April 4, 2024 • 31 mins
In this captivating episode of "Beyond the Blueprint," host Matt Socci, along with Premier Mortgage loan originators, Eric Watson and Mark Jackson, leap into the complex world of home ownership. Offering a realistic perspective of the experiences and decisions surrounding buying a home, the trio sheds light on misconceptions and guides you through the steps to achieve your homeownership dreams.
The insightful discussion underscores the frustrations of paying rent without gaining equity, common mistakes, and understanding the home buying process. Through a special series, "The Path to Homeownership," the episode attempts to demystify the intricate process of purchasing a home. Our guests draw from personal experiences, mapping out the thrill of becoming homeowners, and how it accelerated their path to financial prosperity.
Understanding the dynamics of home buying, especially during the pandemic, can be daunting. Eric, Mark, and Matt guide listeners through the essentials - the importance of job history, credit score, and managing liabilities for a successful home purchase. They highlight resources, like the MyFICO app, to simplify the journey, discuss the pitfalls of undertaking new liabilities before a mortgage, and share tips on working with multiple lenders.
Illuminating diverse mortgage products and beneficial home buying programs, this episode serves as a rich resource for first-time home buyers and realtors. Explore the triumphs and trials of the home buying journey and discover how Premier Mortgage Consultants can help make your experience rewarding.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:01):
You've been searching for a podcast that can
motivate you inspire you and teach
you about business and life all at
the same time well we've got you covered
this is beyond the blueprint with matt whether you're seeking to unlock the
secrets of real estate success or seeking guidance in the world of marketing
(00:24):
and coaching you're in the right place helping to educate and motivate you through
real life experiences with work and life.
We'll uncover stories like how a family's homeowning dream turned into their
living truth, or how a struggling rookie transformed into a top realtor.
You'll find there's always a way forward, pushing the boundaries of what's possible.
(00:46):
This is Beyond the Blueprint with Matt, and now your host, Matt Sochi.
All right. Welcome to Beyond the Blueprint. I'm really excited to be here today.
I have Eric Watson and Mark Jackson here and two great loan originators that
(01:07):
work for Premier Mortgage.
And we're talking about starting a little series, The Path to Homeownership.
And we thought it was was a good idea to roll out a series probably,
I mean, we could probably go on for a hundred episodes, but to help educate
the buyers out there in the market, because a lot of people just simply don't know where to start.
(01:31):
And so we want to go over some topics and really just discuss the basic steps
on the first episode and go into more details down the road,
as far as the different type of loan products and working with the right realtor partner,
working with the right mortgage broker and company and to try to help others
out there that are in the market potentially looking to buy or people who have
(01:53):
bought in the past because things change in our world what every second.
Truthfully. Truthfully, pretty much right. So we're excited to roll this out
and we'll probably do a weekly until we run out of information to give,
which I'm pretty sure we'll be able to go for a long while.
So again, thank you for watching and listening.
We will be putting this on social media and hopefully you could get some nuggets
(02:14):
out of it and any feedback would be greatly appreciated.
Eric, so why don't you just talk a little bit about what you do at Premier Mortgage
and how long you've been working here.
I've been a senior mortgage loan originator now for just just over four years
here at all of my experience here at Premier Mortgage Consultants.
I'll tell you what, it's been an awesome experience really from day one.
You need mentorship and I had some of the best mentorship available and really
(02:39):
taught me a lot about the industry's ins and outs of seeing a mortgage from
receiving that purchase contract right through to the clear to closing.
And really, we probably do it better than most.
I promise you that because of the attention to the detail, and the knowledge
and the experience, the passion that we have.
And I'll be honest with you. I'd like to add on to what Matt had to say in essence,
(03:02):
that if you're a first-time homebuyer, if you've thought about it in the last
six months, if you're in your early 20s or your early 30s and you've never owned a home,
it seems like a complex process and there is a complexity to it.
But the reality of it is if you've got a trained seasoned professional, they'll simplify that.
They'll hold your hand and get you through it every step of the way. Yeah, absolutely.
(03:24):
How about you, Mark? Well, I've been in banking for probably 25 plus years,
but I've been on the other side, the lending compliance.
So it's interesting to be on this side of the table for a change.
So Mark knows all the rules.
I do know a fair number, I have to say. So I can help you through that as well.
But yeah, so it's interesting to be on this side. And I have to say,
(03:45):
honestly, I've only been MLO for maybe a month.
And you already closed the deal. I did. I did. Look at that. Yes.
A lot of work, but it's been honestly the most rewarding month of my career in banking.
So I'm super excited to be here. And honestly, the team we have here is amazing.
And sometimes I wonder if things aren't going to work, but we end up making it work.
(04:08):
So we've been very successful. They've been very successful.
And I know I'm a huge part of that now, but. Yeah, we're very excited to have
you here. Just kidding. Thank you.
Very, very excited. All right, cool. So we want to kind of talk about some basics.
So I think the first topic we agreed upon is understanding homeownership.
I mean, it goes into a couple of different areas, right?
(04:29):
So I guess the first part is defining what homeownership is and the importance behind it, right?
So in our lives, every single day, we talk to a lot of people who are renters
or they are young and still living with their parents and ready to get out the door, right? Right.
And, you know, when we talk about homeownership and its importance,
I think of being having the opportunity of, you know, what they've always said is the American dream.
(04:55):
Right. You own a home, you start a family, you live there.
And the average statistic out there is that you own a home, your first home,
probably three to five years.
Right. And typically how the market goes in that time period,
you have enough money to put down a bigger down payment and buy your dream house.
And the perks behind owning a home.
And I don't think a lot of people understand this too is the write-offs that you get as well.
(05:19):
You know, it's not astronomical, but it does help.
But I think the importance of having home ownership is having basically,
you know, that peace of mind of you have real estate and real estate is 99 out
of 100 times an appreciating asset.
And a lot of the wealthy people out there, They are the bazillionaires.
(05:40):
They own land and real estate.
Those are the two things. And a lot of people I talk to, you know,
they have 20, 30, sometimes 40 properties. And I'm like, this is going to be a fun loan to do.
But at the end of the day, they're worth a lot of money because of that.
You know, so I think that's a really big thing is, you know,
having home ownership is that direction in life to set up your future.
(06:03):
Agreed. Eric, how about the benefits of owning a home?
I think the reality of the benefits of owning your own home is not only owning
your own domain is, as we like to call in America, the American dream or the
king and the queen own the castle collectively together. And that's your place.
But you're also building equity in yourself and in your own financial portfolio.
(06:25):
As Matt alluded to when he was answering the previous question,
you buy a home for $250,000 realistically in five years if you're going to hold on to that property.
Theoretically, you should probably be able to sell it for $275,000, $280,000.
And again, there's a lot of variables that come into play with how much your
home appreciates relative usually to location.
(06:48):
But you're building equity and you're not paying interest and you're not building
somebody else's equity, either a corporation or a landlord.
And, and really that's it in a nutshell. Yeah.
Those are great points there. A hundred percent.
Mark, what are like some experiences that you think that are related to home ownership?
Like if you could go back in time, like thinking about the first time you bought a house.
(07:13):
Well, you know, I've been blessed. I bought my first house at 23 in Pennsylvania
and, you know, I loved it.
It was like a refuge from the world. When you come home from work,
you're like, you got a place to go call your own.
No landlord can come and tell you to get out or, you know.
Pick up your garbage from the end of the road. You can't paint this color.
(07:34):
There's HOAs, but yeah. But it was amazing on my own home.
And honestly, one of the most rewarding things. And, you know,
one of the things I see today a lot is millennials who are having a lot more
trouble buying homes than we did.
Well, at least I'm younger than you all, you and I, but they just don't seem
to see a path towards home ownership.
(07:56):
Most of them think that they need to have massive dial payments and perfect
credit, but that's just not the way it is these days.
The government and the lending organizations have come up with programs that
address almost every need, especially for people who might not have perfect
credit and don't have that much to put down.
Yeah. And it really, you know, when I first came here, I guess I didn't realize
(08:16):
how many programs there were for new homeowners and, you know,
just how much easier it is to get into a home.
Yeah, it's crazy. When I bought my first house, I mean, it wasn't 20,
30 years ago. I was probably 15 in Connecticut. There were no programs.
The world's changed immensely since then. My rate was 6%. I had to put my,
well, minimum was 3.5. I put 15 down or something like that.
(08:39):
There was nothing. And now it's like I talk to clients and I'm like,
there are so many programs that you can possibly qualify for,
especially in Florida, with our extra programs.
And it's just amazing. Like the opportunity to own a home is easier now than
it's probably ever been. And I don't think people realize that.
Because everyone thinks you got to put 20% down because grandma,
(09:01):
grandpa told you, you know, back in the day, you know, but back in the day,
they were also giving away homes in Cape Coral on the price is right.
This is true. This is true, which I think is a segue to our next question.
Matt, what are some of the factors that influence when somebody's deciding to
buy a home? I think the number one thing that I hear all the time is I am tired of renting.
(09:25):
And I think that's a huge factor because it's like where we live,
the rent is very expensive in Naples.
I mean, you're looking probably 3,000 average a month. month.
That's probably if you're lucky.
If you're lucky. I mean, it depends if it's a condo versus a house. Right.
And I mean, even in BFE, you know, way out there, it's 3000 to 4000 a month.
(09:46):
So when I talk to clients and, you know, I do ask them in the beginning steps
is, you know, how much are you paying for rent?
Just to get a gauge, right? If they say 500 a month, like, all right,
well, I know where that's going to go.
But if they say like two to 3000 a month, I'm like, wow.
So how many years have you been living in that house? And they'll say,
oh, you know, three to to five, you know, three years.
So then you take, let's just take an average aggregate number,
(10:07):
like 30,000 a year in rent.
That's $90,000 that they could have put towards the equity in a home, you know?
And it's kind of shocking. And some people that are in their thirties or forties
have been renting their whole time.
And you're talking excess of a half a million to a million dollars that they've spent renting.
In nothing. They've got nothing for it. Yeah. And I think that's a big factor
(10:30):
we hear today a lot is I'm just tired of paying rent.
Now, as far as other people that own a home and they're trying to buy another
home here in Florida, we see a lot of people that want to relocate out of the
north or different types of states for whatever reason that they choose.
I mean, this is a friendly show, so we won't go in any of those directions.
But at the end of the day, a lot of people move to Florida. It's actually a statistic.
(10:53):
I believe it's about 80,000 people or families a month are moving to Florida.
That's input. There's obviously output and there's a lot of people moving out
of Florida for whatever reason.
It's getting very crowded here, but that's what I think is a big thing from my perspective.
Well, and I think just to add to that, too, statistically speaking,
(11:14):
I'm sure even on a nationwide scale, one thing you can say a high percentage
of the time, no matter the amount of rent you're paying every single year,
minus some sort of natural disaster or something along those lines, rent never goes down.
Collectively, I'm sure a high percentage of the time rent always goes up.
(11:38):
So whatever you're paying this year, when it comes time to renew that lease, it's going to go up.
And, and therein is what leads to paying thousands upon thousands upon thousands
of dollars into somebody else's equity and covering their interest rate and
all of the other expenses of owning real estate.
I think a lot of the kids, I mean, the younger generation, they just don't understand,
(12:03):
you know, you know, they either live at home until they can't live there anymore
or parents want to move away.
And it's a good idea. Like, you know, I think the financial literacy of what
they teach children in school is zero.
And us as parents, like we have to help teach our kids. is.
I mean, imagine if your children, like you collected, if they worked,
(12:26):
you know, let's just say they're 16, 17 years old and you collected,
I don't know, three to 400 bucks a month and you put it into like a savings account for them.
Three to five years, they'll have enough to buy a house, a down payment.
Absolutely. And I bet you the
percentage of parents out there doing it is zero because I'm one of them.
I tried and I got rejected. We got rejected. They're like, no,
(12:47):
I was like, all right, that's your deal, you know, but then you're not going
to get the help when you need it. You know, I think it's a good thing to do.
I mean, there's a lot of things you could do. Yeah, for sure.
And you know, if there wasn't money to be made in the rental market,
corporations wouldn't be doing it.
Oh yeah. More and more and more corporations are buying up single family homes
(13:08):
and renting them out because that's just a way to make amazing money.
And would you rather be on, what side of the equation would you want to be on?
On the homeowner side or the side paying rent, making somebody else wealthier.
I mean, I think owning a home there's, you know, it's not for everybody.
I understand that some people just aren't in the position, but the opportunities
to loan own, as we just spoke of are greater now than probably ever.
(13:31):
And, you know, we can help you get there. Yeah.
I mean, we wrote down a lot of topics, but I think alluding to this is like,
all right, so let's just say you're currently renting. Mark,
you and your wife are renting.
What do you think are some of the questions or fears that people have to get to that next step?
(13:52):
Like, are they scared to talk to the mortgage person? Like what, in your opinion?
Absolutely. Not on the paper here. I think, I think people are intimidated by
the process just because as you mentioned before, they've spoken to their grandparents
or maybe even their parents and they've said, okay, well you need to have very very good credit.
You need to have, you know, save 20, 40, $60,000 put down.
(14:13):
And not many people are in that position right now with inflation going crazy as it is.
Saving money is difficult. And if you're paying rent every month,
it's even more difficult.
So there's so many plans and people don't realize that it's just within the
realm of possibility for you to own a home. Are mortgage brokers scary?
I mean, I don't think so. I always feel like they have a fear, right?
(14:37):
People like a realtor would be like, hey, Matt, can you call Abby?
You know, looking to buy. I'm like, yeah, absolutely. I'll tax call,
email, throw out the smoke signals.
And i'm like is there you know they're
just kind of nervous i'm like nervous well you
know i think there's a difference between mortgage brokers and
bankers the ding bankers you know the monolithic on the corner that you know
(15:02):
always seems to find a way to say no because you don't meet fit into their box
is not what we do here we have boxes for almost everybody the i did the banking
thing working in large banks, small banks,
medium-sized banks for 25, 30 years.
And it was my job to look at loans and, you know, they all kind of fit into
(15:23):
the bucket, 20% down, everybody has 700 credit score.
And reality is not these days, especially everybody has that.
And we can work with the people who don't fit in that box.
Yes. And I would like to add to that. Initially, when I first started doing
this back in COVID, I would encourage anybody to call Premier Mortgage Consultants, of course.
(15:46):
And if you're unfamiliar with the process or you feel like you're a little bit
of afraid because you're elementary, you don't understand these things,
that's what we're here for.
I probably had at least two or three deals that I closed in the first year where
I had individuals that were calling me asking me, okay, tell me what exactly I need to do.
(16:06):
And the first step in the process, I think, for anybody is, one, formulate a plan.
Because without a plan, you better plan to fail. and that means
you got to take a long hard look at your budget and determine
where is this money going to come from to
get pre-approved for a loan and ultimately find a lender that's going to give
you the clear to close and any lender out there they don't want to deal with
(16:30):
anybody that doesn't have some skin in the game and the skin in the game is
your earnest money deposit how much can can you put down?
Because the last thing that any lender or anybody that works at Premier Mortgage
Consultants wants is for you to default on the loan and lose the home in foreclosure.
So that down payment money is really where that's going to come from.
(16:51):
And where are you going to get it? You got to have a plan and you got to make
a budget to find that money to make that happen.
We can help you with the closing costs. We've got tons of lenders that we work
with, as Mark mentioned, as Matt mentioned earlier, that are currently providing
down payment assistance program.
And certainly some of that money can be used for down payment assistance and
or closing costs, but you still got to come up with some of the earnest money deposit on your own.
(17:16):
And that's the skin in the game that the lenders are looking for to know that
you're genuinely serious.
I think the other thing you need to look at, and as Mark mentioned,
it's easier now than ever, you know, 15, 20 years ago, it wasn't that easy to
check your credit score.
Score and today everybody can have
an app on their phone and yeah instantaneously check your
(17:37):
credit score you got to get that credit score ideally
up into the 700s can we go 680 can
we go under yes but it gets a little bit more complicated i would say as credit
scores go right now so 680 is kind of like on the government loans you're top
tier correct but when you go to a conventional loan you're middle of the you're
(17:59):
middle of the pack yes you know even though you could go down to is 620 on conventional loan,
which to be honest with you, unless you're putting 20% down or doing a condo,
there's not many conventional loans being done right now because the rates are about a point higher.
You know, but the FHA loans and the government loans are really easy for people
because they make it more affordable and have different, more loose guidelines as far as that.
(18:23):
But, you know, going back to the fear, like I feel like there's people out there
that are right in front of our faces that are renting and they're just scared
to take that step. And I'm like, why?
Because it's exciting. Like there's nothing better when you get a clear closing,
you call your borrower and you're like, we did it. You did it,
you know, and they're pumped up.
(18:44):
I mean, there's tears, there's happiness and there's a whole bunch of different things.
But, you know, I think there's a lot of people out there and for realtors out
there, if you right in front of your face on your Facebook, you probably have
25 to 50% of the people that you engage with that are all renting.
And the question is why and how do we get them? Because I'll tell you what,
what Mark said with the banking, how they want your perfect boxes.
(19:08):
I had a client come to me with 740 credit score, 10% down, and Sunco said no.
It was the most beautiful loan
I have ever seen. It was in and out the door, done in a week and a half.
That's interesting. And that's the reality is that there's a lot of realtors
out there that have connections with people that have been doing this for,
I think, probably way too long and should be retired. And they don't know all
(19:31):
the new things ins and outs.
And that's why us being a technology mortgage company, right?
We have all the different lenders. We have all the different options.
We have everything. We have great people that work here that want to talk to
people and make it fun and exciting.
Is that getting with us is a different experience than going with John Doe from
down the road. And actually, it's different with everybody.
(19:52):
But at least we have in our circle here, the same products, right?
But we drive on customer service. We drive on those conversations.
Well, and I also like to think too that we're diverse because we work with multiple lenders.
And when I say multiple, I'm talking 40, 50 plus lenders.
Actually, Mark counted them. Yes. How many?
(20:12):
49 right now. 49. So there you go. 49 different lenders.
They're not all the same. This is the wholesale market. And these lenders have
target markets that they're looking at.
So some of them certainly target the first-time homebuyers, and they've got
down payment assistance programs, and they love conforming products,
FHA and conventional loan products.
(20:33):
That's what their meat and potatoes is of what the products are that they're
offering. And then we have lenders that their area of expertise are investment
properties, and they offer DSCR loan products.
And then we have lenders that are also in another area of the non-QM market
for folks that are 1099 employees or they're self-employed. And those are completely different markets.
(20:57):
And yet all of those markets can qualify for a mortgage to get a new home,
to get a second home, a vacation home, or an investment property.
And when I say investment property, I'm talking long-term.
You find a renter, they sign a six-month lease, they sign a 12-month lease,
or we're talking some of the short-term rentals where somebody comes in,
stays at your home for a week, maybe two weeks at the most, and they're in and
(21:21):
out, and the next person comes in.
And really, that's the advantage of Premier Mortgage Consultants.
Everything. We work with multiple lenders and we know their area of expertise.
So when somebody calls me looking for one of those products,
I've already got half a dozen lenders in mind that I want to talk to and shop their loan package to.
(21:41):
What? Go ahead, Mark. I was just going to say, so my first loan I did,
it was a person I grew up with and they were buying an investment condo and
they were working with another lender. Don't give out names on the show.
Protect the innocent. I've got haters. Very good privacy. And they were working
with another lender in town, and they just did not care for the lack of communication.
(22:04):
They just wanted to let, you know, what's going on with my loan?
Where are we at in the process? How are things going? You know,
what do you need? What else do you need from me?
And I was just looking at her loan proposal just to see if the pricing was decent
and that she wasn't getting ripped off. off and we ended up being able to save
her, I don't know, $1,500 in fees and a half a rate.
(22:24):
Lower rate. Yeah. Half a percent lower on the rate.
So, and it took me a few banks to get to that, or well, a few lenders,
I should say, to get to that, but that's what we do.
Work the deal so we can make it work for the borrower.
And she was super insistent on getting that, you know, half a percent down that
was really in her crawl and we ended up getting it and saving her money.
So that's the value of having 50 different, 49 different lenders you work with.
(22:48):
We're going to do an episode with all the stories because I know,
Eric, you got a couple. I got a couple. Oh, absolutely.
Just for time purposes.
So we'll do an episode just of stories, right? And we'll tell the stories and
what the difference is. Broker versus banker. Yeah.
So I guess the last piece here just to talk about.
So the first episode, right? So we talked about a lot of different things in
(23:11):
the beginning. Why buy versus rent?
Let's try to dive through. what are the three, maybe four important things to get pre-approved?
And we'll start with...
Job history. Okay. Job history. As I mentioned earlier, the last thing a lender
wants to do is have anybody default on a loan.
(23:33):
So your job history eludes to the stability of your income. At the end of the
day, that's really what it's about.
So in many instances, I would say a lot of your first-time home buyers tend to be W-2 employees.
So the lenders are specifically looking for two consecutive consecutive uninterrupted years.
(23:54):
And if you were in school or maybe expecting a child or something like that,
a little break in services is certainly acceptable and we can wiggle our way around that.
But at the end of the day, they really like two consecutive years of service
and like industries or similar industries.
So if you're a nurse, if you're a lawyer, if you're pick the profession,
(24:15):
pick the trade, it doesn't really matter as long as two consecutive years in
there. That's what what they're looking for.
If you're self-employed, similarly, they want two consecutive years in that particular business.
You've been the owner and you can back it up with- Two years tax returns.
Yep. Two years of both business and personal tax returns so they can see and
break down exactly what your incomes are going to be. Okay.
(24:37):
I agree. And if you do have gaps, it is okay.
So there is a rule. We don't have to go deep into the different loan products,
but typically if you have a gap of six months or For more, you have to be at
the current job for six months, typically.
Conventional is a little bit looser with that stuff, but I have a client right
now where she hasn't worked in 20 years, so we had to go back to Puerto Rico
and get her transcripts that were handwritten.
(25:00):
But it works. Absolutely. So you've got to have a history no matter what.
And like Eric said, if you go from
doctor to taxi driver, it's probably a different pay. Correct, correct.
But job history is pretty important, I think. Real quick, just to allude or
explain what I was, the point I was trying to make is I closed a loan late last
(25:20):
year for a young lady that was, had been a nurse for one year.
The one year prior to being a nurse, she was in school to become a nurse. There they go.
And we provided her transcripts. She had one year employment as a nurse and the lender approved it.
And I'll be honest with you, she's probably been in that home well over six months now.
I'll tack credit. So, because I pull a lot of credit, I see everything on credit.
(25:44):
So credit is really, really important.
And there's a lot of people out there that use things such as Credit Karma,
which is fake. Don't use that app ever.
We like one here called MyFICO, and it is a paid subscription.
It is a soft pull, but it does give you your mortgage two, four, and five scores.
So there's a big difference between
your FICO 8s and your blended scores versus what we pull on our end.
(26:06):
Typically, they could be anywhere from what you see on your blended scores or
as low as 50 to 60 points lower for whatever reason.
So if you're out there and you're thinking about buying, great app to get. This is not a plug.
Don't work for them. them, but we recommend it because it's basically a softball
on your mortgage scores.
So for mortgage scores, typically you want to be 580 or higher on the government
(26:28):
loans, which are VA, USDA, and FHA.
For conventional, it's a minimum of 620 for the credit scores.
So if you're in the ball game and you think your credit's bad,
people have different ideas of what their credit being bad is.
I talked to somebody, they thought their credit was terrible. It was 705.
To me, that's it's terrible for me, but in our world, that's good credit. You're good.
(26:52):
But I do want to say something too, is that we have a lot of programs with some
of our preferred lenders that we use that do things such as credit upgrades.
So we have a way to help you go on a path to get your credit boosted.
And they'll give us literally a path. You do the path, we resubmit it,
they rescore you, new credit score, good to go.
So credit score is very important in this market right now, because if your
(27:15):
credit score is low, yeah, you could buy a house, but you're going to get hit
with higher rates and things that go along with that. Bigger down payment requirements.
Right. So I've been telling people now, if you're looking to buy over the summer,
even fall, let's get you on the path to homeownership. Let's look at your credit.
Let's do a soft pull. Let's see where you're at. Temp check.
(27:35):
It's okay to do that. So I think that's a big thing.
I think the third most important thing, Mark, can you go over this,
is probably liabilities. So,
When the bank's looking to, lender is looking to approve you,
they'll look at what you owe. Who do you owe?
What do you, you know, how, what's that percentage related to your income?
You know, there's, you don't want to go out and get a new car just before you
(27:59):
apply for a loan because they're going to count that against your income.
And, uh, you know, sometimes that $725 car loans, probably not the best idea
if you're saving to buy a house.
Maybe if you can, if you're in a position for it, sell it, or even I've seen
it refinance and you can go, maybe you had a five-year loan and you're down to two years.
(28:20):
You can actually refi it for a decent rate and take it out for five years again,
and it'll get it down to maybe the 300 range, 400 range.
So there's several options, but what you owe everyone will definitely be counted
when you come for a mortgage.
So try not to spend as much as you
could spend because they'll give you credit to everybody beans and
(28:40):
rice sometimes even taco
bell is more expensive than it used to be i know raymond maybe but you know
there's ways to save money so if you can save money and you can quit putting
on your credit card that's the best way yeah the credit cards you crush well
they're not too bad because we only use your minimum payment to qualify and
(29:01):
i get a lot of people i need to pay off my credit cards. I'm like, whoa, stop.
Let's just check it out first. Cause maybe you don't, maybe it's not as bad as you think.
All right, great. So a lot of stuff here.
We want to keep it under 30 minutes. We are right there at the 30 minutes.
So next week we will roll out a little bit more in depth on different parts of this.
So the first step is if you're renting out there, you need to get with any of
(29:24):
us on the premier mortgage team.
We're here to help and we'll put links and everything for everybody below.
And if you know anybody that's renting and there could possibly be a potential
opportunity for them to buy, which I think there's always a possibility for
everyone to buy, have them reach out.
And we will upload this. So make sure if you are not following the podcast or
(29:46):
YouTube, hit the like, subscribe, share with your friends, share with your family,
share with anybody, coworkers that might be renting.
We'd love to help them. Thank you
so much for listening to Beyond the Blueprint. We'll see you next week.
(30:25):
Back soon. But in the meantime, you can find us on YouTube and Facebook and
on all the major podcast channels at Beyond the Blueprint.
See you next time.
You've been searching for a podcast that can
motivate you inspire you and teach
you about business and life all at
the same time well we've got you covered
this is beyond the blueprint with matt whether you're seeking to unlock the
secrets of real estate success or seeking guidance in the world of marketing
(00:24):
and coaching you're in the right place helping to educate and motivate you through
real life experiences with work and life.
We'll uncover stories like how a family's homeowning dream turned into their
living truth, or how a struggling rookie transformed into a top realtor.
You'll find there's always a way forward, pushing the boundaries of what's possible.
(00:46):
This is Beyond the Blueprint with Matt, and now your host, Matt Sochi.
All right. Welcome to Beyond the Blueprint. I'm really excited to be here today.
I have Eric Watson and Mark Jackson here and two great loan originators that
(01:07):
work for Premier Mortgage.
And we're talking about starting a little series, The Path to Homeownership.
And we thought it was was a good idea to roll out a series probably,
I mean, we could probably go on for a hundred episodes, but to help educate
the buyers out there in the market, because a lot of people just simply don't know where to start.
(01:31):
And so we want to go over some topics and really just discuss the basic steps
on the first episode and go into more details down the road,
as far as the different type of loan products and working with the right realtor partner,
working with the right mortgage broker and company and to try to help others
out there that are in the market potentially looking to buy or people who have
(01:53):
bought in the past because things change in our world what every second.
Truthfully. Truthfully, pretty much right. So we're excited to roll this out
and we'll probably do a weekly until we run out of information to give,
which I'm pretty sure we'll be able to go for a long while.
So again, thank you for watching and listening.
We will be putting this on social media and hopefully you could get some nuggets
(02:14):
out of it and any feedback would be greatly appreciated.
Eric, so why don't you just talk a little bit about what you do at Premier Mortgage
and how long you've been working here.
I've been a senior mortgage loan originator now for just just over four years
here at all of my experience here at Premier Mortgage Consultants.
I'll tell you what, it's been an awesome experience really from day one.
You need mentorship and I had some of the best mentorship available and really
(02:39):
taught me a lot about the industry's ins and outs of seeing a mortgage from
receiving that purchase contract right through to the clear to closing.
And really, we probably do it better than most.
I promise you that because of the attention to the detail, and the knowledge
and the experience, the passion that we have.
And I'll be honest with you. I'd like to add on to what Matt had to say in essence,
(03:02):
that if you're a first-time homebuyer, if you've thought about it in the last
six months, if you're in your early 20s or your early 30s and you've never owned a home,
it seems like a complex process and there is a complexity to it.
But the reality of it is if you've got a trained seasoned professional, they'll simplify that.
They'll hold your hand and get you through it every step of the way. Yeah, absolutely.
(03:24):
How about you, Mark? Well, I've been in banking for probably 25 plus years,
but I've been on the other side, the lending compliance.
So it's interesting to be on this side of the table for a change.
So Mark knows all the rules.
I do know a fair number, I have to say. So I can help you through that as well.
But yeah, so it's interesting to be on this side. And I have to say,
(03:45):
honestly, I've only been MLO for maybe a month.
And you already closed the deal. I did. I did. Look at that. Yes.
A lot of work, but it's been honestly the most rewarding month of my career in banking.
So I'm super excited to be here. And honestly, the team we have here is amazing.
And sometimes I wonder if things aren't going to work, but we end up making it work.
(04:08):
So we've been very successful. They've been very successful.
And I know I'm a huge part of that now, but. Yeah, we're very excited to have
you here. Just kidding. Thank you.
Very, very excited. All right, cool. So we want to kind of talk about some basics.
So I think the first topic we agreed upon is understanding homeownership.
I mean, it goes into a couple of different areas, right?
(04:29):
So I guess the first part is defining what homeownership is and the importance behind it, right?
So in our lives, every single day, we talk to a lot of people who are renters
or they are young and still living with their parents and ready to get out the door, right? Right.
And, you know, when we talk about homeownership and its importance,
I think of being having the opportunity of, you know, what they've always said is the American dream.
(04:55):
Right. You own a home, you start a family, you live there.
And the average statistic out there is that you own a home, your first home,
probably three to five years.
Right. And typically how the market goes in that time period,
you have enough money to put down a bigger down payment and buy your dream house.
And the perks behind owning a home.
And I don't think a lot of people understand this too is the write-offs that you get as well.
(05:19):
You know, it's not astronomical, but it does help.
But I think the importance of having home ownership is having basically,
you know, that peace of mind of you have real estate and real estate is 99 out
of 100 times an appreciating asset.
And a lot of the wealthy people out there, They are the bazillionaires.
(05:40):
They own land and real estate.
Those are the two things. And a lot of people I talk to, you know,
they have 20, 30, sometimes 40 properties. And I'm like, this is going to be a fun loan to do.
But at the end of the day, they're worth a lot of money because of that.
You know, so I think that's a really big thing is, you know,
having home ownership is that direction in life to set up your future.
(06:03):
Agreed. Eric, how about the benefits of owning a home?
I think the reality of the benefits of owning your own home is not only owning
your own domain is, as we like to call in America, the American dream or the
king and the queen own the castle collectively together. And that's your place.
But you're also building equity in yourself and in your own financial portfolio.
(06:25):
As Matt alluded to when he was answering the previous question,
you buy a home for $250,000 realistically in five years if you're going to hold on to that property.
Theoretically, you should probably be able to sell it for $275,000, $280,000.
And again, there's a lot of variables that come into play with how much your
home appreciates relative usually to location.
(06:48):
But you're building equity and you're not paying interest and you're not building
somebody else's equity, either a corporation or a landlord.
And, and really that's it in a nutshell. Yeah.
Those are great points there. A hundred percent.
Mark, what are like some experiences that you think that are related to home ownership?
Like if you could go back in time, like thinking about the first time you bought a house.
(07:13):
Well, you know, I've been blessed. I bought my first house at 23 in Pennsylvania
and, you know, I loved it.
It was like a refuge from the world. When you come home from work,
you're like, you got a place to go call your own.
No landlord can come and tell you to get out or, you know.
Pick up your garbage from the end of the road. You can't paint this color.
(07:34):
There's HOAs, but yeah. But it was amazing on my own home.
And honestly, one of the most rewarding things. And, you know,
one of the things I see today a lot is millennials who are having a lot more
trouble buying homes than we did.
Well, at least I'm younger than you all, you and I, but they just don't seem
to see a path towards home ownership.
(07:56):
Most of them think that they need to have massive dial payments and perfect
credit, but that's just not the way it is these days.
The government and the lending organizations have come up with programs that
address almost every need, especially for people who might not have perfect
credit and don't have that much to put down.
Yeah. And it really, you know, when I first came here, I guess I didn't realize
(08:16):
how many programs there were for new homeowners and, you know,
just how much easier it is to get into a home.
Yeah, it's crazy. When I bought my first house, I mean, it wasn't 20,
30 years ago. I was probably 15 in Connecticut. There were no programs.
The world's changed immensely since then. My rate was 6%. I had to put my,
well, minimum was 3.5. I put 15 down or something like that.
(08:39):
There was nothing. And now it's like I talk to clients and I'm like,
there are so many programs that you can possibly qualify for,
especially in Florida, with our extra programs.
And it's just amazing. Like the opportunity to own a home is easier now than
it's probably ever been. And I don't think people realize that.
Because everyone thinks you got to put 20% down because grandma,
(09:01):
grandpa told you, you know, back in the day, you know, but back in the day,
they were also giving away homes in Cape Coral on the price is right.
This is true. This is true, which I think is a segue to our next question.
Matt, what are some of the factors that influence when somebody's deciding to
buy a home? I think the number one thing that I hear all the time is I am tired of renting.
(09:25):
And I think that's a huge factor because it's like where we live,
the rent is very expensive in Naples.
I mean, you're looking probably 3,000 average a month. month.
That's probably if you're lucky.
If you're lucky. I mean, it depends if it's a condo versus a house. Right.
And I mean, even in BFE, you know, way out there, it's 3000 to 4000 a month.
(09:46):
So when I talk to clients and, you know, I do ask them in the beginning steps
is, you know, how much are you paying for rent?
Just to get a gauge, right? If they say 500 a month, like, all right,
well, I know where that's going to go.
But if they say like two to 3000 a month, I'm like, wow.
So how many years have you been living in that house? And they'll say,
oh, you know, three to to five, you know, three years.
So then you take, let's just take an average aggregate number,
(10:07):
like 30,000 a year in rent.
That's $90,000 that they could have put towards the equity in a home, you know?
And it's kind of shocking. And some people that are in their thirties or forties
have been renting their whole time.
And you're talking excess of a half a million to a million dollars that they've spent renting.
In nothing. They've got nothing for it. Yeah. And I think that's a big factor
(10:30):
we hear today a lot is I'm just tired of paying rent.
Now, as far as other people that own a home and they're trying to buy another
home here in Florida, we see a lot of people that want to relocate out of the
north or different types of states for whatever reason that they choose.
I mean, this is a friendly show, so we won't go in any of those directions.
But at the end of the day, a lot of people move to Florida. It's actually a statistic.
(10:53):
I believe it's about 80,000 people or families a month are moving to Florida.
That's input. There's obviously output and there's a lot of people moving out
of Florida for whatever reason.
It's getting very crowded here, but that's what I think is a big thing from my perspective.
Well, and I think just to add to that, too, statistically speaking,
(11:14):
I'm sure even on a nationwide scale, one thing you can say a high percentage
of the time, no matter the amount of rent you're paying every single year,
minus some sort of natural disaster or something along those lines, rent never goes down.
Collectively, I'm sure a high percentage of the time rent always goes up.
(11:38):
So whatever you're paying this year, when it comes time to renew that lease, it's going to go up.
And, and therein is what leads to paying thousands upon thousands upon thousands
of dollars into somebody else's equity and covering their interest rate and
all of the other expenses of owning real estate.
I think a lot of the kids, I mean, the younger generation, they just don't understand,
(12:03):
you know, you know, they either live at home until they can't live there anymore
or parents want to move away.
And it's a good idea. Like, you know, I think the financial literacy of what
they teach children in school is zero.
And us as parents, like we have to help teach our kids. is.
I mean, imagine if your children, like you collected, if they worked,
(12:26):
you know, let's just say they're 16, 17 years old and you collected,
I don't know, three to 400 bucks a month and you put it into like a savings account for them.
Three to five years, they'll have enough to buy a house, a down payment.
Absolutely. And I bet you the
percentage of parents out there doing it is zero because I'm one of them.
I tried and I got rejected. We got rejected. They're like, no,
(12:47):
I was like, all right, that's your deal, you know, but then you're not going
to get the help when you need it. You know, I think it's a good thing to do.
I mean, there's a lot of things you could do. Yeah, for sure.
And you know, if there wasn't money to be made in the rental market,
corporations wouldn't be doing it.
Oh yeah. More and more and more corporations are buying up single family homes
(13:08):
and renting them out because that's just a way to make amazing money.
And would you rather be on, what side of the equation would you want to be on?
On the homeowner side or the side paying rent, making somebody else wealthier.
I mean, I think owning a home there's, you know, it's not for everybody.
I understand that some people just aren't in the position, but the opportunities
to loan own, as we just spoke of are greater now than probably ever.
(13:31):
And, you know, we can help you get there. Yeah.
I mean, we wrote down a lot of topics, but I think alluding to this is like,
all right, so let's just say you're currently renting. Mark,
you and your wife are renting.
What do you think are some of the questions or fears that people have to get to that next step?
(13:52):
Like, are they scared to talk to the mortgage person? Like what, in your opinion?
Absolutely. Not on the paper here. I think, I think people are intimidated by
the process just because as you mentioned before, they've spoken to their grandparents
or maybe even their parents and they've said, okay, well you need to have very very good credit.
You need to have, you know, save 20, 40, $60,000 put down.
(14:13):
And not many people are in that position right now with inflation going crazy as it is.
Saving money is difficult. And if you're paying rent every month,
it's even more difficult.
So there's so many plans and people don't realize that it's just within the
realm of possibility for you to own a home. Are mortgage brokers scary?
I mean, I don't think so. I always feel like they have a fear, right?
(14:37):
People like a realtor would be like, hey, Matt, can you call Abby?
You know, looking to buy. I'm like, yeah, absolutely. I'll tax call,
email, throw out the smoke signals.
And i'm like is there you know they're
just kind of nervous i'm like nervous well you
know i think there's a difference between mortgage brokers and
bankers the ding bankers you know the monolithic on the corner that you know
(15:02):
always seems to find a way to say no because you don't meet fit into their box
is not what we do here we have boxes for almost everybody the i did the banking
thing working in large banks, small banks,
medium-sized banks for 25, 30 years.
And it was my job to look at loans and, you know, they all kind of fit into
(15:23):
the bucket, 20% down, everybody has 700 credit score.
And reality is not these days, especially everybody has that.
And we can work with the people who don't fit in that box.
Yes. And I would like to add to that. Initially, when I first started doing
this back in COVID, I would encourage anybody to call Premier Mortgage Consultants, of course.
(15:46):
And if you're unfamiliar with the process or you feel like you're a little bit
of afraid because you're elementary, you don't understand these things,
that's what we're here for.
I probably had at least two or three deals that I closed in the first year where
I had individuals that were calling me asking me, okay, tell me what exactly I need to do.
(16:06):
And the first step in the process, I think, for anybody is, one, formulate a plan.
Because without a plan, you better plan to fail. and that means
you got to take a long hard look at your budget and determine
where is this money going to come from to
get pre-approved for a loan and ultimately find a lender that's going to give
you the clear to close and any lender out there they don't want to deal with
(16:30):
anybody that doesn't have some skin in the game and the skin in the game is
your earnest money deposit how much can can you put down?
Because the last thing that any lender or anybody that works at Premier Mortgage
Consultants wants is for you to default on the loan and lose the home in foreclosure.
So that down payment money is really where that's going to come from.
(16:51):
And where are you going to get it? You got to have a plan and you got to make
a budget to find that money to make that happen.
We can help you with the closing costs. We've got tons of lenders that we work
with, as Mark mentioned, as Matt mentioned earlier, that are currently providing
down payment assistance program.
And certainly some of that money can be used for down payment assistance and
or closing costs, but you still got to come up with some of the earnest money deposit on your own.
(17:16):
And that's the skin in the game that the lenders are looking for to know that
you're genuinely serious.
I think the other thing you need to look at, and as Mark mentioned,
it's easier now than ever, you know, 15, 20 years ago, it wasn't that easy to
check your credit score.
Score and today everybody can have
an app on their phone and yeah instantaneously check your
(17:37):
credit score you got to get that credit score ideally
up into the 700s can we go 680 can
we go under yes but it gets a little bit more complicated i would say as credit
scores go right now so 680 is kind of like on the government loans you're top
tier correct but when you go to a conventional loan you're middle of the you're
(17:59):
middle of the pack yes you know even though you could go down to is 620 on conventional loan,
which to be honest with you, unless you're putting 20% down or doing a condo,
there's not many conventional loans being done right now because the rates are about a point higher.
You know, but the FHA loans and the government loans are really easy for people
because they make it more affordable and have different, more loose guidelines as far as that.
(18:23):
But, you know, going back to the fear, like I feel like there's people out there
that are right in front of our faces that are renting and they're just scared
to take that step. And I'm like, why?
Because it's exciting. Like there's nothing better when you get a clear closing,
you call your borrower and you're like, we did it. You did it,
you know, and they're pumped up.
(18:44):
I mean, there's tears, there's happiness and there's a whole bunch of different things.
But, you know, I think there's a lot of people out there and for realtors out
there, if you right in front of your face on your Facebook, you probably have
25 to 50% of the people that you engage with that are all renting.
And the question is why and how do we get them? Because I'll tell you what,
what Mark said with the banking, how they want your perfect boxes.
(19:08):
I had a client come to me with 740 credit score, 10% down, and Sunco said no.
It was the most beautiful loan
I have ever seen. It was in and out the door, done in a week and a half.
That's interesting. And that's the reality is that there's a lot of realtors
out there that have connections with people that have been doing this for,
I think, probably way too long and should be retired. And they don't know all
(19:31):
the new things ins and outs.
And that's why us being a technology mortgage company, right?
We have all the different lenders. We have all the different options.
We have everything. We have great people that work here that want to talk to
people and make it fun and exciting.
Is that getting with us is a different experience than going with John Doe from
down the road. And actually, it's different with everybody.
(19:52):
But at least we have in our circle here, the same products, right?
But we drive on customer service. We drive on those conversations.
Well, and I also like to think too that we're diverse because we work with multiple lenders.
And when I say multiple, I'm talking 40, 50 plus lenders.
Actually, Mark counted them. Yes. How many?
(20:12):
49 right now. 49. So there you go. 49 different lenders.
They're not all the same. This is the wholesale market. And these lenders have
target markets that they're looking at.
So some of them certainly target the first-time homebuyers, and they've got
down payment assistance programs, and they love conforming products,
FHA and conventional loan products.
(20:33):
That's what their meat and potatoes is of what the products are that they're
offering. And then we have lenders that their area of expertise are investment
properties, and they offer DSCR loan products.
And then we have lenders that are also in another area of the non-QM market
for folks that are 1099 employees or they're self-employed. And those are completely different markets.
(20:57):
And yet all of those markets can qualify for a mortgage to get a new home,
to get a second home, a vacation home, or an investment property.
And when I say investment property, I'm talking long-term.
You find a renter, they sign a six-month lease, they sign a 12-month lease,
or we're talking some of the short-term rentals where somebody comes in,
stays at your home for a week, maybe two weeks at the most, and they're in and
(21:21):
out, and the next person comes in.
And really, that's the advantage of Premier Mortgage Consultants.
Everything. We work with multiple lenders and we know their area of expertise.
So when somebody calls me looking for one of those products,
I've already got half a dozen lenders in mind that I want to talk to and shop their loan package to.
(21:41):
What? Go ahead, Mark. I was just going to say, so my first loan I did,
it was a person I grew up with and they were buying an investment condo and
they were working with another lender. Don't give out names on the show.
Protect the innocent. I've got haters. Very good privacy. And they were working
with another lender in town, and they just did not care for the lack of communication.
(22:04):
They just wanted to let, you know, what's going on with my loan?
Where are we at in the process? How are things going? You know,
what do you need? What else do you need from me?
And I was just looking at her loan proposal just to see if the pricing was decent
and that she wasn't getting ripped off. off and we ended up being able to save
her, I don't know, $1,500 in fees and a half a rate.
(22:24):
Lower rate. Yeah. Half a percent lower on the rate.
So, and it took me a few banks to get to that, or well, a few lenders,
I should say, to get to that, but that's what we do.
Work the deal so we can make it work for the borrower.
And she was super insistent on getting that, you know, half a percent down that
was really in her crawl and we ended up getting it and saving her money.
So that's the value of having 50 different, 49 different lenders you work with.
(22:48):
We're going to do an episode with all the stories because I know,
Eric, you got a couple. I got a couple. Oh, absolutely.
Just for time purposes.
So we'll do an episode just of stories, right? And we'll tell the stories and
what the difference is. Broker versus banker. Yeah.
So I guess the last piece here just to talk about.
So the first episode, right? So we talked about a lot of different things in
(23:11):
the beginning. Why buy versus rent?
Let's try to dive through. what are the three, maybe four important things to get pre-approved?
And we'll start with...
Job history. Okay. Job history. As I mentioned earlier, the last thing a lender
wants to do is have anybody default on a loan.
(23:33):
So your job history eludes to the stability of your income. At the end of the
day, that's really what it's about.
So in many instances, I would say a lot of your first-time home buyers tend to be W-2 employees.
So the lenders are specifically looking for two consecutive consecutive uninterrupted years.
(23:54):
And if you were in school or maybe expecting a child or something like that,
a little break in services is certainly acceptable and we can wiggle our way around that.
But at the end of the day, they really like two consecutive years of service
and like industries or similar industries.
So if you're a nurse, if you're a lawyer, if you're pick the profession,
(24:15):
pick the trade, it doesn't really matter as long as two consecutive years in
there. That's what what they're looking for.
If you're self-employed, similarly, they want two consecutive years in that particular business.
You've been the owner and you can back it up with- Two years tax returns.
Yep. Two years of both business and personal tax returns so they can see and
break down exactly what your incomes are going to be. Okay.
(24:37):
I agree. And if you do have gaps, it is okay.
So there is a rule. We don't have to go deep into the different loan products,
but typically if you have a gap of six months or For more, you have to be at
the current job for six months, typically.
Conventional is a little bit looser with that stuff, but I have a client right
now where she hasn't worked in 20 years, so we had to go back to Puerto Rico
and get her transcripts that were handwritten.
(25:00):
But it works. Absolutely. So you've got to have a history no matter what.
And like Eric said, if you go from
doctor to taxi driver, it's probably a different pay. Correct, correct.
But job history is pretty important, I think. Real quick, just to allude or
explain what I was, the point I was trying to make is I closed a loan late last
(25:20):
year for a young lady that was, had been a nurse for one year.
The one year prior to being a nurse, she was in school to become a nurse. There they go.
And we provided her transcripts. She had one year employment as a nurse and the lender approved it.
And I'll be honest with you, she's probably been in that home well over six months now.
I'll tack credit. So, because I pull a lot of credit, I see everything on credit.
(25:44):
So credit is really, really important.
And there's a lot of people out there that use things such as Credit Karma,
which is fake. Don't use that app ever.
We like one here called MyFICO, and it is a paid subscription.
It is a soft pull, but it does give you your mortgage two, four, and five scores.
So there's a big difference between
your FICO 8s and your blended scores versus what we pull on our end.
(26:06):
Typically, they could be anywhere from what you see on your blended scores or
as low as 50 to 60 points lower for whatever reason.
So if you're out there and you're thinking about buying, great app to get. This is not a plug.
Don't work for them. them, but we recommend it because it's basically a softball
on your mortgage scores.
So for mortgage scores, typically you want to be 580 or higher on the government
(26:28):
loans, which are VA, USDA, and FHA.
For conventional, it's a minimum of 620 for the credit scores.
So if you're in the ball game and you think your credit's bad,
people have different ideas of what their credit being bad is.
I talked to somebody, they thought their credit was terrible. It was 705.
To me, that's it's terrible for me, but in our world, that's good credit. You're good.
(26:52):
But I do want to say something too, is that we have a lot of programs with some
of our preferred lenders that we use that do things such as credit upgrades.
So we have a way to help you go on a path to get your credit boosted.
And they'll give us literally a path. You do the path, we resubmit it,
they rescore you, new credit score, good to go.
So credit score is very important in this market right now, because if your
(27:15):
credit score is low, yeah, you could buy a house, but you're going to get hit
with higher rates and things that go along with that. Bigger down payment requirements.
Right. So I've been telling people now, if you're looking to buy over the summer,
even fall, let's get you on the path to homeownership. Let's look at your credit.
Let's do a soft pull. Let's see where you're at. Temp check.
(27:35):
It's okay to do that. So I think that's a big thing.
I think the third most important thing, Mark, can you go over this,
is probably liabilities. So,
When the bank's looking to, lender is looking to approve you,
they'll look at what you owe. Who do you owe?
What do you, you know, how, what's that percentage related to your income?
You know, there's, you don't want to go out and get a new car just before you
(27:59):
apply for a loan because they're going to count that against your income.
And, uh, you know, sometimes that $725 car loans, probably not the best idea
if you're saving to buy a house.
Maybe if you can, if you're in a position for it, sell it, or even I've seen
it refinance and you can go, maybe you had a five-year loan and you're down to two years.
(28:20):
You can actually refi it for a decent rate and take it out for five years again,
and it'll get it down to maybe the 300 range, 400 range.
So there's several options, but what you owe everyone will definitely be counted
when you come for a mortgage.
So try not to spend as much as you
could spend because they'll give you credit to everybody beans and
(28:40):
rice sometimes even taco
bell is more expensive than it used to be i know raymond maybe but you know
there's ways to save money so if you can save money and you can quit putting
on your credit card that's the best way yeah the credit cards you crush well
they're not too bad because we only use your minimum payment to qualify and
(29:01):
i get a lot of people i need to pay off my credit cards. I'm like, whoa, stop.
Let's just check it out first. Cause maybe you don't, maybe it's not as bad as you think.
All right, great. So a lot of stuff here.
We want to keep it under 30 minutes. We are right there at the 30 minutes.
So next week we will roll out a little bit more in depth on different parts of this.
So the first step is if you're renting out there, you need to get with any of
(29:24):
us on the premier mortgage team.
We're here to help and we'll put links and everything for everybody below.
And if you know anybody that's renting and there could possibly be a potential
opportunity for them to buy, which I think there's always a possibility for
everyone to buy, have them reach out.
And we will upload this. So make sure if you are not following the podcast or
(29:46):
YouTube, hit the like, subscribe, share with your friends, share with your family,
share with anybody, coworkers that might be renting.
We'd love to help them. Thank you
so much for listening to Beyond the Blueprint. We'll see you next week.
(30:25):
Back soon. But in the meantime, you can find us on YouTube and Facebook and
on all the major podcast channels at Beyond the Blueprint.
See you next time.
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