Real Estate Rookie

409: Fundamentals of Funding: How to Get Approved for a Mortgage (Step-by-Step) w/Jeff Welgan

May 22, 2024

Certified mortgage advisor Jeff Welgan discusses the key steps to getting approved for a mortgage, debunking common misconceptions, and showcasing an easy strategy to build a rental portfolio with little money. He also highlights red flags in lenders, differences between conventional and non-conventional loans, the underwriting process, and predicts future mortgage rates.

56:24

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Episode guests

Jeff Welgan

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Episode notes

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Quick takeaways

Selecting the right funding is crucial for real estate deals, with emphasis on conventional loans and key red flags to watch out for.

Communication and experience are vital in dealing with lenders, highlighted by industry regulation changes post-2008 financial crisis.

Proactivity is key in loan-seeking; explore down payment assistance programs, advocate for yourself, and consider non-conventional loan options.

Deep dives

Understanding Different Types of Financing

Different types of lending for real estate deals were discussed, emphasizing the importance of selecting the right funding for each deal. Conventional funding implementation was explored in depth, highlighting the specific timeline and key red flags for investors to watch out for.

Introduction

2min

Insights into Mortgage Industry Evolution and Importance of Expertise

5min

Vetting Partners in Real Estate and Financial Opportunities

3min

Debunking Down Payment Myths and Exploring Loan Options

12min

Navigating LLC Ownership and Financing Rules

8min

Navigating the Mortgage Application Process

21min

Interest Rate Predictions and Advice for Rookie Investors

4min

Knowing how to get a mortgage is a crucial step in your journey to buy a rental property. Of course, the money side of things can be intimidating. How do you find a lender? What type of mortgage do you need? When should you get a preapproval? You likely have all sorts of questions…and we have answers!

Welcome back to the Real Estate Rookie podcast! In part two of our fundamentals of funding miniseries, certified mortgage advisor Jeff Welgan joins the show to share his lending expertise and equip rookies with some golden financing tips. In this episode, he debunks some of the most common misconceptions about real estate lending and shares some of the biggest red flags to watch out for in a lender.

But that’s not all. Jeff will show you an EASY way to build an entire portfolio with very little money—a lesser-known strategy that allows you to use down payment assistance programs and first-time home buyer loans to your advantage. Jeff also talks about the biggest differences between conventional and non-conventional loans, what to expect during the underwriting process, and where he expects mortgage rates to be in the not-so-distant future!

In This Episode We Cover:

The EASY way to build your rental portfolio with low money

The mortgage approval timeline and what to expect during the underwriting process

How to get 100% financing (or more!) with down payment assistance programs

The biggest red flags to watch for in a lender (and key questions to ask!)

How to get a first-time home buyer loan (even if it’s NOT your first property!)

The most common misconceptions surrounding real estate lending

Conventional loans versus non-conventional loans (and which one YOU need)

And So Much More!

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