March 26, 2024 • 20 mins
Unlock the secrets to a smooth path toward owning your first home, with guidance from Ashley Owens, the powerhouse Vice President of Mortgage at Centric. In our heartfelt discussion, she brings a trove of experience—16 years, to be exact—to demystify the home buying process. Ashley showcases Centric's unique offerings, like 100% financing options sans PMI, and how they intertwine with local real estate expertise to keep your budget in check. Her personalized approach to financial guidance doesn't just end with getting you a set of keys; it’s about nurturing the confidence to make well-informed decisions every step of the way.
Prepare to have all your home buying myths busted and your queries quelled, as we zoom in on the essentials of financial literacy for first-time buyers. Think of this episode as your personal advisory session, where we'll walk you through credit checks, savings tips for sprucing up your new space, and the unexpected costs that can crop up. Ashley's comprehensive rundown on pre-qualification illuminates the path from browsing listings to becoming a bona fide homeowner, while emphasizing the joy and achievement that come with purchasing your very own piece of the American dream.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Kelli Green (00:02):
Welcome to another episode of the Live Better
podcast, which is proudlypresented by Centric.
I'm your host, kelly Green, andtoday we are jumping into all
things first-time home buyingopportunities.
We will be joined by our veryown Ashley Owens, who is our
vice president of our mortgagedepartment right here at Centric
.
She will share tips to makehomeownership a reality, as well
(00:23):
as the products that areoffered right here at Centric.
So whether you've been a loyallistener or you're joining us
for the very first time, prepareto dive into homeownership and
how Centric can walk side byside you on this journey.
So I want to welcome ourlisteners to another episode of
the Live Better podcast, andtoday we are joined by our very
own Ashley Owens.
(00:43):
She is Centric's Vice Presidentof Mortgage.
But before we get started andget going, I want you to tell
all of our listeners a littlebit about yourself and what you
really do here at Centric.
Ashley Owens (00:55):
Absolutely.
I am Ashley Owens and I haveseveral years of experience as a
mortgage loan originator,specializing in guiding our
members through the applicationprocess, assessing their
financial situations andsecuring appropriate loans for
their needs.
I have a strong understandingof various loan types and
interest rates.
I'm committed to providingexcellent Centric service by
(01:18):
helping our members achievetheir financial goals.
Kelli Green (01:21):
Well, and I will tell you this, ashley, I've been
one of those folks that you'vehelped over the years.
You know, ashley, you and Ihave worked together.
You've been here at Centric forhow many years?
16 years, 16 years, yeah.
So we've worked together,almost 12 of those 16.
And you've taken us through twoof the home building processes.
And I'm telling you, you makeus all feel right at ease
(01:42):
because you just answerquestions.
Ashley Owens (01:45):
Thank you, and that's what we're here for to
answer your questions and hearfor when you are needed.
Kelli Green (01:49):
Yes, and what I love about it too, is that you
don't think any question issilly.
No, you understand yourself,because you've been a homebuyer
before.
You know all the paperwork thatgoes into it and you get it.
Ashley Owens (02:03):
You understand, you've been there where we are
Right, and that's what we'rehere for, because you don't do
this every day.
This is not your baby, this isour baby and this is what we do
every day.
So, no, no question is a sillyquestions, any information that
you don't understand.
We are here to answer yourquestions and help you along the
way, because it is definitely ajourney, and help you along the
way because it is definitely ajourney.
Kelli Green (02:24):
It is certainly a journey and I just thank you
because you and your team,they're always just a phone call
away.
An email, no question is toosmall or too wild outlandish,
you know, and some of the things, too, that I'd love to talk
about.
Today.
Our focus is really onfirst-time home buying, but one
of the things I enjoy so muchthat you guys do you work
(02:45):
hand-in-hand with our local realestate agents and really
helping your members also, ifyou know what their budget is
and help them find a home Right.
What's probably your favoritepart of the whole process when
you're serving our members andfinding the home of their dreams
?
Ashley Owens (03:02):
I think my favorite part is helping someone
that may have thought that theywere not ready as far as
financially or credit wise inorder to get them a home and
them not knowing the ins andouts, and us having the ability
to give them that information,able to give them financial
counseling to get them to wherethey need to be and achieve a
(03:24):
home ownership goal, becausethat's the American dream to
have a home.
Kelli Green (03:30):
That's right.
And to get you to do that, tobe able to say, hey, you know,
you slide those keys across thetable.
You know, to people that's a Imean talk about emotion.
Ashley Owens (03:40):
That's a great achievement and great investment
to have as well, I love it.
Kelli Green (03:44):
I love it.
I love that you and your teamget to be a part of that.
So something that we know a lotof financial institutions don't
necessarily offer here atCentric or here in our community
.
But at Centric we really focuson first-time homebuyers or even
getting people jump-started tounderstand that they can become
(04:05):
a homeowner.
So talk a little bit with us.
If you don't mind ourfirst-time homebuyer program.
Tell us a little bit about that.
Ashley Owens (04:14):
Well, we do offer a first-time homebuyer here at
Centric and I have beenassisting our first-time
homebuyers, assisting with theirhomebuyer process for some time
now, since we jump-started theprogram.
It is a personalized productthat we have here at Centric
where we offer 100% financing ona property that you may find.
(04:35):
It can be a site-built home orit can be mobile home and land
the great part about it thatthere is no PMI on this product.
So if you were to look at aUSDA loan where they do 100%
financing, you will in fact haveto pay PMI and with their
product you have to be in acertain area.
We don't limit the area thatyou can be in to purchase a home
(04:59):
.
We just want it to be move-inready.
Kelli Green (05:03):
So let me ask you this you mentioned the PMI
through USDA For all of ourlisteners.
What is PMI?
Ashley Owens (05:11):
PMI is private mortgage insurance.
On conventional loans it isrequired PMI if the down payment
is less than 20%.
So for our first-time homebuyerloans we did not require PMI
insurance on our loans.
Even though you're notfinancing 80% of the value of
the property, we are financing100% of the value of the
(05:32):
property.
Kelli Green (05:33):
Wow.
So this program I mean it makessuch a difference for folks, I
mean especially when they'rethinking about whether they
needed a down payment and theclosing costs.
There's so many things withthis first-time homebuyer
program that they don't have toworry about.
Ashley Owens (05:47):
That is exactly right.
They just need to worry aboutthem loving the house, budgeting
for the house, gettingpre-qualified for the house and
making sure that they aredefinitely in love with the
house.
Kelli Green (05:58):
Absolutely, because when you love it, you're most
apt to what Pay for it.
Right, that's right.
I love that.
I think that's outstanding.
And you know some of the things, too, with our first-time
homebuyer program, because it isso unique to this area.
We're one of very few financialinstitutions that offers this
to our members and even to ourcommunity.
(06:19):
I'm sure that you sit down andyou talk about this opportunity
with people who are not evenmembers.
Ashley Owens (06:24):
Yes, we do.
We have a lot of non-membersthat come in and just want to
know hey, what's the First TimeHomebuyer program all about?
I heard about it, so tell me alittle bit more about it.
So that's when we have theopportunity to sit down with
even non-members and not onlytell them about our mortgage
products but about our otherproducts that we offer here at
Centric, and they are very muchenjoying what we have to offer
(06:48):
here.
Kelli Green (06:48):
I love it.
So kind of take us through this, okay, Because I'm like a
visual learner a lot of timesand then I like to see it and
then I would love an advocatelike you, who's an expert in all
things mortgage, to kind ofwalk us through it.
So I come in, sit in youroffice or I phone you up.
What is something that I sharewith you?
Hey, I'm ready to buy a house,but I've never been a homeowner
(07:10):
before.
So what do you?
What's the next step there forus?
Ashley Owens (07:15):
Well, the next step is very simple.
Come talk to a loan officerhere at Centric.
We make the process very simplefor them, even if they do not
know if they're ready.
We have certified financialcounselors in the mortgage
department that are here andready to provide this free
service to our members.
We obtain a tri-merge creditreport for our members.
(07:37):
We can also look at a softballcredit report.
If they think that, hey, Idon't want my credit pool, I
don't know if I'm ready or not,we can look at the softball
credit report and it gives usdetailed information, including
scores, trade line history.
We check credit, we address anyerrors on the credit report.
(08:07):
A member may need to pay offtheir debt, may not need to pay
off debt.
They may need to reduceoutstanding debt, avoid new
credit.
A pre-qualification processstarted and then you can start
looking for a home, because wenever want our members to go out
and look for a home first andthen come back and say, hey, I
found this wonderful home thatI'm interested in, and then it
(08:28):
may be some things on theircredit report that they may need
to fix or they're not in budgetfor it right now and they
falling in love with this house.
I think the number one thingwould be absolutely
pre-qualification process.
Talk with a loan officer thatyou're comfortable with to go
over the process, go over youroptions that you have.
Kelli Green (08:47):
So that pre-qualification process,
you're also sharing with themwhat they can afford based upon
their income and they're alreadytheir expenses that they're
committed to from what you foundon that credit report that is
correct.
Ashley Owens (09:00):
We go over their expenses, we go over their
budget, what they're comfortablepaying, because you do have to
put into play that it's notalways just the price of the
home.
You have to account forhomeowners insurance, you have
to account for property taxes,you have to account for other
expenses that are associatedwith purchasing a home, home
inspection, and then, even afteryou buy the home, you have to
(09:24):
prepare for life.
You know life happens andwhether your family is expanding
for when the kids go to schoolor things that may break in the
home, so you do have to preparefor that.
Just because we say, hey, youcan be approved for a $500,000
house, do you want to maxyourself out nine times out of
10?
(09:44):
No, I would not recommendmaxing your loan amount or your
buying ability out, because youdo have to prepare for, hey,
your child is going to turn 16one day.
So you do have to prepare forthose things in life that will
happen, the what ifs, that'sright, and we don't know what
that looks like, do not know.
Kelli Green (10:04):
It would be so nice , you know, if the Lord would
just be like hey, heads up,here's some things that are
going to be shaken up, you know,but it doesn't necessarily work
that way.
But I love that you'vementioned these things getting
that pre-qualification that setsyou up for success so that
you're not you know what budgetyou can afford for you and your
family and, excuse me, you knowexactly as far as what you can
(10:28):
afford and where to go and setyour a lot of these online home
shopping websites and so forth.
You can set your budget, what'syour minimum and what's your
maximum that you're willing tospend on a home, and it kind of
keeps you within that budget soyou're not seeing anything
that's outside of that.
You know realm and set yourselfup for that Cause you just why?
Why do that to yourself, right,right, and I love that.
(10:50):
You mentioned too, not only that.
You know something to thinkabout with homeowners is, you
know, are you going to say, okay, well, I've got this new home,
now am I going to go and furnishit with all these things and
deplete your savings or bringall new dent, go and get new
furniture and you get out asmall loan for it.
You know it's just not.
You're not setting yourself upin the right path.
Ashley Owens (11:10):
No, you are not.
I think when you're looking topurchase a home, you definitely
should fade.
Even if you are not required toput down a down payment, that
little nest egg helps for whenyou do want to buy new furniture
or when you know you may needto paint something or repair
something in your house.
Kelli Green (11:27):
So there is a lot that goes into when you purchase
a home so for for you to pulleither the full credit report or
a softball.
What is needed from the member?
Ashley Owens (11:38):
the documents that we would need for the member to
pull a soft full credit reportor a soft pull.
What is needed from the member,the documents that we would
need for the member to pull asoft pull or a hard pull would
be just their identification andan authorization for us to pull
that information and go overthat with them.
That's very easy.
That is very easy, very simple,and most people have that
information on their phone.
Kelli Green (11:55):
That's right, and we take those things with us
everywhere we go.
Ashley Owens (11:59):
That is correct.
Kelli Green (12:01):
Well, and so even talking about these, you know, I
mean I know that we havemultiple opportunities for folks
to become homeowners, but Ireally just want us to lean in
today about first-time homebuying and how simple it is.
That's what I think it's just.
There's this myth that's outthere.
People really think that thisis so much harder than what it
really is.
That's what I think it's just.
There's this myth that's outthere.
People really think that thisis so much harder than what it
really is.
And you come in, you can visitto any of our locations.
(12:25):
We have someone that you canspeak with in every market that
we have.
You can also visit them, too,on by email or by phone, and we
can even conduct that creditreport even in that regard.
So I mean, I think it's just sosimple.
We kind of take it, take theguesswork out for you.
Ashley Owens (12:42):
We do.
We take the guesswork out foryou, and some people are more
technology or, you know, techsavvy, as I would say and we
have the ability that we caneven do a Zoom call and go over
those documents with them.
So we do have different avenuesand ways.
Some people are more hands-onand one-on-one and want to come
(13:04):
into the office, and we welcomethat.
We love to see our members comeinto the office and go over
their documents, go over theircredit report and what they
should and should not do.
We can do it online, we can doit over the phone and if we
don't have a loan officer at acenter, we will travel to that
center to meet the member.
(13:25):
So we do have different avenuesto go over this product with
our members and other optionsthat they may have.
Kelli Green (13:32):
I love it Well, and so just to break this down very
easy for everyone so when youcome in and or even you're
talking with somebody, you gothrough this, you talk through,
maybe even create a budget tosee where you are financially.
And if you take a peek andyou're getting pre-qualified
meaning hey, this is somethingthat we know, that you're being
pre-qualified based on yourincome and your expenses If not
(13:54):
say, for example, if you're notnecessarily pre-qualified today,
your team actually walks themthrough ways in which that, hey,
here's some things you mightwant to eliminate.
Maybe you want to get caught upon.
Take us through a little bitabout that If it's somebody that
you've retrieved that creditreport and you think we've got
some things we need to work on.
Ashley Owens (14:11):
We have had those instances before and later on
down the line they have beenable to achieve their goal of
buying a house.
If they come in, we pull thecredit report, we are able to do
financial counseling to them tosay, hey, you may need to pay
off some debt, you may need wecreate a plan for them.
Basically, and if they followthe plan of and it's different
(14:33):
for everybody their plan will bedifferent.
So some people may need to payoff some debt, some people may
need to get rid of some thingson their credit report.
Some people may be needing justtimes, because sometimes
patience is the key to repairingyour credit.
We are just here to help themdo whatever it needs to do for
(14:56):
them to build or buy a house.
Sometimes limit knowing yourlimits as a budget patience
finding the right property maytake time.
Sometimes it's a long-termproject that we have to work on.
It may take six months orlonger.
Sometimes it only takes threemonths.
Kelli Green (15:14):
Yeah.
Ashley Owens (15:16):
It just depends on the member, what they need and
what is on their credit report.
So, and sometimes it's justthem jumping in and purchasing a
home.
Kelli Green (15:27):
That's right, it just varies, it does vary, but
the thing is, I love so muchabout this and I'm telling you
because I not only am anemployee here at Centric, but
I've also gone through thisprocess with you before and you
educate us on being aware of thethings that are right, and you
educate us on things that say,hey, maybe not, this isn't
(15:47):
really scary right now, but itcould be something that could
turn into an extra expense,right?
So you really want to get thesethings under control and I
appreciate your team sharingthat.
So, going back over this, ifyou're ready, you get
pre-qualified from Ashley or herteam and all you're doing now
is you go find a home.
You've got yourpre-qualification letter.
You provide that to your realestate agent.
Ashley Owens (16:07):
That's right letter.
You provide that to your realestate agent.
That's right Pre-qualificationprocess.
We provide that to them orprovide it to their agent.
They are on the road forsearching for a home.
They can provide an offer onthe home.
Once they get an accepted offer, they will provide that
information back to us.
We will complete the process,the application, with any
(16:27):
missing information that we mayhave for their address, for the
cost of the home, down paymentno down payment, closing costs.
The lender processes theapplication.
We send it over to underwriting.
We get conditional approval.
Once we get that informationback, the underwriter basically
is asking for additionalinformation.
We gather that information andin this process the appraisal is
(16:52):
being done.
The title work is being done onthe property to make sure there
are no judgments or liens onthe property, that you have
clear title on the property.
Once we get the appraisal back,that states hey, your house
appraises for what they are infact selling it to you for, or
it may appraise for more, whichis definitely a plus.
(17:13):
We are ready to scheduleclosing issue, a closing
disclosure, and we are ready togo to the moving table and then
we are ready to go to theclothing table.
We are, and then you're readyto move in after you sign all
your documents.
Um, it may sound like a lengthyprocess, but, uh, once you get
(17:34):
into it and once you providedocuments to your lender in a
timely manner, the process goesreally, really smooth.
Oh, yeah, um, and as long asyou're comfortable with your
realtor, as long as you'recomfortable with your lender
that you're able to talk to themum, the process will go very
smoothly for you.
Kelli Green (17:52):
And see the thing I love about it.
You said you bring it all theway back to the closing table.
You're right there with them,yes, as they're signing those
documents, getting those keys intheir hand.
You are right there with amember from the very beginning
To the very end.
So, ashley, I just want to tellyou one as a co-worker, but
also as a friend, someone whohas walked me through this I
(18:14):
just want to tell you thank youso much for this time today.
I appreciate what you and yourteam do for all of our members.
It is amazing.
This program has really beenincredibly beneficial for our
credit union but, moreimportantly, for our overall
areas that we serve, and so Ijust thank you so much for what
you guys do day in and day out.
Thank you.
Ashley Owens (18:34):
We are happy to be here to help members and
non-members here of thecommunity.
Our first time product, firsttime home buyer product, is a
really great product that weoffer here and that can benefit
a lot of members that we havecoming into the center to get
pre-qualified for a home and itmay not be your time right now,
(18:54):
or you may find a home home thatyou really really want, but it
may not be what you need at thistime, so we can definitely get
you into a home and later on itmay be a bigger home or
something that you fell in lovewith initially.
So let us help educate you andhelp you understand the entire
(19:16):
home buying process, establish arealistic budget that leaves
you room when life happens andplan for the unexpected.
I love it.
Thank you so much for beinghere today.
Kelli Green (19:27):
Thank you for having me.
So that brings us to the end ofthe episode of the Live Better
podcast.
We hope you found today'sconversation about our journey
to first-time home buying andhome ownership to be something
that is both enlightening andvaluable In the world of
personal finance.
Knowledge is your greatestasset and Centric remains your
steadfast partner in thatjourney.
(19:48):
If this episode resonated withyou, we kindly ask you to show
your support.
Please hit the subscribe button, share this episode with your
friends and family and take amoment to leave us a review.
Your input is invaluable inshaping the content that
addresses your financialinterests and needs.
And, of course, let's stayconnected on social media.
You can find us on Facebook, atCentricFCU, and on all other
(20:11):
platforms under MyCentric.
Stay in the loop regarding thelatest financial insights and
resources tailored to yourunique financial aspirations.
Until our next episode, alwaysremember that Centric is by your
side as you navigate yourfinancial journey.
Thank you for tuning into theLive Better podcast.
Welcome to another episode of the Live Better
podcast, which is proudlypresented by Centric.
I'm your host, kelly Green, andtoday we are jumping into all
things first-time home buyingopportunities.
We will be joined by our veryown Ashley Owens, who is our
vice president of our mortgagedepartment right here at Centric
.
She will share tips to makehomeownership a reality, as well
(00:23):
as the products that areoffered right here at Centric.
So whether you've been a loyallistener or you're joining us
for the very first time, prepareto dive into homeownership and
how Centric can walk side byside you on this journey.
So I want to welcome ourlisteners to another episode of
the Live Better podcast, andtoday we are joined by our very
own Ashley Owens.
(00:43):
She is Centric's Vice Presidentof Mortgage.
But before we get started andget going, I want you to tell
all of our listeners a littlebit about yourself and what you
really do here at Centric.
Ashley Owens (00:55):
Absolutely.
I am Ashley Owens and I haveseveral years of experience as a
mortgage loan originator,specializing in guiding our
members through the applicationprocess, assessing their
financial situations andsecuring appropriate loans for
their needs.
I have a strong understandingof various loan types and
interest rates.
I'm committed to providingexcellent Centric service by
(01:18):
helping our members achievetheir financial goals.
Kelli Green (01:21):
Well, and I will tell you this, ashley, I've been
one of those folks that you'vehelped over the years.
You know, ashley, you and Ihave worked together.
You've been here at Centric forhow many years?
16 years, 16 years, yeah.
So we've worked together,almost 12 of those 16.
And you've taken us through twoof the home building processes.
And I'm telling you, you makeus all feel right at ease
(01:42):
because you just answerquestions.
Ashley Owens (01:45):
Thank you, and that's what we're here for to
answer your questions and hearfor when you are needed.
Kelli Green (01:49):
Yes, and what I love about it too, is that you
don't think any question issilly.
No, you understand yourself,because you've been a homebuyer
before.
You know all the paperwork thatgoes into it and you get it.
Ashley Owens (02:03):
You understand, you've been there where we are
Right, and that's what we'rehere for, because you don't do
this every day.
This is not your baby, this isour baby and this is what we do
every day.
So, no, no question is a sillyquestions, any information that
you don't understand.
We are here to answer yourquestions and help you along the
way, because it is definitely ajourney, and help you along the
way because it is definitely ajourney.
Kelli Green (02:24):
It is certainly a journey and I just thank you
because you and your team,they're always just a phone call
away.
An email, no question is toosmall or too wild outlandish,
you know, and some of the things, too, that I'd love to talk
about.
Today.
Our focus is really onfirst-time home buying, but one
of the things I enjoy so muchthat you guys do you work
(02:45):
hand-in-hand with our local realestate agents and really
helping your members also, ifyou know what their budget is
and help them find a home Right.
What's probably your favoritepart of the whole process when
you're serving our members andfinding the home of their dreams
?
Ashley Owens (03:02):
I think my favorite part is helping someone
that may have thought that theywere not ready as far as
financially or credit wise inorder to get them a home and
them not knowing the ins andouts, and us having the ability
to give them that information,able to give them financial
counseling to get them to wherethey need to be and achieve a
(03:24):
home ownership goal, becausethat's the American dream to
have a home.
Kelli Green (03:30):
That's right.
And to get you to do that, tobe able to say, hey, you know,
you slide those keys across thetable.
You know, to people that's a Imean talk about emotion.
Ashley Owens (03:40):
That's a great achievement and great investment
to have as well, I love it.
Kelli Green (03:44):
I love it.
I love that you and your teamget to be a part of that.
So something that we know a lotof financial institutions don't
necessarily offer here atCentric or here in our community
.
But at Centric we really focuson first-time homebuyers or even
getting people jump-started tounderstand that they can become
(04:05):
a homeowner.
So talk a little bit with us.
If you don't mind ourfirst-time homebuyer program.
Tell us a little bit about that.
Ashley Owens (04:14):
Well, we do offer a first-time homebuyer here at
Centric and I have beenassisting our first-time
homebuyers, assisting with theirhomebuyer process for some time
now, since we jump-started theprogram.
It is a personalized productthat we have here at Centric
where we offer 100% financing ona property that you may find.
(04:35):
It can be a site-built home orit can be mobile home and land
the great part about it thatthere is no PMI on this product.
So if you were to look at aUSDA loan where they do 100%
financing, you will in fact haveto pay PMI and with their
product you have to be in acertain area.
We don't limit the area thatyou can be in to purchase a home
(04:59):
.
We just want it to be move-inready.
Kelli Green (05:03):
So let me ask you this you mentioned the PMI
through USDA For all of ourlisteners.
What is PMI?
Ashley Owens (05:11):
PMI is private mortgage insurance.
On conventional loans it isrequired PMI if the down payment
is less than 20%.
So for our first-time homebuyerloans we did not require PMI
insurance on our loans.
Even though you're notfinancing 80% of the value of
the property, we are financing100% of the value of the
(05:32):
property.
Kelli Green (05:33):
Wow.
So this program I mean it makessuch a difference for folks, I
mean especially when they'rethinking about whether they
needed a down payment and theclosing costs.
There's so many things withthis first-time homebuyer
program that they don't have toworry about.
Ashley Owens (05:47):
That is exactly right.
They just need to worry aboutthem loving the house, budgeting
for the house, gettingpre-qualified for the house and
making sure that they aredefinitely in love with the
house.
Kelli Green (05:58):
Absolutely, because when you love it, you're most
apt to what Pay for it.
Right, that's right.
I love that.
I think that's outstanding.
And you know some of the things, too, with our first-time
homebuyer program, because it isso unique to this area.
We're one of very few financialinstitutions that offers this
to our members and even to ourcommunity.
(06:19):
I'm sure that you sit down andyou talk about this opportunity
with people who are not evenmembers.
Ashley Owens (06:24):
Yes, we do.
We have a lot of non-membersthat come in and just want to
know hey, what's the First TimeHomebuyer program all about?
I heard about it, so tell me alittle bit more about it.
So that's when we have theopportunity to sit down with
even non-members and not onlytell them about our mortgage
products but about our otherproducts that we offer here at
Centric, and they are very muchenjoying what we have to offer
(06:48):
here.
Kelli Green (06:48):
I love it.
So kind of take us through this, okay, Because I'm like a
visual learner a lot of timesand then I like to see it and
then I would love an advocatelike you, who's an expert in all
things mortgage, to kind ofwalk us through it.
So I come in, sit in youroffice or I phone you up.
What is something that I sharewith you?
Hey, I'm ready to buy a house,but I've never been a homeowner
(07:10):
before.
So what do you?
What's the next step there forus?
Ashley Owens (07:15):
Well, the next step is very simple.
Come talk to a loan officerhere at Centric.
We make the process very simplefor them, even if they do not
know if they're ready.
We have certified financialcounselors in the mortgage
department that are here andready to provide this free
service to our members.
We obtain a tri-merge creditreport for our members.
(07:37):
We can also look at a softballcredit report.
If they think that, hey, Idon't want my credit pool, I
don't know if I'm ready or not,we can look at the softball
credit report and it gives usdetailed information, including
scores, trade line history.
We check credit, we address anyerrors on the credit report.
(08:07):
A member may need to pay offtheir debt, may not need to pay
off debt.
They may need to reduceoutstanding debt, avoid new
credit.
A pre-qualification processstarted and then you can start
looking for a home, because wenever want our members to go out
and look for a home first andthen come back and say, hey, I
found this wonderful home thatI'm interested in, and then it
(08:28):
may be some things on theircredit report that they may need
to fix or they're not in budgetfor it right now and they
falling in love with this house.
I think the number one thingwould be absolutely
pre-qualification process.
Talk with a loan officer thatyou're comfortable with to go
over the process, go over youroptions that you have.
Kelli Green (08:47):
So that pre-qualification process,
you're also sharing with themwhat they can afford based upon
their income and they're alreadytheir expenses that they're
committed to from what you foundon that credit report that is
correct.
Ashley Owens (09:00):
We go over their expenses, we go over their
budget, what they're comfortablepaying, because you do have to
put into play that it's notalways just the price of the
home.
You have to account forhomeowners insurance, you have
to account for property taxes,you have to account for other
expenses that are associatedwith purchasing a home, home
inspection, and then, even afteryou buy the home, you have to
(09:24):
prepare for life.
You know life happens andwhether your family is expanding
for when the kids go to schoolor things that may break in the
home, so you do have to preparefor that.
Just because we say, hey, youcan be approved for a $500,000
house, do you want to maxyourself out nine times out of
10?
(09:44):
No, I would not recommendmaxing your loan amount or your
buying ability out, because youdo have to prepare for, hey,
your child is going to turn 16one day.
So you do have to prepare forthose things in life that will
happen, the what ifs, that'sright, and we don't know what
that looks like, do not know.
Kelli Green (10:04):
It would be so nice , you know, if the Lord would
just be like hey, heads up,here's some things that are
going to be shaken up, you know,but it doesn't necessarily work
that way.
But I love that you'vementioned these things getting
that pre-qualification that setsyou up for success so that
you're not you know what budgetyou can afford for you and your
family and, excuse me, you knowexactly as far as what you can
(10:28):
afford and where to go and setyour a lot of these online home
shopping websites and so forth.
You can set your budget, what'syour minimum and what's your
maximum that you're willing tospend on a home, and it kind of
keeps you within that budget soyou're not seeing anything
that's outside of that.
You know realm and set yourselfup for that Cause you just why?
Why do that to yourself, right,right, and I love that.
(10:50):
You mentioned too, not only that.
You know something to thinkabout with homeowners is, you
know, are you going to say, okay, well, I've got this new home,
now am I going to go and furnishit with all these things and
deplete your savings or bringall new dent, go and get new
furniture and you get out asmall loan for it.
You know it's just not.
You're not setting yourself upin the right path.
Ashley Owens (11:10):
No, you are not.
I think when you're looking topurchase a home, you definitely
should fade.
Even if you are not required toput down a down payment, that
little nest egg helps for whenyou do want to buy new furniture
or when you know you may needto paint something or repair
something in your house.
Kelli Green (11:27):
So there is a lot that goes into when you purchase
a home so for for you to pulleither the full credit report or
a softball.
What is needed from the member?
Ashley Owens (11:38):
the documents that we would need for the member to
pull a soft full credit reportor a soft pull.
What is needed from the member,the documents that we would
need for the member to pull asoft pull or a hard pull would
be just their identification andan authorization for us to pull
that information and go overthat with them.
That's very easy.
That is very easy, very simple,and most people have that
information on their phone.
Kelli Green (11:55):
That's right, and we take those things with us
everywhere we go.
Ashley Owens (11:59):
That is correct.
Kelli Green (12:01):
Well, and so even talking about these, you know, I
mean I know that we havemultiple opportunities for folks
to become homeowners, but Ireally just want us to lean in
today about first-time homebuying and how simple it is.
That's what I think it's just.
There's this myth that's outthere.
People really think that thisis so much harder than what it
really is.
That's what I think it's just.
There's this myth that's outthere.
People really think that thisis so much harder than what it
really is.
And you come in, you can visitto any of our locations.
(12:25):
We have someone that you canspeak with in every market that
we have.
You can also visit them, too,on by email or by phone, and we
can even conduct that creditreport even in that regard.
So I mean, I think it's just sosimple.
We kind of take it, take theguesswork out for you.
Ashley Owens (12:42):
We do.
We take the guesswork out foryou, and some people are more
technology or, you know, techsavvy, as I would say and we
have the ability that we caneven do a Zoom call and go over
those documents with them.
So we do have different avenuesand ways.
Some people are more hands-onand one-on-one and want to come
(13:04):
into the office, and we welcomethat.
We love to see our members comeinto the office and go over
their documents, go over theircredit report and what they
should and should not do.
We can do it online, we can doit over the phone and if we
don't have a loan officer at acenter, we will travel to that
center to meet the member.
(13:25):
So we do have different avenuesto go over this product with
our members and other optionsthat they may have.
Kelli Green (13:32):
I love it Well, and so just to break this down very
easy for everyone so when youcome in and or even you're
talking with somebody, you gothrough this, you talk through,
maybe even create a budget tosee where you are financially.
And if you take a peek andyou're getting pre-qualified
meaning hey, this is somethingthat we know, that you're being
pre-qualified based on yourincome and your expenses If not
(13:54):
say, for example, if you're notnecessarily pre-qualified today,
your team actually walks themthrough ways in which that, hey,
here's some things you mightwant to eliminate.
Maybe you want to get caught upon.
Take us through a little bitabout that If it's somebody that
you've retrieved that creditreport and you think we've got
some things we need to work on.
Ashley Owens (14:11):
We have had those instances before and later on
down the line they have beenable to achieve their goal of
buying a house.
If they come in, we pull thecredit report, we are able to do
financial counseling to them tosay, hey, you may need to pay
off some debt, you may need wecreate a plan for them.
Basically, and if they followthe plan of and it's different
(14:33):
for everybody their plan will bedifferent.
So some people may need to payoff some debt, some people may
need to get rid of some thingson their credit report.
Some people may be needing justtimes, because sometimes
patience is the key to repairingyour credit.
We are just here to help themdo whatever it needs to do for
(14:56):
them to build or buy a house.
Sometimes limit knowing yourlimits as a budget patience
finding the right property maytake time.
Sometimes it's a long-termproject that we have to work on.
It may take six months orlonger.
Sometimes it only takes threemonths.
Kelli Green (15:14):
Yeah.
Ashley Owens (15:16):
It just depends on the member, what they need and
what is on their credit report.
So, and sometimes it's justthem jumping in and purchasing a
home.
Kelli Green (15:27):
That's right, it just varies, it does vary, but
the thing is, I love so muchabout this and I'm telling you
because I not only am anemployee here at Centric, but
I've also gone through thisprocess with you before and you
educate us on being aware of thethings that are right, and you
educate us on things that say,hey, maybe not, this isn't
(15:47):
really scary right now, but itcould be something that could
turn into an extra expense,right?
So you really want to get thesethings under control and I
appreciate your team sharingthat.
So, going back over this, ifyou're ready, you get
pre-qualified from Ashley or herteam and all you're doing now
is you go find a home.
You've got yourpre-qualification letter.
You provide that to your realestate agent.
Ashley Owens (16:07):
That's right letter.
You provide that to your realestate agent.
That's right Pre-qualificationprocess.
We provide that to them orprovide it to their agent.
They are on the road forsearching for a home.
They can provide an offer onthe home.
Once they get an accepted offer, they will provide that
information back to us.
We will complete the process,the application, with any
(16:27):
missing information that we mayhave for their address, for the
cost of the home, down paymentno down payment, closing costs.
The lender processes theapplication.
We send it over to underwriting.
We get conditional approval.
Once we get that informationback, the underwriter basically
is asking for additionalinformation.
We gather that information andin this process the appraisal is
(16:52):
being done.
The title work is being done onthe property to make sure there
are no judgments or liens onthe property, that you have
clear title on the property.
Once we get the appraisal back,that states hey, your house
appraises for what they are infact selling it to you for, or
it may appraise for more, whichis definitely a plus.
(17:13):
We are ready to scheduleclosing issue, a closing
disclosure, and we are ready togo to the moving table and then
we are ready to go to theclothing table.
We are, and then you're readyto move in after you sign all
your documents.
Um, it may sound like a lengthyprocess, but, uh, once you get
(17:34):
into it and once you providedocuments to your lender in a
timely manner, the process goesreally, really smooth.
Oh, yeah, um, and as long asyou're comfortable with your
realtor, as long as you'recomfortable with your lender
that you're able to talk to themum, the process will go very
smoothly for you.
Kelli Green (17:52):
And see the thing I love about it.
You said you bring it all theway back to the closing table.
You're right there with them,yes, as they're signing those
documents, getting those keys intheir hand.
You are right there with amember from the very beginning
To the very end.
So, ashley, I just want to tellyou one as a co-worker, but
also as a friend, someone whohas walked me through this I
(18:14):
just want to tell you thank youso much for this time today.
I appreciate what you and yourteam do for all of our members.
It is amazing.
This program has really beenincredibly beneficial for our
credit union but, moreimportantly, for our overall
areas that we serve, and so Ijust thank you so much for what
you guys do day in and day out.
Thank you.
Ashley Owens (18:34):
We are happy to be here to help members and
non-members here of thecommunity.
Our first time product, firsttime home buyer product, is a
really great product that weoffer here and that can benefit
a lot of members that we havecoming into the center to get
pre-qualified for a home and itmay not be your time right now,
(18:54):
or you may find a home home thatyou really really want, but it
may not be what you need at thistime, so we can definitely get
you into a home and later on itmay be a bigger home or
something that you fell in lovewith initially.
So let us help educate you andhelp you understand the entire
(19:16):
home buying process, establish arealistic budget that leaves
you room when life happens andplan for the unexpected.
I love it.
Thank you so much for beinghere today.
Kelli Green (19:27):
Thank you for having me.
So that brings us to the end ofthe episode of the Live Better
podcast.
We hope you found today'sconversation about our journey
to first-time home buying andhome ownership to be something
that is both enlightening andvaluable In the world of
personal finance.
Knowledge is your greatestasset and Centric remains your
steadfast partner in thatjourney.
(19:48):
If this episode resonated withyou, we kindly ask you to show
your support.
Please hit the subscribe button, share this episode with your
friends and family and take amoment to leave us a review.
Your input is invaluable inshaping the content that
addresses your financialinterests and needs.
And, of course, let's stayconnected on social media.
You can find us on Facebook, atCentricFCU, and on all other
(20:11):
platforms under MyCentric.
Stay in the loop regarding thelatest financial insights and
resources tailored to yourunique financial aspirations.
Until our next episode, alwaysremember that Centric is by your
side as you navigate yourfinancial journey.
Thank you for tuning into theLive Better podcast.
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