3 Myths of Home Buying in Washington DC

3 Myths of Home Buying in Washington DC


 

 

 Entourage residential Group is Proud to present the 3 Myths of Home Buying in Washington DC. In this video Cedric Stewart, Founder of ERG, and Tammy Bjorge, a Senior loan officer at George Mason Mortgage, discuss 3 of the most common misconceptions that people have about buying a home. To view other tips about buying a home in Washington DC please check out ERG’s Buyer Tips Blog.  On  www.REGsells.com you can explore more than just the 3 Myths of Home Buying. Watch videos of our past clients talking about working with Entourage Residential Group, get the latest info on the most important loan programs and stay updated on the ever changing Washington DC real estate market.
If you need to sell your home and want the real value of your home not some “zestimate”, than check out our page.
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3 Myths of Home Buying in Washington DC

3 Myths of Home Buying in Washington DC

To read the transcript of 3 Myths of Home Buying video in its entirety please continue below…

0:00 hello there

0:03 Cedric Stewart with Entourage Residential Group of Keller Williams
0:06 Capital Properties bringing you 3 myths of home buying in Washington DC with
0:12 the lovely
0:14 Tammy Bjorge. thank you for having me, thank you
0:17 you may or may not know Tammy with George Mason Mortgage is one of the
0:21 largest local lenders will work with the ton of builders and Tammy was nice
0:26 enough to stop by and talk to us about the 3 myths of home buying in Washington DC.
0:31 three of
0:32 there’s more. yeah but will cover these 3 myths of Home buying for now maybe we’ll do the rest of
0:37 them later
0:37 so later you can find this on our website along with Tammy’s information
0:43 in the blog post
0:45 ok and if you’re interested and searching for homes or anything like
0:49 that will show you what to do that on our site you can look around see
0:52 everything that’s available
0:54 also if you need to sell a home before you buy your home and you want to get a
0:58 real estimated value not one of those “zestimates”
1:04 there’s a way to do that and we’ll show you as well.  Right now
1:08 Tammy you’re going to talk to us about 3 myths of home buying. The first one that I know
1:11 is huge for people buying is I got to have a 800 credit score,  my credit scores got to
1:17 be perfect right?
1:19 not true not sure absolutely not true
1:22 credit has to be decent of course, but an 800 credit score and you really
1:28 want your credit score to be in the 720 to 760
1:34 I’m to get the best interest rate. However, there are programs you know for
1:38 people that have credit scores in the 620 or even below that.
1:42 Is 620 the baseline? maybe like the baseline really good
1:47 somewhat of your baseline. Below 620 you’re really going to find yourself with a
1:52 higher interest rates and other overlays for credit scores under that. Maybe
1:58 mortgage insurance, something like that…
1:59 there will be added to be added pain points on your loan
2:04 application for credit scores lower than the 620
2:08 ok so you don’t need perfect credit to buy home
2:12 no, ok got it!  Another thing that we hear a lot of times in 3 myths of home buying is you need to
2:18 have a ton of money you got to have a huge down payment to buy a house
2:22 everybody says “I can’t afford to buy us because i don’t have enough money saved
2:25 up”
2:25 yep and with today’s programs there’s a lot of programs out there for especially
2:30 first-time homebuyers and just to define first-time homebuyers typically
2:35 these programs to find that by not having under property in the past three
2:39 years
2:40 so not necessarily someone that has never ever bought a home
2:43 exactly just know someone that has own home in the last three years
2:49 that’s right that’s big yeah I’m going to it’s huge and they have down payment
2:53 assistance programs and you know even conventional their minimum down is three
2:59 percent for first-time homebuyer  and five percent for a repeat
3:02 FHA
3:04 is another loan program, with  three and a half percent down but again you
3:09 know USDA is more of a not local and farming type….  rural, all right there
3:18 you go
3:18 thank you – I’m glad I brought you along. another type of loan with no money down
3:25 there are income limitations on programs like that but
\3:29 you know VA for our service Members. Thank you for your service. also
3:34 has 0% down payment.. that’s a big one! here represent ok
3:39 all right so you don’t need to have a ton of money to buy a house,
3:44 glad we got that out of the way. The last thing I want today’s 3 myths of home buying is you got to
3:51 shop around for the absolute lowest rate and where ever you get that, no matter
3:57 where it is,
3:58 you just got to go with that person. Right so interest rates and we’ve done a
4:03 great job of you know educating our consumers about the lowest rates the
4:08 best rate and what people need to realize is that there are a lot of
4:12 factors that go into any one person’s rate.
4:15 In fact over 21 factors go into any one person’s rate
4:20 what kind of loan program you’re getting and what kind of credit you have, what
4:24 kind of property you’re buying,
4:26 we’re in the country you’re buying this property, on and on and on
4:30 so really you want to make sure that you are getting a fair rate on that loan you are
4:36 getting a good solid rate from a lender that has integrity to actually get you
4:41 into that home because you can get the lowest rate possible but if the lender
4:46 can’t perform and help you get to the closing table, then the lowest rate
4:51 doesn’t matter because you don’t have at home.
4:53 Honestly, maybe we should do a video on all the factors that influence how an
5:01 interest rate is determined that you wanted to avoid learning yeah if you
5:04 want to see that put that in the comments below or send us an email or
5:08 something like that because I think i just learned something 21 factors that
5:13 serious. 21 factors they just don’t talk about this one on
5:16 don’t see as CNN and MSNBC you know what I mean like it’s amazing.
5:21 Ok well I know you gotta go, so we appreciate your time,
5:25 again check out the blog post for  tammy’s information if you want to talk to
5:29 her
5:30 you can contact us as well have a great day thank you