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The Home Buying Process Step 1 – Speaking To A Mortgage Loan Originator

The Home Buying Process Step 1 – Speaking To A Mortgage Loan Originator

Why is speaking to a mortgage loan originator the first step in the home buying process?

Are you like some people who believe that the first step in purchasing a new home is talking to a real estate agent?

Picture this…

It is grocery day in your house. The cabinets are empty the refrigerator contains a bottle of ketchup, outdated salad dressing and a plastic container of mystery leftovers.

You sit down at the table and begin making your grocery list. You walk through the house looking in cabinets making note of needed items.

You check the bathroom, laundry room and even the cleaning cabinet to make sure you have listed everything you need.

This process took you an entire hour, but you have your grocery list ready.

You round up your family and together you drive to the grocery store for a 2-hour grocery shopping trip.

Everyone is in masks and rubber gloves making sure to stay 6 feet apart from the shoppers around you.

Your list was so big that you now have two carts full of groceries.

It is now time to go to the register and checkout.

The cashier completes the checkout process and asks you how are you paying?

Cash, debit or credit she inquires…

Now imagine that this whole time you knew you did not have enough money in your account to purchase the groceries. You do not have a credit card and all you have in your wallet is $15.

Does going through this 3-hour process make sense?

Would your family be frustrated with you if this happened?

Was it a waste of time?

This may seem like a far-fetched scenario.

It is however similar to driving around for hours, even days, and multiple weekends looking at homes without knowing how much home you are qualified to purchase.

The Home Buying Process Step # 1

The first step to the home buying process is speaking to a licensed loan originator.

A good real estate agent knows that it is most likely a complete waste of their time and yours to look at homes unless you have completed this step.

When I meet with individuals and families looking to purchase their first home I do a rent versus buy analysis.

Think of this step like using the Waze app to travel.

You type in the desired destination and the app plots out the best way to get there. It even notifies you of potential issues like police, road hazards, and any delays.

A rent versus buy analysis breaks down what you can expect to pay out in terms of loan and rent payments and compares this amount to what you can expect to earn in equity.

During this first step to homeownership, we will discuss your goals, concerns, the timeline for purchasing, and answer any questions you may have about the home buying process.

We will also discuss different types of loan programs available and begin preparing for Step 2 of the home buying process “The Loan Application”.

Mortgage Loan Originator In Virginia And Maryland

Rod Ferrier is a licensed loan originator in Virginia and Maryland.

He is a U.S. Navy Veteran, father of four and began his career as a loan officer in 2002.

He specializes in assisting his clients to navigate the winding road of homeownership.

His clients include Veterans, first time home buyers, families looking to purchase a bigger home, as well as empty-nesters seeking to downsize.

His background in financial planning provides his clients with the opportunity to benefit from the wealth created by strategically purchasing the right home.

CLICK HERE to access his calendar to find a time that works best for you.

What impact will quarantine have on real estate and homeownership?

What impact will quarantine have on real estate and homeownership?

Homeownership may be on the rise moving into 2020.

It is no secret that people are waiting longer to get married.

The average age for men is 29.8 year and women age 27.8 years.

​While marriage does influence people to buy a home it is not the biggest motivator in homeownership. 

38% of households between the ages of 30-39 own their own home. 

This number jumps to 80% once children come along.​

Did you know that millennials make up 22% of the U.S. population?​ They are the fastest growing segment of homeowners in the United States.

Will we see a major increase in new “corona” babies”
later this year and into the next?

“Baby Registry” is a current trending search term on Google right now.​

Actually it’s at the highest it has ever been!​

With interest rates projected to remain low (quite possibly reaching the 2’s) for the next 18-24 months this is an AMAZING time to purchase a new home.​

Please keep me in mind for your purchase and refinance needs.

Don’t forget our rates are super low rates now. Make sure to compare your scenario with me to ensure you obtain the lowest rate possible

Have questions?  You can pick a time on my calendar HERE.

Mortgage Forbearance Warning 2020

Why A Mortgage Forbearance May Be A Bad Idea.

Should I apply for forbearance or miss a payment?

Recent changes by the Federal government as part of the CARES Act have allowed homeowners to miss up to 6 months’ worth of payments.

This is a HUGE relief for thousands of Americans but homeowners BEWARE.

Choosing to delay your mortgage payments can and most likely will come back to haunt you.

If you are able to make your monthly payments, you should.

The extra money may seem great at first but these missed mortgage payments will definitely cause issues down the road.

Currently, if your mortgage is in forbearance you will be AUTOMATICALLY DISQUALIFIED from purchasing a new home OR refinancing your current home.

The mortgage freeze is meant for homeowners who need the money now.

Maybe you are out of work or have reduced hours. Ultimately you would miss your payment and this program was designed for you.

The payments that you miss will ultimately need to be paid and interest will be added as well.

During the Great Recession of 2008 thousands of Americans experienced foreclosure.

Falling behind in your payments now will only set you up for failure should the economy stay shut down for a longer period of time.

If you or someone you know is considering a mortgage forbearance and have questions please reach out to me.

You can pick a time on my calendar HERE.