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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!)
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.
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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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?