Clearing Up Misconceptions About Mortgages – Designing Spaces


IT’S TAX TIME AND WE BETTER HAVE
OUR FINANCIAL HOUSE IN ORDER. HOW WOULD YOU LIKE TO DO YOUR
OWN TAXES? YOU CAN DO IT AND SAVE MONEY. WE’LL SHOW YOU HOW.
TODAY, WE’RE DEBUNKING THE MYTHS AND
MISCONCEPTIONS ABOUT SECURING A MORTGAGE. MAYBE THAT DREAM HOME
COULD BECOME A REALITY. IT’S A DIY WINDOW TREATMENT MAKEOVER
THAT CAN TRANSFORM THE APPEAL OF ANY ROOM. THE RESULT WILL AMAZE.
THIS IS THE SHOW ALL ABOUT YOU AND YOUR SPACE. YOUR HOME AND
SURROUNDINGS. WE ARE DESIGNING SPACES.
(MUSIC) THERE ARE MANY PEOPLE WHO WOULD
LOVE TO TAKE ON HOME OWNERSHIP, BUT BELIEVE IT WOULD BE
IMPOSSIBLE FOR THEM OR THEY WILL BE SAVING MONEY UP FOR ANOTHER
DECADE JUST TO COME UP WITH A DOWN PAYMENT.
EVERYONE’S FINANCIAL SITUATION IS DIFFERENT AND THERE’S ALOT OF
MISCONCEPTIONS OUT THERE ABOUT LOANS TODAY. SO TO GET THE
SKINNY LET’S TALK TO AN EXPERT. I MET SUZIE REED, SENIOR LOAN
OFFICER FOR SUPREME LENDING, AT THEIR CORPORATE OFFICES IN
DALLAS, TEXAS, TO DEBUG MORTGAGE MYTHS AND TO CLEAR UP A FEW
MISCONCEPTIONS ABOUT SECURING A MORTGAGE FOR THE FIRST TIME.
SO THERE’S A MISCONCEPTION OUT THERE ABOUT HOME LOANS. IT SEEMS
LIKE THEY’RE REALLY DIFFICULT TO GET THESE DAYS. YOU KNOW, I
THINK AFTER 2008 ALOT OF PEOPLE WERE REALLY CONCERNED THEY’D
NEVER BE ABLE TO GET A HOME LOAN BUT THINGS HAVE REALLY LOOSENED
UP AND PEOPLE WITHOUT HUGE DOWN PAYMENTS AND SOMETIMES EVEN HAVE
HAD CREDIT PROBLEMS IN THE PAST ARE STILL ABLE TO GET A HOME
LOAN. REALLY?
YES. SO THINGS ARE EASIER TO ACTUALLY
HAVE HOME OWNERSHIP THESE DAYS. ABSOLUTELY.
MEET BOBBY AND MICHELLE. I LOVE THE HOME. IT’S MORE SPACE
THEN I HAVE EVER HAD. THEY ARE NOW IN THEIR FIRST HOME
AND BEFORE THEY OBTAIN THEIR MORTGAGE THEY HAD CONCERNS ABOUT
THE PROCESS AND QUESTIONS ABOUT QUALIFYING. WE LOOKED AT 25 – 26
HOUSES. UM WE SAW HOUSES WITH POOLS, WE SAW HOUSES WITH BIG
BACKYARDS, SMALL BACKYARD, NO BACKYARDS AND UM THE THING ABOUT
THIS HOUSE IS WE KEPT ON COMING BACK TO IT BECAUSE IT JUST HAS
THAT HOMEY FEELING AND HAS A VIBE TO IT.
(MUSIC) BECAUSE THEY HAD BEEN THROUGH
THE PROCESS OF OBTAINING THAT FIRST MORTGAGE, WE’LL GET SOME
INTERESTING COMMENTARY ABOUT THEIR PERSONAL EXPERIENCE OF
BUYING THEIR FIRST HOME. WHAT PROMPTED US TO BUY OUR
FIRST HOME, WE WANTED OUR OWN PRIVACY TO BE ABLE TO HAVE OUR
OWN SPACE, BE ABLE TO DECORATE THE WAY WE WANTED TO. I WAS
TIRED OF PAYING SOMEBODY ELSES MORTGAGE. UM I WANTED SOMETHING
THAT WAS MINE, THAT I COULD CALL HOME. WHEN WE STARTED THE
PROCESS OF BUYING THE HOME WE KNEW WE HAD TO FIND A LENDER
FIRST SO WE CALLED SUPREME LENDING. KNEW THAT THEY ASKED
QUESTIONS AND THEN THEY KIND OF GAVE US A LAYOUT OF WHAT WE
NEEDED TO DO, WHICH TURNED OUT WASN’T AS DIFFICULT AS I THOUGHT
IT WAS GOING TO BE. TELL ME A LITTLE BIT ABOUT THE
PROCESS OF WHAT A TYPICAL COUPLE MAY HAVE TO GO THROUGH TO GET
THAT HOME LOAN. WELL I THINK THE FIRST THING
PEOPLE NEED TO KNOW IS WHERE THEY STAND CREDIT WISE. THAT IS
STILL THE MOST IMPORTANT PIECE. UM TALKING TO A LICENSED LOAN
OFFICER THAT CAN GET THAT CREDIT PROFILE PULLED, SEE WHAT THEY
NEED TO DO TO PREPARE. AND THEN AFTER THAT IT’S JUST A MATTER OF
GATHERING PAPERWORK. UM PAY STUBS AND BANK STATEMENTS AND
TAX RETURNS AND SOMETIMES IT FEELS LIKE BLOOD SAMPLES BUT WE
DO HAVE A LOT OF DOCUMENTATION TO GATHER UP SO COMMUNICATING
WITH YOUR LOAN OFFICER AND GETTING ALL THE DOCUMENTS TO
THEM TIMELY IS THE KEY. THERE ARE MANY MISCONCEPTIONS
INVOLVING GETTING A LOAN, BUT WHERE DO THEY ORIGINATE?
I THINK MORE THEN ANYTHING ELSE PEOPLE BELIVE EITHER “A” THEY
HAVE TO HAVE A 20% DOWN PAYMENT, “B” THAT THEY HAVE PERFECT
CREDIT CAN NEVER HAVE HAD ANY ISSUES IN THE PAST, OR THAT IT’S
ALWAYS A REALLY PAINFUL LONG PAIN STAKING PROCESS. UM THOSE
ARE THE THREE THAT I THINK WE NEED TO DEBUNK FIRST.
SO NOW THAT WE HAVE CROSSED THE HERDLE AND KNOW IT’S POSSIBLE TO
GET A LOAN AND SOME QUESTIONS HAVE BEEN ANSWERED, IT’S TIME TO
GET THE BALL ROLLING. SO SHOULD I GO OUT AND FIND MY
DREAM HOUSE FIRST OR SHOULD I LOOK AT GETTING A LOAN FIRST.
ALWAYS LOAN APPLICATION FIRST. KNOWING WHAT YOU QUALIFY FOR,
WHAT YOU CAN AFFORD WHICH SOMETIMES ARE TWO DIFFERENT
THINGS. PRE-QUALIFICATION MEANS WE’VE LOOKED AT YOUR CREDIT
REPORT AND TAKEN INFORMATION VERBALLY AND THEN GIVEN YOU THE
PRE-QUALIFICATION LETTER. PRE-APPROVAL MEANS YOU’VE
ACTUALLY PROVIDED ALL OF YOUR INCOME DOCUMENTATION, ALL OF YOU
BANK STATEMENTS AND WE’VE REVIEWED YOUR CREDIT SO THAT YOU
KNOW THAT YOUR APPROVAL IS NICE AND SOLID.
AND OF COURSE WHEN YOU’RE LOOKING FOR THAT DREAM HOME,
ALOT OF REAL ESTATE AGENTS WILL WANT TO HAVE THAT TO KNOW THAT
YOU ARE QUALIFIED TO PURCHASE THAT HOUSE.
THEY’RE GOING TO REQUIRE IT. MOST REAL ESTATE AGENTS WILL NOT
PUT YOU IN THE CAR TO TAKE YOU TO LOOK AT HOMES UNTIL YOU HAVE
A PRE-APPROVAL LETTER FROM A REPUTABLE LENDER LIKE SUPREME
LENDING. BOBBY AND MICHELLE ALSO HAD TO
START THE PROCESS SOME WHERE. QUESTIONS WILL COME UP, SOME OF
WHICH WILL BE SPECIFIC TO THE BUYERS FINANCES.
I MEAN BUYING A HOME, THIS WAS DEFINITELY THE BIGGEST PURCHASE
WE ARE EVER GOING TO MAKE AND AH YOU WANT TO MAKE SURE YOU’RE ON
THE RIGHT TRACK AND CAN ASK MANY QUESTIONS. I ASKED MANY MANY
QUESTIONS AND ALOT OF BIG QUESTIONS WERE, YOU KNOW, ARE WE
QUALIFIED WITH OUR INCOME, IS OUR CREDIT SCORE OK, DO WE HAVE
ENOUGH TO PUT DOWN, YOU KNOW HOW LONG IS IT GOING TO TAKE TO PAY
OFF THE HOUSE. ANY TIME WE HAD QUESTIONS
SUPREME LENDING ANSWERED ALL THOSE. I MEAN THEY GAVE US
DETAILED SHEETS ON EVERYTHING WE NEEDED TO KNOW BEFORE WE GOT
STARTED. SO THAT HELPED EASE OUR MIND AND YOU KNOW THEN WE
REALIZED WE CAN DO IT. WE CAN GET A HOUSE.
SO IT SOUNDS LIKE IF I COME TO YOU NEEDING A HOME LOAN YOU GUYS
HAVE SEVERAL PLANS TO TAKE CARE OF ME NO MATTER WHAT KIND OF
SHAPE I’M IN. THAT’S EXACTLY RIGHT. I HAVE
CLIENTS COME IN ALL THE TIME THAT HAVE MAJOR CREDIT PROBLEMS
THAT WE MAY BE LOOKING AT SIX MONTHS OR TWELVE MONTHS OR EVEN
A YEAR OUT, BUT PUTTING THEM ON THE RIGHT AND MAKING SURE THAT
THEY’RE PREPARED FOR HOME OWNERSHIP IS A BIG PART OF MY
JOB. (MUSIC)
SOME MISCONCEPTIONS THAT WE DID HAVE WAS THE DOWN PAYMENT, HOW
MUCH WE’RE GOING TO NEED FOR IT, WILL WE HAVE ENOUGH, SO WE HAVE
ENOUGH INCOME TO BUY THE HOUSE AND UM MANY OTHER FACTORS BUT WE
FACED THEM ALL AND HERE WE ARE IN OUR HOUSE TODAY.
MOST BE A PRETTY COOL JOB TO BE ABLE TO TAKE FAMILIES AND PUT
THEM IN THE HOME OF THEIR DREAMS.
YES IT IS. I COULDN’T IMAGINE DOING ANYTHING ELSE.
TO SEE THIS PORTION OF DESIGNING SPACES AGAIN, GO TO
DESIGNINGSPACES.TV AND CLICK ON THE SUPREME LENDING VIDEO. YOU
WILL ALSO FIND A LINK TO THEIR WEBSITE.
(MUSIC) GETTING THOSE TROUBLESOME TAXES
DONE WITHOUT OUT THE TROUBLE WHILE SAVING MONEY TO AN
EFFECTIVE INTERIOR DESIGN DIY PROJECT OR EVEN MAKING THE BIG
MOVE TO BUY YOUR FIRST HOME WE ALWAYS WANT YOU TO HAVE THE
INFORMATION YOU NEED TO MAKE THE RIGHT DECISIONS FOR CREATING A
BETTER HOME AND LIFESTYLE. WE ARE DESIGNING SPACES.
FOR MORE INFORMATION ABOUT ANYTHING YOU’VE SEEN ON TODAY’S
SHOW OR TO FIND OUT HOW TO BE PART OF THE SHOW LOG ONTO
DESIGNINGSPACES.TV. YOU CAN VISIT THESE WEBSITES TO LEARN
MORE ABOUT THE PARTICIPANTS ON THIS EDITION OF DESIGNING
SPACES. (MUSIC)

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