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’s 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!

[1:56] Tell our listeners about yourself.
·      Originating loans since 2003
·      Moved over 10 times
·      Over 300 Million in residential loans

[2:26] I want to buy a house, but how do I know if I’m ready?
·      Really personal decision, consider family dynamic
·      Are you ready to be part of a community?
·      Consider cost of buying vs renting in your area

[4:12] What are the different loans available? Is there a loan that is better than the other?
·      VA loans, one of the best available, 0% down payment, no monthly mortgage insurance fee.
·      If putting down less than 20% insurance required on other types of loans
·      FHA loan, 3.5% minimum down payment but then mortgage insurance for life of the loan
·      Conventional loan 5% down payment, however for first time homebuyers as low as 3%.
·      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

[6:41] When I was shopping around, there were special loans for certain occupations- can you tell us more about that? Teachers, firefighters, nurses…
·      Much amount of information available Elysia wrote a book checkout:
·      Book: How to get approved for the best mortgage without sticking a fork in your eye
·      Not everyone has the same loan program available

[9:0] What is an approximate interest rate I should be expected to get?
·      Primary resident will get you the best rate, focus on getting a higher credit score.
·      Putting down a higher down payment can get you a better rate as less risky for the lender.
·      Term of loan can change the rate as well, high 3- low 4% is approximate range

[11:39] How long does the home buying process usually take?
·      A lot falls on the lender and borrower but can be as short as 14-30 days
·      Other lenders can take 60-90 days depends on pipeline and staffing team
·      Check out top 10 questions in Elysia’s book

[13:19] I keep seeing ads that Congress has a special mortgage plan- is this real or is it a scam?
·      Yes, and yes
·      Based on HARP, it is for refinancing but most are already completed.

[14:24] What are some things that I should be looking for on my closing disclosure that are junk fees?
·      Sellers: Understand all fees that realtors will be charging
·      Buyers: Ask good questions and try phone around

[15:34] How do I know if refinancing my house is a good option for me?
·      Send the mortgage statement and see what options are available, work with a licensed loan originator.

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[18:7] Why do you think that people fail at achieving their dreams?
·      Caught up in the manusha and the act instead of focusing on the outcome and enjoying the journey

[18:26] What books or other podcasts do you recommend to our listeners?
Podcast: Tim Ferriss
Podcast: Tony Robbins
Book: Empower you

[19:2] What is the best advice someone ever gave you?
·      Mother: Do what you love and money will follow

[19:20] What is your favorite word or quote?
·      Favorite word: Cool
·      Watch your thoughts because your thoughts become your words, your words become your actions and your actions become your life.

[19:44] How can our listeners get in touch with you?
·      Facebook: Elysia Stobbe Home Loan
·      Email: info@bestmortgagebook.com
·      Book: How to Get Approved For the Best Mortgage
·      Toll free: 888-574-7770

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