Beyond The Loan: Recent Episodes
Chad Anderson, Bekah Ham
What your parents and teachers should’ve taught you about Home Buying and Finance. Short and to the point information, to empower your decisions through understanding. BTL is hosted by Chad Anderson, a high-producing Loan Officer and Manager at loanDepot – the second largest non-banking lender in America.
Here are your options when your Purchasing a Home and your Appraisal comes in Low or High. It all depends on the Seller and if you have an Appraisal Contingency in your contract.
Buying an Investment Property is easier than you think! Most people do not know that you only have to have a 15% down payment with a Conventional loan and 3.5% with an FHA loan. Chad goes over max Debt to Income Ratio allowed, minimum Credit Score, closing costs, and more.
Educating Decisions through Understanding Questions? Follow us @ Beyond the Loan on Instagram
Before you house hunt... Know Your Budget! Your budget involves more than your mortgage payment. Here are the main things you need to know that make up your monthly home buying budget. Before you get your heart set on house Before you talk to a realtor Know your budget and get pre-approved by your lender I promise, it will save you a lot of time and heartache when you have to pass on that house that you got attached to!
Here are some basic things that you will need to know to know your TOTAL payment you qualify for: - Purchase price - Loan amount - Interest Rate - Principal and Interest - Property Taxes - County Taxes - Flood Insurance - Hazard Insurance - Mortgage Insurance - PMI - HOA - Claims on property
For a visual aid to this episode, visit Beyond The Loan on YouTube: Quit asking how much you qualify for and here's why. https://youtu.be/fml2yBkX5Ns
Here are some things that you may not know about maintaining a healthy Credit Score. These tips will help your borrowing eligibility, when you are ready to purchase or refinance a home.
Do's and Don'ts: 1. Disputing negative tradelines on your Credit Score - it may feel good, but it doesn't help you purchase a home 2. Paying off collections and deletion letters 3. Credit Card reporting date 4. Why your score may be different when a Lender pulls the report vs. a Bank
Rebuilding poor Credit or starting from scratch: 1. Rebuilding your credit with secured Credit Cards or an Installment loan from a local Bank 2. Credit longevity is just as important as paying off your debts 3. Self-reporting utility payments
Full Video: https://youtu.be/OcRzrlzh6VY
Helpful resources: www.myfico.com
Everyone knows to pay your bills on time, but here are some tips on how to actively increase your Credit Score.
- Know when your Credit Card reports to the Bureaus so that it doesn't report a false balance.
- Get a Deletion Leter when you pay off a Collection
- Disputing Trade Lines can cause problems
Full Video: https://youtu.be/OcRzrlzh6VY
Don't get stuck in 1980's advice about your Mortgage that may not benefit you today. Here is a quick comparison of how a Refinance of less than 1% is beneficial and will save this person money over time. Calculate how quickly you will make your money back and even consider wrapping your closing costs into the loan. And as always, remember to prioritize your GOALS & BUDGET, not just Interest Rate.
Leverage your money to work for you, by considering your budget and being open minded when you are buying or refinancing a home. Every 10k that you finance is about $50 payment swing on your mortgage. You are not getting your bang for your buck when you put more money down. Instead of putting that money down on your house, consider your budget and put that money towards other debt that has a higher interest rate. Look at the value that your Realtor and Lender are bringing to the table, not just interest rate.
Home Buyers and Sellers: here is why you need a Realtor. The market is incredibly competitive and housing inventory is low. Sellers: maximize your dollar. Buyers: get access to houses before they go on the market and make sure the offer on your dream home is accepted.
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Did you know that Cash Buyers can Refinance one week after closing to get 80% of their cash back? Even if you are paying cash, you can still leverage debt and historically low interest rates. Cash offers are beating out other offers in this competitive markets. But get your money back post closing without having to wait an extended period of time with "Delayed Financing".
Did you know that you have to have 12 months of overtime to qualify to purchase a home? Here is what you need to know about Covid-19 guidelines, declining bonus income, and how a Loan Officer will count your overtime.
Disputing Trade Lines on your Credit Report can actually impact you negatively. If you are Purchasing or Refinancing a home, it can impact how long your loan takes, how much paperwork you need. You will need to remove the Credit Dispute which then negatively impacts your Credit Score.
When purchasing or refinancing a home, you will receive and sign a Closing Disclosure 3 days prior to your closing date. Here is how to read this document and be prepared for your Closings Costs, Escrow, and Property Taxes.
What to expect from the Housing Market in 2021. Volatility, Rates, Low Inventory, and what changes the Biden Administration will implement. Today I am joined by Megan Anderson of MBS Highway.
Author of The Money Hackers and CEO of Vested, Daniel P. Simon, joins Chad to chat about the future of Cryptocurrency and Big Tech. Is social data a good alternative to determine credit worthiness? Banks have data on how people actually spend their money. The two are on a collision course.
Daniel P. Simon explains generational money ideals and what different age groups fear and prioritize. Digital adoption has been sped up because of Covid-19 causing banks to change quickly. Cryptocurrency is a decentralized currency with no intermediaries, with the goal of bringing a wide range of people to participate in asset growth.
Remember Adjustable-Mortgage Rates from the housing crash? It's important to know that today's ARM's are different than they were. Based on your goals when buying a home, it might be helpful to reconsider a 3, 5, or 7 year ARM.
What are Contingencies when buying a home? Here is what you need to know to buy when the market is very busy. It's possible, but you may need to compromise - here is how to do it!
What's the catch? Read the fine print, be disciplined, don't get stuck in a Credit Card that looks appealing but will keep you in debt. Here are the three main Promotional Credit Cards and how they work.
Student Loans do not automatically disqualify you from Buying or Refinancing a Home. But, you will need to know what type of loan you may qualify for and the status of your Student Debt in order to be prepared. Today Chad Anderson covers Liabilities, Income Driven Repayment Plans, Extended Rate Payment Plans, and Deferment. Here is how to calculate your Debt when applying for different home loans: Conventional (Fannie Mae and Freddie Mac), FHA, USDA, and VA.
You may have heard of Construction Loans and HELOC (Home Equity Line of Credit)...but have you heard of a Renovation Loan? This is usually a faster process that involves less paperwork. This may be a great option for buyers looking in busy markets with few homes for sale. It's easy! loanDepot Renovation Loan Specialist, Craig Morren gives an overview.
After having to file for bankruptcy, Chad has become an expert on Rebuilding Credit. Here are ways that you may not know about to build up your Credit Score. Listen for more info on Secured Credit Cards, Installment Loans, Self-reporting, and how to use your utility payments to build your credit.
Step by step of how to consolidate your debt. If you want to save money, gain financial freedom, and pay off your house faster...this is for you!
There is a lot of misinformation out there about how to purchase a home with Student Debt. Even lots of Loan Officers don't know or won't lay out all of your options. Become informed so that you can be the expert, know what questions to ask, and work towards getting approved for a loan.
Did you know you can count Alimony & Child Support as income to qualify for a home loan? It is not guaranteed, and with many payee's not receiving the full amount that's on the divorce decree, here is what you need to know.
Thinking about buying a home that you can rent out and vacation to? This week on Beyond The Loan, hear the ins and outs of what you need to qualify. Have questions? Text Chad's cell at 615-606-7467
Want to get a lower interest rate on your mortgage? Your rate on paper is not necessarily the rate that you are actually paying. Here is how to calculate your Effective Rate so that you know exactly what you are paying on your interest. This is helpful for Purchasing and Refinancing so that you can compare Interest Rates.
Everything you need to consider when budgeting to buy a home. Here is what you should consider in your monthly budget that will affect your mortgage budget. You don't want to go in over your head and pay more monthly to own than you have the budget for.
Electronic signing is here and it's only going to get better. Here is what you can expect when you close your home purchase or refinance.
There is so much that goes into how people get approved for a loan. Automated Underwriting System determines your eligibility for a loan by analyzing documentation. What is needed changes based on Federal Guidelines. It is up to the Loan Officer and Underwriter to let you know what information is needed for you to get approved through AUS.
A Nashville native, Tyler Cauble dropped out of college after learning he was a great salesman. He talks about the future of commercial real estate and how it differs from residential. Getting a loan for an investment, may be easier than you think.
You are receiving a money from family for your down payment. Here are the easiest and most common types of home loans that you can use gift funds for: Conventional and FHA. Be prepared that you and your donor will have to give proof of transfer and bank statements. What you can and can't do with gift money.
This year we gave to families, communities, and organizations doing great work to support and build up our community. Here are some brief highlights of the 26 giving Tuesday episodes we did (you can find them on our YouTube). 1. A family that was unemployed during Covid-19 quarantine 2. A local family shelter working to rehabilitate homeless families 3. A rural Title I school in Tennessee that needed computers and internet access for distance learning
We hope that this encourages you to support and give back to your community when you are able.
From this episode: Safe Haven Family Shelter - safehaven.org School Giving - adoptaclassroom.org
Renovation Loans can work for Purchasing AND Refinancing your home. Here is why they are different than a Home Equity Line of Credit (HELOC) or Construction Loans. Former General Contractor and now Renovation Loan Specialist, Craig Morren explains everything you need to know.
Did you know you may not need an in person appraisal? You can work with your Loan Officer and Realtor to get a desktop appraisal or estimate of what your home is worth. Save time and social distance!
Featuring Financial Services Innovation Expert Jay Schulman. We break down how blockchain technology will affect everything from the home buying process to applying for jobs.
Daniel P. Simon is a Finance and Fintech Expert, CEO of Vested, and Author of "The Money Hackers: How a group of misfits took on Wallstreet and changed finance forever." We chat about the rapidly evolving world of finance, what financial values different age groups have, and what to look for with companies like Facebook.
Quick tips for repairing your credit. Chad has experience years of rebuilding his credit after filing for bankruptcy. Here are some ways to rebuild that you may not know about!
A quick over-view for buying or refinancing during Covid-19. If you are self-employed, work variable hours, get commission or bonuses - this information is for you. How to prepare, what to expect, and what questions to ask your lender. If you have been in forbearance, here's what you need to consider before you refinance.
Alec Hanson wrote a book, "The Modern Lending Playbook," and then decided to follow his own advice by embracing technology. He released 100 videos in 100 days, has a podcast and enjoys connecting with Loan Officers on social media. Alec is the SVP of Production at loanDepot. His second book is out now, "Bypassed: A modern guide for local mortgage pros left behind by the digital customer."
Jay Ludgrove stumbled into podcasting and now is a professional podcaster. He has worked on marketing, branding, and content for hundreds of podcasts. Chad and Jay chat about trends in podcasting and how your ROI may not be what you think it should be.
As a former Sports Broadcaster, Chad could not be more happy that Football is back! Today we take a break from our interviews and educational pods as he interviews the hosts of the "Titan Up" Podcast presented by A to Z Sports. Jack Gentry and Austin Huff know pro and college football and are just fun guys to hang out with.
Featuring The Moving Music City Real Estate Team. These experienced agents talk about what buyers and sellers can expect during a sellers market, why Nashville is a competitive market, and what their favorite reality housing shows are.
Marketing, branding, manufactured honesty, and why you shouldn't always follow trends in social media from Shark Tank alumni, Brittany Hodak. Brittany has successfully started and run her own business, "Super Fans." She is now a Speaker, Writer, and Consultant. Learn why marketing and sales is about knowing your customer and working to make their life better.
Dan Hanson, Chief Executive Officer at loanDepot. Forbearance, refinances, and the reasons that the housing market capacity is overloaded. How mortgage originators can provide value to realtors during this busy time in the market. And advice for Realtors and Loan Officers who are new in the industry.
Chad talks with Nashville Real Estate Agent, Erica Turner to break down every cost you will have when buying a home. From moving expenses, to fees, to downpayment. What does it actually cost to buy so that you can prepare for the home buying process.
Investment and wealth educator, Tom Love talks about common retirement goals, procrastination when it comes to investing, and how a 30 year mortgage is a good debt to have.
Geoff Zimpfer of Mortgage Marketing Institute & Movement Mortgage. How he started out working for Tony Robbins, learning how to sell, self-doubt, and the importance of technology.
Did you know you can get your appraisal waved even on a purchase? Learn how in this 9 minute Educational Episode for Home Buyers.
Making applying for a home loan as stress free as possible! How to get approved with no hard documents.
Dave Savage of Mortgage Coach, talks about how he started his tech-savvy and community driven company. Four ways to use technology that every Loan Officer needs. Consumers, what are essentials to making a smart mortgage decision? Realtors, why is it important that your borrowers are knowledgeable and have options to choose from when buying?
Stop asking, "What are interest rates?" How to prioritize your budget and get you into your dream home!
Coach Michael Burt talks with Chad about how to stay motivated, prey drive, and why adults need to be more resilient.
Don't let student debt stop you from buying a home. There are options out there for you!
Learn myths about down payment assistance programs, how to qualify, and everything you need to be prepared for.
Chris Meddellin is an Area Manager at loanDepot. We talk about Covid-19, the housing market, how to use social media, and what working in a call center has taught us.
Costs to refinance, comparing loans, amortization. What is your five year goal, what is your short term and long term priorities? Tricks to help you learn how to calculate refinance costs on your own.
Stacy Chevalier is an Area Manager at loanDepot. She talks about all the jobs she has had to get where she is now, what roadblocks she had to overcome as a woman in a male dominated industry, and how she has grown her team from 2 to 65 people.
Self-employed and wanting to buy a home? Learn the basics of how to manage income, file taxes, and get approved.
One of Nashville's top Real Estate Agents, Bernie Gallerani is a veteran in the housing industry. He talks about how he started out, what it takes to succeed, how he stays motivated, and the role of technology.
What key questions you should be asking when refinancing, in order to save money and pay off debt faster.
Record setting Sales Manager and Loan Consultant from loanDepot, Mark Rood. What makes a good sales person and how does technology play a role in mortgages? Mark talks to Chad about his time playing D1 sports, practical jokes, how he started out selling time shares.
During Covid-19, what does forbearance mean? Here is what happens when you differ your payments, what to watch out for, and why refinancing might be a better option for you.
A one minute episode to explain the basics of FHA student loans. This is the least lenient student loan, which can hurt potential home buyers. Learn some tricks to make it easier to qualify for a home!
Brian Covey is the Vice President of Regional Production at loanDepot. He talks about how he got started in the mortgage industry, the economic crash in 2008, his time as a pro soccer player, and how to balance work and family.
Education Minute Episodes are 60 seconds of information to help new home buyers plan ahead on how to qualify, when preparing to buy a new home. This episode covers VA Student Loans for veterans, what options you have, and deferment.
Leadership and recruiting coach, Richard Milligan talks about his 20+ years as a leader, dropping out of college to self-teach, and how to simplify leadership and recruiting.
Often times student debt can be a big reason why people don't qualify to buy a house. But did you know that there are ways to structure your repayment plan in order to get approved for a home loan? Here are some tips on how you can buy a new home, even if you have Fannie Mae/Freddie Mac loans.
Your host, Chad Anderson, gives a sneak peak into what this podcast will be about. He shares his highs and lows - starting out in real estate, cold calling, going through bankruptcy, and managing one of the most successful mortgage lending teams in America.