Are you wondering whether you should buy a house this year or wait until next year? In this video, I'm going to highlight the story of real-life clients of ours, Mr. and Mrs. Bates. We'll find out what they did to prepare to buy a new house and how we saved them money on their purchase.Verify your mortgage eligibility (Sep 27th, 2023)
Should You Buy?
One of the biggest concerns of our clients that are buying homes is if rates and home prices will ever come down. Is a home still a good investment? Should you buy a house during a possible recession and record-high inflation?
There is a lot of fear in the market. These are all good questions and concerns you should have if you’re considering buying a home. To help you decide if it's the right time for you, I'm going to share the story of our wonderful five-time clients, Mr. And Mrs. Bates. We helped them with a couple of home purchases and refi's, and we'll show you what they did to prepare to buy a house.Verify your mortgage eligibility (Sep 27th, 2023)
Meet The Bates
The Bates got all of their closing costs covered by the sellers, and we boosted their credit score. This allowed them to save over $10,500 in just interest alone in the first five years of their VA mortgage. How did we do it?
During our discovery call, we typically ask one very specific question: where do you see yourself in the next 10 years? While the Bates enjoyed living off-grid in a camper for some time, their family was growing. Their priorities shifted to securing a safe home for the family in a great neighborhood with good schools that the kids could settle into and make lifelong friends.
The pair started eight months in advance before they even started shopping. Using my Ultimate Homebuyer Experience Program, we took a very deep dive into their finances. We found that the Bates had an error of an old Verizon bill that had been paid but was actually reported as a collection. That alone had dropped Joel Bates' score by over 100 points.Verify your mortgage eligibility (Sep 27th, 2023)
In the process of shopping for the house, getting pre-approved, and preparing to place offers, we gave Joel a quick script to call the credit reporting companies. This got the error removed in about six days.
Qualifying For A Home
As part of the Ultimate Homebuyer Experience Program, we got the Bates $10,000 of closing cost credits. There are three different ways that you can get qualified for a home while you’re prepping for shopping: pre-qualifications, pre-approvals, and our Competition Crusher.
The Competition Crusher is a fully underwritten loan approval. My team submits all of your documents to our underwriting team so that you have a verified approval. This allows your realtor to negotiate a sales contract that gives you the biggest bang for your buck. In this case, we got the property at $625,000 with $10,000 in closing cost credits.Verify your mortgage eligibility (Sep 27th, 2023)
This is an incredible amount that’s way more than you would probably ever need. We were able to use some of that closing cost credit from the seller to buy down the interest rate.
A Total Cost Analysis
Our total cost analysis is an analytical tool that we use to help clients figure out what home loan is best for them. This tool basically pits different loan programs together. For the Bates, the VA loan was the best option, as Joel wouldn't have to pay the funding fee.
When analyzing their credit, the difference between a 660 credit score and a 760 credit score saved the Bates almost half a point of interest. In interest payments alone, that's $10,529. When looking at a 15-year time horizon, the total interest paid on the credit score loan with 660 would have been $383,363. By fixing their credit, that interest exposure dropped to $350,211.Verify your mortgage eligibility (Sep 27th, 2023)
The Friel Good Mortgage Experience
After hearing about the Bates experience, are you wondering how the heck you can take advantage of the Friel Good Mortgage experience and the Ultimate Homebuyer Experience? It's really simple. All you have to do is click here to request an instant prequal certificate.
You'll enter some data, including your income, your credit score, and your current debt profile. Then we’re going to have a starting point of what you might be able to afford. In our initial discovery call, we'll build out a customized loan program just for you just that fits your needs. You'll also get the royal treatment, just like the Bates did.
Don't forget to subscribe to my channel so you never miss an episode of my show, all about mortgages and living in beautiful Colorado. Stay sweet and we'll see you in the next video!Show me today's rates (Sep 27th, 2023)