One of the biggest purchases many of us will make in our lifetime is a home and for some people that might happen more than just once. What usually comes with the purchase of a home is also a mortgage, which means a lot of paperwork and a lot of complicated numbers and so what does it all mean? In today’s Money Checkup, I talk with Christina Razzi (NMLS 162739) about what lenders are looking for, what things to watch out for when working with a lender and some of the unique features physicians can take advantage of when looking for a mortgage.
Christina is the #1 US Bank loan officer in her region with over 20 years of experience. She helps clients across the US obtain mortgages for their first home, second home, investment property and more. She is focused on customer service and works with her clients to help them decide which option is the best for their situation.
What We Will Cover
- First thing to do if you’re thinking about buying a home
- The score you should be above to have a “great credit score”
- How department store credit cards are not your friend
- Documents to have in order before applying for a mortgage
- The differences between fixed, adjustable rate, and interest-only mortgages
- The most common and most conservative type of mortgage
- When an adjustable rate mortgage (ARM) could be beneficial
- How mortgage rates and savings interest rates work in tandem
- When a person should consider an interest-only loan
- Qualifications for an interest-only loan
- Reserve requirements for each type of loan
- Fees to look out for when price shopping mortgages
- When to start asking for the loan estimates
- Other factors to consider when picking a lender besides fees
- How debt plays into mortgage lending
- Doctor loan nuances to be aware of for mortgages
- The ins and outs of private mortgage insurance (PMI)
- The most important thing to do for the bank if you’re self-employed and looking for a loan
Don’t forget to check out Part 2 next time where I do a deep dive into home affordability.
Getting Connected With Christina
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