Your Financial Pharmacist YFP 230: 5 Steps to Get Ready for a Home Purchase
Nov 18, 2021
39:54
Tony Umholtz talks through five steps for getting ready for a home purchase.
Key Points From This Episode
- Why now is a good time to buy a home.
- Where you can find out the average interest rates in the home loan industry.
- Tony explains what discount points are and why you need to understand them.
- The importance of reading the fine print.
- Know your budget!
- How lenders determine how much they are going to lend.
- What the 28/36 rule is.
- Tony runs through the pros and cons of a 20% down payment.
- How savvy investors look at returns.
- Comparing pre-approval and pre-qualification.
- The value of a credit report.
- How lenders work out your credit score, and why this differs from what you will see if you use a monitoring service.
- Examples of the different types of lenders that exist.
- Information that you will need to provide to the lender you choose once you have a property under contract.
Links Mentioned in Today’s Episode
- Learn More About IBERIABANK/First Horizon’s Pharmacist Home Loan and Start the Pre-Approval Process
- YFP Planning: Financial Planning for Pharmacists
- 5 Steps to Getting a Home Loan
- YFP 216: Common Credit Blunders to Avoid When Buying a Home
- Freddie Mac
- Fannie Mae
- Your Financial Pharmacist Disclaimer and Disclosures