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.
Value Link Round
[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
[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.