The process of buying a house has become even more challenging especially now that mortgage rates are rising up. Banks, credit unions, and other traditional lenders are happy to take on your application, but how do you know that you are getting the best deal?
In this episode, Mariyan Bahadarakhann joins Liz and Andresa to discuss how you could negotiate for lower rates based on your buying objectives, what the best financing options are for you based on your credit score, and how to prepare before making a mortgage application.
Mariyan Bahadarakhann was born in Cambodia and moved to America when she was two. She was raised by her mom along with six siblings. As an immigrant, life was not easy growing up and so she swore she’d do whatever it takes to have a better life. Today, she is a successful real estate broker and mortgage consultant passionate about helping her clients attain financial freedom by finding the right mortgage program that fits their needs.
Quotes
• “When it comes to negotiating, as a broker myself, people say, ‘Oh, it's set in stone. It's fixed.’ But you know, there's always something you can do.” (9:53-10:01)
• “Do your research. Figure out if somebody had a good experience with somebody. It's okay to interview the loan officer or the broker you're working with. I think it's important to have that relationship." (13:25-13:35)
• “I always recommend going with traditional lending first because you have the best interest rate.” (18:29-18:33)
• “If somebody takes your application or not know the information and wants to put you in the highest risk loan, then that should be a red flag.” (19:52-19:58)
• “Lay out your full financial picture. ‘This is what I'm working with. These are my challenges. What do you think is the best option for me?’ It's so important to get to the nitty-gritty of your specific goals.” (28:20-28:39)
• “You have to have the ability to repay the loan. So if you're tight in every aspect of your life, they're going to look at you as a really high risk.” (41:28-41:42)
Connect with Mariyan:
Website: http://www.mbrealservices.com
Instagram: @mariyanbreal
Facebook: https://www.facebook.com/mariyan.bahadarakhann
Twitter: @mariyanb1
LinkedIn: https://www.linkedin.com/in/mariyan-bahadarakhann-4b8b699
Resources mentioned:
The Four Agreements by don Miguel Ruiz
The Subtle Art of Not Giving a F*ck by Mark Manson
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