Welcome back to Ready Set Sold. I’m your host Bryan Vogt. Thank you so much for joining us again I am really excited we have a professional loan officer Brian Gator of caliber Home Loans and I’m really excited about that because he has 10 years plus experience in helping buyers get loans and also a very extensive background in the financial area in different financial programs that he’s worked in the past with that Brian how you doing I’m doing great how are you Ryan I’m doing fantastic I know one of the things that you really wanted to talk about today was talking about the process for a buyer to get qualified what they should expect from a loan officer and what should they expect.
Well I kind of thought I’d do at the time I have is kind of talk to the people out there who are thinking about buying a home or even refinancing home but mostly buying a home and making sure they understand kind of how the process works and what to expect as they go along because I know a lot of times people kind of understand that they have some ideas about it that may not really be true that are kind of stopping them from buying a home so I want to kind of just clarify it for them and hopefully give them a little better idea of what to actually expect so the first thing I want to talk about is just kind of minimum baseline things you should expect from any lender so a few things you should expect is that your lender is going to have access to the loan product that’s going to match your needs.
Everybody is not in the same situation so you want to make sure that you’re working with the lender that has the loan products that they can match to your particular situation you also want to have a competitive interest rate but what I’ll say about that is kind of a running joke in the industry is everybody’s within 1/8 of a point of each other so what I mean by that is not everybody is going to be the lowest but everybody should at least be a reputable lender is going to be competitive situations so you should have a decent interest rate you should be able to close your loan on time.
Worst thing you want to have happened to sign a contract I think you’re going to close your loan on February 25th and you’re all excited to go get your house and all of a sudden your lender hasn’t gotten the transaction done and you’re not actually getting your house so that’s a big one too and then you want to have transparency of the transaction and honestly with the regulations now that pretty much has to happen but any reputable lender is going to tell you the ins and outs of your loan your interest rate your down payment your closing cost all those types of things so make sure you have at least those things as a minimum and then also I think a lot of times out there is a misunderstanding of what you have to have as far as personal finances in order to buy a home.
A lot of people think you have to have a really high credit score where you have to have a lot of money saved up for a down payment not necessarily the case a lot of times you can go all the way down to a 620 on a credit score you can even go down as low as a 580 credit score there’s going to be some stipulations with that but it is out there and then there’s down payments as low as 3% on some programs three and a half percent on some other programs there’s even down payment assistance programs out there for people who qualify for that you may be able to get help paying for most or all of your down payment so people who are out there thinking that they aren’t in a position I would suggest giving a lender a call and find out that’s the only way you’re going to know you maybe renting when you could be owning a home and that’s kind of another thing that I got it no like I said we’re kind of wrapping up in time right now.
But what I love what you said and I think it’s so true and that is not all lenders are created equal and having different programs for people and they think what I love what you said there Brian was sometimes people get into the idea that it’s just one loan and this is the only loan you can do and there are so many more options out there that people know and that’s what’s really important when you’re talking to a lender such as yourself is that they can give you a whole broadcast a full program of everything and so I love that that’s great style here.
We’re running out of time for this segment but I want to thank you so much again we’ve been talking with Brian Gator of caliber Home Loans thank you so much for the information and we will talk again soon what a good guy Brian is and I really do think of her for his information and that’s one of the things that we really do here and this is this program is all about giving you the best information we can and it’s basically for free it’s so important in the process of again whether you’re buying a home or you’re selling a home all those things are so important of getting the right information so you can have a suit a smooth transaction and again many times if you’re a seller ninety ninety-five percent of the time you’re going to become a buyer so this information works on the on both sides for you but also for the buyers.
One thing we’re really excited about and we’d love your help with this is if you listen this radio program one of the people know I mean on Facebook or whatever we’re always trying to get better and what we do there’s also podcast that we have you can go to Google up play or you can go to iTunes and one of the things we’re really excited about that is we don’t always catch the radio program exactly the time or maybe you miss something or there’s a segment that you want to hear over again it’s all good all you need to do is go there look us up it ready set sold you can pick out which category that you want to talk about what specific book is all pre arranged it’s already labeled and so you can get that information and again if they don’t catch the radio program it’s a great way to tell your friends where to go to get this information.
Also YouTube, we have a YouTube channel now that we’re using and having some great success again our whole goal or my whole goal I should say is to get information out so that you can use it for the best of your abilities to have success in selling your home of course but also buying home whatever that situation looks like and that’s what I’m really passionate about is just getting information out so you don’t have the horror stories that we hear and they’re in my book and of course the book is always available to being on listening to us on the show you can get the book for free it’s ready set sold dot org not com and it’s Ready Set Sold 12 proven steps to get your home sold for top Tower and a fast sale in st. Louis metro aged look even if you’re not looking to make a move for even a year or six months or even longer maybe even two years.
I don’t know or maybe you’re looking to move right now the market is hot and it’s been saying hot we don’t know how long it’s going to last but mid this might be the perfect time to do something with that so with that said we’re gonna be back and we’ll be coming back with the tip of the week you don’t want to miss that – Ready Set Sold
I’m your host Bryan Vogt and we’ll see you.
Ready Set Sold with Bryan Vogt #34-04: Brian Gater: Not all lenders are created equal
January 20, 2018