Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase.
This morning I sat down with Stacy Himley from Guaranteed Rate. In this episode, Stacy explained why it's important to speak with a lender before buying a home. You can reach Stacy at 605.605.690.2305 or Stacy.Himley@rate.com Her office is located at 304 4th St Brookings SD, 57006 or on the web at www.Rate.com/StacyHimley
The Importance of Speaking with A Lender Before Buying a Home
- - Hey, good morning everybody. Shane here from the Brookings Home Team and Stacy from Guaranteed Rate. We're actually in her new office here today. And we'll get some new information on that here at the end. But it is 8:15. It is Monday morning. And that means it's our Monday Morning Mortgage Tip. So, we'll let Stacy take it away here with today's tip.
- Okay, so my tip today, I've run into a couple of times recently, is people tend to look online a little bit, which you probably agree with. They sneak a peak at the house and might click on that get financing, or look at payment, get a payment option. And what happens is people are seeing that and thinking it's the real payment, first of all. And that payment when you're looking on a mortgage calculator online, whether it's right on your website, or right on a national website, is just principle and interest. And so that doesn't include your taxes, your full real estate, your insurance, mortgage insurance if you don't have 20% down. That can add anywhere from two to $300 sometimes to a payment. So, my tip is don't fall in love with a house because of the payment necessarily that you see online, because it's probably not your full payment. And secondly when you're looking, when you do those mortgage calculators, sometimes the rate that's out there is a teaser rate that we call, what we could call a teaser rate I guess. It's assuming a lot of things that may not apply to you. Sometimes they do and sometimes you can get even a better rate. But most of the time that's a rate that is quoted lower. Just make sure that you're talking to a local, live lender and getting your real information, so that way we have your credit score, how much down payment you're putting down, what loan type you're going with. Those things all make a difference in your rate, which is gonna make a difference in that monthly payment. So, don't fall in love with the payment, or a house before you're pre-approved for that specific house, rate, and payment.
- Yeah, yeah, like you said, it doesn't always include taxes and insurance on that. Online they don't know what that is.
- Right, right.
- So, they're only gonna give you the principle and interest.
- So, good tip there. I know there's been a few people that have asked about that. So, it's a good time to kind of refresh on that a little bit. So, but anyway, yes we are in Stacy's new digs,
- New digs yeah.
- Her new office here looking, you're gonna get it all spruced up here in a little bit, but.
- It's looking a little blank right now, but hey we gotta nice blank wall for our backdrop. We didn't do that purposely. Maybe I'll have some stuff on the walls.
- You bet, next time.
- For beauty, yeah.
- Next time, but I'll have all of her information on the top, on the bottom, on the sides, wherever your device allows you to see that. But just real quick, how can they get ahold of you? Where's your new address.
- My new office is at 305 4th Street. So, it's just one block west off of main. So if you know where Ray's Corner is, it's just one block west of Ray's Corner. Everybody knows where Ray's is. But, I'm at the very opposite end of the block on the same side of the road, north side. You can give me a call at 690-2305, or find me at the office.
- Perfect, all right. That's this morning's Monday Morning Mortgage Tip. We will not be doing it next week. I'll be out of town. But we will be back on track two weeks from today. So, thanks for watching everybody. Have a great Monday, we'll be.
- Bundle up.
- Yes, stay warm.