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-- with the national retail sales manager with total mortgage.
Pylori in the morning thanks for joining us -- him a little -- over here -- remember your position at same time in multitask here.
-- great stuff come live a -- -- talking about on the -- obvious obstacles to buying your dream house the mansion that whenever it is -- would be my dream house is a classic seven.
Which it recently by the department.
Yes right in Manhattan I guess in.
I mean that's like to drain the what are some of the realistic.
Obstacles that people really -- when it comes to mind for what I think there's a lot of talk about how it's become very difficult to get a mortgage and the truth is is that I don't think that qualified borrowers are actually been rejected -- what I do know.
Is that you have to have your ducks in a -- right you've got to -- have your documentation together and we're past the age of knowing come verification loans people need to they -- they're about to get mortgages that are about to purchase if there's a refi were purchased station assembled there documentation of the W twos.
If their self employed they should think about getting several years of tax -- -- they should also be cognizant of the fact that they.
On if their self employed and work to get bonus money that we make you come average several years so if you had one really good year and one bad year -- another good year you may not be it would take that Goodyear.
Things like bank statements -- pull those together right and most importantly -- -- -- where we see the biggest issues are on the appraisal side.
We put together before we get to appraisals full screen of some of the obstacles and and -- yet and the first plans have an honest discussion with your loan officer right sort mean by that is that that in this really probably applies more -- -- -- people who were doing refinances -- -- -- But you know I think that we're we're all in love with the price is that we paid initially for home -- I don't in a lot of cases they've come down right.
And sometimes it's some it's hard conversation to have but you know you get what you don't wanna do is have to go spend money and appraisal only to find out that it's really not -- and there are some things that you can do to mitigate.
How to understand the real value.
You know what does that mean and so that's -- -- companies -- meet their homage digit.
-- what will first bullets start with with how do you how do you know what the real value risen and what's important for people would know as it as it waits for appraisal is that.
Appraised values are not based on what you originally paid in the not based on what you think it's worth what it's it it what it's worth is really what has been most recently sold in the community.
And I think what's also important is a lot of people.
Couple look at listings -- -- sale will that really nice house is listed for 700000 dollars and they think that that is really what it's gonna -- but that doesn't matter so when every appraisal what's required.
Is that the in the -- uses three sales that happened recently.
And similar house and it's gotta be similar so that depending on what part of the country you live in if you live in the city right I mean there may be you know hundreds of apartments that are of similar nature that are.
That that sold within five blocks are ten blocks or fifteen watch but if you live in a rural community warrants some suburbs where there has not been a lot of activity were the only sales that have happened.
-- her because of that of foreclosure or something it's conceivable the most recent sales could really hurt your.
Your value and why you're gonna talk about having of a real conversation but the real value it's talking about that with the loan officers saying listen I know the my house is worth 600.
However I do also happen to know the two things just recently sold for 400 so what should -- -- and now what about having -- permits available.
Well so so that's important to one of the things that we find an appraisals is that on especially refinances in particular almost exclusively on refinances that.
Beyond if you don't have your documents readying an added a kitchen or -- added a -- something in the garage you put a mother daughter in her and you did a -- a pool.
It's not so much that people.
Didn't get it -- but what you need to have -- have them ready because we will last for and we need to validate and yours you're all -- stuff -- -- iron formation and if you don't like the appraisal that you get what you get what you can challenge it but I I think the first thing you need to do -- call real estate professional even before you go into loan officer and ask what sold recently in my community.
And you know there's all sorts -- web sites like -- -- today we you can only you can look at stuff that sold recently.
I do think people are too optimistic right now they think -- because I paid 600000 dollars from my house I must get 700000 dollars I think we are optimistic by nature.
Did the refinance rates right now the fifteen year according to Freddie Mac as -- of the data we got this morning is a record low of two point 89%.
You know I hate to say this week rates -- ridiculously low when you need to appreciate.
How that affects the real cost of their home I mean.
I still remember sitting just like this across from somebody on a television show talking years ago about what would happen if -- -- below 10%.
And then sitting in the -- find out what happened they go below 7% aliens are told Chris that I'm crazy it -- people don't realize is that that if rates were to go today from 3% to 7% back almost double the cost of -- -- they were financing them and a lot of people sort of waiting on the sidelines you know -- come down 5% or might come downtown but.
It will go a 100%.
If you if you wait for rates go up and so I think there's an opportunity for -- -- to reduce your expenses.
-- reits are just so low it's taken an incredible opportunity a lot of people have but it also was great come to buy because of that people can't.
Forget how much impact those low rates really have price.
Speaking of buying you can save for a for the housing market Christmas is over the spring buying season it's it's done for the most part now -- -- the sluggish summer.
What does that mean for the market well -- -- -- it's so seasonal anymore I think that we used to seat real highs and lows with season's first of -- we've had such an usual -- whether a country.
That summer has been -- in spring and summer and you know who knows what we're gonna happen next.
And so it's -- -- real dry periods but there's so much product coming in the market because of the foreclosures -- I think a lot of the cadence that goes with buying and selling.
Has to do what's what what is is being pushed into the market have we hit the bottom in the foreclosure and it fares more DI know I think that that we hit the bottom and in turn are -- markets what's happened is that because there were.
On there was a lot of litigation involved around the process that certain markets haven't gotten through their backlog yet but in certain -- of the country were well past it I think nationally were probably will -- That's good that's good -- and inventories coming down a little bit too.
Young of course inventory -- supply and demand so -- less inventory there are.
The the then yes you know theoretically the higher the -- -- -- elevator national retail sales manager with total mortgage let's throw up your let's say total mortgage dot com very insightful.
Opponents unlikely it's positive it's all the buy -- house weekend and thanks Lauren.
I -- apartment.
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