Mortgage 101: Rates, Rentals and the Great Recession

Mortgage 101 - Rates, Rental and the Great Recession

You have been persistent, you’ve become best friends with Zillow and your hard work has paid off. You have finally found your dream home. Now, it’s time for the important next step of choosing your mortgage.

Some crucial questions start to pop into your head:

  • Can we afford this home?
  • What type of loan is right for us?
  • How do we get the best rate?

With all of the stresses of life, the home loan process can be overwhelming. That is why I stress that educating ourselves before we jump into big decisions (like buying a home) is our key to family financial success. (I sure wish I would have gotten more education before I bought my first home!)

Related: 5 Ways to Avoid Becoming House Rich and Cash Poor in a Seller’s Market

The other day I caught up with a long time friend of mine, Tony Gatliff, who is the Vice President of Mortgage Lending at BBMC Mortgage. After being in the industry for the last 15 years, it is safe to say that Tony is a mortgage expert.

Tony Gatliff, VP of Mortgage Lending at BBMC Mortgage
Tony Gatliff, VP of Mortgage Lending at BBMC Mortgage

With mortgages being an extremely important piece of the home buying puzzle, I decided to ask Tony to give us a solid background on the loan process.

What are we covering today?

Tony and I chat about:

  • The differences and advantages of 15-year and 30-year mortgages
  • The nitty gritty on interest rates
  • A quick synopsis of the mortgage lending crisis we experienced from 2007-2010

If you’re considering buying a home now or in the near future, today’s interview is for you. Educating yourself on the lending process will set you up for success when buying your next home.

Click the play button above or listen on iTunes, Google Play or Stitcher.

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Show Resources

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Military Resource Radio: Tony’s Podcast

BBMC Mortgage Website

Tony’s Email: Tony “at” MilitaryResourceRadio.com

Thanks for Listening!

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Carpe Diem Quote

“A formal education will make you a living; self-education will make you a fortune.” – Jim Rohn


Are you hunting for a home?

If you have a home, what type of mortgage did you go with?


 

Author: Andy Hill

Andy Hill, a mid-30’s father of two living in the metro Detroit area, pens the MarriageKidsandMoney.com (MKM) blog taking you through the trials and tribulations of being a young parent and husband who is planning for his family’s future and winning with money.

2 thoughts on “Mortgage 101: Rates, Rentals and the Great Recession”

  1. Great show Andy. My wife and I are closing on our home next month. We went with a USDA loan which we get 100% financing including the majority of closing costs. From what I hear, these loans aren’t very common but are awesome vehicles for certain people. Maybe in a future show you can mention this type of loan for those that aren’t aware of the USDA loan.

    1. Congrats on your new home!! There is nothing like moving into a new house. What a feeling!

      I’ll have to look into USDA loans. That sounds like a great option especially if closing costs are wrapped in as well.

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