First Step - Get Loan Approval with John Schindel

This week on the Messy in The Middle podcast, Jefi and Ed speak with John Schindel, a mortgage loan officer at Bay Equity. They discuss the importance of getting pre-approved before starting the home buying process and the common hurdles that buyers face. John shares why having a long-term financial plan and working with a financial planner to align homebuying goals with overall financial goals is valuable. He also explains the difference between a soft pull and a hard pull on credit and advises against making any major financial changes, such as quitting a job or taking on new debt, during the home buying process.

QUOTES

• "The number one thing for me is that anybody that buys a home, it's the number one precursor. Or statistically, it is the number one thing that means that your children are going to have a better life than you. Intergenerational wealth always comes with your parents owning their own home." -John Schindel [03:59]

• "Your reputation is on the line every time you write an offer. If you're going to write an offer with a non-approved buyer and put that listing agent through the process of presenting and possibly accepting, not knowing that that buyer can accept, you're not going to look too good as an agent at all. And the next time you write an offer for your beautiful buyer who didn't get the right information, you're not going to get your offer accepted.” -Jefi Moultrie [08:30]

TIMESTAMPS

[01:58] Importance of getting pre-approved before house shopping 

[05:57] Biggest hurdle with buyers: meeting them after making offers 

[10:53] Loan estimate and comparing lenders' costs 

[12:44] Starting with a trusted lender before shopping rates 

[14:19] The break-even point and the opportunity to refinance 

[21:34] Considering the quality of life when determining budget 

[25:32] Difference between hard pull and soft pull for credit checks 

[28:08] Top three things not to do when getting ready to buy a house 

RESOURCES

• Never Split the Difference
• The Five Dysfunctions of a Team
• The Peak Experience
• The U.S. Housing Market Has Peaked
• Why Rising Mortgage Rates Push Buyers off the Fence
• The One Thing Every Homeowner Needs To Know About a Recession

CONTACT

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