First Time Home Buyer Biggest Fear

This weekend real estate we're going to talk about one of the biggest fears that clients have in the home buying process. I'm here with

Mike Tizzano from Fairway Mortgage and Mike is one of our
preferred vendors. He did a discussion a few weeks ago on the number one fear that people have and and I thought it would be good for our clients to take a look and hear from Mike exactly what he experiences.

Absolutely and I talked to a lot of people, and you want to get them to commit to doing a loan application because they need that for a pre-approval right? Right. They need to know how much they can buy and how much they can afford and usually what happens is a lot of times I have to kind of follow up a few times before they're willing to do the application of what I typically find out is they're just afraid of being told No. And I try to tell them upfront but sometimes you know things aren't heard the answer's never know it's either yes or not yet so if you don't ask the question the answer is no but if you do ask the
question with a line for mortgage it's either yes you can be approved out or not at this moment but this is how we're going to get you there.

That's great and I know a lot of people come in and they tell us that they're working on their credit and they pulled up their scores on Credit Karma but I've heard that Credit Karma is not the same score that a lender uses and can you tell us a little bit about that. Yeah Credit Karma your Discover card when they give you your FICO and things like that, they all vary a little bit the reason for that is there's 8 actual FICO models so as at the direction of Fannie Mae and Freddie
Mac the mortgage industry as a whole is on FICO 2, 3 and FICO five respectively. Pretty much everybody else is on FICO 8 and credit Karma's on their own thing. Right. So that's why you get such a
variance in scores even when a lender pulls your score your bureau's four area a lot because they're there on different models and different things report to different bureaus. But Credit Karma and those things are good for tracking your trajectory. But if you come to me and say well I have a 640 credit karma score that doesn't mean you're gonna have a 640 and it could go either way so one gentleman who told me had a 700 and I pulled this credit score and it came
in 770 we're often than not it goes in that direction.

Now here at Fairway Mortgage you have a credit repair program that's free to clients to use and it's specifically designed to get them into a home correct? Correct. It's not necessarily a credit repair so we don't let's go back and take old issues we look from today forward what we need to do is get you a loan. So depending on what kind of program that you want to get involved with if you're using for a
downpayment assistance program you need a specific score to qualify we set that as your goal score and our credit team runs simulators looks at your specific file and looks at the steps that you can take to get there and lets us know how long it's going to be. So that's it and again is absolutely free to clients

That's great what we'll do is we'll post Mike's information below this video if you have any questions on your particular situation feel free to reach out to Mike or myself . We want you to get over that fear because if you do nothing nothing is going to happen. I know in the market rental prices have been going up there's a seems to be a shortage of rental units and there's also a shortage of homes out there. So waiting isn't going to improve the situation that much.
Absolutely you know in the market right now interest rates are rising and stuff like that so the sooner you can get started the sooner you'll know what your buying power is the sooner you can. Well that's great let's let's get you guys on a program today.

Thank you and if this video applies to you or anybody that you
know please share it with them we'd be happy to help you thank you

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