More than half of Americans with a mortgage are locked in under 4%, and that lock-in alone has frozen out nearly two million home sales. JD Cobb's answer sounds backwards: don't wait for the rate, buy at today's price and refinance later. He walks Jerremy Alexander Newsome and Dave Conley through what a refinance actually involves, the four Cs every lender checks, and who owns your loan once it's sold on the secondary market. He explains why a portable mortgage would unfreeze the market and why mortgage-backed securities make it so hard. He also names the loan programs that were quietly building the 2008 collapse while he was selling them.

Timestamps:

  • (01:07) JD's first closing – a cash-out refi, not a purchase
  • (05:43) The four Cs – what lenders actually check before approving
  • (08:07) Who owns your loan – servicing gets sold, you keep paying
  • (11:16) Pay option ARMs – balances grew when you paid
  • (11:52) Stuck at 3% – a family who can't afford to move
  • (15:27) $15,000 gone – what a bad pre-qual costs a buyer


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