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Ep 8: True or False? Renting Costs Less Than Owning a Home
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Spring is just around the corner and many people are starting to get pre-approved for the busy season. There is a lot of questions that come up during the home buying process. So, on today’s episode, we are going to play a fun round of true or false with some mortgage and refinancing topics.
"It’s better to look at the APR and not just the interest rate when evaluating a loan." Bill says the APR is important but you want to make sure it’s not distorted, always get a loan estimate and see where every dollar is going. Should you always get your home mortgage through the bank? While they have some good offers, they aren’t always the best option out there. Join us as we explore these topics and more on today’s show.
TIMESTAMPS:
3:16 – It’s better to look at the APR not just the interest rate
4:06 – You should always get your home mortgage through the bank
4:52 – Lenders only consider the highest credit rating for spouses
5:49 – You have to put down at least 5% to qualify for a mortgage
7:41 – Renting costs less than owning a home in the long run
9:50 – You’re not allowed to use money from family or outside sources
11:15 – You can still get a mortgage if you recently changed jobs
12:02 – You can’t apply for a mortgage if you are retired
CONTACT:
Schedule a time to meet with Bill here.
Visit the Smart Mortgage Show website for more podcasts, videos and info.
Call: 484-352-4151.
Visit LendUS® on the web.
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