Welcome to OMGs Mortgage Lounge and Tidbit Tuesday! I’m Judy Ogden NMLS 770604, the owner of Ogden Mortgage Group NMLS 2152903. So let’s see what we learned with our 1st launch week. I learned that it’s much harder to talk into a camera on video than it is to smile, shake hands and talk to people in person. I also learned that according to Kent I sounded like Sheldon Cooper Fun With Flags. HAHA. So let’s recap a bit, we learned about ways to improve
your credit and we learned that choosing a mortgage company based on rate alone presents challenges.
I would like to expand on that for this Tidbit Tuesday and talk about the perception that your first time homebuyers might have when trying to figure out the negotiations of a purchase to keep it affordable for you. Buying a house is a lot different than buying a car. With a car you go in tell them what payment you want and you walk out and watch them chase you.
There’s only 2 items they look at credit score and down payment. When buying a house there are a lot of factors to determine your payment. With rates alone, they are all based on risk. The more
risk the higher the rate, meaning overall credit and score, down payment, income documentation type, occupancy, property type and location. Then on top of the loan payment there are real estate
taxes, homeowners insurance, maybe association fees, and maybe mortgage insurance that all add to the total payment. So it’s very important to get pre-qualified before you find that perfect dream
house, so you know the payment will fit within your budget goals.
