Enhance Your Home Loan Process with eSignature Legitimateness in UAE

How to eSign a document: eSignature legitimateness for Home Loan in UAE

what's going on guys this is chandler smith and in today's video i'm going to show you how to negotiate the best deal on your home loan so we're going to dive into the interest rates the closing costs and helping you find the best all-around lender without getting taken advantage of or screwed over so with all of that being said let's jump into it [Music] alright guys if you're new to the channel i've been investing in real estate for the last eight years and i've been able to go through this process literally dozens of times i've also helped dozens of my friends go through the process as well and i know whether it's your first time or your 10th time it can be absurdly frustrating so the goal of this video is to help you find the right lender and to negotiate the best rates terms and set up for your loan and do it in a way where you don't get taken advantage of or screwed over so all that i ask you to do is make sure you remember to smash the like button subscribe to the channel and hit the little bell so you can catch my future videos where my goal is to help you to build a huge passive income through investing in real estate or just help you get into that first home so we're just gonna jump right into it one thing that people don't understand is a lot of times they go and find their house to purchase and then they start the loan process and because of that it's very overwhelming and a lot of times they do end up getting screwed over so my first piece of advice is make sure before you're even shopping that you follow this checklist of everything you need to do to pick the correct lender so that when you do find the right home or the right deal you're ready to roll on if you're one of those people that has found your home and you're just looking on youtube to try and figure out how to get financing we can still pull it off but you need to get to work immediately so you can get through these steps first thing you need to do is you need to make sure that you have your taxes ready you understand what your income's been the last couple years you know what your credit score is and you know how much money you have set aside in reserves these are the big things that a bank is going to want to know and you're going to want to use them before you have the bank pull your credit now if you don't know your credit score there are lots of easy ways to get it without doing a hard pull you can usually do this through your bank where they've got an option where they can check your credit and it's just going to be a soft poll or you can sign up for my fico i'm always signed up for my fico i don't have an affiliate program with them i just like using them so i always know where my credit score is the reason you're going to want to know this is you don't want them to pull your credit until it's good enough so you know that you're going to get approved for a loan so i'm not going to run through all of them but i'm just going to put them up here you can pause the video if you need to here are the qualifications for all the different loans that are available when it comes to your credit score however if you can get above a 720 credit score you're gonna be in the best shape possible because you should be able to get approved for literally any loan once you know what your income is you know what deposits you've got in the bank or reserves i call them and you know your credit score you're gonna start shopping banks without letting them pull your credit because you don't want a bunch of inquiries all over the place i would prefer that you keep it to just one and you can still negotiate with credit unions before you have them do that poll and that way once you find the right credit union then you can approve them to pull your credit so i would have you get a piece of paper and write all of these down for example you're going to write down that your credit score is 7.60 you're going to write down that you've got 50 000 in the bank to go towards a down payment and reserves and you know that your income last year was a hundred thousand dollars and your income the year before was eighty thousand dollars if you have that information and you know that you paid taxes correctly on those years for example if you wrote everything off and so it shows that your taxable income was ten thousand not eighty thousand that's going to be very difficult for you to get a loan this is another reason you should prepare before buying a home by a principal that i call pay to play and what that means is you've got to pay taxes so that you can show that you have that income whatever the income is you paid taxes on that's what you can say your income is when shopping out these different banks i don't think there's anything wrong with fluffing these numbers a little bit when getting banks to compete for you so you can lock them in on interest rates now i'm not saying to be dishonest however if you're guesstimating a little bit and it makes you look good on your credit and your other stuff that's going to help you to get them competing because you look like a more powerful buyer now once you get in there they're going to have to see everything i'm not telling you to lie about these things once you pick your lender you're going to have to give them your taxes they're going to pull your credit they're going to know the truth however you can figure out who's going to be the most aggressive just make sure whatever you use for these three that you give the same to all three lenders and you get them to compete now once they've competed you're going to say look i want you to send me an email that says what your interest rates are going to be what your closing costs are going to be and then the terms of your loan now if you're purchasing a property that's four units or less it should be on a 30-year fix don't fall for the trap of having them change your rates every five years or a shorter amortization like a 15 year loan don't do it it's not worth it and yes it's going to give you better interest rates but long term it's going to be a worse option for you regardless of what dave ramsey says if you don't believe me go and watch this video however you're going to want a 30-year fixed on all of these and that's what you're going to get them competing with now once you get an email from all three of these and you're probably saying chandler which lender should i go to i always suggest going to a local credit union because credit unions seem to have a little more power to play with the numbers and get competitive you're going to want to get it on paper so you're going to want them to send you this is a 30-year fixed loan we can do a 3.2 interest rate and for your origination fee we're gonna charge you a half percent or a percent or whatever it is you're going to have them send that so you've got the origination you've got all the terms you've got the interest rates and you know who is going to be the most competitive now you need to understand that you need to get this done on the same day because interest rates fluctuate even day to day so make sure that you get them to send you those emails on top of getting the best rates and terms you also need to have a conversation with this lender and ask them some hard questions ask them how quick they're going to be able to close ask them if the rates and terms they're promising you are the ones they're going to be able to hold to ask them how many other loans they've done if they've done property similar to yours you'll get a feel for which one you like the best and you really hope that the one you like the best and then knows what they're doing the best and they can close the fastest is also the one that gets you the best interest rates now if they're all competitive go with the guy you trust the most that's going to get it done because some people take 60 to 90 days there will be additional fees where other people they're really good at what they do they can get your information quickly and they can help you get to closing quickly now once you've gone through all of this you can pick the lender that you like the best once you've selected them a lot of times you can say hey is there any leeway that you've got on your closing costs or on your origination fee see if you can push them even further than you already have and get them to lock in your rate now i really want to emphasize this when you're getting the three of these to compete you want to make sure that none of them pull your credit you want to say look this is my credit score this is my income these are my deposits do not pull my credit tell me what interest rates and terms and setup you can give me if this information is true if you end up beating out the competition then i will move forward with you then i will have you pull my credit because then you're waiting to have them pull your credit and then you give them the go ahead so that only one is pulling your credit and only one has to get all this information from you because it's a pain there's lots of information they're going to need from you and it might take a little while especially if you own other rental properties car loans that stuff because they're going to want to look at your debt to income ratio as well all right you've done all the work you've shopped out the lenders you've found the best one and you're in a place where when you're ready to have them pull your credit and give their information then you have a 90-day period to close on whatever home you end up selecting so you're good to go right maybe not because here's the deal a lot of times this is where people stop they feel like they've shopped things out they feel like they're in a great place they've picked their lender they're good to go because you get this relationship with the lender and they've done all this work for you you definitely feel like there's a commitment there right and there should be because they've worked hard for you however that doesn't mean that the negotiation is over as a matter of fact once you've got someone in this place this is the best time to negotiate because they're invested at this point they've put in a lot of work and a lot of time i'm sure a lot of you are saying chandler that sounds kind of sleazy it's not this is how it works and i promise you these guys are keeping a very large margin regardless of what you end up negotiating so do not stress it as a matter of fact my lender's gotten to the point where he expects it because he wants me to get the best rate possible even though i'm quite confident it ends up costing him money but in turn he gets my business over and over and over again so please take advantage of this next tip once you have found the property once you are starting the process they pull your credit they say this is the rate we can give you right now what you're going to do is you're going to go back to the other two or three lenders that you shopped previously and this time you're going to say look i found the property i'm ready to move forward i know you offered me these interest rates however i found this other lender and he just offered me this and the only way that it makes sense for me to come and go with you is if you can beat their rates and their terms so i'm going to need a lower closing fee or origination fee i'm also going to need lower interest rates if you can do that then i will consider switching over to you now if i'm honest with you when i go to these other banks they haven't done the work yet they haven't got my taxes they haven't pulled my credit they haven't gone through that the odds of me switching to them are very low however it doesn't take anything for them to hop onto their computer see where you fall see what interest rate they can do and then call their boss and say hey can we have some wiggle room for this guy he's got the property under contract he's over at you know whatever bank or whatever credit union they offered him this i think if we can beat him by a quarter percent and knock a quarter percent off of his origination fee that will lock him in over there and they're going to say all right let's do it we'll drop it down let's see if we can win him over so they're going to call you back they're going to say hey if you switch over here's what we can do for you and you're going to say great actually is there any way you can email that over to me just so i can kind of think on it i'm trying to make some big decisions here i just want to play with the numbers so if you could email me the interest rate and the origination fee and then obviously that's a 30 year fixed and put the property address on there just so i know you guys are good for it that would be awesome they're going to say perfect i'll show you a quick email they're going to send over the email and it's going to have the rates and the terms that are now better than what you thought was the best rates you could lock in with the credit union or bank that you selected now you're going to take this email you're going to go back to the credit union that you're with and that has done all the work and you're going to say look i know you've done a ton of work you've been awesome i love working with you more than anyone else however i just went to this other credit union and they offered me this and it's a lot lower than what you guys were doing so at this point i just i don't know i feel like i have to go to their direction unless you guys would be willing to beat it they are filling the burn they're feeling the pressure they've done all this work they thought they had a loan locked in and so he's going to call his boss and he's going to say boss this sucks but is there anything we can do he just found this competing rate i'll send you the email it's got all the information there if we can beat it he told me that he'd stay with us so please is there any way we can find a way and odds are that's exactly what's going to happen they're going to come back and they're either going to match them or hopefully beat them and now you know you're with the best credit union or bank and you've gotten the best rates and terms possible and you're in a place where now you can close on your property knowing that you have not been taken advantage of because you worked the system and you got an absolutely incredible deal and here's the crazy part a lot of times when you're negotiating on a home you're fighting for an extra one two five thousand dollars if you're able to drop your rates a quarter or a half percent if you're able to knock a quarter or a half percent off of your origination fee you're going to put yourself in a way better deal than had you negotiated an extra couple thousand dollars with the seller you still need to negotiate with the seller and if you don't know how to do that make sure you click the link right here to go watch this video however once you've done that and negotiated a great deal on the property i can't emphasize enough how important it is that you negotiate an incredible deal on your financing and i know it's uncomfortable but one of my favorite quotes is do something uncomfortable every day and i promise you as you do uncomfortable things you're gonna get hooked up with killer interest rates and killer everything else in your life so if you guys enjoyed this video make sure you smash the like button subscribe to the channel hit the little bell so you can catch my future videos and if you're not here for a home loan but you want to invest in real estate and build a real estate portfolio so you can have a huge passive income make sure you click the link below and you can get my real estate investing course for 50 off again guys thank you so much and have a great day [Music]