportunity and there are a lot of people that are searching for really low rates so JP Morgan Chase came out with this list of seven things to do to save money on your rates so first off shop mortgage rates I absolutely agree I think that you should have at minimum three quotes three loan estimates and compare exact apples for apples mortgage products what I mean by that you know I'm a firm believer in fixed rates however I used to get a lot of I probably had over 25 now adjust rate mortgages I know it sounds crazy because I was flipping those properties and I had a certain amount of risk I knew exactly what I was doing I I was buying them getting a great deal on the loan I was paying less in fees and then I was flipping them right paying them off they had no prepayment penalty but I'm a firm believer if you have a rental or your own personal home to have a fixed rate so you need to compare those um get a sheet out do an apples for apples comparison there one of those sheets down in the mortgage Master course uh that you can download and get apples for apples just comparing the different fees the rates uh are going to save you thousands and thousands of dollars immediately and tens of thousand over the next few years of the loan so that's why it's important to get all that information in one uh area okay now number two uh improve your credit score now a lot of people do not know that you can actually do little things like pay down certain debts which helps your debt to income ratio and that's good for your credit score but also there are people companies that specialize where you pay them and they monitor your credit they monitor they go after uh issues on your credit score and I've spoken to so many loan officers and hey number type one or uh say I am a mortgage uh A lender Down Below in the comment section and let them know I know what I'm talking about but you really get what you pay for and there are some companies that are phenomenal out there when it comes to fixing people's credit why do you want good credit well because it's very simple the banks are going to give you phenomenal rates over those people if you have your credit fixed or those that do not okay because you're going to be seen as less of a risk so consider paying down debt consider uh consolidating debt uh not having so many open lines of credit out there just giving example let's say you got three credit cards you've got $1,000 on one and two of them that are empty right because you signed up for some deal at Macy's or some deal at Home Depot well that's uh available credit that could be available debt where all of a sudden they go hey uh we don't like this why you got all those credit lines open you might just all of a sudden tomorrow go out and buy some big tools big chainsaw or a necklace at Macy's you know what I'm saying so you've got to look at doing that now number three is choose your loan loan term carefully well like I said before you know choosing that loan term that has a fixed rate is extremely extremely important also there's tons of programs out there like USDA loans that offer 0% uh down in certain areas of the country there's websites where you can go and check out which parts of the country these loans are for um FHA which uh sometimes carries a higher rate but also the availability of you getting your foot in the door if you find that smoking deal so make sure you get that loan term carefully know what you're getting yourself into there are a lot of people around the country right now that have purchased homes brand new homes where the the Builder has offered to buy down their rate but that rate buy down only was for one year or maybe three years or there was a staggering where it starts at 4% for the first year 5% for the next year then it goes at 7% and people get completely blindsided because they don't read the fine print of their mortgage documents now number four is interesting make a larger down payment I know that sounds crazy but that's actually you it's not always the best thing what do you mean well making a larger down payment obviously puts you in a position where you owe Less on the home and if you were doing Apple for Apple's comparison let's say you had a fixed uh 7% mortgage 30-year fixed it's going to bring down your rate but then what are you holding off in reserves that's something that's very very important making sure that you have a good solid account for reserves not only because the mortgage company uh mandates that you do it but because I want you to have enough of a a cushion that money you do not touch in CA just in case there is an extreme emergency you lose your job health of a family member uh fails and you have a hard time making your mortgage payment the last thing you want is to lose your home and lose your credit score so always consider when you're talking about how much of a down payment make sure and I've seen people that have 25% down on a home they put the whole 25% down and say well why don't you consider putting down 20% holding that extra 5% in emergency Reserve account that you do not touch in case of an amazing emergency and when that emergency comes up you still don't touch it you go out and try and find the money somewhere else work extra hours sell something keeping that emergency account but then if you have to absolutely have to touch it you dive in and grab it now this is great that JP Morgan Chase says this buy Mortgage points and that's Point number five buy Mortgage points that is the worst thing ever when you buy a mortgage Point let me give you an example a point is a fee that a bank charges you or a non-bank to do the loan and the higher the credit risk that you are the more points that are involved and so a point equates to 1% of the loan amount so let's say it's a $500,000 house and you're putting 20% down on it which means you're going to have a loan balance a mortgage balance of $400,000 if they want to charge you one point that means you going to have to cough up $4,000 1% of the loan amount before escrow closes in order to get that home now I want you to understand that point that $4,000 never ever ever comes back to you that is a fee for doing business and where we are right now in the real estate cycle and when I mean where we are there is a big rise and then a plateau and now it's falling and we're in that one uh sixth uh portion of the drop on a bell curve and companies mortgage companies always charge points right up there why because they are pricing in risk and they are pricing in that you are more than likely going to be freaking out and as soon as because you're paying high interest rates right now as opposed to what we've seen in the last let's say 10 years to 11 years you are going to see these Banks charge these points because they know that you're going to leave their institution and go get a lower rate the second you can so they're pricing that in and there are all kinds of negotiations you do to not pay those points one of them's seller concessions but if you want to figure that out there's a course for that it says here number six lock six that's six lock in your mortgage rate you know to potentially reduce uh your mortgage rate taking off you want to lock it in here's the problem there could be fees associated with that so when you go get your mortgage um information when you go get your loan uh quote your mortgage quote you want to go out and ask them are what's your lockin uh date how long do you lock the rate in is there a float down if if all of a sudden you lock in at 6 and a half% in the next 30 days Federal do Reserve does something crazy and lowers rates the bond market all of a sudden just gets way better which I don't think it is you know and it goes down to six do you have the ability to have that rate float down so you want to make sure that then also how much is it going to cost you to lock in the right and then seven Chase loves to do this refinance your mortgage well that's exactly what they want you to do and there's a little trick a sneaky trick that mortgage companies do every four years if you're paying on time and that is they call you up and go hey how would you like to refinance for a lower rate and you go yes and what you don't realize is because of front-loaded uh advertised interest they just reset the clock on you you think you're getting something because you're saving 150 bucks but really they are crushing it because they got you right back into a 30-year loan but but refinancing your mortgage remember that every time that happens there are a lot of fees associated with that and that's what I want to try and solve is saving people lots of money so here you want to save thousands of dollars on your next mortgage or your next refi buying your first Home Mortgage Master Pro it's 80% off or you can check out the QR code I will tell you this if you within 14 days watch less than 50% of me go ninja I am not going to save thousands and thousands of dollars on my next mortgage I'll give you your money back what's that going of deal for you hope you got something out of this have an awesome day the real estate ninja is out