E11 – Elysia Stobbe from NFM Lending

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Elysia Stobbe NMLS ID#: 146751 is a home loan originator from NFM Lending located down in sunny Jacksonville, Florida. Buying a home is one of the most stressful times in a person鈥檚 life.

As millennials start settling down and wanting to purchase homes with white picket fences and a golden retriever, there are a lot of questions lingering around in the backs of young professional minds.

Elysia, hopefully you can share some knowledge and make this transition seem a little easier!

[1:27]聽Tell our listeners about yourself.
路聽聽聽聽聽 Originating loans since 2003
路聽聽聽聽聽 Moved over 10 times
路聽聽聽聽聽 Over 300 Million in residential loans

[1:57]聽I want to buy a house, but how do I know if I鈥檓 ready?
路聽聽聽聽聽 Really personal decision, consider family dynamic
路聽聽聽聽聽 Are you ready to be part of a community?
路聽聽聽聽聽 Consider cost of buying vs renting in your area

[3:43]聽What are the different loans available? Is there a loan that is better than the other?
路聽聽聽聽聽 VA loans, one of the best available, 0% down payment, no monthly mortgage insurance fee.
路聽聽聽聽聽 If putting down less than 20% insurance required on other types of loans
路聽聽聽聽聽 FHA loan, 3.5% minimum down payment but then mortgage insurance for life of the loan
路聽聽聽聽聽 Conventional loan 5% down payment, however for first time homebuyers as low as 3%.
路聽聽聽聽聽 Best way to make a decision is to apply for all the loans and see which is most favorable dependent on individual situation.

*All actual rate dependent on credit score and other factors

[6:12]聽When I was shopping around, there were special loans for certain occupations- can you tell us more about that? Teachers, firefighters, nurses鈥
路聽聽聽聽聽 Much amount of information available Elysia wrote a book checkout:
路聽聽聽聽聽 Book:聽How to get approved for the best mortgage without sticking a fork in your eye
路聽聽聽聽聽 Not everyone has the same loan program available

[8:31]聽What is an approximate interest rate I should be expected to get?
路聽聽聽聽聽 Primary resident will get you the best rate, focus on getting a higher credit score.
路聽聽聽聽聽 Putting down a higher down payment can get you a better rate as less risky for the lender.
路聽聽聽聽聽 Term of loan can change the rate as well, high 3- low 4% is approximate range

[11:10]聽How long does the home buying process usually take?
路聽聽聽聽聽 A lot falls on the lender and borrower but can be as short as 14-30 days
路聽聽聽聽聽 Other lenders can take 60-90 days depends on pipeline and staffing team
路聽聽聽聽聽 Check out聽top 10 questions in Elysia鈥檚 book

[12:50]聽I keep seeing ads that Congress has a special mortgage plan- is this real or is it a scam?
路聽聽聽聽聽 Yes, and yes
路聽聽聽聽聽 Based on HARP, it is for refinancing but most are already completed.

[13:55]聽What are some things that I should be looking for on my closing disclosure that are junk fees?
路聽聽聽聽聽 Sellers: Understand all fees that realtors will be charging
路聽聽聽聽聽 Buyers: Ask good questions and try phone around

[15:5]聽How do I know if refinancing my house is a good option for me?
路聽聽聽聽聽 Send the mortgage statement and see what options are available, work with a licensed loan originator.

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[17:38]聽Why do you think that people fail at achieving their dreams?
路聽聽聽聽聽 Caught up in the manusha and the act instead of focusing on the outcome and enjoying the journey

[17:57]聽What books or other podcasts do you recommend to our listeners?
Podcast:聽Tim Ferriss
Podcast:聽Tony Robbins
Book:聽Empower you

[18:33]聽What is the best advice someone ever gave you?
路聽聽聽聽聽 Mother: Do what you love and money will follow

[18:51]聽What is your favorite word or quote?
路聽聽聽聽聽 Favorite word: Cool
路聽聽聽聽聽 Watch your thoughts because your thoughts become your words, your words become your actions and your actions become your life.

[19:15]聽How can our listeners get in touch with you?
路聽聽聽聽聽 Facebook:聽Elysia Stobbe Home Loan
路聽聽聽聽聽 Email:聽[email protected]
路聽聽聽聽聽 Book:聽How to Get Approved For the Best Mortgage
路聽聽聽聽聽 Toll free:聽888-574-7770

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