261 - How to Shop for the Best Mortgage Interest Rate
How to Buy a Home: The #1 First Time Home Buyer Podcast
David Sidoni
4.8 • 891 Ratings
🗓️ 5 September 2024
⏱️ 29 minutes
🧾️ Download transcript
Summary
David Sidoni drops truth bombs on the biggest myth in the first-time homebuyer world: shopping for the lowest interest rate is NOT the key to saving money. Discover the real way to score the best deal on your mortgage and why planning early with the right team is your secret weapon.
Quote:
"Stop shopping interest rates and start shopping loan service. Period. The end. Curtain."
Highlights:
- Is your interest rate obsession actually costing you money?
- Why is shopping for a mortgage NOT like buying a TV?
- What's the real difference between lenders, and who's really on your side?
- How can planning your mortgage months in advance save you thousands?
Referenced Episodes:
- Episode 169 - Joelle's Success Story
- Episode 260 - with Patrick and Alex
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David Sidoni, the "How to Buy a Home Guy," is a seasoned real estate professional and consumer advocate with over 18 years of experience helping first-time homebuyers navigate the real estate market. His podcast, "How to Buy a Home," is a trusted resource for anyone looking to buy their first home. It offers expert advice, actionable tips, and inspiring stories from real first-time homebuyers. With a focus on making the home-buying process accessible and understandable, David breaks down complex topics into easy-to-follow steps, covering everything from budgeting and financing to finding the right home and making an offer.
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Transcript
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| 0:00.8 | Figuring out how to get the lowest interest rate is about to get super interesting. |
| 0:05.4 | Why you ask? Well, because the Fed is expected to drop the federal funds rate this month, |
| 0:10.5 | which should mean even lower mortgage interest rates. And with the mortgage rates already |
| 0:15.3 | at the lowest they've been since April of 2023, how do you ensure that you're going to get a rocking rate? |
| 0:22.9 | Let's find out. |
| 0:43.8 | What is up, my homies? I'm your hosting champion for all things, first-time homebuyer everywhere in North America. My name's David Sidoni. And I know you don't care what my name is. |
| 0:48.8 | You just want to know the info, man. How do I get a smoking interest rate so I can buy a home? All right, |
| 0:55.7 | homies, I feel you. Now, let me just quickly let the newcomers know if this is your first or |
| 0:59.7 | second episode you're listening to. I promise you any question you can think of is somewhere in the |
| 1:04.8 | How to Buy a Home podcast episode library. Just hit subscribe or follow and then start at the 10 basic steps that all first time |
| 1:13.0 | homebuyers need to know. That's episode 201. Easy peasy. You don't know where to start. Start at 201. |
| 1:19.1 | Now when you subscribe, you're going to instantly get up-to-the-date housing market information that |
| 1:23.5 | affects you like this ultra important data on the mortgage interest rates. |
| 1:28.8 | So let's get right into it. |
| 1:30.5 | Now, the super bitching news is that the 30-year mortgage rates have dropped to the lowest levels. |
| 1:35.8 | And we haven't seen these in like 17 months. |
| 1:37.7 | Way back to April 2023, like I said. |
| 1:40.7 | You know, remember back in April 2023 when the world didn't seem like we were hurtling |
| 1:45.1 | towards the average home costing $6,000 or $700,000? Well, the average current mortgage interest |
| 1:52.7 | rate right now is 6.44%. Now, that's the day I record this. What is this? August 30th, |
| 1:58.6 | I'm recording this. But I have actually seen some FHA loans as low as 5.99%. |
| 2:04.6 | And that is before this gleefully anticipated Fed rate cut that should be coming on September 18th. |
... |
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