Have you ever wanted to buy a house? Do you know where to start? The answer is with your lender! PJ Vilardo, owner of his own Mortgage Brokerage in Colorado, California, and Florida, walks us through the home loan origination process so you know exactly what to expect!
He gives us a great analogy, that buyers often want to eat the ice cream before they have their broccoli. Ice cream being the house shopping process that people do with me, your Realtor, and the broccoli being the loan origination process that buyers need to do with PJ. But, as any healthy child knows, you've got to eat your broccoli before you get to eat the ice cream :-)
Without having your loan in place there's no reason to go house shopping. Because whatever you see that weekend will be sold by Sunday and you cannot submit an offer for that house without your loan pre-approved ready to go. But when your loan amount is known, it really opens up a cool opportunity for home buyers to feel strong in knowing what they can afford!
PJ and I cover very important topics like what documents you need ready to buy a house, the national FHA program where you can give as little as 3.5% down payment, and the difference between self employed buyers and W2 buyers.
He also leaves us with a really great tip, basically a mental mortgage calculator, if you will: Every $5,000 up or down on your loan amount will change your monthly mortgage payments by $20 to $25 dollars! That's really amazing and not that much money.
***
If you want to contact PJ, who is also our podcast sponsor for this month, you can reach him via his email, pj@millenniummortgage.io, or his website http://www.millenniummortgage.io/
Millennium Mortgage social profiles:
Zillow: https://www.zillow.com/lender-profile/millenniummortgagellc/
IG: https://www.instagram.com/millenniummortgagellc/?hl=en
FB: https://www.facebook.com/millenniummortgagellc
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To contact me, Madison Hopkins, your Colorado local Green Realtor, email me at madison@movingwithmadison.com!
My social profiles:
Zillow: https://www.zillow.com/profile/MadisonHopkins80203
TikTok: https://www.tiktok.com/@ecofriendlyhomes
And follow my YouTube to watch the full podcast! https://www.youtube.com/channel/UCixRflPmGyiytxoKIqVArFQ
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