At 3:35 all 3 say 80% LTV but she previously said it's 80, 85 and 90% - right? Wouldn't there also be LLPA's that make it significantly more expensive to get the same rate at those higher LTV's which should be reflected as points paid in her fees? Am I missing something?
I’m Commenting at 3 AM because I can’t sleep so maybe I missed it. It the customer still has to bridge the gap between sales price and appraised value with their own funds, correct?
I was thinking the same thing....she explains it correctly (but her illustration shows the down payment of 20% on all 3 scenarios and that does not match her explanation). The 2nd column illustrates only putting 15% down now, based off the lower price (appraisal price), plus bridging the "gap" or shortfall between purchase price and appraisal price. The 3rd column on the far right also shows a 20% down payment, but the way she explained it, it should read 10% down payment (?). Again, I also had to replay it and back it up to be sure I wasn't missing some other way to keep the loan amount the same (without bridging the gap?). The 10% or 15% down is based on the appraisal price (lower than column 1/far left), then she's added the "gap" amount. -So glad I watched this video, as I was not aware you could pay off the mortgage ins. up front (at closing) which buyers will appreciate since they typically care most about keeping their monthly payment down.
@@haydenberks1041 I have the same question, so I watched about 5 times, I think she made an error when explaining the closing cost. 3:36 if LTVs are 80% amongst all 3 scenarios why add MI? It would only make sense if LTVs are 85% and 90% with lower closing costs with a different monthly payments.
They do. Lower down payment, rest of the cash to cover the appraisal gap. I just made my own TCA of this, you have the "adjust" the numbers in the TCA to make everything work. It is about how you sell it. The buyers are still bringing the same cash to close, and the only extra $$ is the single MI premium.
Love this! Just put this template together and going to record it tomorrow and share with my agents! Brilliant!
Great explanation, thanks. It’s been stressful but I’m starting to understand this new housing market now.
Great job articulating this concept!
Beautiful
This is a great TCA. thank you. I Just set mine up
this is freaking brilliant!!!!
Great information. Thanks Amber.
At 3:35 all 3 say 80% LTV but she previously said it's 80, 85 and 90% - right? Wouldn't there also be LLPA's that make it significantly more expensive to get the same rate at those higher LTV's which should be reflected as points paid in her fees? Am I missing something?
The link to Amber's Appraisal Gap Total Cost Analysis doesn't work. Can you please send it to me? I'd love to check it out! :)
I'm not sure why it didn't work but try it again and here you go mcedge.tv/2q724r
@@mortgagecoach This one works! Thank you so much!!
I’m
Commenting at 3 AM because I can’t sleep so maybe I missed it. It the customer still has to bridge the gap between sales price and appraised value with their own funds, correct?
I was thinking the same thing....she explains it correctly (but her illustration shows the down payment of 20% on all 3 scenarios and that does not match her explanation). The 2nd column illustrates only putting 15% down now, based off the lower price (appraisal price), plus bridging the "gap" or shortfall between purchase price and appraisal price. The 3rd column on the far right also shows a 20% down payment, but the way she explained it, it should read 10% down payment (?). Again, I also had to replay it and back it up to be sure I wasn't missing some other way to keep the loan amount the same (without bridging the gap?). The 10% or 15% down is based on the appraisal price (lower than column 1/far left), then she's added the "gap" amount.
-So glad I watched this video, as I was not aware you could pay off the mortgage ins. up front (at closing) which buyers will appreciate since they typically care most about keeping their monthly payment down.
I have same question!
@@haydenberks1041 I have the same question, so I watched about 5 times, I think she made an error when explaining the closing cost. 3:36 if LTVs are 80% amongst all 3 scenarios why add MI? It would only make sense if LTVs are 85% and 90% with lower closing costs with a different monthly payments.
They do. Lower down payment, rest of the cash to cover the appraisal gap. I just made my own TCA of this, you have the "adjust" the numbers in the TCA to make everything work. It is about how you sell it. The buyers are still bringing the same cash to close, and the only extra $$ is the single MI premium.
@@haydenberks1041 make sure it is refundable for them, even more of a selling point if they refinance before they get 78% LTV
This is witchcraft , and we love it
I will communicate for now I need money to move and to settle in a Citio