Episode 130: Chicago Mortgage Lending in this Inflationary Environment with Chris Puleo

Mar 24, 2022

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Return guest Chris Puleo drops in to share a lending market update!

Chris starts off by commenting on the volatility in the market and looks back on how the pandemic shaped what is happening today. He explains "bait and switch" and the questions you should be asking your mortgage lender. Chris dives deep into the different loan programs available in today's market. Chris also delivers Chicago-specific advice on how to navigate the loan process when dealing with non-conforming units!

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Connect with Mark and Tom: StraightUpChicagoInvestor.com

Email the Show: StraightUpChicagoInvestor@gmail.com

Guest: Chris Puleo, Neighborhood Loans

Link: SUCI Merch Store

Sponsors: Kiser Group and GC Reality

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Guest Questions

02:33 House Provider Tip: Be aware of freeze and thaw cycles during the Spring season!

04:10 Intro to our guest,Chris Puleo!

05:40 How is volatility being seen in the lending market?

07:37 How did the pandemic create artificially low interest rates?

09:18 Why does inflation increase interest rates?

11:02 Chris explains "float down" options as it relates to interest rates.

13:05 Are there any good indicators for trying to project the direction of interest rates?

16:06 What is "bait and switch" and what should people watch out for?

19:35 Is Chris seeing a lot of new real estate agents and lenders in this hot market?

24:05 What are other low-down payment options aside from FHA?

26:42 How do "gifts" work in the lending industry?

28:33 What COVID restrictions were previously in place that lenders have lifted?

30:30 What do the requirements look like for self-employed individuals seeking a loan?

32:45 What are some of the programs for investment loans?

35:15 What are things to consider when looking to purchase a building with a non-conforming unit?

38:54 Is there a premium paid for a cash-out refinance compared to a rate-and-term refinance?

Wrap Up Questions

43:20 What is Chris' competitive advantage?

44:14 What is the one piece of advice for new investors looking to buy their first property in Chicago?

44:23 What do you do for fun?

45:17 Good book, podcast, or self development activity that you would recommend?

45:47 Local Network Recommendation?

46:42 How can the listeners learn more about you and provide value to you?

That's our show! Thanks for listening!

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Production House: Flint Stone Media